Investment management firm Ave Maria recently released the Ave Maria World Equity Fund’s second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund’s return for the second quarter was -4.24%, which compared to the MSCI All Country World Index’s return of 2.87%. Since its inception on April 30, 2010, the fund’s annualized return was 7.13%, which compared to the benchmark’s annualized return of 9.11%. Check out the fund’s top five holdings for our best picks for 2024.
Ave Maria World Equity Fund featured stocks such as Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Investor Letter for Q2 2024. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests and sells integrated circuits and other semiconductor devices. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s one-month return was -4.44%, while the company’s shares were up 78.06% over the past 52 weeks. On September 10, 2024, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s stock price closed at $162.43 per share, giving the company a market capitalization of $842.375 billion.
In its Q2 2024 investor letter, Ave Maria World Equity Fund said the following about Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM):
“Top contributors to the performance included SharkNinja, Inc. and Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE:TSM), a global leader in semiconductor foundry services with dominant market share in advanced semiconductors. The company has significant pricing power and its technology leadership positions it to benefit from secular ‘megatrends’ (e.g. 5G, high-performance computing, AI, and increasing silicon content per device).”
A close-up of the complex network of integrated circuits used in logic semiconductors.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) ranks 11th on our list of the 31 most popular stocks among hedge funds. According to our database, 156 hedge fund portfolios held Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of the second quarter, up from 135 in the previous quarter. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s second-quarter revenues increased 13.6% in NT dollars and 10.3% in US dollars, quarter-over-quarter. While we recognize the potential of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as an investment, we believe that AI stocks are more likely to deliver higher returns and do so in a shorter time frame. If you’re looking for an AI stock that is as promising as NVIDIA, but still trades for less than 5 times earnings, check out our report on the cheapest AI stocks.
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In another article, we covered Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and shared BlackRock’s list of the most important AI stocks. Baron Technology Fund benefited from Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s performance in the second quarter of 2024. Additionally, to learn more about investor letters from hedge funds and other major investors, please see our Hedge Fund Investor Letters Q2 2024 page.
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Disclosures: None. This article was originally published on Insider Monkey.
