What smart money is saying about Taiwan Semiconductor Manufacturing Company
TSM · Technology · Semiconductors · Market cap $2425.56B
40 funds in our archive have pitched Taiwan Semiconductor Manufacturing Company, most recently STK Long Only FIA in September 2026.
Company profile
Taiwan Semiconductor Manufacturing Company Limited (TSMC), along with its affiliated entities, operates globally in the semiconductor industry, specializing in the manufacturing, packaging, meticulous testing, and worldwide distribution of integrated circuits and other crucial semiconductor components. Its expansive international presence covers key markets such as Taiwan, China, Europe, the Middle East, Africa, Japan, and the United States. The company is renowned for its diverse array of wafer fabrication processes. These capabilities enable the production of various advanced semiconductor types, including complementary metal-oxide-semiconductor (CMOS) logic, mixed-signal devices, radio frequency components, embedded memory, and bipolar CMOS mixed-signal circuits. Beyond its core foundry services, TSMC extends its offerings to include dedicated customer and engineering support. It also undertakes the production of specialized masks, actively invests in burgeoning technology startups, and manages the entire lifecycle—from research and development through to manufacturing, packaging, testing, and sales—of color filters. Furthermore, the company provides a range of investment services. TSMC's cutting-edge products are indispensable across numerous sectors, powering high-performance computing, modern smartphones, Internet of Things (IoT) ecosystems, sophisticated automotive systems, and a broad spectrum of digital consumer electronics. Established in 1987, the enterprise is officially headquartered in Hsinchu City, Taiwan.
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Fund signal · last 12 months
194 lettersFunds are split between buying and selling
+2
Net flow
22 buys · 4 new positions · 52%20 sells · 3 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q4 2026, 207 fund letters reported a position in Taiwan Semiconductor Manufacturing Company, with 27 buys (opened or added) and 20 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 0 | 0 | 0 |
| Q3 2026 | 69 | 7 | 6 | 3 |
| Q2 2026 | 96 | 13 | 11 | 15 |
| Q1 2026 | 13 | 1 | 3 | 7 |
| Q4 2025 | 15 | 1 | 0 | 6 |
| Q3 2025 | 4 | 1 | 0 | 2 |
| Q2 2025 | 6 | 2 | 0 | 3 |
| Q1 2025 | 3 | 2 | 0 | 2 |
Showing the 8 most recent quarters of 9 on record. Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 208 positions · 52 moves
- HoldsAcatisOctober 2026
Listed in Acatis’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsAcatisSeptember 2026
Listed in Acatis’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“We have historically focused on high-quality growth companies with durable competitive advantages, strong returns on capital and attractive long-term growth prospects. This has included substantial exposure to structural beneficiaries of AI investment, such as ASML and Taiwan Semiconductor.”
Taiwan Semiconductor Manufacturing Company - September 2026
“We exited our relatively small investment in TSMC which has been profitable for Montaka.”
Taiwan Semiconductor Manufacturing Company - September 2026
“We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
Taiwan Semiconductor Manufacturing Company - September 2026
“● Reduced: Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM), ASML Holding NV (ASML NA), and Safran SA (SAF FP) – We trimmed these positions to reallocate capital to opportunities with better risk/reward.”
Taiwan Semiconductor Manufacturing Company - September 2026
“As shares have run up, we have trimmed select semiconductor holdings throughout the year.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Taiwan Semiconductor Mfg. Co., Ltd.”
Taiwan Semiconductor Manufacturing Company - HoldsBlueBox Global Technology FundSeptember 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan Emerging Markets Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“There is likely to be some misallocation of capital along the way, as with all significant technology installation cycles, but increasingly, the companies we meet are talking about the returns they are seeing from AI investments. The question is moving beyond what the technology can demonstrate towards what it can actually do for a business. One of the benefits of our research relationships is our ability to connect these conversations: talking to the laboratories developing AI, the companies supplying its physical foundations and the businesses putting it to work. Each sees a different part of the picture. Bringing those perspectives together helps us test both the scale of the opportunity and the assumptions beneath it. The AI laboratories we speak to sketch different maps of the future. The destinations differ, as do the routes. Yet there is a striking point of agreement: wherever this leads, they expect it to require more computing power and more chips. We do not need to subscribe to a single vision of the future to take that shared expectation seriously. Our own experience gives this a more immediate dimension. In both our professional and personal lives, we find ourselves using AI more frequently and for a wider range of tasks. We increasingly see a return in our own time and productivity. This is not a substitute for human judgment, but it makes the technology's growing usefulness tangible. There is an important economic distinction here. The cost of using AI can fall even as total demand for the infrastructure that supports it rises. As intelligence becomes cheaper and more capable, more applications may become worthwhile. Better economics can encourage greater use, rather than simply reducing the spending required for existing tasks. Increasing usefulness and increasing demand for computing can reinforce one another. This helps explain our ongoing interest in the semiconductor supply chain. TSMC’s advanced manufacturing, ASML’s lithography technology, and SK Hynix’s high-bandwidth memory meet distinct yet interconnected needs.”
Taiwan Semiconductor Manufacturing Company - September 2026
“At the portfolio level, the strongest year-to-date contributors included several AI-related beneficiaries including South Korea-based Samsung Electronics, Taiwan Semiconductor Manufacturing Company (TSMC), Wiwynn, and U.S.-based Micron Technology.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Earlier this year, surging share prices led us to trim several semiconductor and technology hardware holdings. Our reductions reflected valuation and portfolio risk management, not a diminished view of the long-term demand for advanced computing. In the third quarter, the performance of some of those stocks cooled, even as their underlying fundamentals remain strong. TSMC, for example, raised its outlook for 2026 revenue growth to above 40% in July while continuing to report demand for its leading-edge semiconductor capacity well in excess of supply.”
Taiwan Semiconductor Manufacturing Company - September 2026
“ Taiwan-listed Silergy, a designer of power management chips, suffered lower quarterly margins due to higher production costs. Our underweight in TSMC also detracted.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Taiwan Semiconductor detracted from performance after shares pulled back from a torrid rally. Semiconductors had become a very "crowded trade" in the second quarter, and much of the underperformance in the third quarter reflected the unwinding of some of these extremes. We have trimmed Taiwan Semi several times during this multi-year rally, as we limit our positions to 10% of portfolios.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).”
Taiwan Semiconductor Manufacturing Company - September 2026
“In July, a major technical event severely pressured AI-infrastructure stocks when a large, AI-focused hedge fund operating with significant leverage was forced to liquidate much of its equity book. The semiconductor ETF, which more than doubled during the first half of the year, fell by more than 25% from end of June through late July. During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.”
Taiwan Semiconductor Manufacturing Company - September 2026
“We exited our relatively small investment in TSMC which has been profitable for Montaka.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Earlier this year, surging share prices led us to trim several semiconductor and technology hardware holdings. Our reductions reflected valuation and portfolio risk management, not a diminished view of the long-term demand for advanced computing. In the third quarter, the performance of some of those stocks cooled, even as their underlying fundamentals remain strong. TSMC, for example, raised its outlook for 2026 revenue growth to above 40% in July while continuing to report demand for its leading-edge semiconductor capacity well in excess of supply.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Earlier this year, surging share prices led us to trim several semiconductor and technology hardware holdings. Our reductions reflected valuation and portfolio risk management, not a diminished view of the long-term demand for advanced computing. In the third quarter, the performance of some of those stocks cooled, even as their underlying fundamentals remain strong. TSMC, for example, raised its outlook for 2026 revenue growth to above 40% in July while continuing to report demand for its leading-edge semiconductor capacity well in excess of supply.”
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan Partners Global Equity Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan Partners Global Opportunities Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsWCM Global Growth LimitedSeptember 2026
Listed in WCM Global Growth Limited’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“In computing, we own Nvidia, Taiwan Semiconductor Manufacturing Company, and SK Hynix as leading compute enablers”
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“Portfolio in Focus The surge in semiconductor and other IT hardware stocks earlier in the year reflected a remarkable degree of investor optimism about the AI buildout. Even as sentiment cooled in the third quarter and some of those stocks pulled back, their underlying fundamentals generally have remained strong. TSMC, for example, in July raised its 2026 outlook for revenue growth to above 40% and said demand for leading-edge chips continued to far exceed supply.”
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan Partners Global Equity Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsMatthews Asia Dividend FundSeptember 2026
“Taiwan detracted, primarily within information technology. Taiwan Semiconductor Manufacturing Company, the world’s largest dedicated semiconductor foundry, was broadly flat and held up better than South Korean memory-chip companies, but its large portfolio weight still reduced absolute return.”
Taiwan Semiconductor Manufacturing Company - September 2026
“• Taiwan Semiconductor Manufacturing (TSMC) is the world’s largest contract chipmaker, producing the most advanced semiconductors in the world for major technology companies. We believe its manufacturing leadership, scale, and deep customer relationships make it an essential partner in the AI buildout and difficult for competitors to replicate. Shares detracted from performance during the quarter despite record results and a higher full-year growth outlook.”
Taiwan Semiconductor Manufacturing Company - September 2026
“On the downside, holdings in Vertiv, TSMC and SK Square were caught up in the rotation away from semiconductor stocks into some of the market’s large technology companies, such as software companies and hyperscalers, which are building the cloud computing and data centre infrastructure that will power the rapid expansion of AI.”
Taiwan Semiconductor Manufacturing Company - September 2026
“On the downside, holdings in Vertiv, TSMC and SK Square were caught up in the rotation away from semiconductor stocks into some of the market’s large technology companies, such as software companies and hyperscalers, which are building the cloud computing and data centre infrastructure that will power the rapid expansion of AI.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Microsoft, Taiwan Semiconductor, Murata, KLA, Qualcomm and Applied Materials are businesses we are happy to own at a sensible weight.”
