Taiwan Semiconductor Manufacturing Company Limited (TSM) Surged on Strong Market Sentiment

Core Insights - Magellan Global Fund's third-quarter 2025 investor letter indicates a focus on high-quality companies at attractive prices while managing macroeconomic risks [1] - The global equities, as measured by the MSCI World Index in USD, rose by 7.3% in the September quarter, but the fund underperformed due to the strong performance of more speculative companies [1] Company Performance - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported a one-month return of 3.54% and a 52-week gain of 43.40%, closing at $287.74 per share with a market capitalization of $1.492 trillion on December 15, 2025 [2] - TSMC was a significant contributor to the fund's performance, benefiting from positive sentiment in the semiconductor sector and strong second-quarter results, leading to an upgraded full-year 2025 forecast [3] Market Position - TSMC ranked 9th among the 30 most popular stocks among hedge funds, with 194 hedge fund portfolios holding its shares at the end of the third quarter, up from 187 in the previous quarter [4] - TSMC's revenue increased by 6% sequentially in NT during the third quarter of 2025, indicating robust demand for its manufacturing capacity [4]