10 Largest Holdings (as of 10/31/2023)
|Sector||% of Net Assets|
|Taiwan Semiconductor Manufacturing Co. Ltd.||Information Technology||19.93|
|Alchip Technologies Ltd.||Information Technology||4.71|
|MediaTek, Inc.||Information Technology||4.20|
|Quanta Computer, Inc.||Information Technology||4.18|
|Asia Vital Components Co. Ltd.||Information Technology||4.18|
|eMemory Technology, Inc.||Information Technology||4.08|
|Global Unichip Corp.||Information Technology||4.03|
|Fortune Electric Co. Ltd.||Industrials||4.02|
|Delta Electronics, Inc.||Information Technology||3.39|
|Gigabyte Technology Co. Ltd.||Information Technology||3.31|
Holdings are subject to change.
Sector Allocation (as of 10/31/2023)
|% of Net Assets||TAIEX %|
Sectors are subject to change.
Portfolio Holdings (as of 10/31/2023)
|Sector||Market Value||% of Net Assets|
|Taiwan Semiconductor Manufacturing Co. Ltd.||52,761,369.00||19.93|
|Alchip Technologies Ltd.||12,463,388.00||4.71|
|Quanta Computer, Inc.||11,065,547.00||4.18|
|Asia Vital Components Co. Ltd.||11,054,227.00||4.18|
|eMemory Technology, Inc.||10,809,619.00||4.08|
|Global Unichip Corp.||10,662,402.00||4.03|
|Delta Electronics, Inc.||8,974,287.00||3.39|
|Gigabyte Technology Co. Ltd.||8,764,375.00||3.31|
|Faraday Technology Corp.||7,560,475.00||2.86|
|ASPEED Technology, Inc.||6,101,125.00||2.30|
|Nuvoton Technology Corp.||5,450,409.00||2.06|
|Elite Material Co. Ltd.||4,692,955.00||1.77|
|E Ink Holdings, Inc.||3,786,280.00||1.43|
|Jentech Precision Industrial Co. Ltd.||3,545,553.00||1.34|
|WinWay Technology Co. Ltd.||2,427,624.00||0.92|
|Parade Technologies Ltd.||1,723,909.00||0.65|
|Globalwafers Co. Ltd.||1,506,814.00||0.57|
|Gold Circuit Electronics Ltd.||543,167.00||0.21|
|Fortune Electric Co. Ltd.||10,628,519.00||4.02|
|Sunonwealth Electric Machine Industry Co. Ltd.||6,413,350.00||2.42|
|Advanced Energy Solution Holding Co. Ltd.||4,441,344.00||1.68|
|Nak Sealing Technologies Corp.||553,306.00||0.21|
|Nien Made Enterprise Co. Ltd.||5,237,675.00||1.98|
|Merida Industry Co. Ltd.||3,326,839.00||1.26|
|Makalot Industrial Co. Ltd.||2,184,492.00||0.83|
|Fulgent Sun International Holding Co. Ltd.||2,000,694.00||0.76|
|Feng TAY Enterprise Co. Ltd.||1,787,476.00||0.68|
|Gourmet Master Co. Ltd.||1,576,297.00||0.60|
|Giant Manufacturing Co. Ltd.||603,052.00||0.23|
|Bafang Yunji International Co. Ltd.||568,059.00||0.21|
|President Chain Store Corp.||6,898,952.00||2.61|
|Century Iron & Steel Industrial Co. Ltd.||6,709,511.00||2.53|
|Swancor Holding Co. Ltd.||1,514,845.00||0.57|
|Chunghwa Telecom Co. Ltd.||4,595,653.00||1.74|
Holdings and weightings are subject to change.
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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.
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The Taiwan Fund, Inc., c/o State Street Bank and Trust Company, 1 Lincoln Street, P.O. Box 5049, Boston, MA, 02111.