ASML

ASML is a Netherlands-based semiconductor equipment company that designs, manufactures, and services advanced lithography (EUV and DUV), metrology, and inspection systems used by chipmakers to mass-produce leading-edge microchips.

“We have written about how changes in market structure have resulted in much higher single-stock volatility, and how this is a significant long-term advantage for active, valuation-focused stock pickers like Coronation. A few examples illustrate this below.

• From peak to trough, ASML declined more than a quarter, and at times was underperforming the market by c. 40% on a trailing one-year basis – a record over the last two decades. We doubled our position in ASML in the first four months of the year, and from the April tariff tantrum lows, the stock is up over 90%
• Thermo Fisher (Thermo) presents a similar stock price story, although it is a completely different business. Thermo declined 36% peak to trough this year, before rallying over 50%
• Nu Holdings declined over 30% over just two months earlier this year, despite not being directly impacted by US tariffs. Like ASML, it appreciated c. 80% from these April lows”