Tencent, TSMC Shunned by $3.2 Billion Fund Citing Valuations
A $3.2 billion fund focused on Asian equities is avoiding the region’s two biggest stocks, saying their valuations fail to reflect economic and political challenges.
Taiwan Semiconductor Manufacturing Co. is priced like it’s a secular business rather than a cyclical one, while valuations of Tencent Holdings Ltd. would have to be “extraordinary” to be attractive as it’s at the forefront of US-China tensions, according to Jonathan Pines, who manages the Federated Hermes Asia Ex-Japan Equity Fund. $TSM.US$ $TCEHY.US$
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bananarama : the thing to avoid is this fund