Group 1 - Munro Global Growth Fund reported a return of -0.7% in the December quarter of 2025, with long positions contributing positively while short positions, hedging, and currencies detracted from performance [1] - Global equity markets performed well in 2025, with the S&P 500 up 2.4% and the Nasdaq up 2.3% during the quarter, while Europe and Japan also showed strong performance [1] Group 2 - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) had a one-month return of 14.90% and a 52-week gain of 52.29%, closing at $327.11 per share with a market capitalization of $1.4 trillion on January 14, 2026 [2] - TSMC is recognized as a key contributor to the demand for compute, playing a critical role in chip manufacturing regardless of the technology adopted by hyperscalers [3] Group 3 - 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 of 2025, up from 187 in the previous quarter [4] - In the third quarter of 2025, TSMC's revenue increased by 6% sequentially in NT, indicating strong financial performance [4]

Investment Environment - L1 Capital International Fund's fourth-quarter 2025 investor letter emphasizes the importance of valuation analysis for AI-focused investments, indicating that mere conviction in AI is insufficient for successful outcomes [1] - The year 2025 was characterized as a strong year for global stock markets, with the fund returning 2.2% net of fees, compared to 2.5% for the MSCI World Net Total Return Index in AUD [1] Fund Performance - For the year 2025, the fund achieved a return of 9.8% net of fees, while the benchmark index returned 12.4% [1] Key Holdings - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is highlighted as a significant holding, with a one-month return of 14.90% and a 52-week gain of 52.29% [2] - As of January 14, 2026, TSMC's stock closed at $327.11 per share, with a market capitalization of $1.4 trillion [2] Company Insights - TSMC is recognized as the leading manufacturer of semiconductor chips for AI and mobile applications, benefiting from strong demand and industry-leading manufacturing capabilities [3] - The company has expanded its capacity in Taiwan and made significant investments in the U.S. and other international markets, with financial performance exceeding expectations [3] - Despite substantial share price outperformance, TSMC remains within the assessed fair value range and is a top 10 holding for the fund [3] Hedge Fund Interest - TSMC ranks 9th among the 30 most popular stocks among hedge funds, with 194 hedge fund portfolios holding the stock at the end of Q3 2025, an increase from 187 in the previous quarter [4]

Core Insights - Mar Vista Investment Partners reported strong momentum in US equities for 2025, marking the second consecutive year of double-digit gains, with a notable recovery from a bear market dip in April [1] - The Mar Vista U.S. Quality strategy achieved a net-of-fees gain of +0.20% in Q4 2025, underperforming the Russell 1000® Index (+2.41%) and the S&P 500® Index (+2.65%) [1] - Stock selection in communication services, consumer discretionary, and financials sectors positively impacted performance, while information technology, materials, and healthcare sectors detracted from it [1] - The letter indicated that in 2026, markets will need to balance strong fundamentals with increasing economic uncertainties [1] Company Insights - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was highlighted as a key stock, with a one-month return of 19.59% and a 52-week gain of 60.16% [2] - As of January 13, 2026, TSM's stock closed at $331.21 per share, with a market capitalization of $1.72 trillion [2] - TSM is recognized as the dominant manufacturer of semiconductors for leading fabless chip designers, including NVIDIA and Apple, and is noted for its technological leadership in producing advanced chips [3] - The company benefits from a competitive moat due to its scale economies, proprietary process know-how, and decades of manufacturing expertise, resulting in structurally higher gross margins compared to peers [3]

Core Insights - SGA's Global Growth Strategy portfolio experienced a return of -2.3% (Gross) and -2.5% (Net) in Q3, underperforming against the MSCI ACWI's 7.6% and MSCI ACWI Growth's 9.0% returns, primarily due to a lack of alignment with the current market enthusiasm for AI [1] - The investment objective of SGA is to focus on high-quality growth businesses that are expected to achieve consistent mid-teens earnings growth, along with stable revenue and cash flow [1] Company Highlights - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was highlighted as a key stock in SGA's third-quarter investor letter, with a one-month return of 5.88% and a 52-week gain of 45.27% [2] - As of January 2, 2026, TSMC's stock closed at $319.61 per share, with a market capitalization of $1.658 trillion [2] - TSMC contributed positively to the portfolio performance in Q3, with management raising fiscal year 2025 revenue growth guidance to 30% year-over-year, driven by strong demand for advanced semiconductor manufacturing [3] - TSMC's leadership in technology and manufacturing at leading-edge nodes allows it to maintain pricing power and deliver high margins, with recent results exceeding expectations due to Taiwan dollar appreciation and U.S. market openings [3] - TSMC is currently the sole provider for all leading-edge AI and smartphone manufacturing, a position that is strengthening as competitors like Intel pull back, allowing TSMC to maintain good margins despite significant investments in geographical diversification [3]