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Buffalo Funds International Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“We initiated a position in ASML. While our semiconductor positioning has performed well over the past 18 months, being underweight ASML has been a modest headwind. ASML occupies a unique position as the sole supplier of the advanced lithography systems required to manufacture leading-edge chips. Historically, this exceptional competitive position has been reflected in the valuation. However, following the sector sell-off during July and August, ASML de-rated, bringing it much closer to historical norms. We took advantage of this opportunity to establish a position, funding it through reductions in TSMC, Micron and Applied Materials.”
Taiwan Semiconductor Manufacturing Company - HoldsSTK Long Only FIASeptember 2026
“TSMC, which manufactures the most advanced chips in the world for most of the AI chain, functions as a thermometer of this cycle.”
Taiwan Semiconductor Manufacturing Company - HoldsAGT PartnersSeptember 2026
“While we continue to believe in the long-term structural growth of AI and the opportunities it creates across the semiconductor supply chain, we have partially reduced our positions in SK Hynix and two leading regional semiconductor equipment suppliers to manage our overall exposure and risk. We have maintained our investment in TSMC, where we remain confident in the durability of its competitive advantages and long-term earnings power.”
Taiwan Semiconductor Manufacturing Company - September 2026
“In other portfolio activity, we more than doubled the Fund’s Taiwan Semiconductor holdings at prices that are already deep in the money, and we continued to build the Fund’s ASML Holding NV position at a measured pace.”
Taiwan Semiconductor Manufacturing Company - September 2026
“TSMC, which grew second quarter revenue 34% to $40.2 billion, became the Fund's second largest position after Nvidia.”
Taiwan Semiconductor Manufacturing Company - September 2026
“Trading activity When the market offers world class franchises back at material discounts to where you sold them weeks earlier, while their earnings power strengthens, sitting still is the greater risk. Three months ago the Fund's activity told the quarter's story better than its contributor tables, and it did so again. In June we had rebuilt Apple from c.1% of the Fund to c.8.7%. This quarter, as Apple rose and the semiconductor complex fell, we reversed the trade, selling almost all of Apple after a strong run, and almost all of Amazon, and putting the proceeds into the companies that had fallen furthest: memory, optics and semiconductors. We rebuilt Kioxia and Arm at discounts of c.55% and c.40% to the prices at which we had sold them in June, doubled our holdings in Micron and SK hynix, and substantially increased Credo, Ibiden, Astera Labs and Elite Material. TSMC, which grew second quarter revenue 34% to $40.2 billion, became the Fund's second largest position after Nvidia.”
Taiwan Semiconductor Manufacturing Company - September 2026
“The Compounding Capital pool is well diversified across businesses in industries enjoying positive tailwinds, such as live entertainment and sports content (e.g. Liberty Media (FWONK) owner of Formula One and MotoGP), Life Sciences (e.g. Thermo Fisher (TMO)), Semiconductors (e.g. Taiwan Semiconductor Manufacturing Co (2330)) and US Industrial activity (e.g. RB Global (RBA)).”
Taiwan Semiconductor Manufacturing Company - September 2026
“The Compounding Capital pool is well diversified across businesses in industries enjoying positive tailwinds, such as live entertainment and sports content (e.g. Liberty Media (FWONK) owner of Formula One and MotoGP), Life Sciences (e.g. Thermo Fisher (TMO)), Semiconductors (e.g. Taiwan Semiconductor Manufacturing Co (2330)) and US Industrial activity (e.g. RB Global (RBA)).”
Taiwan Semiconductor Manufacturing Company - September 2026
“Sales: The Fund exited its positions in NVIDIA and Taiwan Semiconductor to concentrate its semiconductor exposure in Intel Corporation.”
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan Partners Antero Peak Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
Listed in Artisan US Focus Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - September 2026
“Holdings in BE Semiconductor Industries and TSMC were caught up in the rotation away from semiconductor stocks.”
Taiwan Semiconductor Manufacturing Company - September 2026
“We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.”
Taiwan Semiconductor Manufacturing Company - AddedFairtree Asset Management Global Emerging Markets FundSeptember 2026
“Notable portfolio activity during the quarter was focused on increasing the Fund’s direct exposure to the large-cap semiconductor and memory names, funded largely by reducing its Taiwan ETF holding. On the buy side, the largest addition was SK Hynix, alongside TSMC and Samsung, and the Fund initiated a new position in SK Square, which holds a substantial stake in SK Hynix.”
Taiwan Semiconductor Manufacturing Company - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsSomma Investimentos Fund FamilySeptember 2026
“The Open Vista Tecnologia Global fund closed September with a positive return of 4.5% in reais, equivalent to a gain of 4.8% in dollars. The global technology sector surprised once again in the month and posted another gain, with the sector's global index up 4.3% in dollars in September, a performance below that of the fund, which holds investments that diverge from the composition of the sector index. The global technology sector exhibited a behavior of "opposite extremes," with artificial intelligence infrastructure assets concentrating at the top, while Asia-Pacific suffered a correction. The U.S. technology stock market, driven by semiconductor stocks and large technology companies, rose, with the Nasdaq 100 index accumulating a gain of approximately 3% in the month and renewing its all-time high on September 22. In contrast, China's Shenzhen growth companies index accumulated a decline of 8.8%, and Hong Kong's Hang Seng index fell 4.1%. This divergence is not due to the deterioration of the artificial intelligence narrative, but rather to a new round of "competition for profits" in global markets, in which assets linked to chips and computational infrastructure were repriced based on the certainty of profits, while assets that previously relied only on expectations were forced to adjust. From a market perspective, September witnessed a series of crucial events that reshaped the pricing pattern of the technology sector. On the mergers and acquisitions front, Advanced Micro Devices - AMD announced the acquisition of World Labs, an artificial intelligence startup founded by Fei-Fei Li, for 8.2 billion dollars, with the goal of positioning itself at the frontier of "physical artificial intelligence" and spatial intelligence. In the primary market, SpaceX reached orbit with the success of its Starship rocket, further strengthening the profit expectations of the space infrastructure chain. Nvidia approved a record share buyback plan worth 150 billion dollars, raising the remaining balance of authorized buybacks to 235 billion dollars, a move that directly drove the share price against the trend. JP Morgan believes that the ratio between the expected price-earnings multiple of the "seven technology giants" of the United States and that of the market average has already fallen to about one standard deviation below the historical median, reaching the lowest level in ten years, and the room for valuation compression is already extremely limited, with earnings growth about to become the main driving force behind share prices. Driven by this information, the Philadelphia semiconductor index rose more than 4% in a single day, and AMD's market value surpassed one trillion dollars. Among the fund's positions, in addition to Nvidia, Microsoft and Broadcom, which together represent 20.1% of the fund, companies such as Apple, TSMC, Samsung and Lam Research stand out, the latter with 18.2% of the fund. The ten largest positions represent 46.5% of the fund's net assets.”
Taiwan Semiconductor Manufacturing Company - August 2026
Listed in Guinness Asian Equity Income Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - August 2026
Listed in Guinness Greater China Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - August 2026
“TSMC delivered Q2 earnings which beat consensus on sustained AI data centre demand, reporting sales growth of +12% over the quarter and +36% year-over-year.”
Taiwan Semiconductor Manufacturing Company - August 2026
Listed in Harding Loevner International Equity’s reported holdings.
Taiwan Semiconductor Manufacturing Company - August 2026
“In IT, German power management chip manufacturer Infineon Technologies, Dutch lithography equipment manufacturer ASML, South Korean semiconductor and electronics manufacturer Samsung Electronics, and Taiwanese semiconductor manufacturer TSMC all gained, reflecting broad-based strength of shares across the semiconductor supply chain.”
Taiwan Semiconductor Manufacturing Company - August 2026
“We hold Microsoft, Taiwan Semiconductor, Adobe, Brother and KLA, and we are comfortable owning them at these weights.”
Taiwan Semiconductor Manufacturing Company - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - July 2026
“Semicon- ductor companies such as Lam Research, Kokusai Electric, Naura, TSMC and Lasertec proved to be the main drivers almost throughout.”
Taiwan Semiconductor Manufacturing Company - July 2026
“In semiconductors, TSMC, which the Fund does hold, also performed well, but the Fund's equally-weighted portfolio construction results in a structural underweight relative to the benchmark.”
Taiwan Semiconductor Manufacturing Company - July 2026
“While hyperscaler capex is clearly a key focus area for markets, foundry and memory capex are becoming increasingly important in a semiconductor rally that is being driven by both supply constraints and huge AI-led demand due to the critical role of semiconductors in AI applications. The memory cycle remains highly cyclical and commoditised: when capacity is tight, pricing rises quickly; when new supply arrives too fast or demand weakens, pricing can fall just as quickly. This cycle is therefore being supported by AI-driven demand for high-bandwidth memory (HBM), DRAM and NAND, but also by the fact that supply cannot be added immediately. Memory player Micron has explicitly pointed to cleanroom constraints, long construction lead times and limited DRAM and NAND supply all constraining server demand. There are now clear signals that both foundries and memory fabs (fabrication facilities) are preparing to increase spending to address these bottlenecks. As shown in the first chart below, expectations for FY26 capex on fabs have risen from $146bn in December last year to $185bn by June 2026, while the second chart shows that expected capex growth has also broadened, with total spending across the key fabs rising to 46% by October 2026. The strongest upward revisions are in memory: Micron is now expected to grow capex by 159% and SK Hynix by 110% compared to expectations before the cycle began in 2025. TSMC also stands out on the logic side, with expected capex growth rising to 42%, reflecting stronger demand for advanced foundry and packaging capacity.”
Taiwan Semiconductor Manufacturing Company - July 2026
“The Fund had a 13.7% allocation to Taiwan and a 6.0% position in TSMC.”
