NEW YORK, July 17, 2019 /PRNewswire/ -- The Taiwan Fund,
Inc. (the "Fund") (NYSE: TWN) announced today details regarding its
investment performance for the three month period ended
May 31, 2019.
The Fund reported a net asset value per share of $18.41 as of the close of business on
May 31, 2019. This represents a
decrease of $1.17 per share from the
net asset value per share of $19.58
reported on Feb 28, 2019. The Fund's
share price, as traded on the New York Stock Exchange on
May 31, 2019, was $15.99, representing a discount to net asset
value of 13.15%. This represents a decrease of $0.85 per share from the share price of
$16.84 on February 28, 2019, which represented a discount
to net asset value of 13.99%. The Fund had a total return of -5.98%
for the three months ended May 31,
2019 based on the change in its net asset value. For the
same period the TAIEX Total Return Index returned–1.60% (in US$
terms).
For the nine month period, the Fund's net asset value per share
decreased $4.64 per share from the
net asset value per share of $23.05
reported on August 31, 2018.
For the nine month period ended May 31,
2019, the share price, as traded on the NYSE, decreased
$3.86 per share from the share price
of $19.85 reported on August 31, 2018. The Fund had a total
return of -11.06% for the nine month period ended May 31, 2019 based on the change of its net asset
value. For the same period the TAIEX Total Return Index returned
–7.70% (in US$ terms).
For the three month period ended May 31,
2019, the Fund had net realized gain of $1,763,035 on investments and foreign currency
transactions and a decrease in net unrealized appreciation of
$10,526,135 on investments and
foreign currency transactions. The Fund's net investment loss
(consisting of dividend and interest income less operating
expenses) for the same period was $698,348.
|
Quarter
Ended
|
Nine
Months
|
|
Quarter
Ended
|
Nine
Months
|
|
May 31,
|
Ended May
31,
|
|
May 31,
|
Ended May
31,
|
|
2019
|
2019
|
|
2018
|
2018
|
|
|
|
|
|
|
Total Net
Assets
|
$142,112,531
|
$142,112,531
|
|
$194,595,917
|
$194,595,917
|
|
|
|
|
|
|
Gross Investment
Income
|
$0
|
$227,614
|
|
$0
|
$163,046
|
Per
Share
|
$0.00
|
$0.03
|
|
$-
|
$0.02
|
|
|
|
|
|
|
Net Investment Income
(Loss)
|
$(698,348)
|
$(1,805,345)
|
|
$(829,614)
|
$(2,243,507)
|
Per
Share
|
$(0.09)
|
$(0.23)
|
|
$(0.10)
|
$(0.28)
|
|
|
|
|
|
|
Net Realized Gain
(Loss) on Investments
|
|
|
|
|
|
and Foreign
Currency Transactions
|
$1,763,035
|
$(14,192,091)
|
|
$5,131,125
|
$17,220,694
|
|
|
|
|
|
|
Change in Net
Unrealized
|
|
|
|
|
|
Appreciation
(Depreciation) on Investments
|
$(10,526,135)
|
$(8,430,695)
|
|
$(4,146,834)
|
$(11,441,396)
|
and Foreign Currency
Translations
|
|
|
|
|
|
|
|
|
|
|
|
Total Realized and
Unrealized
|
|
|
|
|
|
Gain (Loss) on
Investments
|
$(8,763,100)
|
$(22,622,786)
|
|
$984,291
|
$5,779,298
|
Per
Share
|
$(1.13)
|
$(2.93)
|
|
$0.12
|
$0.71
|
|
|
|
|
|
|
Net Increase
(Decrease) in Net
|
|
|
|
|
|
Assets Resulting from
Operations
|
$(9,461,448)
|
$(24,428,131)
|
|
$154,677
|
$3,535,791
|
Per
Share
|
$(1.23)
|
$(3.16)
|
|
$0.02
|
$0.43
|
Concerned about the continued under-performance of the Fund
relative to its benchmark index, the Board of Directors of the Fund
selected Allianz Global Investors U.S. LLC ("AllianzGI US") to
become its Investment Adviser, effective June 1, 2019. The Board believes that AllianzGI
US possesses the capabilities and skill to provide the Fund the
best opportunity to achieve superior investment
performance.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange.
Shares of the Fund are listed on the New York Stock Exchange under
the ticker symbol "TWN."
For additional information on the Fund, including information on
the Fund's holdings, visit the Fund's website at
www.thetaiwanfund.com or call
1-877-217-9502.
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SOURCE The Taiwan Fund, Inc.