Select Taiwan Fund Monthly Insights - October, 2025

Taiwan's equity markets posted solid gains in October, led by continued strength in the tech sector and sustained artificial intelligence (“AI”) growth. The Taiwan TAIEX Total Return Index, (the “Benchmark”) increased by 8.41% in October 2025 in U.S. dollar terms, outperforming regional peers on strong demand for AI and electronic component stocks. During the month, Semiconductors & Semiconductor Equipment, Commercial & Professional Services and Technology Hardware & Equipment were the best performing industry groups. Also during the month, the poorest performing industry groups were Pharmaceuticals, Biotechnology & Life Sciences, Consumer Discretionary Distribution & Retail and Automobiles & Components. We do not have any holdings in the Pharmaceuticals, Biotechnology & Life Sciences, Consumer Discretionary Distribution & Retail and Automobiles & Components industry groups.