Taiwan Fund Monthly Insights- October, 2024

November 27, 2024

Taiwan Semiconductor Manufacturing Company, Ltd.’s (“TSMC”) earnings result was impressive, with both profits and gross margins exceeding market expectations, leading to a surge in chip-related stocks and NVIDIA. In October, the Taiwan TAIEX Total Return Index, (the “Benchmark”) increased by 1.42% in U.S. dollar terms, with Information Technology being the best-performing sector. Within Information Technology, Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment were the best-performing industry groups. Conversely, the top two underperforming sectors were Utilities and Real Estate. Within the Real Estate sector, the Real Estate Management & Development industry group was the main drag to sector performance, as the Central Bank launched new policies in September to crack down on housing speculators.