Taiwan Semiconductor Manufacturing Company - July 2026
“Benchmark performance continues to be driven by a narrow set of names, namely TSMC, SK Hynix, and Samsung Electronics. In June, these three names made a positive cumulative contribution of +0.94% to the benchmark’s total returns, but this was not enough to fully offset the negative contribution from the rest of the benchmark constituents. This narrow leadership has been a defining feature of performance over the year so far; in Q2, these same three names accounted for 63% of the benchmark’s total return, while year-to-date they have contributed more than 78%. Source: Bloomberg, MSCI, Guinness Global Investors. Net returns in US dollars as of 30th June 2026. Year-to-date, the Fund has suffered from both negative allocation effect and selection effect, primarily driven by being underweight Technology and more specifically not holding SK Hynix or Samsung Electronics. As a reminder, SK Hynix and Samsung Electronics do not qualify for our investment universe. Source: Bloomberg, MSCI, Guinness Global Investors. Net returns in US dollars as of 30th June 2026. However, we highlight that every Technology name within the Fund, except TSMC and Tech Mahindra, contributed positively to the Fund’s absolute returns. TSMC detracted as it is held at an underweight of approximately 10 percentage points versus the benchmark, a result of our equal weighting approach. Tech Mahindra has lagged this year, despite better- than-expected reported profits, primarily due to investor anxiety over weaker IT services demand and slowing revenue growth as global tech spending outside of AI remains more conservative. The Fund’s overweight to Consumer Discretionary detracted from relative performance. Within the sector, Corporate Travel Management, Zhejiang Supor and Suofeiya were the greatest detractors (explanations for these names in the following section). 5 Guinness Asian Equity Income July 2026 The Fund’s zero weight to Materials, Energy and Industrials provided some positive relative contribution for the Fund, as did both the under-allocation to the Communication Services sector, and the stock selection within that sector, specifically not holding Tencent. LEADERS AND LAGGARDS Leaders Elite Material (+223.2% year-to-date in USD) saw strong performance amid continued excitement over the AI capex (capital expenditure) super-cycle. The company is a leading manufacturer of premium copper-clad laminates, which are used in AI servers, switches and data centre infrastructure. Strong AI server demand, tight high-end laminate supply and repeated industry price increases have driven a powerful earnings-upgrade cycle and a major valuation rerating for the company. Largan Precision (+73.4%) has recovered after a share price fall in Q1 was more than offset by a +100.3% rise in Q2: first, the company reported better-than-expected revenues for April, up +23% year-on-year, driven by stronger iPhone sales than the market was expecting; and secondly, Largan reported advancements in its co-packaged optics (CPO) technology, which uses light to transmit data, improving speed and efficiency. The company debuted a fibre array unit (FAU), which has a higher degree of precision than the current industry standard, and is actively courting customers in the chip design space in the hope of breaking into the AI server and data centre market. TSMC (+54.3%) remains a key manufacturing bottleneck for the AI hardware super-cycle.”
Taiwan Semiconductor Manufacturing Company - July 2026
Listed in Harding Loevner International Equity’s reported holdings.
Taiwan Semiconductor Manufacturing Company - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Taiwan Semiconductor Manufacturing Company - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Taiwan Semiconductor Manufacturing Company - July 2026
“Elsewhere in IT, the absence of both AMD and Micron from the portfolio helped relative returns and overcame the drag from our off-benchmark exposure to TSMC in Taiwan.”
Taiwan Semiconductor Manufacturing Company - TrimmedPlatinium AM Platinum FundsJuly 2026
“As we’ve discussed over many months, our core semiconductor holdings – SK hynix, TSMC and Samsung - have been major contributors to Fund returns.”
Taiwan Semiconductor Manufacturing Company - July 2026
“TSMC Taiwan Info Technology”
Taiwan Semiconductor Manufacturing Company - July 2026
“Semiconductor stocks such as TSMC and ASML also weakened amid AI capex concerns; reports that China has begun limited production of immersion lithography tools added to investor uncertainty.”
Taiwan Semiconductor Manufacturing Company - July 2026
“The MSCI World index declined in sterling terms in July. Market performance was marked by a mid-month AI sell-off on concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The fund underperformed in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, impacted by fears of Chinese competition and caught up in a broader AI sell-off, and TSMC, a leading manufacturer of semi-conductor chips, as higher capex guidance and weaker AI sentiment outweighed otherwise strong earnings beat.”
Taiwan Semiconductor Manufacturing Company - New positionFundsmith Equity FundJune 2026
“We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
Taiwan Semiconductor Manufacturing Company - June 2026
“What I'm meandering towards here is the concept of 'bottlenecks'. After a brief hiatus in March, when energy stocks leapt to the fore, the biggest driver of emerging market indices and our clients' portfolio performance over the past 18 months has been semiconductor stocks, notably TSMC, Samsung Electronics, SK Hynix and more recently MediaTek. We have held TSMC and Samsung Electronics continuously in our emerging markets strategies since the 2000s.”
Taiwan Semiconductor Manufacturing Company “Taiwan Semiconductor, the world’s largest foundry for high-end chips, was up strongly as it continued to gain pricing power due to its near monopoly on production and advanced technology.”
Taiwan Semiconductor Manufacturing Company- June 2026
“Portfolio Positioning We currently have about 9% of the portfolio in semiconductor-related stocks. We believe this gives us enough exposure to benefit from the wonderful growth that chip stocks enjoy without overly exposing the portfolio to a highly volatile sector currently trading at cyclical highs. During the quarter we initiated a meaningful position in Nvidia, after the company announced a 25-fold increase in its dividend, taking its yield from almost zero to 0.5%. We also increased our exposure to Taiwan Semiconductor, which, as the largest producer of computer chips in the world, should prosper regardless of whose chips are used for AI computing.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing (TSM) delivered a strong quarter and raised its full-year outlook, reflecting continued robust demand for leading-edge semiconductors.”
Taiwan Semiconductor Manufacturing Company - June 2026
“In the Fund, we hold two positions in Taiwan which, under our equal-weight portfolio construction methodology, have a combined weight of c.6.6%. As Taiwan outperformed in the month, the Fund’s underweight to Taiwan was a detractor to relative performance against the MSCI Golden Dragon Index. This predominantly came from TSMC, which continued to outperform in the month.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Guinness Greater China Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“What are our Fund holdings saying? LAM Research (semiconductor capital equipment) "In January, we shared our outlook for 2026 WFE [wafer fabrication equipment] in the $135 billion range. Since then, spending projections from customers have moved higher across all device segments. We now expect WFE of $140 billion with a bias to the upside as the industry continues to work through various constraints." - Timothy M. Archer, CEO Applied Materials (semiconductor capital equipment) "AI adoption is accelerating and diversifying, fuelling broader demand for semiconductors, manufacturing and equipment... we now expect our semiconductor equipment business will grow more than 30% this calendar year." - Gary E. Dickerson, CEO 14 Guinness Global Innovators June 2026 Nvidia (chip designer) "Demand for AI infrastructure continues to expand at an unprecedented pace. The build-out of AI factories is accelerating. The value of NVIDIA AI infrastructure is rising. The price of renting an H100 has risen 20% year-to-date, while A100 cloud pricing is up nearly 15%." - Jensen Huang, CEO AMD (chip designer) "What we've seen is all of the things that we believed in terms of agentic AI and inferencing, and all the CPU compute that is required is just happening, and it's happening at a much faster pace." – Dr Lisa Su, CEO TSMC (foundry)”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Guinness Global Equity Income Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Sequoia Fund (Ruane Cunniff LP)’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“Our own chip names more than offset this headwind, though. TSMC and Mediatek were top contributors to relative returns.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our own chip names more than offset this headwind, though. TSMC and Mediatek were top contributors to relative returns.”
Taiwan Semiconductor Manufacturing Company - June 2026
“On a more in-depth look, names related to our big three investment themes paid off in the front half of 2026. AI-related investment propelled Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung to new highs.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Within IT, stock selection was beneficial, led by Micron Technology, the Strategy’s best-performing holding for the quarter. The stock was supported by growing confidence in the AI-driven memory cycle, with strong demand for high-bandwidth memory used in AI servers reinforcing expectations for pricing strength and earnings growth. Taiwan Semiconductor also contributed as leading-edge semiconductor demand and AI-related capacity investment remained strong.”
Taiwan Semiconductor Manufacturing Company - TrimmedHosking PartnersJune 2026
Listed in Hosking Partners’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Hardman Johnston International Equity Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsVision Capital FundJune 2026
“It is why we own NVIDIA and TSMC thus far, and not memory stocks or the AI supply chain.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor moved higher on pricing power and a healthy backlog due to its position as the dominant foundry for leading edge chips.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months.”
Taiwan Semiconductor Manufacturing Company - TrimmedMiddle Coast InvestingJune 2026
“We trimmed positions and/or booked gains in Taiwan Semiconductor, TD Synnex, Alphabet, Astronics, and Broadcom.”
Taiwan Semiconductor Manufacturing Company - June 2026
“We continue to own several such great companies in our portfolio (DBS, TSMC, Tencent, CNOOC, Sheng Siong, KKR, Apollo, Microsoft etc.) and have selectively added onto them in the past quarter.”
Taiwan Semiconductor Manufacturing Company - June 2026
“This 15.9% exposure excludes our large investments in the hyperscalers Alphabet and Microsoft. Nonetheless, as noted above, the MSCI ACWI benchmark has approximately 26% exposure to semiconductors and technology hardware today, so we remain underweight versus the index. We have been invested in TSMC since the inception of the Global Leaders Strategy in 2015.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our preference remains to invest in critical enablers whose path to success is not dependent on the adoption of a single or narrow technology. Prime examples of this thesis include TSMC and ASML , which were also among the top contributors to performance over the quarter. We have held both since Positive Change's inception in 2017.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in Intel, SK Square, TSMC and ASM International were among the fund's strongest contributors.”
Taiwan Semiconductor Manufacturing Company - June 2026
“For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Top 3 Contributors to Relative Performance Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM) – TSM shares rose sharply during Q2, continuing to benefit from attractive demand fundamentals as AI-driven investment accelerated.”
Taiwan Semiconductor Manufacturing Company - June 2026
“AI-related investment propelled Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung to new highs.”
