Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.81% (Institutional Shares), compared to a 7.86% return for its principal benchmark, the MSCI EM Index, and a 7.72% return for the MSCI EM IMI Growth Index (the Proxy Benchmark). The fund appreciated 8.29% for the full year, the benchmark returned 9.83%, and the Proxy Benchmark gained 8.09%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Emerging Markets Fund featured stocks such as Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q4 2023 investor letter. Headquartered in Hsinchu City, Taiwan, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests, and sells integrated circuits and other semiconductor devices. On February 21, 2024, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $125.34 per share. One-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 7.53%, and its shares gained 39.14% of their value over the last 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $650.065 billion.
Baron Emerging Markets Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its fourth quarter 2023 investor letter:
“Semiconductor giant Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) contributed in the fourth quarter due to investor expectations for a cyclical recovery in semiconductors heading into 2024 and significant incremental demand for artificial intelligence (AI) chips. We retain conviction that Taiwan Semi’s technological leadership, pricing power, and exposure to secular growth markets, including high-performance computing, automotive, 5G, and IoT, will allow the company to sustain strong double-digit earnings growth over the next several years.”
A technician in a pristine lab, focused on designing a new semiconductor chip.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was held by 105 hedge fund portfolios, down from 107 in the previous quarter, according to our database.
We discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in another article and shared the list of best semiconductor stocks to invest in for the AI boom. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
