野村资产管理Nomura Asset Management (NMR) 2014年年度报告「NYSE」.pdf

1、The Taiwan Fund,inc.Annual ReportAugust 31,2014The Taiwan Fund,inc.whaTs insidePageChairmans Statement2Report of the Investment Manager4About the Portfolio Managers6Portfolio Snapshot7Industry Allocation8Schedule of Investments9Financial Statements12Notes to Financial Statements15Report of Independe

2、nt Registered Public Accounting Firm21Other Information22Summary of Dividend Reinvestment and Cash Purchase Plan26Directors and Officers30.2chairmans sTaTemenTDear Stockholders,During the year ended August 31,2014 Taiwan equities outperformed other regional markets in Asia as improving global market

3、 conditions,especially in the U.S.(a significant importer of Taiwan goods),translated into improved corporate earnings.Unsurprisingly,the technology sector was the greatest beneficiary as new product launches led to increased supply chain orders.It is against this backdrop that the Funds net asset v

4、alue increased by 16.3%,an underperformance of 5.1%when compared to its benchmark,the TAIEX Total Return Index,which increased by 21.4%*over the same period.The Funds underperformance was primarily attributable to sector allocation differences and costs associated with portfolio repositioning follow

5、ing two changes in investment adviser during the financial year.Allianz Global Investors U.S.LLC(Allianz)became the Funds investment adviser on an interim basis in February 2014 as the result of the resignation of Asset Management Ptd Ltd as the Funds sub adviser to the Funds investment adviser,Mart

6、in Currie,Inc.The Boards selection of Allianz as the Funds investment adviser was submitted to the Funds stockholders for approval;however,the stockholders did not approve Allianz.The Board then selected JF International Management Inc.(JFIMI)as the Funds investment adviser.JFIMI began managing the