TSMC, along with Berkshire, has fallen out of favor with a lot of cash | – #TSMC #Berkshire #fallen #favor #lot #cash
NEW YORK, Feb 15 (Reuters) – Investment firms Tiger Global Management, GQG Partners and Capital Group, BlackRock Inc ( BLK.N ) as well as JPMorgan & Chase ( JPM.N ) are the biggest sellers of Taiwanese contract chipmaker TSMC was between ( 2330.TW ), along with Berkshire Hathaway ( BRKa.N ) in the fourth quarter, shows regulatory filings.
On Tuesday, Warren Buffett’s Berkshire trimmed its position in Taiwan Semiconductor Manufacturing Co Ltd by 86.2% to 8.29 million sponsored American depositary shares by 4.1 billion dollars worth about three months after buying the chip maker’s stock.
The announcement sent TSMC shares down 6% on Wednesday, though they are up 23.5% this year.
TSMC was not immediately available for comment.
Equity long hedge fund Tiger sold all of its 1.3 million shares in TSMC in the fourth quarter, worth $119 million at current prices. dollars is worth Like Berkshire, the firm bought the shares in the third quarter.
One of TSMC’s biggest sellers was Fort Lauderdale-based investment firm GQG Partners. He reduced his position by 63%, still left with 6.7 million, or $616.2 million. GQG did not immediately comment on the matter.
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Fund manager Capital Group also sold more than 9.5 million shares of the chip maker, regulatory filings showed. Capital Group declined to comment on investment decisions.
JPMorgan and BlackRock each dumped about 4 million shares in TSMC. JPMorgan declined to comment, and BlackRock did not immediately respond to a request for comment.
Berkshire’s investors are still trying to figure out why Buffett decided to sell most of his stake in the company. Charles Munder, Berkshire’s director and vice chairman, said Tuesday that TSMC is “the most powerful semiconductor company on the planet,” without giving reasons for the sale.
“I’m a little confused. Maybe even more than Berkshire wants to own TSMC Appledecided he wanted to add,” said Bill Smead, chief investment officer at Smead Capital Management, an investor in Berkshire.
Thomas Russo, a partner at Gardner, Russo & Gardner, a longtime Berkshire investor, speculated that Buffett sees an environmental change that is not good for TSMC. “Berkshire reserves the right to redeploy money to meet the circumstances.”
Reporting by Carolina Mandl in New York; Edited by Megan Davies and Josie Kao
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2023-02-16 12:43:51
Source – reuters
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