Polen Capital Management, LLC - Focus Growth Composite on Taiwan Semiconductor Manufacturing Company Limited
Thesis
TSMC is the dominant global pure-play semiconductor foundry and the default manufacturing partner for many leading chip designers. Polen believes decades of investment, leading-edge process capability, and the resources required to keep pace with rising chip complexity further separate TSMC from peers. Because the company is technology and customer agnostic, it can benefit from whichever chip architectures win while participating in long-term semiconductor growth and the current AI cycle.
“TSMC is the go-to manufacturer with decades of investment and experience.”
Key risks
- Most manufacturing is concentrated in Taiwan
- The current AI semiconductor cycle could eventually normalize