Taiwan Fund Monthly Insights - December, 2025

Taiwan's stock market delivered a solid performance in December, primarily driven by the continuing global boom in artificial intelligence (“AI”). The TAIEX Total Return Index, (the “Benchmark”) increased by 4.87% in December 2025 in U.S. dollar terms, outperforming regional peers. During the month, the three best performing industry groups were Commercial & Professional Services, Insurance and Semiconductors & Semiconductor Equipment. The three poorest performing industry groups were Health Care Equipment & Services, Energy and Consumer Discretionary Distribution & Retail. Note that we do not have any holdings in those three industry groups.