RiverPark Funds, an investment management firm, published its “RiverPark Wedgewood Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. For the second quarter of 2022, the Fund declined by -17.4%. The S&P 500 Index declined by -16.1%. The Russell 1000 Growth Index declined by -20.9% while the Russell 1000 Value Index declined by -12.2%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, RiverPark Wedgewood Fund mentioned Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and explained its insights for the company. Founded in 1987, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a Hsinchu, Taiwan-based semiconductor manufacturing company with a $369.3 billion market capitalization. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) delivered a -39.32% return since the beginning of the year, while its 12-month returns are down by -37.14%. The stock closed at $73.01 per share on September 26, 2022.
Here is what RiverPark Wedgewood Fund has to say about Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2022 investor letter:
“Taiwan Semiconductor detracted from performance despite a business performance that saw revenue accelerate to over +30% growth. The Company is one of the few fabs in the world that is capable of manufacturing leading-edge integrated circuits (IC). The Company’s leading-edge capacity is being absorbed by high-performance computing applications, particularly by Apple, which has become an integrated circuit powerhouse over the past decade.
The Company’s aggressive investment in leading-edge equipment, tight development with fabless IC designers, and embrace of open development libraries should continue to foster a superior competitive position and attractive long-term growth.”
Our calculations show that Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was in 72 hedge fund portfolios at the end of the second quarter of 2022, compared to 81 funds in the previous quarter. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) delivered a -14.97% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.