We’ve increased our position in Taiwan Semiconductor (TSM) for clients in our Offshore portfolio, using capital from the strategic cash reserve we built in Q4.
As a reminder, TSM’s chips power technologies that range from smartphones and tablets to electric vehicles and server farms.
We often talk about wanting to own the “picks and shovels” of growing industries, and we believe TSM may be one the clearest examples of that dynamic among any business in the world.
We first invested in TSM in November. After more conversations with industry contacts, we now believe we may have initially been too conservative when modeling the upside scenario.
Our revised work suggests annual returns may average mid-to-high teens, net of fees, over the next 3-5 years—so we’ve increased our position.
As mentioned in our note on Wednesday, we believe the future is now.
We plan to continue deploying our cash reserves over the coming weeks and months into other compounders.
Our team is here to answer any questions you may have.
Onwards, Christopher, Titan Investment Analyst
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