Top Global Fund Says Bye Bye Samsung, Hello Taiwan's TSMC
- TSMC’s business is “steadier,” says Columbia Threadneedle
- The fund sold Tencent; favors Alphabet, Indonesian banks
Silicon wafers made by Taiwan Semiconductor Manufacturing Co.
Photographer: Maurice Tsai/Bloomberg
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A fund manager at Columbia Threadneedle Investments has sold all of his stake in Samsung Electronics Co. But he’s still betting on the industry, just via its Taiwanese rival.
Dave Dudding, who helps oversee $485 billion globally, said he’s still holding shares of Taiwan Semiconductor Manufacturing Co. because its chip business is less volatile than Samsung’s. His fund has outperformed 87 percent of its peers in the past three years.