野村资产管理Nomura Asset Management (NMR) 2013年年度报告「NYSE」.pdf

1、Annual ReportAugust 31,201324891011131723262924CHAIRMANSSTATEMENTDear Stockholders,In my statement in the Funds Semi-Annual Report earlier thisyear,I made reference to macroeconomic factors that hadinfluenced Taiwans markets in the first half of our financial year.These included worries over the Chi

2、nese leadership transitionand the US“fiscal cliff”.More recently,investors have turnedtheir attention to the likely duration of the Federal Reservesasset-purchasing program and a credit squeeze in China,amongother developments.Happily though,despite the resultingvolatility,the Taiwan Stock Exchange

3、Index(“TAIEX”)hasbeen able to add to its strong gains of the first half of the year.Over the full 12 months of the Funds fiscal year,the TAIEX(Total Return)index rose by a healthy 11.7%in US dollar terms.I am also pleased to report that the Fund performed well in bothabsolute terms and relative to i

4、ts benchmark.The reasons for thisare discussed later in this report,so I wont comment furtherother than to congratulate the Investment Manager on goodperformance in sometimes highly volatile conditions.Aside from this,I have several items of news to share with yourelating to the administration of th

5、e Fund.First,the Board ofDirectors voted in July to bring to an end the Funds discount-management program and implement instead a manageddistribution program,under which it is envisaged that quarterlydistributions will be paid at a target annual rate of 5%of marketprice.To this end,the Fund stopped

6、repurchasing its commonshares on July 30,2013.Adoption of the new program is subjectto necessary regulatory approval.This may take six months ormore to obtain,at which point the target distribution rate will bereassessed.Secondly,Bill Kirby joined as a new independent director inApril.As well as his