Taiwan Fund Monthly Insights - November, 2025

Taiwan's stock market was subdued in November, primarily driven by a sell-off in the tech sector. The Taiwan TAIEX Total Return Index, (the “Benchmark”) decreased by 4.16% in November 2025 in U.S. dollar terms, underperforming regional peers. During the month, the three poorest performing industry groups were Utilities, Health Care Equipment & Services and Technology Hardware & Equipment. Note that we do not have any holdings in the Utilities and Health Care Equipment & Services industries. The best three performing industry groups were Energy, Materials and Consumer Discretionary Distribution & Retail.