Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC's ADR premium is in the double digits, representing a major breakout.</li>
<li>ASE Technology's premium is also in the double digits and the company will be reporting results next week.</li>
<li>Chunghwa's premium is high for its tight range, and results will be coming out for the company this week.</li>
</ul>


TSMC's ADR premium is in the double digits, representing a major breakout.
ASE Technology's premium is also in the double digits and the company will be reporting results next week.
Chunghwa's premium is high for its tight range, and results will be coming out for the company this week.


Taiwan Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

<ul>
<li>TSMC ADRs are trading at the high end of the recent premium/discount range.</li>
<li>UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.</li>
<li>ASE's ADR premium is at the upper end of its range.</li>
</ul>


TSMC ADRs are trading at the high end of the recent premium/discount range.
UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.
ASE's ADR premium is at the upper end of its range.


Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

<ul>
<li>TSMC's ADR premium is entering the higher end of its range since early 2022. Earnings coming this week.</li>
<li>UMC's ADR has flipped from a discount to a moderate premium. Earnings are ahead as well.</li>
<li>ASE Technology's ADR premium has reached 6.1%, high even for this usually higher-premium trading pair.</li>
</ul>


TSMC's ADR premium is entering the higher end of its range since early 2022. Earnings coming this week.
UMC's ADR has flipped from a discount to a moderate premium. Earnings are ahead as well.
ASE Technology's ADR premium has reached 6.1%, high even for this usually higher-premium trading pair.


Taiwan Dual-Listings: TSMC Premium Hitting High Territory, ASE Shoots to 6.1%

<ul>
<li>TSMC ADRs are trading at a small premium; 4Q22 results will be released on January 12th.</li>
<li>UMC ADRs are trading at a discount; 4Q22 results will be released on January 16th.</li>
<li>ChipMOS ADRs are trading at a decent discount, opening a trade opportunity.</li>
</ul>


TSMC ADRs are trading at a small premium; 4Q22 results will be released on January 12th.
UMC ADRs are trading at a discount; 4Q22 results will be released on January 16th.
ChipMOS ADRs are trading at a decent discount, opening a trade opportunity.


Taiwan Dual-Listings: Premium/Discounts Mostly in the Middle, ChipMOS Opportunity

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.</li>
<li>Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.</li>
<li>Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.</li>
</ul>


GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.
Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.
Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.


Taiwan Semiconductors: Value Funds Drive Underweight

Taiwan

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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Chipmos Technologies (8150 TT)

Taiwan Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

TSMC's ADR premium is in the double digits, representing a major breakout. ASE's premium is also in the double digits and will release results next...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Hitting High Territory, ASE Shoots to 6.1%

TSMC's ADR premium is entering the higher end of its range since early 2022. TSMC earnings are coming this week as well. UMC's earnings will be...

Vincent Fernando, CFA

Taiwan Dual-Listings: Premium/Discounts Mostly in the Middle, ChipMOS Opportunity

While most premium/discounts are relatively normal, ChipMOS ADRs are trading at a decent discount, representing a trade opportunity.

Vincent Fernando, CFA

Taiwan Semiconductors: Value Funds Drive Underweight

Taiwanese Semiconductor allocations among GEM active funds are well off the highs of 2021 as more funds scale back holdings and many move to an...

Steven Holden

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