Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Equity Bottom-Up

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

<ul><li>American Express Business Gold Card offers flexible spending capacity and annual statement credits</li><li>Good news on chip production in the US with TSMC's new fab in Arizona</li><li>Discussion on the design, success, and failure of industrial policy with guest Vivek Chibber</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

American Express Business Gold Card offers flexible spending capacity and annual statement creditsGood news on chip production in the US with TSMC's new fab in ArizonaDiscussion on the design, success, and failure of industrial policy with guest Vivek ChibberThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Average EM fund weights and active fund ownership hits record highs in TSMC</li>
<li>However, investor caution is starting to surface, with 13.4% of funds shifting to underweight  in the last six months, driving the net underweight to a 15-year low of -1.21%.</li>
<li>Net outflows of $3 billion over the past six months, led by Invesco, JP Morgan, and MFS, and with four times more sellers than buyers.</li>
</ul>


Average EM fund weights and active fund ownership hits record highs in TSMC
However, investor caution is starting to surface, with 13.4% of funds shifting to underweight  in the last six months, driving the net underweight to a 15-year low of -1.21%.
Net outflows of $3 billion over the past six months, led by Invesco, JP Morgan, and MFS, and with four times more sellers than buyers.


TSMC:  Caution as GEM Funds Switch to Underweight

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.</li>
<li>Among TSMC's top clients are companies from the US, Taiwan, and Japan.</li>
<li>Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.</li>
</ul>


We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.
Among TSMC's top clients are companies from the US, Taiwan, and Japan.
Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.


TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

<ul>
<li>TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range</li>
<li>UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan</li>
<li>ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares</li>
</ul>


TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares


Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

This Is How Industrial Policy Can Go Bad

The podcast explores American Express business gold card benefits, US industrial policy, TSMC's new fab in Arizona, guest speaker Vivek Chibber...

Odd Lots

TSMC: Caution as GEM Funds Switch to Underweight

Investor caution is starting to surface in TSMC, with 13.4% of funds shifting to underweight in the last six months, driving the net underweight to...

Steven Holden

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Is How Industrial Policy Can Go Bad

The podcast explores American Express business gold card benefits, US industrial policy, TSMC's new fab in Arizona, guest speaker Vivek Chibber...

Odd Lots

TSMC: Caution as GEM Funds Switch to Underweight

Investor caution is starting to surface in TSMC, with 13.4% of funds shifting to underweight in the last six months, driving the net underweight to...

Steven Holden

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

​Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.