野村资产管理Nomura Asset Management (NMR) 2023年年度报告「NYSE」.pdf

1、THE TAIWAN FUND,INC.Annual ReportAugust 31,2023THE TAIWAN FUND,INC.WHATS INSIDE.PageChairmans Statement2Report of the Investment Manager3About the Portfolio Manager5Performance6Portfolio Snapshot7Industry Allocation8Schedule of Investments9Financial Statements11Notes To Financial Statements14Report

2、of Independent Registered Public Accounting Firm20Other Information21Summary of Dividend Reinvestment and Cash Purchase Plan24 Investment Objectives and Policies27 Risk Factors and Special Considerations28Directors and Officers332Chairmans statementDear Stockholders,The TAIEX Total Return Index(in U

3、.S.dollar terms)(“TAIEX”or the“Benchmark”)returned 9.25%during the 12 months from September 1,2022 through August 31,2023.The Taiwan equity market was positively impacted by a number of factors,among which were the expectation of a pause in U.S.interest rate hikes,the continuing economic benefits fr

4、om the COVID-19 recovery,and increased U.S.personal spending.The Taiwan Fund,Inc.s(the“Fund”)total return based on its net asset value(“NAV”)for the period from September 1,2022 through August 31,2023,was 32.61%,an outperformance of 23.36%when compared to the Benchmark.Factors impacting the Funds pe

5、rformance are detailed in the following“Report of the Investment Manager”.During the year,the Fund resumed a Discount Management Program and made purchases totaling 43,123 shares under the program.On behalf of the Board,I thank you for your continuing support of the Fund.Sincerely,William C.Kirby Ch

6、airman3report of the investment manager(unaudited)PLEASE NOTE THAT ALLIANZ GLOBAL INVESTORS U.S.LLP(“AGI”)WAS REPLACED AS INVESTMENT MANAGER BY NOMURA ASSET MANAGEMENT U.S.A.INC.(“NAM USA”)AS OF SEPTEMBER 17,2022.Market ReviewDuring the period from September 1,2022 through August 31,2023,the TAIEX T