What is the story about?
What's Happening?
Totem Point Management LLC has decreased its holdings in Taiwan Semiconductor Manufacturing Company Ltd. (TSMC) by 12.5% during the first quarter, as per its latest 13F filing with the Securities and Exchange Commission. The institutional investor now owns 50,744 shares of TSMC, valued at $8.42 million, after selling 7,272 shares. TSMC constitutes 10.4% of Totem Point Management's investment portfolio, making it the fifth largest holding. Other hedge funds have also been active in buying and selling TSMC shares, with Brighton Jones LLC increasing its stake by 20.9% in the fourth quarter. TSMC's stock performance has been notable, with a 52-week high of $248.28 and a low of $134.25. The company recently reported a significant increase in quarterly revenue and earnings, surpassing analyst expectations.
Why It's Important?
The reduction in holdings by Totem Point Management LLC reflects a strategic shift in its investment portfolio, which could influence other institutional investors' decisions regarding TSMC. As TSMC is a major player in the semiconductor industry, changes in its stock holdings by significant investors can impact market perceptions and stock prices. The semiconductor sector is crucial for various industries, including technology and automotive, and any fluctuations in TSMC's stock can have broader economic implications. Additionally, TSMC's strong financial performance and increased dividend highlight its resilience and potential for growth, which may attract further investment despite the recent sell-off.
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