野村资产管理Nomura Asset Management (NMR) 2018年年度报告「NYSE」.pdf

1、THE TAIWAN FUND,INC.Annual ReportAugust 31,2018.THE TAIWAN FUND,INC.WHATS INSIDEPageChairmans Statement2Report of the Investment Manager4About the Portfolio Manager7Portfolio Snapshot9Industry Allocation10Schedule of Investments11Financial Statements13Notes to Financial Statements16Report of Indepen

2、dent Registered Public Accounting Firm22Other Information23Summary of Dividend Reinvestment and Cash Purchase Plan28Directors and Officers32.2CHAIRMANS STATEMENTDear Stockholders,The TAIEX Total Return Index(“TAIEX”)rose 6.9%in the year to August 31,2018,which,despite being a relatively modest incre

3、ase in comparison to the previous year,saw the TAIEX reach a 28 year high in January 2018.The gains were led largely by demand for high-performance computing and smart phones which benefited companies in the Apple Inc.supply chain.Other positive sectors of the market included non-technology industri

4、es such as basic materials and consumer staples.Escalating trade tensions between China and the United States since early 2018 had a negative impact on the Taiwan equity market,particularly as the dispute related to some products in the technology sectors.The domestic economy in Taiwan remained gene

5、rally positive,even as the Taiwan Dollar weakened against the U.S.Dollar,mirroring a general devaluation of emerging market currencies during the period.The Taiwan Fund,Inc.s(the“Fund”)total return for the year ended August 31,2018,including reinvestment of the dividend paid in December 2017,was(1.5

6、%)1,an underperformance of 8.4%when compared to its benchmark,the TAIEX,which increased by 6.9%over the same period.The underperformance was disappointing.The factors that contributed to the Funds performance are detailed in the Report of the Investment Manager.At the Companys Annual Meeting of Stoc