Taiwan Semiconductor Manufacturing Company - June 2026
“I nformat ion Technology 19.0 ASML Holding N.V. Netherlands 6.7 Semiconductors & Semiconductor Equipment Jan. 2014 Infineon Technologies AG Germany 5.1 Semiconductors & Semiconductor Equipment Mar. 2025 STMicroelectronics NV France 4.8 Semiconductors & Semiconductor Equipment Jul. 2025 Taiwan Semiconductor Mfg. Co., Ltd. Taiwan 2.4 Semiconductors & Semiconductor Equipment Jan. 2021”
Taiwan Semiconductor Manufacturing Company - June 2026
“On a more in-depth look, names related to our big three investment themes paid off in the front half of 2026. AI-related investment propelled Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung to new highs.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Mar Vista U.S. Quality Premier Portfolio’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high-quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations. Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere. We also trimmed TSMC following a period of strong share price performance, although it remains a significant active position within the portfolio.”
Taiwan Semiconductor Manufacturing Company - June 2026
“While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing Company Limited (TSMC) is the world's largest contract chipmaker and the leading manufacturer of advanced logic semiconductors used in modern AI accelerators. Shares rose during the quarter as investors increasingly recognized that TSMC, rather than any individual chip designer, sits at the center of the AI supply chain. High-performance computing now represents the majority of TSMC's business. AI demand is consuming so much leading-edge capacity that smartphone and PC production is increasingly shifting to older technology nodes, reversing a dynamic that defined the foundry industry for much of the past decade. Management also raised its full-year outlook and increased capital spending to support demand that remains well above available supply. We retain long-term conviction in TSMC and view its leading-edge manufacturing monopoly, pricing power, and 2-nanometer technology roadmap as durable advantages that support multi-year earnings power.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, SK Square, TSMC and ASM International were among the fund's strongest contributors.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Top 10 holdings Weighting (%) Alphabet Inc. Class A 6.43 Apple Inc. 3.55 Micron Technology, Inc. 3.08 Microsoft Corporation 2.87 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 2.85 JPMorgan Chase & Co. 2.30 Cisco Systems, Inc. 2.15 AbbVie, Inc. 2.10”
Taiwan Semiconductor Manufacturing Company - June 2026
“We also trimmed TSMC following a period of strong share price performance, although it remains a significant active position within the portfolio.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our fourth-largest position is Taiwan Semiconductor, which is up nearly 100% since we bought it last summer.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Hood River CM Emerging Markets Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“This process has also incorporated TSMC as a store of value, which can increase in weight as a receptacle for appreciated semiconductor proceeds.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Portfolio performance was also notably broad-based. While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”
Taiwan Semiconductor Manufacturing Company - New positionAve Maria FundsJune 2026
“The Fund also initiated positions in Intel Corporation, Nvidia Corporation, and Taiwan Semiconductor Manufacturing Company Ltd. during the quarter to increase the Fund’s exposure to the A.I. buildout.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our top contributors in Q2 were AMD, Lam Research and Taiwan Semiconductor Manufacturing (TSMC). AMD is a leading semiconductor company focused on high-performance computing and AI infrastructure. Shares rose following a strong quarter, with revenue and guidance exceeding expectations, driven by continued strength in data center demand. Management raised its long-term outlook for the server CPU market, reflecting the growing role of CPUs in inference and agentic AI workloads. We continue to believe AMD is well positioned to benefit from increasing compute intensity across AI infrastructure and cloud computing. After adding to the position ahead of the stock’s rally, we trimmed our exposure as the valuation moved beyond our reasonable expectations, consistent with our valuation discipline. Lam is a leading supplier of semiconductor manufacturing equipment, with dominant positions in etching and deposition. The company delivered results that exceeded elevated expectations, with margins remaining above anticipated levels and guidance pointing to continued momentum. In response to rising semiconductor capital spending, particularly in memory, management increased its outlook for 2026 wafer fabrication equipment spending to approximately $140 billion, representing roughly 27% year-over-year growth. Given the stock's recent appreciation and valuation approaching the upper end of our target range, we trimmed the position to manage risk and position size. TSMC is the global leader in advanced semiconductor manufacturing, with strong pricing power supported by AI-driven demand.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Several of our AI-infrastructure and semiconductor investments also contributed to absolute and relative performance, including Taiwan Semiconductor Manufacturing Company Limited (the world’s advanced-semiconductor manufacturing champion), indie Semiconductor, Inc. (automotive semiconductor innovator), Coherent Corp. (optical technology leader), ASML Holding N.V. (the world’s dominant provider of advanced lithography semiconductor manufacturing equipment), Micron, and Broadcom.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing Company Limited (TSMC) is the world's largest contract chipmaker and the leading manufacturer of advanced logic semiconductors used in modern AI accelerators. Shares rose during the quarter as investors increasingly recognized that TSMC, rather than any individual chip designer, sits at the center of the AI supply chain. High-performance computing now represents the majority of TSMC's business. AI demand is consuming so much leading-edge capacity that smartphone and PC production is increasingly shifting to older technology nodes, reversing a dynamic that defined the foundry industry for much of the past decade. Management also raised its full-year outlook and increased capital spending to support demand that remains well above available supply. We retain long-term conviction in TSMC and view its leading-edge manufacturing monopoly, pricing power, and 2-nanometer technology roadmap as durable advantages that support multi-year earnings power.”
Taiwan Semiconductor Manufacturing Company - June 2026
“The quarter still included several good outcomes as Alphabet , Monolithic Power Systems , NVIDIA , Broadcom , Amazon , and our largest addition during the first quarter, Lam Research , each added more than 100bps. Taiwan Semiconductor (TSMC), the Fund’s largest holding, appreciated 41.6% and contributed 310bps to absolute returns.”
Taiwan Semiconductor Manufacturing Company - AddedBaron Technology ETFJune 2026
“Among others, during the second quarter we initiated or added to the following positions: Space and satellite communications: Space Exploration Technologies Corp.”
Taiwan Semiconductor Manufacturing Company - June 2026
“For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Hosking Partners Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“Top contributors in the period were once again driven by AI. We continued to see Agentic AI driving the story, which kept us bullish on the need for memory, as memory is what makes agentic AI possible. AI agent workloads drive demand not just for HBM (High Bandwidth Memory), but across the entire memory spectrum, including conventional DRAM and NAND for AI servers. SK Hynix and Samsung, the two strongest contributors, both benefited from increasing demand for memory. SK Hynix continued to be driven by its leadership in HBM, which is made to order and customized. Samsung has made progress in the next generation HBM4 chips and has benefitted from the memory upcycle (DRAM and NAND) driven by demand and pricing. Taiwan Semiconductor Manufacturing (TSM) was also a top contributor in the quarter, as it reported exceptionally strong results for every metric.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Several of our AI-infrastructure and semiconductor investments also contributed to absolute and relative performance, including Taiwan Semiconductor Manufacturing Company Limited (the world’s advanced semiconductor manufacturing champion), indie Semiconductor, Inc. (automotive semiconductor innovator), Coherent Corp. (optical technology leader), ASML Holding N.V. (the world’s dominant provider of advanced lithography semiconductor manufacturing equipment), Micron, and Broadcom.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Cambiar Investors International Equity Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“NVIDIA, Micron, Broadcom, AMD, Applied Materials, Seagate, Western Digital, Corning, SiTime, TSMC, ASML, and Sandisk were among the positions that contributed to the quarter’s technology-led gains.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor (TSMC), Datadog, and NVIDIA added over 200bps each”
Taiwan Semiconductor Manufacturing Company - June 2026
“Strong price appreciation from Taiwan Semiconductor Manufacturing Co (TSM), KLA Corp (KLAC), and Marvell Technology Inc (MRVL) increased the weighting.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Shares of Taiwan Semiconductor Manufacturing Company Limited were a strong contributor during the quarter, driven by surging AI demand.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing Company Limited (TSMC) is the world's largest contract chipmaker and the leading manufacturer of advanced logic semiconductors used in modern AI accelerators. Shares rose during the quarter as investors increasingly recognized that TSMC, rather than any individual chip designer, sits at the center of the AI supply chain. High- performance computing now represents the majority of TSMC's business. AI demand is consuming so much leading-edge capacity that smartphone and PC production is increasingly shifting to older technology nodes, reversing a dynamic that defined the foundry industry for much of the past decade. Management also raised its full-year outlook and increased capital spending to support demand that remains well above available supply. We retain long- term conviction in TSMC and view its leading-edge manufacturing monopoly, pricing power, and 2-nanometer technology roadmap as durable advantages that support multi-year earnings power.”
Taiwan Semiconductor Manufacturing Company - June 2026
“From a stock specific perspective, the Fund’s 26.7% gain was driven by 32 contributors against 10 detractors. It is tempting to describe it as SpaceX and everything else, but it would not be correct and would not do the quarter justice. Taiwan Semiconductor (TSMC), ASML, Nebius, NVIDIA, Forgent, and Amazon contributed over 100bps each to absolute returns,”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Brown Advisory Large-Cap Sustainable Growth Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“South Korea’s Samsung Electronics, Taiwan Semiconductor Manufacturing Company (TSMC), and Taiwan-based AI server manufacturer Wiwynn generated significant gains as investors increasingly focused on companies benefiting from growing AI infrastructure demand.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Portfolio Changes We added exposure to hardware and compute through purchases of Amazon, TSMC and STMicro, with the latter two also increasing regional exposure to Taiwan and Europe respectively.”
Taiwan Semiconductor Manufacturing Company - TrimmedMontaka Global FundJune 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing Company Limited is the world's largest contract chipmaker and the leading manufacturer of advanced logic semiconductors used in modern AI accelerators. Shares rose 41.6% during the quarter as the company continued reporting stellar financial results underpinned by AI demand with revenue growth of 35% year-on-year and EPS growth of 58%, with 66% gross margins and 58% operating margins. High-performance computing now represents the majority of TSMC's business. AI demand is consuming so much leading-edge capacity that smartphone and PC production is increasingly shifting to older technology nodes, reversing a dynamic that defined the foundry industry for much of the past decade. Management also raised its full-year outlook and increased capital spending to support demand that remains well above available supply. We retain long- term conviction in TSMC and view its leading-edge manufacturing monopoly, pricing power, and technology roadmap as durable advantages that support a long duration of growth.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Coronation Global Managed Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“Top 10 HOLDINGS* as of June 30, 2026 % of Net Assets Taiwan Semiconductor Manufacturing Co Ltd 9.14”
Taiwan Semiconductor Manufacturing Company - June 2026
“Portfolio Changes We added exposure to compute through the purchase of TSMC.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Liontrust GF Sustainable Future US Growth Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“• Key contributors to performance for the quarter were TSMC (Connectivity), GE Vernova (Climate) and Nvidia (High Performance Computing).”
