1. Private and confidential
12 August 2017
ARM trade
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2. Recent investments and their narratives: ARM
ARM of the UK came into my radar as I was doing a research on semiconductors and the IPs. As I was familiar with the dominance of TrustZone® from my previous research on online security, my fascination with this company grew quickly.
I liked the quality and the positioning of the company. In particular, its dominance in chip designing in the smartphone space was almost too good to be true, and the business model allowed the company to increase the margin substantially, as its revenue grew.
The chip industry’s fragmentation trend was (and still is) an ongoing one, and the biggest beneficiaries were the fabless players/ designers/ IP players.
I diagnosed that the macro environment was conducive for tech giants’ acquisition in this space: cheap cash + strategic importance and growth prospect of this niche.

3. Recent investments and their narratives: ARM
(43% premium to the close)

4. Recent investments and their narratives: ARM
Proof of addition at 9.34
Proof of reduction at 16.70
Profit: +78.8% (in LCU)

5. Please ask me any questions.
Thank you very much.
Please ask me any questions.
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