野村资产管理Nomura Asset Management (NMR) 2015年年度报告「NYSE」.pdf

1、The Taiwan Fund,inc.Annual ReportAugust 31,2015The Taiwan Fund,inc.whaTs insidePageChairmans Statement2Report of the Investment Manager4About the Portfolio Managers7Portfolio Snapshot8Industry Allocation9Schedule of Investments10Financial Statements12Notes to Financial Statements15Report of Independ

2、ent Registered Public Accounting Firm21Other Information22Summary of Dividend Reinvestment and Cash Purchase Plan25Directors and Officers29.2chairmans sTaTemenTDear Stockholders,In the year to August 31,2015 Taiwan equities fell mainly because of the countrys close trading ties with China which suff

3、ered an economic downturn in the period.Adding to the negative sentiment was a combination of local issues such as increased capital gains tax rates,surprise election results and concerns regarding weakening demand for technology goods.The Funds net asset value decreased by 13.0%1,an outperformance

4、of 4.5%when compared to its benchmark,the TAIEX Total Return Index,which decreased by 17.5%over the same period.As detailed in the Report of the Investment Manager,factors that contributed to the Funds outperformance included overweight positions in electronic parts and components supplying server-r

5、elated companies and the textiles and electric and machinery sectors,which benefitted from growth in outsourcing sports wear and auto-parts.The appointment of JF International Management Inc.(JFIMI)as the Funds Investment Adviser was approved by stockholders on September 22,2014.The Board is pleased

6、 with JFIMIs progress to date and is confident in its ability to steer the Fund through what are currently volatile and uncertain economic and market conditions.The Fund paid a dividend of$2.63 per share on January 9,2015 to stockholders of record at December 30,2014.Following nomination by the Boar