Elite hedge funds raised Taiwan Semiconductor positions in Q2, 13F filings show
NEW YORK, Aug. 23. Taiwan Semiconductor Manufacturing (NYSE: TSM) appeared in 250 hedge fund portfolios by the end of the second quarter, up from 236 at the close of the first, according to 13F filings analyzed by Insider Monkey. Fisher Asset Management, run by Ken Fisher, held the largest reported stake: 18,866,198 shares valued at $9,009,930,721, equal to 2.68% of the firm's assets, after adding 2% to the position last quarter.
Key takeaways
- Taiwan Semiconductor Manufacturing (NYSE: TSM) was held in 250 hedge fund portfolios at the end of Q2, up from 236 at the end of Q1, per 13F filings analyzed by Insider Monkey.
- Ken Fisher's Fisher Asset Management held the largest reported stake at 18,866,198 shares valued at about $9.01 billion, or 2.68% of its assets, after adding 2% to the position.
- TSMC reported revenue up 36% year over year and net income up 77% in its most recent quarter.
- TSMC's third-quarter revenue guidance implies about 37% year-over-year growth at the midpoint, with gross margin of 65% to 67%.
- TSMC's non-GAAP forward P/E is about 25 to 30, below Broadcom's 47 and in line with or below Nvidia's 35, according to Insider Monkey data.
NEW YORK, Aug. 23. Taiwan Semiconductor Manufacturing (NYSE: TSM) appeared in 250 hedge fund portfolios by the end of the second quarter, up from 236 at the close of the first, according to 13F filings analyzed by Insider Monkey. Fisher Asset Management, run by Ken Fisher, held the largest reported stake: 18,866,198 shares valued at $9,009,930,721, equal to 2.68% of the firm's assets, after adding 2% to the position last quarter.
Holdings at quarter-end
Coatue Management, run by Philippe Laffont, reported 8,914,995 shares worth $4,257,534,162, or 8.76% of its portfolio, following a 4% trim. Tiger Global Management disclosed 4,881,008 shares, the filings show. Duquesne Capital, run by Stanley Druckenmiller, listed TSM as its second-largest position: 589,680 shares worth $281,613,000, or 5.4% of the portfolio, after increasing the stake by 20%. Duquesne's total reported portfolio value was $5,210,860,000, up 1.54% for the quarter. Third Point, run by Dan Loeb, held 460,000 shares worth $219,682,200, or 4.69% of fund assets, after adding 68% to the position. ARK Investment Management, run by Cathie Wood, reported 482,286 shares worth $230,325,325, or 1.5% of the ARK portfolio, after cutting the position by 24%.
TSMC's financial results and guidance
TSMC reported revenue up 36% year over year in its most recent quarter and net income up 77%. Fabrication costs are largely fixed, meaning incremental output above full capacity flows mostly to profit. The company is converting N5 tooling to N3 production at limited additional expense and has no direct competitor below the 5nm node. Third-quarter revenue guidance, as TSMC disclosed, implies growth of about 37% year over year at the midpoint, with gross margin of 65% to 67%. It was reported that TSMC plans to raise prices on both advanced and mature node chips by up to 10% by 2027, citing its dominant market position. Its non-GAAP forward P/E sits at about 25 to 30, below Broadcom's 47 and in line with or below Nvidia's 35, according to Insider Monkey data.