TSMC explose de 36% en 2025 : son poids dans les grands indices frôle désormais les 12%

La fusée TSMC ne connaît pas la gravité. Le géant des semi-conducteurs a grimpé de 36% depuis janvier, forçant les indices majeurs à recalibrer leurs pondérations.

Un mastodonte qui écrase la concurrence

Avec près de 12% de poids désormais dans les benchmarks, TSMC devient incontournable. Les gérants actifs doivent suivre - ou expliquer pourquoi ils sous-pondèrent ce titan technologique.

Les analystes s'arrachent les cheveux : comment une entreprise peut-elle dominer à ce point des indices supposés 'diversifiés' ? Preuve que la diversification, en finance, reste souvent un vœu pieux quand un seul acteur cartonne.

Rally pushes TSMC beyond fund limits

Right now, TSMC controls nearly 43% of the Taiex, Taiwan’s main stock index. It also makes up close to 12% of both the MSCI Emerging Markets Index and MSCI Asia Pacific Excluding Japan Index, which means any manager tracking those benchmarks is instantly at risk of breaching their caps.

European UCITS rules cap exposure to any one stock at 10%, and Taiwanese regulators enforce the same limit, though officials are reportedly discussing whether to relax those limits but nothing has been finalized yet.

On the flip side, passive funds (those that just mirror the index) have more flexibility under updated European and Taiwanese regulations, letting them better match TSMC’s growing dominance.

The company’s shares were steady in early Wednesday trading in Taipei, showing no sign of slowing.

And while other markets have faced similar single-stock dominance (like Alibaba in Hong Kong and Samsung Electronics in South Korea), TSMC’s situation is way too different, as it is the only stock in Asia worth over $1 trillion, so its sheer scale is overwhelming portfolios across continents.

To keep up, some managers are using derivatives like futures and options to mirror index movements without breaking legal limits, while others are piling into TSMC-linked companies like Hon Hai (known globally as Foxconn) and ASE in efforts to replicate part of TSMC’s momentum through its supply chain.

But these substitutes can only go so far. John Tsai, a portfolio manager at Eastspring Investments in Singapore, said the scale of TSMC’s weight has made risk management difficult.

“We are forced to consider other high-correlated stocks that may have the same fundamental drivers and build positions in these stocks to try to replicate a meaningful exposure,” John explained.

The problem though is:- “It’s hard to find a proxy that replicates TSMC’s combination of market position, growth trajectory, and stability,” Roxy admitted. “The weight keeps rising, and our underweight position keeps widening.”

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