Scott Ferguson's Sachem Head Capital Management sold its entire stake in ON Semiconductor (ON) during the second quarter of 2026. The sale involved 1.95 million shares, valued at approximately $120.43 million, which previously constituted 2.9% of the investment firm's reported portfolio. It is important to note that this trade information was disclosed in a quarterly 13F filing on August 14, 2026, and reflects a position held as of June 30, 2026.
Sachem Head is a value-oriented investment firm known for taking concentrated positions and sometimes engaging in shareholder activism. The exit occurred during a quarter where ON Semiconductor reported strong financial results in early August, beating analyst expectations with a 9% year-over-year revenue increase, driven by accelerating demand in the AI data center market. The company also issued positive guidance for the third quarter.