Third Point Management, a New York-based investment advisor, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned 7.8% net in the first quarter compared to a 10.6% return for the S&P 500 INDEX (TR) and a 9.0% return for the MSCI WORLD INDEX (TR). The fund posted solid returns in the first quarter, driven by robust performance from large-cap tech companies and continued gain from Bath & Body Works and Vistra. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Third Point Management featured stocks like Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q1 2024 investor letter. Headquartered in Hsinchu City, Taiwan, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests, and sells integrated circuits and other semiconductor devices. On May 13, 2024, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $146.41 per share. One-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 4.73%, and its shares gained 70.48% of their value over the last 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $759.43 billion.
Third Point Management stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its first quarter 2024 investor letter:
“During the quarter, we added to our Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) investment, which we initiated in May of last year. TSMC is coming off its worst year since the Global Financial Crisis, and in the years to come we see a combination of cyclical recovery plus structural growth in AI demand fueling substantial earnings growth for the company.
We view TSMC as the “toll road” of the semiconductor industry, particularly for AI compute. TSMC holds more than 90% market share for leading edge semiconductor manufacturing, where all AI silicon is being processed. Beyond their reliable execution producing some of the most complex products on earth in volume, TSMC has spent decades optimizing for and building ecosystems around their 500+ customers, an advantage that cannot be replicated overnight…” (Click here to read the full text)
A technician in a pristine lab, focused on designing a new semiconductor chip.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was held by 105 hedge fund portfolios, compared to 107 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
We discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in another article and shared billionaire Ken Fisher’s favorite AI stocks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the biggest publicly traded AI companies in the world as discussed in this article.
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Disclosure: None. This article is originally published at Insider Monkey.
