FPA Queens Road Small Cap Value Fund highlighted TD SYNNEX (NYSE:SNX) in its second-quarter 2026 investor letter, noting that the company's data center business, Hyve, is growing billings at a nearly 100% annualized rate and is on track to contribute about $700 million in operating earnings this year. The fund, which returned 27.02% in the first half of 2026, outperforming the Russell 2000 Value Index's 22.99% gain, said TD SYNNEX is the largest IT distributor globally and has diversified into software, security, and services. The company reported blowout earnings on March 31, and its stock has performed well since, trading at roughly 13 times forward earnings. The fund has trimmed its position but keeps TD SYNNEX as a top five holding, citing its scale and scope advantages and expected profit growth at a GDP-plus rate. TD SYNNEX shares closed at about $253.97 on August 31, 2026, with a market capitalization of approximately $20.22 billion.
Synnex CorporationData center business Hyve growing billings at ~100% annualized rate, contributing ~$700M operating earnings.
