News

The Taiwan Fund, Inc. Announces 3rd Quarter Earnings
July 22, 2024

The Taiwan Fund, Inc. Announces the Results of the Annual Stockholders Meeting
April 24, 2024

The Taiwan Fund, Inc. Amends the Number of Directors on the Board of Directors
March 29, 2024

Insights

Taiwan Fund Monthly Insights- October, 2024
November 27, 2024

Taiwan Semiconductor Manufacturing Company, Ltd.’s (“TSMC”) earnings result was impressive, with both profits and gross margins exceeding market expectations, leading to a surge in chip-related stocks and NVIDIA. In October, the Taiwan TAIEX Total Return Index, (the “Benchmark”) increased by 1.42% in U.S. dollar terms, with Information Technology being the best-performing sector. Within Information Technology, Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment were the best-performing industry groups. Conversely, the top two underperforming sectors were Utilities and Real Estate. Within the Real Estate sector, the Real Estate Management & Development industry group was the main drag to sector performance, as the Central Bank launched new policies in September to crack down on housing speculators.

Taiwan Fund Monthly Insights- September, 2024
October 25, 2024

In September, the technology space drifted aimlessly, leading to a subdued month. Apple Inc. launched the iPhone 16 series, but attention is already turning to next year’s iPhone 17, which is expected to include more significant artificial intelligence (“AI”) features

Taiwan Fund Monthly Insights - August, 2024
September 25, 2024

In early August, both the U.S. and Taiwan stock markets encountered rapid corrections due to the unexpected interest rate hike by the Bank of Japan and the delay in shipment of NVIDIA Corporation’s (“NVIDIA”) latest line of computer chips. Subsequently, U.S. stocks experienced a V-shaped rebound as the market anticipated a possible U.S. Federal Reserve (the “Fed”) cut in September. However, compared to the U.S. market, the rebound in Taiwan stocks was relative weaker. Additionally, due to the higher expectations of NVIDIA’s earnings report, the market faced pullback pressure at the end of the month, with technology stocks driving the decline.

Taiwan Fund Monthly Insights - July, 2024
August 22, 2024

During the month of July 2024, the Taiwan market retreated after hitting a record high on July 11th. The rotation out of technology stocks and into other market segments began after inflation fears were tempered, which convinced investors that the U.S. Federal Reserve would lower interest rates at its September meeting. This market sentiment bolstered smaller and more cyclically oriented companies. We continue to expect that US economic growth will slowly revert to its mean and that Taiwan corporate earnings momentum to last through 2025.

Taiwan Fund Monthly Insights - June, 2024
July 26, 2024

COMPUTEX Taipei, the annual computer and technology trade show, took place from June 4 - June 7, 2024, hosting one of the largest gatherings of global tech executives and investors worldwide. This highlights the significance of Taiwan's technology ecosystem and signals promising prospects for future growth. The Taiwan TAIEX Total Return Index, (the “Benchmark”) rose 9.12% in June 2024, in US dollar terms. The rise was driven by the Utilities and the Information Technology (“IT”) sectors, with both demonstrating robust performance during the period. Within IT, Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment were the best-performing industry groups. During the month, the top two underperforming sectors were Energy and Materials.

Taiwan Fund Monthly Insights - May, 2024
June 26, 2024

The Taiwan TAIEX Total Return Index, (the “Benchmark”) rose 4.36% in May 2024, in US dollar terms. The rise was driven by the Real Estate and the Information Technology (IT) sectors, with both demonstrating robust performance during the month.  In the Real Estate sector, performance was driven primarily by the Real Estate Management & Development industry group. Within the Information Technology sector, the Semiconductors & Semiconductor Equipment and the Technology Hardware & Equipment industry groups were the best-performing industries. During the month, the top two underperforming sectors were Energy and Utilities.

Taiwan Fund Monthly Insights - April, 2024
May 31, 2024

The Taiwan market was rather volatile during the month of April, lacking a clear trend. Technology companies in the United States generally exceeded market expectations, while the pace of capital expenditures (CapEx), particularly in artificial intelligence (“AI”), continued to be strong. However, together with the elevated valuations, some companies in Taiwan did not meaningfully express their direction for the coming year, which fueled market volatility. The Taiwan TAIEX Total Return Index, (the “Benchmark”) fell 1.15% in April 2024, in US dollar terms, with Information Technology and Communication Services being the poorest performing sectors. Within the Information Technology sector, Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment were the poorest performing industry groups. In the Communication Services sector, the downturn was generally driven by the Telecommunication Services industry group. During the month, the best two performing sectors were Real Estate and Industrials. Within the Industrials sector, the Transportation industry group was the main contributor to the sector performance.

