This article is excerpted from a letter by MOI Global instructor Jim Roumell, portfolio manager of Roumell Asset Management, based in Chevy Chase, Maryland.

Tower Semiconductor and its subsidiaries operate collectively under the brand name TowerJazz, a global specialty foundry leader. TowerJazz manufactures next-generation analog integrated circuits in growing markets such as consumer, industrial, automotive, medical, and aerospace and defense. To provide multi-fab sourcing and extended capacity, TowerJazz operates two manufacturing facilities in Israel, two in the U.S., and three in Japan.

One year ago, TSEM was trading at $36 per share. Due to industry-wide challenges with inventory, declining revenue and profit margins, and weakness in the Apple supply chain, as well as a company-specific issue of an expiring supply contract with Panasonic, its joint venture partner, the shares declined over the course of 2018, dropping under $14 per share in December.

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The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. The top three securities purchased in the quarter are based on the largest absolute dollar purchases made in the quarter.