Baron Funds, an investment management company, released its “Baron Emerging Markets Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 2.50% (Institutional Shares) compared to a 2.37% return for the MSCI EM Index (primary benchmark Index) and a 2.98% gain for the MSCI EM IMI Growth Index (the Proxy Benchmark). The fund performed in line with the primary benchmark while modestly underperformed the proxy benchmark. The recent strength in equities is due to the Fed’s indication that it will proceed with multiple rate cuts this year. To know the best picks for the fund in 2024, please check the top five holdings of the fund.
Baron Emerging Markets Fund highlighted stocks like Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), in the first quarter 2024 investor letter. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), with a market capitalization of $829.877 billion, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices. The one-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 15.69%, and its shares gained 55.02% of their value over the last 52 weeks. On May 24, 2024, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $160.00 per share.
Baron Emerging Markets Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its first quarter 2024 investor letter:
“Semiconductor giant Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) contributed in the first quarter due to investor expectations for a continued strong cyclical recovery in semiconductors and significant incremental demand for AI chips. We retain conviction that Taiwan Semiconductor’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 double-digit earnings growth over the next several years.”
A close-up of a complex network of integrated circuits used in logic semiconductors.
Taiwan Semiconductor Manufacturing Company Limited’s (NYSE:TSM) first quarter revenue experienced a sequential decrease of 5.3% in NT dollars or 3.8% in U.S. dollars. This decline was primarily due to the impact of smartphone seasonality on the business.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of the first quarter which was 105 in the previous quarter.
In another article, we discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and shared the list of best unstoppable AI stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