Taiwan Semiconductor Manufacturing Company - June 2026
“Demand for AI infrastructure, particularly semiconductors, continued to climb, which buoyed the shares of the Fund’s top contributors: Applied Materials, a supplier of semiconductor manufacturing equipment, Advanced Micro Devices (AMD), a leading semiconductor company that designs and sells computer processors and related chips, ASML Holding, a supplier of the world’s most advanced lithography systems, and Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract semiconductor manufacturer.”
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Liontrust Global Dividend Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
Listed in Liontrust GF Global Dividend Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - June 2026
“We added exposure to hardware and compute through purchases of TSMC and STMicro, which also increased regional exposure to Taiwan and Europe respectively.”
Taiwan Semiconductor Manufacturing Company - June 2026
“The Fund participated in the rally in SK Hynix, Samsung Electronics and TSMC; however, the Fund could not fully replicate the benchmark’s concentration, particularly in TSMC, where the position was already close to the practical maximum permitted by the Fund’s 10% security limit.”
Taiwan Semiconductor Manufacturing Company - New positionMayTech Global Investments Global Growth StrategyJune 2026
“We initiated a position in Taiwan Semiconductor Manufacturing Company (TSMC), the world’s leading foundry for advanced semiconductor manufacturing.”
Taiwan Semiconductor Manufacturing Company - June 2026
“TSMC (Connectivity) also continued its strong momentum with another very positive result in April.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Top Contributors Advanced Micro Devices (AMD), a leading semiconductor manufacturer, outperformed on strong AI data center demand, which drove record sales across its CPU and GPU portfolios. Applied Materials, which supplies semiconductor manufacturing equipment, continues to see higher demand from foundry customers tied to AI infrastructure build-out, as hyperscalers boosted spending to support accelerating compute needs. Western Digital, a leading data storage products maker, outperformed after the company's strong quarterly results, which reiterated powerful, multiyear support from AI data center storage demands. Intel shares advanced on growing confidence in its foundry execution and AI strategy, supported by early customer traction and strong data center demand, which has brought CPUs back into favor. Taiwan Semiconductor Manufacturing Co.’s (TSMC’s) central role in AI chip production continued to bolster investor confidence and drive stock gains, as management announced higher-than-anticipated capacity expansion and strong future growth guidance.”
Taiwan Semiconductor Manufacturing Company - June 2026
“TSMC (Connectivity) also continued its strong momentum with another very positive result in April.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor (TSMC) also contributed meaningfully to our performance.”
Taiwan Semiconductor Manufacturing Company - June 2026
“South Korea’s Samsung Electronics, Taiwan Semiconductor Manufacturing Company (TSMC), and semiconductor firms Infineon in Germany and STMicroelectronics in France generated significant gains as investors increasingly focused on companies benefiting from growing AI infrastructure demand.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Taiwan Semiconductor Manufacturing Co.’s (TSMC’s) central role in AI chip production continued to bolster investor confidence and drive stock gains, as management announced higher-than-anticipated capacity expansion and strong future growth guidance.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Top 3 Contributors to Relative Performance Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM ) – TSM shares rose sharply during Q2, continuing to benefit from attractive demand fundamentals as AI-driven investment accelerated.”
Taiwan Semiconductor Manufacturing Company - June 2026
“including larger positions in Taiwan Semiconductor, Microsoft, Alphabet and Meta Platforms, the strongest performers in 2Q26 were companies more directly benefiting from AI-related capital spending.”
Taiwan Semiconductor Manufacturing Company - TrimmedAugustine Asset Management Global Equity & Fixed Income StrategiesJune 2026
“We also increased positions in Regeneron, United Therapeutics, Shell, and TotalEnergies following recent weakness. The increased positions exhibit investment process preferences for attractive relative valuation, quality, and fundamental outlook. We eliminated positions in Nike and Dr. Reddy's Laboratories after those holdings no longer met our investment process preferences for quality and fundamental improvement. We also reduced exposure to Taiwan Semiconductor Manufacturing per our portfolio construction rule regarding single position exposure. The stock has performed well and continues to be fundamentally attractive.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Portfolio Performance and Attribution In Q2 2026, the Portfolio returned 8.4% (net of fees) compared to 14.9% for the Index. Top relative contributors to the Portfolio’s performance included Tokyo Electron, TSMC, and ASML.”
Taiwan Semiconductor Manufacturing Company - June 2026
“The strategy’s top contributors continued to benefit from the sustained global AI build-out, which has intensified supply- demand imbalances across the AI value chain. Taiwan Semiconductor Manufacturing Company, the leading global foundry for advanced semiconductors used in AI training and inference, continued to experience demand running well ahead of manufacturing capacity.”
Taiwan Semiconductor Manufacturing Company - June 2026
“The top five winners for the quarter were SK Hynix Inc., private position Atom Computing, Inc., TSMC, Hut 8 Corp., and Rolls-Royce Holdings PLC.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Our preference remains to invest in critical enablers whose path to success is not dependent on the adoption of a single or narrow technology. Prime examples of this thesis include TSMC and ASML , which were also among the top contributors to performance over the quarter. We have held both since Positive Change’s inception in 2017.”
Taiwan Semiconductor Manufacturing Company - June 2026
“ASML, Arm and TSMC are good examples of this. ASML produces the machines that make advanced chip manufacturing possible. Arm designs the chip architecture, and TSMC manufactures those advanced chips. These companies were among the strongest contributors this quarter. Their performance has reflected clear competitive advantages, strong operational delivery, and the market’s growing recognition of how essential they are to the next phase of computing and the benefits that should bring to the world. But portfolio resilience also requires discipline on position sizing. After strong share-price performance, we trimmed Arm, TSMC and ASML.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Compounding Capital Pool (57% of Fund) These are the “generals” of the portfolio – companies with clearly dened customer propositions, observable growth runways backed by industry tailwinds, attractive nancial models, and run by aligned management teams with deep domain expertise. Investment returns are earned as the businesses execute on multi-year strategies, driving growth in sustainable Free Cash Flow per share and hence a “compounding” of shareholder value. The standout contributors to performance for both the quarter and the year were our investments in semiconductor companies selling directly into the AI build-out – Taiwan Semiconductor Manufacturing Co (2330) (the leading semiconductor foundry, which we have owned since 2020) and SK Square (402340) (a holding company whose main asset is memory maker SK Hynix).”
Taiwan Semiconductor Manufacturing Company - June 2026
“The standout contributors to performance for both the quarter and the year were our investments in semiconductor companies selling directly into the AI build-out – Taiwan Semiconductor Manufacturing Co (2330) (the leading semiconductor foundry, which we have owned since 2020)”
Taiwan Semiconductor Manufacturing Company - June 2026
“The fund outperformed its benchmark over the quarter. This was the result of positive stock selection. Holdings within communications services and industrials performed particularly well and enhanced relative returns. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, Samsung and TSMC were among the fund's strongest contributors.”
Taiwan Semiconductor Manufacturing Company - TrimmedTruffle Asset Management Fund RangeJune 2026
“Within our offshore equity allocation, exposure to Taiwan Semiconductor and Samsung were trimmed into strength while European banks and defence exposure were maintained through the half.”
Taiwan Semiconductor Manufacturing Company - AddedHIX Capital Geo FlagshipJune 2026
“We are not oblivious to the discussions about the transformational advance that AI will have on the economy and on our day-to-day work, including direct investment in companies in the AI infrastructure component supply chain: (i) the start of a small position in memory after the relevant drop in these stocks in July, always considering the risk mentioned in the chapter above; and (ii) the increase of the TSMC position in the fund.”
Taiwan Semiconductor Manufacturing Company - ExitedCDTMay 2026
“For example, we started a position in Amazon (AMZN) in the low 200s, increased our position in the high $100s and exited around $270 per share. For Taiwan Semi (TSM), we entered in the low 300s and exited at around $400 per share.”
Taiwan Semiconductor Manufacturing Company - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Taiwan Semiconductor Manufacturing Company - March 2026
“Taiwan Semiconductor Manufacturing (TSM) reported a strong quarter and raised its outlook, as it continues to benefit from robust demand for leading-edge semiconductors. TSM’s technological leadership, which is underpinned by its scale advantages, proprietary process expertise, and decades of manufacturing experience, was evident in its strong revenue growth and expanding gross margins during the quarter. The company also increased its long-term revenue outlook, which is supported by its dominant position as a leading manufacturer of cutting-edge chips that are powering the AI revolution. As the share price appreciated and the margin of safety narrowed, we reduced our position to an average portfolio weight and reallocated capital to opportunities with a more favorable risk-reward profile.”
Taiwan Semiconductor Manufacturing Company - March 2026
“Despite the broad sell-off among large-cap growth stocks during the first quarter, three portfolio holdings demonstrated double-digit price appreciation – all within the semiconductor area. Consensus spend expectations for data center infrastructure continue to expand rapidly, particularly among the hyperscalers. During the first quarter of 2026, consensus estimates for 2026 and 2027 capital expenditures among Amazon (AMZN), Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Oracle(ORCL) cumulatively increased by 25% and 23% respectively, largely to support data center demand – inclusive of chips and related equipment. Taiwan Semiconductor Manufacturing Co (TSM), one of the world’s leading contract chip manufacturers and our largest active weight in the portfolio, saw both its 2026 and 2027 consensus EPS estimates climb by 15% during the first quarter driven by favorable management guidance and fundamental strength in its business.”
