First Trust Multi Cap Value Fund (FAB)
XMEX 
Summary
FAB Chart
X-FAB: Key Segments Are Pushing The Story Forward - Still A Buy
X-FAB Silicon Foundries' core segments are doing the heavy lifting: industrial revenue surged 37% YoY, medical was up 14%, and core market sales made up 94% of total revenue. Revenue beat and upgraded full-year guide: Q2 revenue of $218.3M (adjusted) came in above guidance. XFABF's valuation remains compelling: with an EV/sales of ~1.5×, X-FAB trades at a discount to peers, even with margins under pressure and CapEx still tapering off.
X-FAB Silicon Foundries: Still A Buy, But Now The Bar Is Higher
X-FAB's fundamentals remain strong, with Q1 results showing sequential growth in core automotive and industrial segments, and margins holding steady, despite SiC weakness. The company is transitioning from recovery to strategic expansion, investing heavily in capacity, while maintaining healthy EBITDA, positioning for future demand in EVs and industrials. SiC bookings are stabilizing, and a rebound in this segment could drive significant margin expansion if customer inventories clear as expected by late 2025.
X-FAB: A Buy Opportunity Amid Short-Term Volatility
X-FAB Silicon Foundries SE is undervalued due to short-term disruptions, but strong fundamentals and strategic expansions position it for recovery and growth in 2025. The decline in SiC revenue is temporary, with a recovery expected in 2025, driven by demand in EVs, renewable energy, and power management. X-FAB's automotive sector, crucial for revenue, is poised for growth with advanced semiconductor components for EVs, ADAS, and power electronics.
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First Trust Multi Cap Value Fund Profile
| XMEX Exchange | US Country |
Overview
The fund is focused on investing primarily in a collection of securities that form part of the NASDAQ US 500 Large Cap Index TM, NASDAQ US 600 Mid Cap Index TM, and NASDAQ US 700 Small Cap Index TM. It aims to maintain at least 90% of its net assets, including any investment borrowings, in assets that are included within these indices. The foundation of the fund's investment strategy is the pursuit of value stocks that have the potential to produce positive alpha, meaning they aim to achieve risk-adjusted returns that outperform those of traditional indices. To accomplish this, the fund utilizes the AlphaDEX® selection methodology, a proprietary investment approach designed to identify stocks that offer the best value while considering the risk associated with them.
Products and Services
- Investment in Major NASDAQ Indices:
The fund primarily invests in securities from three key NASDAQ indices: the NASDAQ US 500 Large Cap Index TM, NASDAQ US 600 Mid Cap Index TM, and the NASDAQ US 700 Small Cap Index TM. This investment strategy targets a broad range of companies with varying market capitalizations, from large and well-established firms to smaller, potentially faster-growing entities, all with the common characteristic of being identified as value stocks.
- Utilization of AlphaDEX® Selection Methodology:
One of the fund’s core strategies is the use of the AlphaDEX® selection methodology. This proprietary approach to stock selection is designed to identify stocks that are believed to offer the best value with consideration to their risk profile. The AlphaDEX® methodology is constructed to enhance portfolio returns by selecting stocks that may generate positive alpha, or higher risk-adjusted returns relative to traditional market indices. By doing so, the fund aims to outperform general market returns while managing investment risk.
