Press Release: The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

PR Newswire

NEW YORK, July 17, 2019

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 Quarter
Ended Nine Months Ended Nine Months
Ended May Ended May
May 31, 31, May 31, 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.

View original content:http://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-3rd-quarter-earnings-300886776.html

SOURCE The Taiwan Fund, Inc.

/CONTACT: Brian F. Link, Secretary, 877-217-9502, www.thetaiwanfund.com

/Web site: http://www.thetaiwanfund.com

(END) Dow Jones Newswires

July 17, 2019 17:00 ET (21:00 GMT)

*DJ Taiwan Fund 3Q Loss/Shr $1.23 >TWN

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

July 17, 2019 17:02 ET (21:02 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.