TAIWAN WEEKLY KICKSTART

研报英文原文证据摘录

TAIWAN WEEKLY KICKSTART

Goldman Sachs Taiwan Weekly Kickstart

Charts of the Week: Hedge Fund and Mutual Fund Positioning Update

Exhibit 1: Hedge funds have become more risk-on in Taiwan, with GS Prime Exhibit 2: However, net flows have turned negative since mid-June, suggesting

Services data showing a pickup in gross trading flows over the past month increased activity has been driven more by selling than buying

GS Prime Book Gross Trading Flows: Asia Markets GS Prime Book Net Trading Flows: Asia Markets

16% 16% (% of Asia Gross MV at Start of Period) (% of Asia Net MV at Start of Period)

16% 16%

14% Taiwan Korea Risk-On 14% Taiwan Korea Buying

12% China+HK Japan 12% 12% 12%

China+HK Japan

10% 10%

8% 8%

6% 6% 4% 4%

4% 4% 0% 0%

2% 2%

-4% -4%

0% 0%

-2% Data as of July 17, 2026 -2% -8% Data as of July 17, 2026 -8%

Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26

Source: Goldman Sachs FICC and Equities and Prime Services Source: Goldman Sachs FICC and Equities and Prime Services

Exhibit 3: Among long-only investors, EM/AEJ mutual funds increased their Exhibit 4: Regional funds hold an 11.7% weight in TSMC but remain 350bp

underweight positions in Taiwan during June, while global funds modestly underweight versus its 15.2% EM benchmark weight, suggesting scope for

raised their allocations further selling due to concentration limits, while allocations to non-TSMC tech

continued to increase

TSMC's Positioning in Top 350 EM/AEJ Funds

(bp) Taiwan's allocation in mutual funds globally (bp)

(%) Avg Wgt of TSMC in Major EM/AEJ Funds (AUM US$520bn) (bp) (Overweight/Underweight vs. MSCI benchmark)

0 0

Global funds 18% MSCI Benchmark Weight (%) OW/UW vs. Benchmark (bp) [RHS] 0

(AUM ~US$1.1tn) -100 -68-100

16% 15.2% -50

-105 14.4% 14.6%