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The Taiwan Fund, Inc.

Portfolio Holdings

As of October 31, 2022

Sector Market Value % of Net Assets
Information Technology 120,134,666.00 66.27
Taiwan Semiconductor Manufacturing Co. Ltd. 40,751,959.00 22.48
Delta Electronics, Inc. 7,551,788.00 4.17
Nuvoton Technology Corp. 6,202,964.00 3.42
eMemory Technology, Inc. 6,171,930.00 3.40
Global Unichip Corp. 4,871,596.00 2.69
ASPEED Technology, Inc. 4,744,511.00 2.62
Gold Circuit Electronics Ltd. 4,707,635.00 2.60
Asia Vital Components Co. Ltd. 4,450,679.00 2.45
Wiwynn Corp. 4,448,817.00 2.45
Alchip Technologies Ltd. 4,330,359.00 2.39
E Ink Holdings, Inc. 4,005,090.00 2.21
Hon Hai Precision Industry Co. Ltd. 3,884,010.00 2.14
Nan Ya Printed Circuit Board Corp. 3,150,593.00 1.74
Lotes Co. Ltd. 2,889,906.00 1.59
MediaTek, Inc. 2,709,908.00 1.49
Jentech Precision Industrial Co. Ltd. 2,614,322.00 1.44
SDI Corp. 2,341,795.00 1.29
Realtek Semiconductor Corp. 2,231,670.00 1.23
Unimicron Technology Corp. 2,186,888.00 1.21
Tong Hsing Electronic Industries Ltd. 1,900,597.00 1.05
Gigabyte Technology Co. Ltd. 1,380,790.00 0.76
Nanya Technology Corp. 903,189.00 0.50
Globalwafers Co. Ltd. 867,810.00 0.48
M31 Technology Corp. 835,860.00 0.46
Communication Services 12,532,256.00 6.91
Chunghwa Telecom Co. Ltd. 4,426,566.00 2.44
Far EasTone Telecommunications Co. Ltd. 3,596,161.00 1.98
Accton Technology Corp. 3,408,674.00 1.88
Taiwan Mobile Co. Ltd. 1,100,855.00 0.61
Consumer Discretionary 10,089,673.00 5.57
Eclat Textile Co. Ltd. 3,174,940.00 1.75
Makalot Industrial Co. Ltd. 2,172,395.00 1.20
Fulgent Sun International Holding Co. Ltd. 1,601,272.00 0.88
Feng TAY Enterprise Co. Ltd. 1,444,488.00 0.80
Merida Industry Co. Ltd. 1,081,480.00 0.60
Nien Made Enterprise Co. Ltd. 463,651.00 0.26
Taiwan Paiho Ltd. 151,447.00 0.08
Industrials 3,378,136.00 1.86
Advanced Energy Solution Holding Co., Ltd. 3,378,136.00 1.86
Financials 2,127,085.00 1.17
Chailease Holding Co. Ltd. 2,127,085.00 1.17
Chemicals 894,145.00 0.49
Swancor Holding Co. Ltd. 894,145.00 0.49
CONSUMER STAPLES 731,911.00 0.40
President Chain Store Corp. 731,911.00 0.40

Holdings and weightings are subject to change.

Important Information

Portfolio holdings are subject to change daily.

It should not be assumed that any of the securities transactions or holdings discussed here were or will prove to be profitable, or that the investment recommendations or decisions Nomura Asset Management U.S.A. Inc. (“NAMUSA”) makes in the future will be profitable or will equal the investment performance of the securities discussed herein.

Investing in the Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by the Fund, and the income from them, may go down as well as up and there can be no assurance that upon sale, or otherwise, investors will receive back the amount originally invested. There can be no assurance that you will receive comparable performance returns. Movements in foreign exchange rates may have a separate effect, unfavorable as well as favorable, on the gain or loss otherwise experienced on an investment. Past performance is not a guide to future returns. Accordingly, the Fund is only suitable for investment by investors who are able and willing to withstand the total loss of their investment. In particular, prospective investors should consider the following risks:

  • Discretionary investment is not risk free. The past operating performance does not guarantee a minimum return for the discretionary investment fund. Apart from exercising the duty of care of a prudent adviser, NAMUSA will not be responsible for the profit or loss of the Fund, nor guarantee a minimum return.
  • It should be noted that investment in the Fund is only suitable for sophisticated investors who are aware of the risk of investing in Taiwan and should be regarded as long term. Funds that invest in one country carry a higher degree of risk than those with portfolios diversified across a number of markets.
  • Investment in the securities of smaller and unquoted companies can involve greater risk than is customarily associated with investment in larger, more established, companies. In particular, smaller companies often have limited product lines, markets, or financial resources and their management may be dependent on a smaller number of key individuals. In addition, the market for stock in smaller companies is often less liquid than that for stock in larger companies, bringing with it potential difficulties in acquiring, valuing, and disposing of such stock. Proper information for determining their value, or the risks to which they are exposed, may not be available.
  • Investments within emerging markets such as Taiwan can be of higher risk. Many emerging markets, and the companies quoted on their stock exchanges, are exposed to the risks of political, social, and religious instability, expropriation of assets or nationalization, rapid rates of inflation, high interest rates, currency depreciation, and fluctuations and changes in taxation which may affect the Fund’s income and the value of its investments.
  • The marketability of quoted shares may be limited due to foreign investment restrictions, wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted opening of stock exchanges, and a narrow range of investors. Trading volume may be lower than on more developed stock markets, and equities are less liquid. Volatility of prices can also be greater than in more developed stock markets. The infrastructure for clearing, settlement, and registration on the primary and secondary markets may be undeveloped. Under certain circumstances, there may be delays in settling transactions in some of the markets.

The Taiwan Fund, Inc., c/o State Street Bank and Trust Company, 1 Lincoln Street, P.O. Box 5049, Boston, MA, 02111.