Cooper Traders, an funding administration agency, launched its first-quarter 2026 investor letter for “Cooper Traders International Equities Fund (Unhedged)”. A replica of the letter is on the market to obtain right here. The portfolio returned -9.2% within the quarter, bringing the year-to-date return to -12.2%. Foreign money actions negatively impacted returns by about 6%. The chance of AI disruption and the Iran Battle dominated the market within the quarter. The Fund makes use of the Capital Pool framework to categorize alternatives. The Actual Property portfolio was the one constructive contributor for each the quarter and the 12 months. The Compounding Capital Pool had poor returns, and Reversionary investments have been a modest headwind. Overview the Fund’s high 5 holdings for key 2026 insights.
In its first-quarter 2026 investor letter, Cooper Traders International Equities Fund highlighted Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) as a number one efficiency contributor. Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) is the world’s main producer of built-in circuits and different semiconductor gadgets. On Might 18, 2026, Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) closed at $395.95 per share. One-month return of Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) was 7.57%, and its shares gained 104.68% over the previous 52 weeks. Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) has a market capitalization of $2.06 trillion.
Cooper Traders International Equities Fund said the next relating to Taiwan Semiconductor Manufacturing Firm Restricted (NYSE:TSM) in its Q1 2026 investor letter:
“Towards this backdrop of uncertainty on the software program layer, one in all our strongest performing holdings operates in additional sure territory. Taiwan Semiconductor Manufacturing Firm Restricted’s (NYSE:TSM) inventory value has appreciated 66% over the monetary 12 months, making it probably the most important contributor to efficiency for FY26 to this point. The Fund has been invested in TSMC since Might 2020. As the most important semiconductor foundry, TSMC is likely one of the most necessary firms on the earth. Over our funding interval, TSMC has cemented its place because the main producer of superior chips and delivered Earnings per Share development of over 30% each year. Funding returns have been 38% on an annualised foundation.
More moderen development has been fuelled by the demand for chips utilized in Excessive-Efficiency Computing purposes, or AI. Semiconductor proliferation (throughout AI and different markets) in addition to the rising complexities within the semiconductor manufacturing course of locations TSMC in an more and more necessary place. Put merely, TSMC have a near-monopoly within the manufacture of modern chips and so will thrive so long as the semiconductor business continues to push the efficiency envelope. It is a guess we’re keen to make.”
