Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund gained 2.68% (Institutional Shares), compared to a 3.96% return for its principal benchmark, the MSCI EM Index, and a 4.27% return for the MSCI EM IMI Growth Index. High volatility and swings in sentiment and leadership drove the fund to modestly underperform the core benchmark and the all-cap growth proxy in the period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Emerging Markets Fund highlighted stocks like Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in the first quarter 2023 investor letter. Headquartered in Hsinchu City, Taiwan, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is an integrated circuit and other semiconductor device manufacturer. On June 23, 2023, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $101.91 per share. One-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was -1.26%, and its shares gained 18.61% of their value over the last 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $528.547 billion.
Baron Emerging Markets Fund made the following comment about Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its first quarter 2023 investor letter:
“Semiconductor giant Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) contributed in the first quarter due to easing geopolitical concerns and expectations for end-demand recovery later in 2023. 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 earnings growth over the next several years.”
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Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 102 hedge fund portfolios held Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of first quarter 2023 which was 86 in the previous quarter.
We discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in another article and shared Artisan Focus Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