Core Insights - Hardman Johnston Global Advisors reported that its "Global Equity Strategy" portfolio underperformed in Q3 2025, returning 5.02% net of fees compared to 7.62% for the MSCI AC World Net Index [1] Company Performance - Taiwan Semiconductor Manufacturing Company Limited (TSM) had a one-month return of 5.27% and a 52-week gain of 51.13%, closing at $302.84 per share with a market capitalization of $1.571 trillion on December 26, 2025 [2] - TSMC was highlighted as a top contributor to relative performance in Q3 2025, alongside Prosus N.V. and Commerzbank AG [3] - TSMC raised its full-year 2025 revenue guidance by approximately 5 percentage points to 30% growth, with its High Performance Computing segment accounting for 60% of total sales [3] - TSMC's revenue increased by 6% sequentially in NT in Q3 2025, and it remains a key player in AI infrastructure across various ecosystems [4] Investment Sentiment - TSMC is ranked 9th among the 30 most popular stocks among hedge funds, with 194 hedge fund portfolios holding TSMC at the end of Q3 2025, up from 187 in the previous quarter [4] - Despite TSMC's strong performance, there is a belief that certain AI stocks may offer greater upside potential and carry less downside risk [4]

Group 1 - Harbor Capital Appreciation Fund reported a return of 5.11% in Q3 2025, underperforming compared to the Russell 1000® Growth Index at 10.51% and the S&P 500 Index at 8.12% [1] - The fund primarily invests in U.S. companies with a market capitalization of at least $1 billion [1] - The strong performance of U.S. equities in Q3 was attributed to momentum in AI and robust corporate earnings, along with support from the Federal Reserve's interest rate cut [1] Group 2 - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) had a one-month return of 3.05% and a 52-week gain of 44.82%, closing at $298.80 per share with a market capitalization of $1.55 trillion on December 24, 2025 [2] - The demand for advanced AI and high-performance computing chips has driven TSM's stock higher, reinforcing its leadership in next-generation manufacturing [3] - TSM's revenue increased by 6% sequentially in NT during Q3 2025, and it ranked 9th among the 30 Most Popular Stocks Among Hedge Funds, with 194 hedge fund portfolios holding its shares [3]

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]

Core Insights - Janus Henderson Forty Fund reported an 8.38% return in Q3 2025, underperforming the Russell 1000 Growth Index which returned 10.51% [1] - Positive corporate earnings and expectations for Federal Reserve rate cuts drove US equities higher in the third quarter [1] Fund Performance - The fund's performance was positively impacted by stock selection in the healthcare sector, while stock selection in the consumer discretionary sector detracted from performance [1] - The top five holdings of the fund are highlighted as key picks for 2025 [1] Taiwan Semiconductor Manufacturing Company (TSMC) - TSMC's stock gained 7.03% in the last month and 51.67% over the past 52 weeks, closing at $304.85 with a market capitalization of $1.581 trillion on December 11, 2025 [2] - TSMC is recognized as a leading supplier of graphics processing units, particularly for companies like NVIDIA, which are heavily investing in AI technologies [3] - The company is well-positioned to benefit from increased spending in high-performance computing due to its scale, technological advantages, and partnerships with major semiconductor firms [3] Hedge Fund Interest - TSMC ranked 9th among the 30 most popular stocks among hedge funds, with 194 hedge fund portfolios holding its shares at the end of Q3 2025, up from 187 in the previous quarter [4] - TSMC's revenue increased by 6% sequentially in NT during Q3 2025 [4]

Core Insights - Giverny Capital Asset Management reported a third-quarter return of 6.78%, underperforming the S&P 500's 8.12% return, with a year-to-date return of 12.57% compared to the index's 14.83% [1] Group 1: Company Performance - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) achieved a one-month return of 3.67% and a remarkable 57.27% increase in value over the last 52 weeks [2] - As of December 08, 2025, TSM's stock closed at $301.87 per share, with a market capitalization of $1.566 trillion [2] Group 2: Investment Strategy - Giverny Capital Asset Management initiated a 3.5% position in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) during the third quarter [3] - TSM operates as a foundry, manufacturing chips designed by others, contrasting with Intel's model of designing and manufacturing its own chips [3] - The company has been recognized for its leadership in semiconductor manufacturing since its founding in 1987 by Morris Chang [3]

Core Insights - Wedgewood Partners' third-quarter 2025 investor letter indicates that AI stocks remain a focal point for Wall Street, with the Wedgewood Composite's net return at 5.9%, underperforming the S&P's 8.1% and the Russell 1000 Growth Index's 10.5% [1][2] Company Performance - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported a one-month return of 4.92% and a 52-week gain of 46.62%, closing at $294.51 per share with a market capitalization of $1.527 trillion on October 21, 2025 [2][3] - Approximately 60% of TSM's revenue comes from manufacturing AI and high-performance computing chips for major clients like Nvidia, Apple, and Amazon, highlighting its critical role in the semiconductor industry [3] Investment Positioning - TSM has been a significant contributor to Wedgewood's performance in recent quarters, leading to a re-rating of its stock, which exceeded the firm's 10% maximum portfolio weight, prompting a slight trimming of positions [3] - TSM ranks 9th among the 30 most popular stocks among hedge funds, with 187 hedge fund portfolios holding its shares at the end of the second quarter, indicating strong institutional interest [4]