Taiwan Fund Monthly Insights - April, 2025

The month of April 2025 commenced with President Trump’s announcement of a set of tariffs that were broader and more punitive, in nature, than expected. The global equities and the Taiwan equity market sold off after the announcement. President Trump then softened his approach with the announcement of a 90 day pause and the exemption of a range of electronic products from the tariffs, resulting in a recovery. The Taiwan TAIEX Total Return Index, (the “Benchmark”) increased by 1.53% in April 2025 in U.S. dollar terms. The Utilities, Communication Services and Information Technology sectors were the best performing sectors. Within the Communication Services sector, Media & Entertainment was the best performing industry group. Within Information Technology, Semiconductors & Semiconductor Equipment was the best performing industry group. During the month, the poorest performing sectors were Real Estate, Materials and Energy. Within the Real Estate sector, Real Estate Management & Development was the poorest performing industry group.