Fidelity Dividend Growth Fund on Taiwan Semiconductor Manufacturing Company Limited
Thesis
Taiwan Semiconductor is Fidelity's largest active position and a central expression of its AI investment theme. The fund believes breakthroughs in large-language, transformer and diffusion models will have major implications for developed economies. As a key semiconductor manufacturer enabling AI infrastructure, TSMC is positioned to benefit from that structural build-out.
“Taiwan Semiconductor Manufacturing – an out-of-benchmark holding – was the fund's largest active position at quarter end.”