金管會祭出「台積電條款」！台股基金單一持股上限放寬至 25%，上看 2 千億活水湧入

Taiwan's stock market is set to receive a massive injection of liquidity worth NT$200 billion! The Financial Supervisory Commission (FSC) officially announced yesterday (23rd) that it will relax the 10% single-stock holding limit for Taiwan equity funds and active ETFs, conditionally raising it to 25%. Due to the requirement that the stock must account for more than 10% of the Taiwan stock market's total weight, TSMC is currently the only company in the entire market to meet this threshold. This new regulation, jokingly dubbed the "TSMC Clause" by the industry, is expected to not only significantly free up fund managers' hands but also potentially drive a new wave of re-rating for TSMC's stock price. (Previous coverage: TSMC hit a record high of NT$2,135 in morning trading; the Taiwan stock market reversed downward after rising over 900 points, falling below 38,000 points) (Background: Taiwan stock market hits 37,000 points, market cap surpasses the UK to become the world's seventh-largest stock market) Taiwan's capital market regulatory framework is undergoing a historic transformation due to the massive market capitalization of tech giants. On April 23, 2026, the FSC announced a major policy relaxation: the limit for Taiwan equity funds and active ETFs to invest in "single listed company stocks" will be significantly increased from the original 10% of the fund's Net Asset Value (NAV) to a conditional 25%. This relaxation does not apply to all stocks equally but sets a very high threshold. The new regulation specifies that it only applies to individual stocks that account for more than 10% of the TAIEX. Looking at the current Taiwan stock market, large-cap stocks like Hon Hai and Delta Electronics do not meet this standard. Only TSMC (2330) qualifies, with a staggering weight of approximately 44.3% (a market cap of about NT$55 trillion). Therefore, this regulatory relaxation is essentially a "TSMC Clause" tailored for the "Guardian Mountain of the Nation." According to the new rules, if fund managers are bullish on TSMC's future, they can increase their TSMC holdings from the original 10% ceiling to a maximum of 25%. However, the FSC has also set risk guardrails: the total investment (including the company's corporate bonds or financial bonds) must still not exceed 25% of the fund's NAV, and it must not exceed TSMC's actual weight in the Taiwan stock market. In recent years, Taiwan's semiconductor industry has expanded rapidly amid the global AI wave, with TSMC's weight in the Taiwan stock market climbing to over 40%. However, limited by the old "10% single-stock holding limit," managers of active funds and active ETFs have been "handcuffed." When a single stock accounts for 44% of the index, but a fund can only hold a maximum of 10%, the active fund's performance easily "underperforms the market" whenever TSMC surges, severely compressing operational flexibility and weakening the international competitiveness of the investment trust industry. To address this, the FSC drew on the successful experience of relaxing the "30% single-component stock limit for passive ETFs" in May 2025 and decided to further remove the constraints on active products. This policy relaxation will bring significant capital momentum to the Taiwan stock market. According to official and market statistics: - Taiwan equity funds: As of the end of March 2026, there are about 138 funds with an asset scale of approximately NT$1.0481 trillion. - Active ETFs: There are about 14 ETFs with an asset scale of approximately NT$231.1 billion (some industry estimates suggest it has already reached over NT$300 billion). Institutional investors optimistically estimate that as the holding ceiling is lifted, it could release approximately NT$200 billion in potential liquidity into TSMC. This will not only help investment trust institutions "replenish inventory" but also drive a re-rating of TSMC's stock price, thereby indirectly becoming a powerful engine supporting the Taiwan stock market's continued upward momentum. However, BlockTempo also reminds investors that this positive news will take time to materialize. Investment trust firms must first complete the modification procedures for their "fund contracts" in accordance with the law before they can actually apply the new 25% limit. At the same time, a significant increase in holding concentration means that the correlation between fund NAV and TSMC's stock price will become much tighter; investors should carefully evaluate the concentration risk before subscribing.