Cambiar Investors

Mar 2025 → Mar 2026 · Publishes twice a year · 6 funds

Our archive holds 14 letters from Cambiar Investors, behind 9 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.

Cambiar Investors’s own letters page

Letters

Companies

Moves

Theses

What they bought and sold · 5 moves

ExitedAmdocs
March 2026
“we sold Amdocs in favor of ON, which we view to offer a more attractive return profile.”
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ExitedCF Industries
March 2026
“with the stock up over 58% in the quarter, we closed out our position.”
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New positionON Semiconductor
March 2026
“We also made a swap within the Tech sector, selling IT services provider Amdocs in favor of ON Semiconductor.”
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ExitedRecruit Holdings
March 2026
“We subsequently decided to sell Recruit and maintain positions in Publicis and SAP.”
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New positionEnergias de Portugal
March 2026
“we increased our allocation to Utilities with the purchase of Energias de Portugal (EDP).”
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Companies held · 15

Every company Cambiar Investors has disclosed a position in across our archive, with the letter that last mentioned it.

Align TechnologyMar 2026
AmdocsMar 2026
CF IndustriesMar 2026
CloroxMar 2026
ColoplastMar 2026
Energias de PortugalMar 2026
ICONMar 2026
MonotaroMar 2026
ON SemiconductorMar 2026
PublicisMar 2026
Recruit HoldingsMar 2026
RyanairMar 2026
SAPMar 2026
SolventumMar 2026
Southwest AirlinesMar 2026

Theses · 9

ON Semiconductor
March 2026
ON Semiconductor makes power semiconductors and is seen as a cyclical recovery play with best-in-class management and a datacenter-driven catalyst.
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Tower Semiconductor
March 2026
Tower Semiconductor is an analog foundry with a strong specialty position and AI optics tailwinds.
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ACV Auctions
March 2026
ACV Auctions is a recession-resistant dealer-to-dealer auto marketplace with strong growth, margins, and recovery upside.
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Energias de Portugal
March 2026
Energias de Portugal is an integrated utility with cost-advantaged assets and secular growth tailwinds from datacenters and power demand.
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ACV Auctions
September 2025
ACV Auctions is a dealer-to-dealer car sales platform with recession-proof growth, strong margins, and potential for volume recovery and multiple expansion.
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Align
September 2025
Align is the leading clear aligner manufacturer with unmatched scale and strong balance sheet, trading at an attractive valuation with long-term growth intact.
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Molina Healthcare
September 2025
Molina Healthcare is a managed Medicaid insurer with rebound potential through higher state reimbursements, conservative earnings recovery assumptions, and substantial insider buying underpinning attractive valuation.
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Tower Semiconductor
September 2025
Tower Semiconductor is an analog foundry leader in specialty materials and silicon photonics supplying Nvidia, benefiting from high AI datacenter optics demand.
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Regeneron Pharmaceuticals
March 2025
Regeneron is a high-quality biopharmaceutical operator with a strong R&D foundation, a robust financial position, and a favorable risk/reward opportunity despite a temporary revenue slowdown for its EYLEA product.
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Letter archive · 14

2026

2025

Funds · 6

Cambiar International Equity4
Cambiar Opportunity Fund3
Cambiar Smid Fund3
Cambiar Small Cap Fund2
Cambiar Smal Cap Fund1
Cambiar Smid Cap fund1

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