Taiwan Semiconductor Manufacturing Company Limited (TSM) Continued to Benefit from Increased Demand

Munro Partners, an investment management firm, released its “Munro Global Growth Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the December quarter, the Fund returned -0.7%. The Fund’s long positions contributed to the performance, while short positions, hedging, and currencies detracted. Global equity markets delivered solid performance in 2025. US markets posted strong gains in the quarter, with the S&P 500 up 2.4% and the Nasdaq up 2.3%. Europe and Japan were among the stronger performance contributors. For more information on the...