Taiwan Semiconductor (TSM) Declined due to Recession Concerns

Mawer Investment Management, an asset management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter the Mawer International Equity Fund returned -13.6%, Emerging Markets Equity Fund returned – 10.6%, EAFE Large Cap Fund returned – 14.8%, Canadian Equity Fund returned -11.3%, New Canada Fund returned -14%, U.S. Equity Fund returned – 10.9%, Global Equity Fund returned -10.3% and Global Small Cap Fund returned -11.5%. In...