Polen Capital, an investment management company, released its “Polen International Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy rose 15.23% (net of fees) in the fourth quarter compared to a 9.75% return for the MSCI ACWI (ex-USA) index. Investor sentiment hit its lowest point in October, paving the way for a strong rally in the final months of the year. Quarterly portfolio performance was driven by share price appreciation in the information technology, healthcare, and consumer discretionary sectors. For the full year, the strategy appreciated 27.73% (net of fees) compared to a 15.62% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen International Growth Strategy featured stocks like Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q4 2023 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 March 5, 2024, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $134.97 per share. One-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 7.99%, and its shares gained 48.60% of their value over the last 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $700.091 billion.
Polen International Growth Strategy stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its fourth quarter 2023 investor letter:
“The largest relative detractors to the Portfolio’s performance during the fourth quarter were Aon Plc, Unilever Plc, and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (not owned). Though we do not currently own it in the Portfolio, Taiwan Semiconductor was one of the larger relative detractors from performance during the quarter due to its strong performance and comparatively greater index weight.”
A close-up of a complex network of integrated circuits used in logic semiconductors.
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, down from 107 in the previous quarter, according to our database.
We discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in another article and shared Ken Fisher’s latest investment portfolio and the biggest positions. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
