At a Glance (as of 05/31/2024)


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Net Asset








Premium /

Share Repurchases (for the week ended 07/05/2024)


Average Share Price


Repurchased shares

Investment Objective and Strategies

The Fund’s investment objective is to achieve long-term capital growth primarily through investment in an actively managed portfolio of equity securities listed on the Taiwan Stock Exchange (“TSE”) in the Republic of China (“ROC”). This objective may not be changed without the approval of a majority of the Fund’s outstanding voting securities.

The Fund is diversified and intends to continue to diversify its assets over a broad spectrum of the ROC economy. This includes, as conditions warrant from time to time, cement, chemicals and plastics, construction, electrical/electronics, finance, banking, food, textiles, glass, rubber, pulp and paper, metal products and machinery, retailing, and tourism. The Fund will invest more than 25% of its total assets in the semi-conductor industry.

The investment strategy has a blended approach and focuses on companies identified by the research team. The Fund’s portfolio manager believes that many of these companies may be under-researched by investors and may not be well covered by major institutions. Investment targets tend to carry structural growth opportunities and leadership potential in their sector. Additionally, they offer opportunities through earnings surprises and valuation expansion. The securities selected for investment often are those emerging with a strong technological edge or with a business niche, and often are leaders in their sector for which our analysis gives the investment team prime knowledge and understanding of earnings drivers.

The Fund’s equity investments will generally be predominantly in common stocks, but investments may also be made in non-common stocks, for example preferred stocks (several of which are presently listed on the TSE) and in convertible debentures listed on the TSE. It is anticipated that at least 80% of the Fund’s assets will be invested in Taiwanese companies. Taiwan companies include: (i) companies for which the principal securities trading market is Taiwan; (ii) companies for which the principal trading market is outside of Taiwan, or in companies organized outside of Taiwan that in both cases derive at least 50% of their revenues from good or services sold or produced, or have at least 50% of their assets, in Taiwan; or (iii) companies organized in Taiwan.

Investment in the Fund involves certain risks which are not normally associated with investments in the United States, including a high degree of stock price volatility in the ROC securities markets. See the Fund’s prospectus for a full discussion of these risks.

Portfolio Managers

Portfolio Manager: Sky Chen »

Deputy Portfolio Manager: George Hsieh »

Service Providers

Administrator and Accounting Agent

State Street Bank and Trust Company
Boston, MA USA


State Street Bank and Trust Company
Boston, MA USA

Independent Compliance Officer Service

Foreside Compliance Services, LLC
Portland, ME USA

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Philadelphia, PA USA

Independent Treasurer

Foreside Management Services
Portland, ME USA

Legal Counsel

Clifford Chance US LLP
New York, NY USA

Transfer Agent, Dividend Paying Agent, and Register

Computershare Trust Company, N.A.
Providence, RI USA

Investment Adviser

Nomura Asset Management U.S.A. Inc. (“Nomura”) is a U.S.-based firm registered as an investment adviser with the Securities and Exchange Commission. The firm is a wholly owned subsidiary of Nomura Asset Management Co., Ltd. (“NAM Tokyo”), which is itself wholly owned by Nomura Holdings, Inc., a Japanese public company focused on the financial services industry.

NAM Taiwan’s investment process and philosophy centers on bottom-up stock picking with a team-based strategy that is broad across capitalizations and is growth-oriented.

NAM Taiwan has a dedicated investment team based in Taiwan specializing in the local equity market. This investment team has been continuously managing equity mandates since 1998.


Chairman of the Board, Chairman of the Discount Management Committee.
Member: Audit Committee, Nominating Committee, Valuation Committee, and Independent Director

Chairman of the Valuation Committee
Member: Audit Committee, Discount Management Committee, Nominating Committee, and Independent Director

Chairman of the Audit Committee
Member: Discount Management Committee, Nominating Committee, and Valuation Committee and Independent Director

Chair of the Nominating Committee.
Member: Audit Committee, Discount Management Committee, and Valuation Committee and Independent Director

Regulatory Information

The information contained in this site pertaining to The Taiwan Fund, Inc. is not directed, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the Fund’s shares are not available. Dissemination of information regarding the Fund 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 Fund files 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.

The 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 the Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by the 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 the Fund is only suitable for sophisticated investors who are aware of the risk of investing in Taiwan 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.