  Moir\'e transition metal dichalcogenide (TMD) materials provide an ideal
playground for studying the combined interplay of strong interactions and
band-topology over a range of electronic fillings. Here we investigate the
panoply of interaction-induced electronic phases that arise at a total
commensurate filling of $\nu_T=2$ in moir\'e TMD heterobilayers, focusing
specifically on their renormalized band-topology. We carry out a comprehensive
self-consistent parton mean-field analysis on an interacting mixed-valence
Hamiltonian describing AB-stacked MoTe$_2$/WSe$_2$ to highlight different
ingredients that arise due to "Mottness", band-flattening, an enhanced
excitonic tendency, and band-inversion, leading to correlated topological
semi-metals and insulators. We also propose a possible route towards realizing
fractionalized insulators with emergent neutral fermionic excitations in this
and other closely related platforms.
