Nick Griffin kicked off his presentation with a slide of superhero Tony Stark, making the point that it is, in fact, the glowing circular arc reactor at the front of his suit that is the “hidden hero” powering the superhero.
As the world races to decarbonise – a move that will take 50 years and cost between $US30 trillion ($42.3 trillion) and $US50 trillion – Griffin says the arc reactors powering that shift will be semiconductors.
And that’s led the fund to Nasdaq-listed $US26 billion Onsemi, which specialises in power semis (“the muscle of semiconductor markets”) and sensor semis (“the touch”).
Griffin says these semiconductors will power most of the major shifts: from internal combustion engines to electric and autonomous vehicles through to the transition from fossil fuels to renewable energy as well as more efficient recycling and sorting techniques for waste disposal.
Each of these will require an increase in semiconductors. An autonomous electric vehicle will require $US1600 worth of semiconductors, compared to just $US375 in internal combustion engines.
And Griffin expects the car market will be 50 per cent electric by 2030. He likes Onsemi in particular because of its management, and the fact it is being priced as an industrial semiconductor producer.
He believes it is a “structural grower”. Priced at about 20 times earnings, Griffin expects it to re-rate to at least 30 times. Coupled with better revenues and earnings, the fund is tipping more than 150 per cent upside in the next three years.
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