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Soumya Eswaran
Tue, May 19, 2026 astatine 8:23 AM CDT 3 min read
Cooper Investors, an concern absorption firm, released its first-quarter 2026 capitalist missive for “Cooper Investors Global Equities Fund (Unhedged)”. A transcript of the missive is disposable to download here. The portfolio returned -9.2% successful the quarter, bringing the year-to-date instrumentality to -12.2%. Currency movements negatively impacted returns by astir 6%. The hazard of AI disruption and the Iran War dominated the marketplace successful the quarter. The Fund uses the Capital Pool model to categorize opportunities. The Real Assets portfolio was the lone affirmative contributor for some the 4th and the year. The Compounding Capital Pool had mediocre returns, and Reversionary investments were a humble headwind. Review the Fund’s apical 5 holdings for cardinal 2026 insights.
In its first-quarter 2026 capitalist letter, Cooper Investors Global Equities Fund highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) arsenic a starring show contributor. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world’s starring shaper of integrated circuits and different semiconductor devices. On May 18, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed astatine $395.95 per share. One-month instrumentality of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 7.57%, and its shares gained 104.68% implicit the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a marketplace capitalization of $2.06 trillion.
Cooper Investors Global Equities Fund stated the pursuing regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) successful its Q1 2026 capitalist letter:
"Against this backdrop of uncertainty astatine the bundle layer, 1 of our strongest performing holdings operates successful much definite territory. Taiwan Semiconductor Manufacturing Company Limited's (NYSE:TSM) banal terms has appreciated 66% implicit the fiscal year, making it the astir important contributor to show for FY26 truthful far. The Fund has been invested successful TSMC since May 2020. As the largest semiconductor foundry, TSMC is 1 of the astir important companies successful the world. Over our concern period, TSMC has cemented its presumption arsenic the starring shaper of precocious chips and delivered Earnings per Share maturation of implicit 30% per annum. Investment returns person been 38% connected an annualised basis.
More caller maturation has been fuelled by the request for chips utilized successful High-Performance Computing applications, oregon AI. Semiconductor proliferation (across AI and different markets) arsenic good arsenic the expanding complexities successful the semiconductor manufacturing process places TSMC successful an progressively important position. Put simply, TSMC person a near-monopoly successful the manufacture of leading-edge chips and truthful volition thrive arsenic agelong arsenic the semiconductor manufacture continues to propulsion the show envelope. This is simply a stake we are consenting to make."
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