Taiwan Semiconductor Manufacturing (TSM) Weighed on Fund Returns Amid Taiwan’s Strong Performance

What happened: Guinness Greater China Fund's Q3 2026 letter said its underweight to Taiwan and Taiwan Semiconductor Manufacturing (NYSE:TSM) was the main drag on relative returns, as Taiwan and TSM outperformed. Key numbers: Fund fell 0.6% in Q3 2026; MSCI Golden Dragon Index rose 4.4%; MSCI China Index rose 3.6%. Why it matters: The letter said Taiwan's rising index weight made the MSCI China Index a useful additional reference, where the Fund performed well on Information Technology selection and underweights to Tencent, Alibaba, and Materials, partly offset by Financials. Market: -2.8% today ($418.08), +31.5% YTD, 1.6x vol — as of 17:02 UTC

Guinness Greater China Fund's Q3 2026 letter said its underweight to Taiwan and Taiwan Semiconductor Manufacturing (NYSE:TSM) was the main drag on relative returns, as Taiwan and TSM outperformed.

The letter said Taiwan's rising index weight made the MSCI China Index a useful additional reference, where the Fund performed well on Information Technology selection and underweights to Tencent, Alibaba, and Materials, partly offset by Financials. Market: -2.8% today ($418.08), +31.5% YTD, 1.6x vol — as of 17:02 UTC