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The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

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.     

Cision

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