Taiwan Semiconductor Manufacturing Company - March 2026
Listed in Brown Advisory Global Leaders Sustainable Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - March 2026
“We have had similar moments with our aerospace and travel exposed investments during COVID-19 in 2020 and one of the most uncomfortable decisions we ever made was to add to our semiconductor exposure back in 2022. We added to Taiwan Semiconductor Manufacturing Co (TSM) in November 2022.”
Taiwan Semiconductor Manufacturing Company - March 2026
“We added to our holdings in Broadcom (AVGO), GE Aerospace (GE), Netflix (NFLX) and NVIDIA (NVDA) and trimmed Intuit (INTU), Linde (LIN) and Taiwan Semiconductor (TSM).”
Taiwan Semiconductor Manufacturing Company - March 2026
“Within Information Technology, ASML Holding NV and Taiwan Semiconductor Manufacturing Co., Ltd. were the strongest contributors”
Taiwan Semiconductor Manufacturing Company - TrimmedFlexible Equity FundMarch 2026
“ We eliminated Uber Technologies (UBER) and trimmed Canadian National Railway (CNI), reducing the weighting in Industrials. We initiated a position in Watsco (WSO). Our weighting in Information Technology increased during the period as we initiated positions in NVIDIA (NVDA) and SAP SE Sponsored ADR (SAP). We exited Workday (WDAY) and trimmed Taiwan Semiconductor Manufacturing (TSM) and KLA Corporation (KLAC).”
Taiwan Semiconductor Manufacturing Company - March 2026
Listed in Buffalo International Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - March 2026
Listed in Giverny Capital Asset Management (GCAM) model portfolio’s reported holdings.
Taiwan Semiconductor Manufacturing Company - March 2026
“Within Information Technology, ASML Holding NV and Taiwan Semiconductor Manufacturing Co., Ltd. were the strongest contributors, while Vertiv Holdings Co. Class A and Prysmian S.p.A. also contributed positively within Industrials.”
Taiwan Semiconductor Manufacturing Company - March 2026
“Taiwan Semiconductor Manufacturing: TSM was the second-largest contributor for the quarter, gaining 11% despite significant volatility driven by the Iran conflict and associated risk- off selling in March.”
Taiwan Semiconductor Manufacturing Company - March 2026
“Western Digital Corporation, Taiwan Semiconductor Manufacturing Co., and Nebius Group were among the top contributors to performance.”
Taiwan Semiconductor Manufacturing Company - HoldsMondrian Investment Partners Emerging MarketsDecember 2025
“Second, EM Asia’s comparative advantage in semiconductor manufacturing drove exceptional returns in Korea +100% and Taiwan +39%. In the latter, TSMC, and hardware providers such as Delta and Hon Hai continued to flourish, while Korean memory-chip manufacturers SK Hynix and Samsung Electronics were standout beneficiaries of the accelerating AI capex cycle.”
Taiwan Semiconductor Manufacturing Company - December 2025
“Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share.”
Taiwan Semiconductor Manufacturing Company - December 2025
“And although Taiwan Semiconductor Manufacturing Company (TSMC) is a hard business to hate, it has long been viewed as the staid second fiddle to its chip design customers, rather than the world’s most important company and the only bona fide monopoly of the bunch. We have held it since the Strategy’s inception, and it remains a top holding today.”
Taiwan Semiconductor Manufacturing Company - New positionMar Vista US Quality PremierDecember 2025
“During the quarter, we initiated new investments in Taiwan Semiconductor (TSM) and Netflix (NFLX).”
Taiwan Semiconductor Manufacturing Company - December 2025
“Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share.”
Taiwan Semiconductor Manufacturing Company - December 2025
“We view the company as one of the strongest fits with our investment criteria, supported by its leadership in advanced manufacturing, deep customer relationships, and growing role in enabling next-generation technologies.”
Taiwan Semiconductor Manufacturing Company - December 2025
“On the weaker side, performance was influenced as much by sentiment as by fundamentals. Underweights in Taiwan Semiconductor Manufacturing Company (TSMC) and SK Hynix (a Korean semiconductor manufacturer) detracted as enthusiasm for semiconductors returned late in the year.”
Taiwan Semiconductor Manufacturing Company - December 2025
Listed in Royal London Global Equity Income Fund’s reported holdings.
Taiwan Semiconductor Manufacturing Company - December 2025
“Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share.”
Taiwan Semiconductor Manufacturing Company - New positionMar Vista US QualityDecember 2025
“During the quarter, we initiated new investments in Taiwan Semiconductor (TSM) and Netflix (NFLX).”
Taiwan Semiconductor Manufacturing Company - HoldsPolar Capital Emerging Market Stars FundDecember 2025
“TSMC’s control over the semiconductor ecosystem became increasingly apparent.”
Taiwan Semiconductor Manufacturing Company - December 2025
“Taiwan Semiconductor Manufacturing Co.’s (TSMC’s) strong performance was driven by its central role in global AI and semiconductor supply chains.”
Taiwan Semiconductor Manufacturing Company - December 2025
“Intuitive Surgical, Taiwan Semiconductor, Itochu, Rentokil Initial, and Dollarama. Intuitive Surgical is a leading provider of robotic surgical systems. The business reported strong third- quarter 2025 results, exceeding expectations across key metrics. Procedure growth, which we view as the best leading indicator for future robot system demand, was a standout. Robust volumes point to growing demand for robotic systems as hospitals expand surgical capacity. Expectations had been low heading into the quarter, with concerns around hospital capital expenditures and instrument reprocessing weighing on the stock. Against that backdrop, Intuitive’s $2 billion share repurchase signaled confidence—and the results validated it. The company placed 33 percent more da Vinci 5 systems quarter over quarter, marking early momentum in what Past performance is not indicative of future results. Stay Informed Get direct access to our latest thinking on innovation, investing, long-term capital and culture. Read now. 1 4 · S A N D S CA P I TA L · G LO B A L L E A D E R S · D E C E M B E R 2 0 2 5 we see as its most significant product cycle to date. It also began offering refurbished Xi systems in cost-sensitive markets, with strong initial uptake. Looking ahead, we expect procedure growth to drive higher system and instrument pricing and servicing revenue. Software and AI monetization represent additional upside not yet reflected in consensus expectations. Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share.”
Taiwan Semiconductor Manufacturing Company - HoldsPlatinium Asset ManagementDecember 2025
“The Platinum Asia Fund has been a long-term holder of TSMC and our investors have shared in its stellar growth.”
Taiwan Semiconductor Manufacturing Company - December 2025
“Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share.”
Taiwan Semiconductor Manufacturing Company - September 2025
“To be clear, we are believers in the transformational potential of AI. Many of our portfolio holdings are at the forefront of AI innovation and are investing at scale in this new technology. For example, Alphabet and Meta have developed state-of- the-art AI models. In addition, Alphabet (GOOG), Amazon (AMZN), and Microsoft (MSFT) are market leaders in cloud computing and are benefitting from the migration of AI-related workloads to their cloud infrastructure. Taiwan Semiconductor Manufacturing Co. (TSM) is capitalizing on its position as the primary foundry for nearly all AI chips used in data centers.”
Taiwan Semiconductor Manufacturing Company - New positionClearbridge Large Cap Value StrategySeptember 2025
“The massive surge in spending on artificial intelligence (AI) continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers as a complement to Nvidia’s dominant graphics processing units in AI buildouts. We also initiated a position in the quarter in Taiwan Semiconductor, a leader in advanced semiconductor manufacturing, with dominant market share in leading- edge nodes such as 3nm and 2nm, which are being adopted by nearly all major AI companies.”
Taiwan Semiconductor Manufacturing Company - September 2025
“Outside of AI-related investment, however, the broader economy has remained sluggish. Unsurprisingly, sectors not directly or indirectly linked to AI have underperformed, and our overweight positions in Health Care and Materials detracted from relative performance. Conversely, stock selection was a bright spot for the Fund during the quarter, as several early-year laggards rebounded, most notably UnitedHealth Group, and newer additions such as Taiwan Semiconductor Manufacturing Company (TSMC) delivered impressive returns.”
Taiwan Semiconductor Manufacturing Company - September 2025
“Other top contributors included TSMC (TPE) (+59bps) and Infratil (IFT) (+33bps).”
Taiwan Semiconductor Manufacturing Company - HoldsRS Global StrategyJune 2025
“Taiwan Semiconductor Manufacturing Co., Ltd. 1.75”
Taiwan Semiconductor Manufacturing Company - June 2025
“Our largest add during the quarter was Taiwan Semiconductor Manufacturing Company Limited as we continued to build our position.”
Taiwan Semiconductor Manufacturing Company - New positionBrown Advisory US Sustainable Growth FundJune 2025
“During the second quarter, we added three new names to the portfolio: Shopify (SHOP), Spotify (SPOT), and Taiwan Semiconductor Manufacturing (TSM).”
Taiwan Semiconductor Manufacturing Company - June 2025
Listed in Renaissance IM International Equity’s reported holdings.
Taiwan Semiconductor Manufacturing Company - HoldsFederated Hermes Sustainable Global EquityJune 2025
“Key holding: Electrification technology enabler TSMC Taiwan Semiconductor Manufacturing Company (TSMC) supplies 90% of advanced chips globally and is a critical partner to tech giants such as Apple and Nvidia.”
Taiwan Semiconductor Manufacturing Company - June 2025
“Taiwan Semiconductor Manufacturing Co. Ltd. performed well during the quarter largely due to renewed optimism about artificial intelligence (AI), which was weaker in the first quarter.”
Taiwan Semiconductor Manufacturing Company - HoldsTouchstone Sands Capital Emerging Markets Growth FundMarch 2025
“Taiwan Semiconductor (TSMC) is the world’s largest producer of leading-edge logic chips by market share. Shares declined as part of the broader correction in AI-related infrastructure stocks. Despite near-term volatility, we continue to view TSMC as a key beneficiary of AI chip demand.”
Taiwan Semiconductor Manufacturing Company - March 2025
“Proceeds were used to increase existing positions in BlackLine, Taiwan Semiconductor, and XPEL.”
