野村资产管理Nomura Asset Management (NMR) 2012年年度报告「NYSE」.pdf

1、 200Ff5n8RVz62h0 x200Ff5n8RVz62h0 x412746 COV 1STATE STREET BANK&TAIWAN FUND AR 8/31/27-Oct-2012 00:52 EST!CLNPSSFFRR Donnelley ProFileNER tegtc0sw10*PMT2CPA8710AC60867411.0.24g75j22-11.0Annual ReportAugust 31,2012 200Ff5n8Pn$us5X7G200Ff5n8Pn$us5X7G412746 TX 2STATE STREET BANK&TAIWAN FUND AR 8/31/26

2、-Oct-2012 18:02 ESTCLNPSSFFRR Donnelley ProFileNER thoms0swSTART PAGE12*PMT2Cnerdoc111.0.24CHAIRMANSSTATEMENTDear Stockholders,It has been an eventful 12 months for The Taiwan Fund,Inc.(the“Fund”).At the end of 2011,the Fund entered into interimmanagement arrangements with Martin Currie,Inc.(“Martin

3、Currie”)and APS Asset Management Pte Ltd.(“APS”),whowere later appointed by the Board and confirmed by stockholdervote as,respectively,investment adviser and sub-adviser.TheFund also has instituted a discount management policy,which isongoing,and conducted a tender offer(to repurchase up to 50%of th

4、e Funds outstanding shares),which was fully taken up andconcluded as planned in mid-June.The Funds return over the review period as a whole has beendisappointing both in absolute and in relative terms.Much of theunderperformance compared with the relevant indices took placewhile the Fund was undergo

5、ing the transition from its formerportfolio managers.Since Martin Currie and APS assumed full managementresponsibility at the end of February 2012,relative performancehas improved;in the six months from the end of February to theend of August,the Fund has modestly outperformed the TAIEXindex.That th

6、is should have been achieved even while themanagement team was obliged to raise cash ahead of the tenderoffer is highly encouraging.Given that the long-term investment case for Taiwan remainscompelling and that the portfolio management transition iscompleted,I have great confidence on the future pro