Taiwan Fund Monthly Insights - March, 2024
April 26, 2024

The Taiwan TAIEX Total Return Index, (the “Benchmark”) rose 5.91% in March 2024, in US dollar terms. The top three outperforming industry groups were Commercial & Professional Services, Technology Hardware & Equipment and Semiconductors & Semiconductor Equipment. The top three underperforming industry groups were Energy, Consumer Discretionary Distribution & Retail and Transportation.

Taiwan Fund Monthly Insights - February, 2024
March 25, 2024

The Taiwan TAIEX Total Return Index, (the “Benchmark”) rose 4.98% in February 2024, in US dollar terms. The top three outperforming industry groups were Utilities, Capital Goods and Semiconductors & Semiconductor Equipment. The top three underperforming industry groups were Consumer Services, Software & Services and Energy.

Taiwan Fund Monthly Insights - January, 2024
February 27, 2024

The Taiwan TAIEX Total Return Index, (the “Benchmark”) declined 2.10% in January 2024, in U.S. dollar terms. The top three outperforming industry groups were Utilities, Semiconductors & Semiconductor Equipment and Software & Services. The top three underperforming industry groups were Consumer Discretionary Distribution & Retail, Energy and Financial Services.

Regulatory Information

The information contained in this site pertaining to The Taiwan Fund, Inc. is not directed, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the Fund’s shares are not available. Dissemination of information regarding the Fund is not permitted.

The information contained herein should not be construed as an offer to sell or as a solicitation of an offer to buy any security nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities or other laws of such jurisdiction.

The Fund files reports and other information with the U.S. Securities and Exchange Commission (“SEC”). These reports and other information can be inspected, without charge, and copied, for a fee, at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C.20549.

The Fund’s filings are also available to the public on the SEC’s Internet site. The reports and other information concerning the Fund may also be inspected at the offices of the New York Stock Exchange.

No representation is made that the information contained herein is accurate or complete.

Nomura Asset Management U.S.A. Inc. is an SEC registered investment adviser. Registration with the SEC does not imply any specific or certain level of skill or training.

 

Important Information

Portfolio holdings are subject to change daily.

It should not be assumed that any of the securities transactions or holdings discussed here were or will prove to be profitable, or that the investment recommendations or decisions Nomura Asset Management U.S.A. Inc. (“NAMUSA”) makes in the future will be profitable or will equal the investment performance of the securities discussed herein.

Investing in the Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by the Fund, and the income from them, may go down as well as up and there can be no assurance that upon sale, or otherwise, investors will receive back the amount originally invested. There can be no assurance that you will receive comparable performance returns. Movements in foreign exchange rates may have a separate effect, unfavorable as well as favorable, on the gain or loss otherwise experienced on an investment. Past performance is not a guide to future returns. Accordingly, the Fund is only suitable for investment by investors who are able and willing to withstand the total loss of their investment. In particular, prospective investors should consider the following risks:

  • Discretionary investment is not risk free. The past operating performance does not guarantee a minimum return for the discretionary investment fund. Apart from exercising the duty of care of a prudent adviser, NAMUSA will not be responsible for the profit or loss of the Fund, nor guarantee a minimum return.
  • It should be noted that investment in the Fund is only suitable for sophisticated investors who are aware of the risk of investing in Taiwan and should be regarded as long term. Funds that invest in one country carry a higher degree of risk than those with portfolios diversified across a number of markets.
  • Investment in the securities of smaller and unquoted companies can involve greater risk than is customarily associated with investment in larger, more established, companies. In particular, smaller companies often have limited product lines, markets, or financial resources and their management may be dependent on a smaller number of key individuals. In addition, the market for stock in smaller companies is often less liquid than that for stock in larger companies, bringing with it potential difficulties in acquiring, valuing, and disposing of such stock. Proper information for determining their value, or the risks to which they are exposed, may not be available.
  • Investments within emerging markets such as Taiwan can be of higher risk. Many emerging markets, and the companies quoted on their stock exchanges, are exposed to the risks of political, social, and religious instability, expropriation of assets or nationalization, rapid rates of inflation, high interest rates, currency depreciation, and fluctuations and changes in taxation which may affect the Fund’s income and the value of its investments.
  • The marketability of quoted shares may be limited due to foreign investment restrictions, wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted opening of stock exchanges, and a narrow range of investors. Trading volume may be lower than on more developed stock markets, and equities are less liquid. Volatility of prices can also be greater than in more developed stock markets. The infrastructure for clearing, settlement, and registration on the primary and secondary markets may be undeveloped. Under certain circumstances, there may be delays in settling transactions in some of the markets.

The Taiwan Fund, Inc., c/o State Street Bank and Trust Company, 1 Lincoln Street, P.O. Box 5049, Boston, MA, 02111.