Taiwan Semiconductor Manufacturing Company - New positionTouchstone Sands Capital Select Growth FundMarch 2025
“In the first quarter, the Fund completed the purchases of Broadcom Inc. (Information Technology sector), Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology sector), and Venture Global Inc. (Energy sector).”
Taiwan Semiconductor Manufacturing Company
Also mentioned · 29
These funds discuss Taiwan Semiconductor Manufacturing Company as a competitor, benchmark or comparable, without disclosing a position in it.
- September 2026
“AMD’s answer, beginning in 2008, was to go “fabless” and later stake everything on a clean-sheet architecture (Zen) manufactured at TSMC’s facilities.”
Taiwan Semiconductor Manufacturing Company - MentionedARAR FundSeptember 2026
“the prospects of some of the world's largest companies, NVidia, Oracle, Amazon, SK Hynix, Samsung, Micron and TSMC seem to depend on how long this capex boom will last.”
Taiwan Semiconductor Manufacturing Company - September 2026
“These pressures led the AI trade to come under pressure in July, as circular financing issues and levered positioning led to declines in the MSCI Korea Index (MXKR, 35.97% in local currency terms) and SOX Index (26.66%) between June 30 and July 29. However, milestones in OpenAI frontier models and the traction of the Meta Muse AI agent resulted in a subsequent rebound in these indices through September 30 (MXKR Index 22.74%, SOX 21.04%), even as the global bond selloff deepened. Notably, the SK Hynix American depositary receipt listing on July 9 created a significant dollar windfall to be repatriated to Korea for investment in the semiconductor sector, which pairs with a significant trade surplus from Korean exports. These and other factors contributed to a 14.5% increase in the Korean won during the quarter, despite the local stock market volatility. Though the MSCI EM Currency Index in turn increased 3.92% during the quarter, no other EM currency was up more than 2%. Emerging market assets were otherwise largely muted despite developed market bond market volatility, which in past periods such as the taper tantrum has caused declines in emerging market asset prices. Korea declined 9.57% inclusive of currency appreciation during the quarter. Taiwanese shares, which are also linked to global semiconductor shares, performed better (+4.82%) largely due to TSMC’s resilience.”
Taiwan Semiconductor Manufacturing Company - September 2026
“TSMC is building 13 leading edge and packaging fabs in Taiwan at once, and its effective advanced capacity is effectively sold out.”
Taiwan Semiconductor Manufacturing Company - MentionedBaillie Gifford Positive ChangeSeptember 2026
“TSMC provides a useful example.”
Taiwan Semiconductor Manufacturing Company - September 2026
“This is why the refreshed framework will formally recognise Critical Enablers. We have always invested in companies with these characteristics, but their role will now be made explicit: businesses whose products and services underpin and help scale progress across several systems, even where they do not themselves deliver the final social or environmental outcome. For these companies, we will map their relevance across systems, supported by clear, material evidence of how their products and services enable positive outcomes. TSMC provides a useful example.”
Taiwan Semiconductor Manufacturing Company - MentionedAntipodes Global Value FundSeptember 2026
“Lastly, Samsung’s captive logic foundry business, with capacity equivalent to 25% of TSMC’s, provides an additional avenue for growth beyond memory.”
Taiwan Semiconductor Manufacturing Company - MentionedBrandes IP International Equity FundSeptember 2026
“For the year-to-date period, notable contributors included emerging-markets holdings Samsung Electronics, Taiwan Semiconductor Manufacturing Company (TSMC), and Petrobras.”
Taiwan Semiconductor Manufacturing Company - MentionedGuinness Multi-Asset FundsAugust 2026
“The MSCI World Semiconductors Index fell 13% driven by sharp falls in Korea and Taiwan, with notable declines in SK Hynix, Samsung and TSMC amid potential Chinese competition and unwinding leverage.”
Taiwan Semiconductor Manufacturing Company - MentionedGuinness Greater China FundAugust 2026
“The MSCI Taiwan Index fell by 5.4%, driven by the global sell-off in crowded AI and technology positions rather than a deterioration in corporate fundamentals. TSMC reported robust second-quarter results, raised its 2026 revenue growth guidance to more than 40% and increased its capital expenditure forecast to $60-64bn.”
Taiwan Semiconductor Manufacturing Company - MentionedAdd Value FundAugust 2026
“Just as through Philips, from which ASML, ASM, Besi, NXP and even TSMC have partly emerged or been helped, various software companies and an entire ecosystem have emerged from the various spin-offs of SAP.”
Taiwan Semiconductor Manufacturing Company - MentionedGuinness Global Quality Mid Cap FundJuly 2026
“Whilst hyperscaler capex is clearly a key focus area for markets, foundry and memory capex are becoming increasingly important in a semiconductor rally that is being driven by both supply constraints and huge AI-led demand, given the critical role of semiconductors in AI applications. The memory cycle remains highly cyclical and commoditised: when capacity is tight, pricing rises quickly; when new supply arrives too fast or demand weakens, pricing can fall just as quickly. This cycle is therefore being supported by AI-driven demand for HBM, DRAM and NAND, but also by the fact that supply cannot be added immediately. Memory player Micron has explicitly pointed to cleanroom constraints, long construction lead times and limited DRAM/NAND supply, all constraining server demand. There are now clear signals that both foundries and memory fabs are preparing to increase spending to address these bottlenecks. As shown in the first chart, expectations for FY26 fab capex have risen from $146bn in December last year to $185bn by June 2026, while the second chart shows that expected capex growth has also broadened, with total spending across the key fabs rising to 46% by October 26. The strongest upward revisions are in memory: Micron is now expected to grow capex by 159% and SK Hynix by 110%, compared to expectations before the cycle began in 2025. TSMC also stands out on the logic side, with expected capex growth rising to 42%, reflecting stronger demand for advanced foundry and packaging capacity.”
Taiwan Semiconductor Manufacturing Company - MentionedAlpha Wealth Fund The Insiders FundJuly 2026
“The primary alternative provider in this sector is TSMC, which commands the vast majority of advanced nodes globally, with estimates indicating a market share of 80% to 90% for high-volume, cutting-edge artificial intelligence silicon.”
Taiwan Semiconductor Manufacturing Company - July 2026
“Other detractors included TSMC (Information Technology), Screen Holdings (Information Technology) and Advanced Drainage Systems (Industrials).”
Taiwan Semiconductor Manufacturing Company - MentionedO'Keefe Stevens NVIDIA StrategyJuly 2026
“We have begun domestic production of NVIDIA AI infrastructure, including chip manufacturing in Arizona with TSMC, advanced packaging with Amkor and SPIL, and AI supercomputer assembly in Texas with Foxconn and Wistron— ramping over the coming year.”
Taiwan Semiconductor Manufacturing Company - June 2026
“What's on Our Minds Not long ago AI development seemed a phenomenon concentrated in the US. In 2022, San Francisco-based OpenAI's release of ChatGPT ignited the generative AI boom. Nvidia, headquartered just 40 miles south in Santa Clara, became the dominant supplier of the graphics processing units (GPUs) used to train advanced AI models. From the start, however, EM companies—particularly hardware manufacturers in north Asia—have been crucial in supplying the building blocks of AI systems. Equities markets have reflected their importance: In the first half of the year, the contribution to the MSCI EM Index return from the semiconductor and technology hardware industries surpassed the overall index return. Semiconductor giants TSMC in Taiwan and Samsung Electronics and SK hynix in South Korea have all exceeded trillion-dollar market capitalizations, while Information Technology (IT) has grown to nearly half of the index.”
Taiwan Semiconductor Manufacturing Company - June 2026
“ASML has benefited from a related but distinct dynamic. For some time, leading edge EUV tools looked like a two-buyer market: only TSMC and Samsung could afford to purchase at the scale required.”
Taiwan Semiconductor Manufacturing Company - MentionedEast72 Dynasty TrustJune 2026
“Given the deliberate restrictions and discipline of where we invest, the two and three year numbers are more acceptable and have been created with a fraction of the volatility of many other funds and wider indices from a long only, ungeared, unhedged portfolio. At this stage, any mild disappointment is not from major business or valuation errors within the portfolio but from omission. Not just in memory chips where Samsung Electronics (005930.KS) is within our universe of controlled companies. We attended a fabulous morning debate on the industry with back-to-back presentations1 on Micron Technologies (MU), TSMC and ASML”
Taiwan Semiconductor Manufacturing Company - June 2026
“In particular, stock selection in the communication services, health care and industrials sectors, overweights to the communication services and materials sectors and an underweight to the IT sector weighed on results. On the positive side, stock selection in the IT, consumer discretionary and consumer staples sectors, along with an underweight to consumer staples, contributed to performance. On an individual stock basis, the largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA. The largest relative contributors were Palo Alto Networks, ASML, Taiwan Semiconductor Manufacturing, Datadog and an underweight to Microsoft.”
Taiwan Semiconductor Manufacturing Company - June 2026
“WFE supercycle In recent months, investors have come around to the view that there will be a WFE “supercycle” over the next several years, driven by unprecedented leading edge logic and memory (DRAM) capacity expansion. TSMC raised its 2026 capex guide to the high end of the $52-56 billion range and disclosed that capex over the next three years will be “significantly higher” than the past three years ($101 billion).”
Taiwan Semiconductor Manufacturing Company - June 2026
“Elsewhere, Asia and emerging markets delivered some prolific returns, driven in particular by Korean and Taiwanese indices, which hit record highs. This reflected the performance of AI- related hardware stocks, including SK Hynix, Samsung and Taiwan Semiconductor Manufacturing Co (TSMC).”
Taiwan Semiconductor Manufacturing Company - June 2026
“TSMC will continue to benefit from the compute needs of data centers providing training and inference for agentic AI.”
Taiwan Semiconductor Manufacturing Company - June 2026
“Rather than depending on any single customer, it has deliberately built a broad base of blue-chip clients, with TSMC accounting for less than 20% of revenue.”
