Daily Fund Pricing

Japan Smaller Capitalization Fund, Inc.
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(as of 11/29/2023)
The Taiwan Fund, Inc.
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(as of 11/29/2023)
Net Assets $255,538,631 $304,700,399
Net Asset Value $9.02 $41.52
Closing NYSE Market Price $7.28 $33.10
Premium / Discount -19.29% -20.28%
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Japan Smaller Capitalization Fund, Inc.

Japan Smaller Capitalization Fund, Inc. ("JOF" or the "Fund") is a closed-end management investment company listed on the New York Stock Exchange. The Fund operates as diversified as defined under the Investment Company Act of 1940. The Fund’s investment objective is to provide shareholders with long-term capital appreciation and to invest, under normal circumstances, at least 80% of its total assets in smaller capitalization Japanese equity securities traded on the Tokyo and Nagoya Stock Exchanges, and other indices or markets determined by Nomura Asset Management U.S.A. Inc. to be appropriate indices or markets for smaller capitalization companies in Japan.

The Taiwan Fund, Inc.

Taiwan, with its global market leadership in high technology goods and its significant investments throughout mainland China and Southeast Asian economies, is now an integral economic player in the Asia Pacific Region and around the world.

The Taiwan Fund, Inc. ("TWN" or the "Fund") was launched on December 23, 1986 to allow investors to access and participate in the growth of the economy and the stock market in Taiwan, the Republic of China, as well as the investment potential of mainland China and other emerging economies of the region.

The Fund is a diversified closed-end management investment company whose objective is to seek long-term capital appreciation primarily through investments in equity securities listed in Taiwan.


Regulatory Information

The information contained in this site pertaining to the Japan Smaller Capitalization Fund, Inc. and The Taiwan Fund, Inc. (each a “Fund” and together, the “Funds”) is not directed, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the Funds’ shares are not available. Dissemination of information regarding the Funds 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 Funds file 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.

Each 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 a Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by a 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 a Fund is only suitable for sophisticated investors who are aware of the risk of investing in single country funds 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.
Japan Smaller Capitalization Fund, Inc., Worldwide Plaza, 309 West 49th Street, New York, NY, 10019.