野村资产管理Nomura Asset Management (NMR) 2016年年度报告「NYSE」.pdf

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1、The Taiwan Fund,inc.Annual ReportAugust 31,2016The Taiwan Fund,inc.whaTs insidePageChairmans Statement2Report of the Investment Manager4About the Portfolio Manager7Portfolio Snapshot8Industry Allocation9Schedule of Investments10Financial Statements12Notes to Financial Statements15Report of Independe

2、nt Registered Public Accounting Firm20Other Information21Summary of Dividend Reinvestment and Cash Purchase Plan26Directors and Officers30.2chairmans sTaTemenTDear Stockholders,Market concerns regarding the slowdown in China and its negative impact on global growth as referred to in the Companys Sem

3、i-Annual Report receded to some extent,with Taiwan equities gaining 18.5%in the year to August 31,2016.The gains arose mainly as a result of an increase in confidence following a rise in the price of oil and growth in exports of goods and services,particularly electronics.In addition government meas

4、ures throughout the period continued to support the market and buyers have returned to the emerging market sector.Domestically,the newly elected Democratic Progressive Party has so far provided a smooth transition into power with a stable approach taken to the cross-Straits relationship.The Funds ne

5、t asset value increased by 18.3%1,a slight underperformance of 0.2%when compared to its benchmark,the TAIEX Total Return Index,which increased by 18.5%over the same period.As detailed in the Investment Management Report,factors that attributed to the Funds underperformance included an overweight pos

6、ition in the textiles sector.There were some changes in the composition of the Board during the year with the resignation of Lawrence Kudlow and the addition of Prof.Shelley Rigger who was planned to replace Mr.M.Christopher Canavan,Jr.,who retired as a director after 13 years of service.On behalf o