Taiwan Semiconductor Manufacturing Company - June 2026
“International equities rose in the second quarter, bouncing back from a March sell-off to reach new all-time highs. The quarterly advance marked the sixth quarter in a row of gains, the longest streak in over fifteen years, and occurred despite a stronger U.S. dollar. Markets were supported by tenuous peace talks in the Middle East, which caused oil prices to fall back near pre-war levels and moved inflation expectations lower. Gains for international equities were led by emerging markets, which rose 21% in the second quarter, their best quarterly return since 2009. However, the advance was largely driven by a handful of technology companies including Taiwan Semiconductor, SK hynix, and Samsung Electronics.”
Taiwan Semiconductor Manufacturing Company - MentionedHL International Equity ADRMay 2026
“Investment Perspectives Market The MSCI ACWI ex US Index returned 5%. Emerging Markets gained 10%, led by South Korea (+35%) and Taiwan (+17%). These gains reflect the continued strength in the Information Technology (IT) sector, which rose 24% as shares of AI-related semiconductor and hardware companies advanced, including ASML in the Netherlands, TSMC in Taiwan, and South Korean index heavyweights SK hynix and Samsung Electronics.”
Taiwan Semiconductor Manufacturing Company - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Taiwan Semiconductor Manufacturing Company - MentionedBaumann CapitalDecember 2025
“What’s the punchline? Nvidia sells GPUs like they’re concert tickets, which forces TSMC to crank out more chips, which requires TSMC to keep building new semis fabs globally.”
Taiwan Semiconductor Manufacturing Company - MentionedClearbridge Large Cap Value StrategySeptember 2025
“On a relative basis, stock selection and sector allocation were additive to outperformance. Stock selection in the IT, utilities and health care sectors along with a consumer staples underweight supported outperformance, while stock selection in the communication services, financials, real estate and industrials sectors detracted. On an individual stock basis, the top relative contributors were Sempra, Broadcom, Intel, O’Reilly Automotive and Taiwan Semiconductor Manufacturing.”
Taiwan Semiconductor Manufacturing Company - MentionedAMG Yacktman Focused FundDecember 2024
“Samsung’s foundry business rivals that of Taiwan Semiconductor Manufacturing Company Limited (TSMC), and its phone business competes directly with Apple.”
Taiwan Semiconductor Manufacturing Company
Fund coverage · 40 theses
- STK Long Only FIASeptember 2026
TSMC is the dominant manufacturer of the most advanced AI chips, showing accelerating growth, expanding margins, demand above supply and self-funded capex in a healthy structural AI cycle.
Read the full thesis - Wedgewood Partners U.S. Large Cap Growth StrategySeptember 2026
Taiwan Semiconductor Manufacturing is the linchpin of the global AI buildout, with strong revenue growth and flawless execution.
Read the full thesis Taiwan Semiconductor Manufacturing benefits from AI and data centre demand and retains a dominant bottleneck position in advanced chip supply chains.
Read the full thesis- Baillie Gifford Positive ChangeJune 2026
TSMC operates foundries that enable semiconductor efficiency and performance gains, with strong growth and rising profitability.
Read the full thesis - Fundsmith Equity FundJune 2026
TSMC is the leading contract chipmaker with a formidable manufacturing moat and long-term growth from AI and global compute demand.
Read the full thesis TSMC is expected to benefit from rising data center compute demand for AI training and inference.
Read the full thesisTaiwan Semiconductor Manufacturing Co., Ltd. benefits from advanced-node leadership and rising capex driven by AI and high-performance computing demand.
Read the full thesisTaiwan Semiconductor Manufacturing is a leading AI-driven foundry with pricing power, supply constraints, and an attractive long-term profit cycle.
Read the full thesisTaiwan Semiconductor Manufacturing Company is central to AI chip production, with unmatched scale, strong demand, rising margins, and durable growth potential.
Read the full thesis- Baron Technology ETFJune 2026
Taiwan Semiconductor Manufacturing Company Limited is the indispensable AI chip foundry with a deep moat, pricing power, and long-term earnings growth runway.
Read the full thesis Taiwan Semiconductor Manufacturing Co Ltd benefits from supply-constrained advanced computing demand, improved visibility into 2027, and better pricing power with its 2nm chips.
Read the full thesisTaiwan Semiconductor Manufacturing Company is benefiting from AI demand running ahead of capacity, supporting pricing power and margin expansion.
Read the full thesisTaiwan Semiconductor Manufacturing benefits from a differentiated manufacturing model, economies of scale, and sustained capital efficiency, while AI demand supports higher capacity, pricing, and margins.
Read the full thesisTSMC’s leadership in cutting-edge semiconductor manufacturing has not been challenged, giving it durable advantages.
Read the full thesisTSMC is the leading foundry with technology leadership, scale, and secular demand from AI and advanced computing.
Read the full thesis- MayTech Global Investments Global Growth StrategyJune 2026
TSMC is a leading foundry and a key enabler of AI chip growth with additional upside from US expansion.
Read the full thesis Taiwan Semiconductor Manufacturing has technological leadership and a dominant AI-chip manufacturing position that should support above-market growth and attractive long-term returns.
Read the full thesis- Baron International Growth FundJune 2026
Taiwan Semiconductor Manufacturing Company Limited is the leading advanced logic foundry and benefits from AI-driven demand, pricing power, and a durable technology roadmap.
Read the full thesis - Polen Global GrowthMarch 2026
TSMC is the dominant semiconductor foundry with pricing power, AI-driven demand, and high-teens earnings growth potential.
Read the full thesis - Baron Technology ETFMarch 2026
Taiwan Semiconductor Manufacturing Company Limited is the dominant advanced chip foundry with a scale-driven moat, strong margins, and secular AI demand supporting multi-year growth.
Read the full thesis Taiwan Semiconductor Manufacturing is viewed as the key advanced foundry benefiting from secular AI compute growth, pricing power, and margin expansion.
Read the full thesis- Baron Durable Advantage FundMarch 2026
Taiwan Semiconductor Manufacturing Company is the dominant advanced foundry with a widening moat and long-term AI-driven earnings growth.
Read the full thesis - Mar Vista U.S. Quality Premier PortfolioMarch 2026
Taiwan Semiconductor Manufacturing is positioned to compound above-market returns through scale, process leadership, and dominant AI chip manufacturing exposure.
Read the full thesis - Polen International GrowthMarch 2026
TSMC is the dominant global chip foundry benefiting from AI demand, leading-edge scale, and pricing power.
Read the full thesis - Hardman Johnston Global EquityMarch 2026
Taiwan Semiconductor Manufacturing Co., Ltd. is a critical AI compute bottleneck with strong pricing power, demand visibility, and compelling valuation.
Read the full thesis - AGT PartnersDecember 2025
Taiwan Semiconductor Manufacturing Company is the dominant leading-edge foundry with technology leadership, manufacturing excellence, and deep customer trust driving strong growth and profitability.
Read the full thesis - Platinium Asset ManagementDecember 2025
Taiwan Semiconductor Manufacturing Company dominates advanced chip manufacturing with a pure-play foundry model, scale advantages, and sustained demand from AI and mobile driving long-term growth.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Taiwan Semiconductor is a leading-edge foundry with a formidable moat and superior margins, poised to benefit from AI and HPC demand and compound ROIC above its cost of capital.
Read the full thesis - Baron Durable Advantage FundDecember 2025
Taiwan Semiconductor Manufacturing Company is the dominant leading-edge foundry with pricing power and long-duration AI-driven demand across customers and architectures.
Read the full thesis - Wedgewood PartnersDecember 2025
Taiwan Semiconductor Manufacturing Company is the leading advanced-node foundry with pricing power and HPC-driven growth that supports strong returns on capital.
Read the full thesis - Baron Global Opportunity FundDecember 2025
Taiwan Semiconductor Manufacturing Company Limited is the dominant leading-edge foundry with robust AI-driven demand, pricing power, and durable growth.
Read the full thesis - Baron Global Opportunity FundSeptember 2025
Taiwan Semiconductor Manufacturing Company Limited (TSMC) is a leading-edge semiconductor manufacturer with a 90% market share, positioned to benefit from AI adoption and capable of raising prices despite geopolitical uncertainties.
Read the full thesis - Giverny CapitalSeptember 2025
Taiwan Semiconductor is a leading chip manufacturer with a strong market position and growth potential, despite geopolitical risks affecting its operations.
Read the full thesis Taiwan Semiconductor Manufacturing Company (TSM) is a leading semiconductor foundry that dominates the global market with a focus on efficient manufacturing, innovative technology, and sustainable practices, making it a crucial player in the digital transformation of the economy.
Read the full thesis- Baron Global Advantage FundJune 2025
Taiwan Semiconductor Manufacturing Company Limited is well-positioned for long-term growth due to its unmatched semiconductor manufacturing capabilities and the accelerating adoption of AI across industries.
Read the full thesis - Longriver Partners FundJune 2025
TSMC is the indispensable core of the AI compute stack, excelling in manufacturing, advanced packaging, and innovation, with unmatched reliability and performance.
Read the full thesis - Touchstone Sands Capital Select Growth FundMarch 2025
Taiwan Semiconductor (TSMC) is the leading global producer of advanced logic chips with a unique customer-dedicated foundry model that positions it as a key beneficiary of AI growth and increasing compute demand across various applications.
Read the full thesis - Mairs and Power Growth FundMarch 2025
Taiwan Semiconductor Manufacturing Company (TSMC) is the leading global semiconductor manufacturer with a dominant market share, strong cost discipline, and a promising outlook despite recent sector challenges.
Read the full thesis - Nightview capitalDecember 2024
Taiwan Semiconductor Manufacturing Co. (TSMC) is a dominant market leader in the semiconductor industry with significant revenue growth, strong AI demand, and an attractive valuation, solidifying its competitive advantage.
Read the full thesis - Alger International Opportunities FundDecember 2024
Taiwan Semiconductor (TSMC) is well-positioned to capitalize on the rising demand for semiconductors due to its strong business model, technological expertise, and leadership in advanced manufacturing technologies.
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