Taiwan Fund INC: insider trades · United States · SEC (Form 4)

About Taiwan Fund INC

The Taiwan Fund, Inc. (NYSE: TWN) is a U.S.-listed investment company structured as a diversified closed-end fund under the Investment Company Act of 1940. It is incorporated in Maryland, with its principal administrative offices in Boston, Massachusetts, United States, through State Street Bank and Trust at One Lincoln Street. From an equity-research perspective, TWN is not an operating business in the traditional sense; it is a listed portfolio vehicle whose core purpose is to provide investors with concentrated exposure to Taiwan-listed equities in a U.S. market wrapper. ([sec.gov](https://www.sec.gov/Archives/edgar/data/804123/000139834425008980/fp0092752-3_ncsrs.htm?utm_source=openai)) Historically, The Taiwan Fund was created to give international investors a practical way to access Taiwan’s equity market without having to build local market infrastructure. SEC filings describe it as a closed-end management investment fund, and historical disclosures note that its shares have been listed on the New York Stock Exchange. That legacy matters because it frames the company’s role: TWN serves as a specialist access point to a single-country market that is both strategically important and highly concentrated. ([sec.gov](https://www.sec.gov/Archives/edgar/data/804123/000139834418001387/fp0030885_ex991.htm?utm_source=openai)) The fund is managed by an external investment manager, currently Nomura Asset Management U.S.A. Inc. Recent SEC reports show that the portfolio’s benchmark is the TAIEX Total Return Index, which is the Taiwan Stock Exchange benchmark. In practical terms, TWN is designed to capture the performance of Taiwan’s equity market, with meaningful sensitivity to sectors such as technology, industrials and financials. Given Taiwan’s global importance in semiconductors and advanced manufacturing, the fund’s return profile can be heavily influenced by AI-related demand, chip cycles and broader risk appetite toward Asia. ([sec.gov](https://www.sec.gov/Archives/edgar/data/804123/000139834425008980/fp0092752-3_ncsrs.htm?utm_source=openai)) In competitive terms, TWN sits in a niche category of country-specific closed-end funds. Its competitive edge lies in specialization: a dedicated Taiwan mandate, U.S. listing, dollar-denominated trading, and a professional manager with local-market expertise. The main structural drawback is also typical of closed-end funds: the market price may trade at a premium or discount to NAV, so investors are exposed not only to underlying portfolio performance but also to sentiment around the fund vehicle itself. That makes TWN more of a tactical allocation instrument than a plain-vanilla index proxy. ([sec.gov](https://www.sec.gov/Archives/edgar/data/804123/000139834425008980/fp0092752-3_ncsrs.htm?utm_source=openai)) Recent developments reinforce the importance of the Taiwan exposure itself. In the semiannual report for the period ended February 28, 2026, the fund reported a strong NAV total return and explicitly linked Taiwan market performance to robust AI and semiconductor demand. For the fiscal year ended August 31, 2025, the fund also reported a meaningful outperformance versus the TAIEX benchmark. For investors in the United States and abroad, TWN therefore remains a specialist listed vehicle for accessing Taiwan’s equity story, rather than an operating company with products or services of its own. ([sec.gov](https://www.sec.gov/Archives/edgar/data/804123/000139834426008260/fp0098006-3_ncsrs.htm?utm_source=openai))