Taiwan Semiconductor’s 102% one-year gain helped offset a 6.88% quarterly decline in Giverny Capital’s model portfolio.
Giverny Capital Asset Management’s model portfolio fell 6.88% in Q1 2026, underperforming the S&P 500’s 4.33% decline. Over the past year, the portfolio rose 8.52%, trailing the index’s 17.80% gain. Geopolitical tensions and inflation concerns drove market volatility during the quarter.
Taiwan Semiconductor (TSM) was a key contributor, closing at $432.15 on June 17, 2026, with a 6.14% one-month return and a 102.41% gain over 52 weeks. The company’s $2.24 trillion market capitalization underscores its dominance in contract chip manufacturing.
The firm remains focused on long-term fundamentals, citing strong earnings potential and healthy balance sheets among portfolio companies despite short-term market fluctuations.