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Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity Strategy” investor letter for the third quarter of 2025. A copy of the letter can be downloaded here. The portfolio underperformed in the quarter due to stock selection. The composite returned 5.02%, net of fees, compared to 7.62% for the MSCI AC World Net Index. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Hardman Johnston Global Equity Strategy highlighted stocks such as Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests, and sells integrated circuits and other semiconductor devices. The one-month return for Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was 5.27%, and its shares gained 51.13% over the last 52 weeks. On December 26, 2025, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock closed at $302.84 per share, with a market capitalization of $1.571 trillion.
Hardman Johnston Global Equity Strategy stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its third quarter 2025 investor letter:
“The top individual contributors to relative performance during the quarter were Prosus N.V., Commerzbank AG, and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Ltd. Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) remains a key enabler of AI infrastructure across hyperscale, enterprise, and sovereign AI ecosystems. The company reported strong Q2 earnings in July, raising full-year 2025 revenue guidance by roughly 5 percentage points to 30% growth, with its High Performance Computing segment accounting for 60% of total sales. Momentum continued through the quarter, supported by robust monthly sales in July and August, reflecting strong demand for leading-edge AI semiconductors. TSMC has rebounded strongly since April lows, and we remain confident in the position given its near-monopolistic position in advanced semiconductor manufacturing and an attractive valuation both on an absolute and relative basis.”
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 194 hedge fund portfolios held Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of the third quarter, compared to 187 in the previous quarter. In the third quarter of 2025, Taiwan Semiconductor Manufacturing Company Limited’s (NYSE:TSM) revenue increased 6% sequentially in NT. While we acknowledge the potential of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.