Harbor Capital Appreciation Fund’s Q3 2025 investor letter focuses on investing in US companies with a market cap of $1 billion or more. The fund returned 5.11% in Q3, outperforming the Russell 1000 Growth Index and S&P 500 Index. Top holdings include Taiwan Semiconductor Manufacturing Company Limited (TSM), with a one-month return of 3.05% and a market cap of $1.55 trillion. TSM’s stock closed at $298.80 on December 24, 2025. The fund highlights TSM’s growth driven by demand for advanced AI and computing chips. In Q3, TSM’s revenue increased by 6%. TSM ranks 9th on the list of 30 Most Popular Stocks Among Hedge Funds.

Read more at Yahoo Finance: Strong Demand Lifted Taiwan Semiconductor Manufacturing Company Limited (TSM) in Q3