The Taiwan Fund, Inc. Announces 3rd Quarter Earnings
The Taiwan Fund, Inc. (NYSE: TWN) reported its Q3 2024 earnings, showing positive performance. The fund's net asset value increased to $49.64 per share, up $1.26 from the previous quarter. The share price rose to $39.84, representing a 19.74% discount to NAV. For the three-month period, TWN had a total return of 2.60% based on NAV change, underperforming the TAIEX Total Return Index's 9.46% return.
Over the nine-month period, TWN's NAV increased by $9.91 per share, with a total return of 26.56%, slightly outperforming the benchmark's 26.08%. The fund reported net realized gains of $18,996,701 and a decrease in unrealized appreciation of $13,057,608. Net investment income for the quarter was $946,970.
Il Taiwan Fund, Inc. (NYSE: TWN) ha riportato i risultati del terzo trimestre del 2024, mostrando una performance positiva. Il valore netto dell'attivo è aumentato a $49,64 per azione, con un incremento di $1,26 rispetto al trimestre precedente. Il prezzo delle azioni è salito a $39,84, rappresentando uno sconto del 19,74% rispetto al NAV. Per il periodo di tre mesi, TWN ha registrato un ritorno totale del 2,60% basato sul cambiamento del NAV, sotto la performance dell'indice di rendimento totale TAIEX che ha registrato un ritorno del 9,46%.
Nel periodo di nove mesi, il NAV di TWN è aumentato di $9,91 per azione, con un ritorno totale del 26,56%, leggermente superiore al benchmark che ha registrato un 26,08%. Il fondo ha riportato guadagni netti realizzati di $18.996.701 e una diminuzione dell'apprezzamento non realizzato di $13.057.608. Il reddito netto da investimenti per il trimestre è stato di $946.970.
El Taiwan Fund, Inc. (NYSE: TWN) reportó sus ganancias del tercer trimestre de 2024, mostrando un desempeño positivo. El valor neto de los activos aumentó a $49,64 por acción, un incremento de $1,26 respecto al trimestre anterior. El precio de las acciones subió a $39,84, lo que representa un descuento del 19,74% respecto al NAV. Durante el período de tres meses, TWN tuvo un retorno total del 2,60% basado en el cambio del NAV, quedando por debajo del retorno del índice de rendimiento total TAIEX que fue del 9,46%.
En el período de nueve meses, el NAV de TWN aumentó en $9,91 por acción, con un retorno total del 26,56%, superando ligeramente el del índice de referencia que fue del 26,08%. El fondo reportó ganancias netas realizadas de $18.996.701 y una disminución en la apreciación no realizada de $13.057.608. Los ingresos netos de inversiones para el trimestre fueron de $946.970.
타이완 펀드 주식회사 (NYSE: TWN)는 2024년 3분기 실적을 보고하며 긍정적인 성과를 보였습니다. 순자산 가치는 주당 $49.64로 증가했으며, 이는 이전 분기보다 $1.26 증가한 수치입니다. 주가는 $39.84로 상승하여 NAV 대비 19.74%의 할인율을 나타냅니다. 3개월 기간 동안 TWN은 NAV 변화를 기준으로 총 수익률 2.60%를 기록하며 TAIEX 총 수익률 지수의 9.46% 수익률보다 낮은 성과를 보였습니다.
9개월 기간 동안 TWN의 NAV는 주당 $9.91 증가했으며, 총 수익률 26.56%를 기록하여 벤치마크의 26.08%를 약간 초과하였습니다. 이 펀드는 실현된 순익 $18,996,701을 보고하였고, 비실현된 평가 증가의 감소는 $13,057,608이었습니다. 분기별 순투자 수익은 $946,970였습니다.
Le Taiwan Fund, Inc. (NYSE: TWN) a annoncé ses résultats pour le troisième trimestre 2024, montrant une performance positive. La valeur nette d'inventaire a augmenté pour atteindre $49,64 par action, soit une hausse de $1,26 par rapport au trimestre précédent. Le prix de l'action a grimpé à $39,84, représentant une décote de 19,74% par rapport au NAV. Pour la période de trois mois, TWN a enregistré un rendement total de 2,60% basé sur le changement de NAV, sous-performant l'indice TAIEX Total Return qui a atteint un rendement de 9,46%.
Sur une période de neuf mois, le NAV de TWN a augmenté de $9,91 par action, avec un rendement total de 26,56%, dépassant légèrement celui de l'indice de référence, qui est de 26,08%. Le fonds a déclaré des gains nets réalisés de $18.996.701 et une diminution de l'appréciation non réalisée de $13.057.608. Le revenu net d'investissement pour le trimestre était de $946.970.
Der Taiwan Fund, Inc. (NYSE: TWN) gab seine Ergebnisse für das dritte Quartal 2024 bekannt und zeigte eine positive Leistung. Der Nettoinventarwert stieg auf $49,64 pro Aktie, ein Anstieg um $1,26 im Vergleich zum vorangegangenen Quartal. Der Aktienkurs stieg auf $39,84, was einem Rabatt von 19,74% auf den NAV entspricht. Für den dreimonatigen Zeitraum erzielte TWN eine gesamt Rendite von 2,60% basierend auf der NAV-Änderung und blieb hinter der Rendite des TAIEX Total Return Index von 9,46% zurück.
Im Zeitraum von neun Monaten stieg der NAV von TWN um $9,91 pro Aktie, mit einer gesamt Rendite von 26,56%, die leicht höher ist als die Benchmark mit 26,08%. Der Fonds berichtete von realisierten Nettogewinnen von $18.996.701 und einem Rückgang der nicht realisierten Wertsteigerung von $13.057.608. Das Nettoanlageergebnis für das Quartal betrug $946.970.
- Net asset value per share increased by $1.26 to $49.64
- Share price rose by $1.02 to $39.84
- Total return of 26.56% for the nine-month period, outperforming the benchmark
- Net realized gains of $18,996,701 on investments and foreign currency transactions
- Net investment income of $946,970 for the quarter
- Fund underperformed the TAIEX Total Return Index in the three-month period (2.60% vs 9.46%)
- Decrease in net unrealized appreciation of $13,057,608 on investments and foreign currency transactions
Insights
Quarterly Performance: The Taiwan Fund's Q3 performance shows a notable increase in net asset value (NAV) by $1.26 per share from the previous quarter, ending at $49.64. However, the fund's share price on the NYSE, despite increasing by $1.02, still trades at a significant 19.74% discount to NAV. This could indicate market skepticism or a lack of investor confidence. The total return of 2.60% for the three-month period is considerably lower than the TAIEX Total Return Index's 9.46%, suggesting the fund's performance is lagging behind the broader market.
Nine-Month Review: Over a nine-month period, the fund's NAV and share price saw a substantial rise, indicating strong performance and potential recovery. An increase of $9.91 per share in NAV and $8.74 in share price suggests improved market conditions or effective management strategies. The fund's total return of 26.56% closely aligns with the TAIEX Index's 26.08%, showing a slightly better performance than the benchmark.
Realized and Unrealized Gains: The fund reported significant realized gains of $18.99 million and a decrease in unrealized appreciation by $13.06 million. This suggests that while the fund has capitalized on profitable investments, there may be concerns about the future value of its current holdings. The net investment income of $946,970 for the quarter, up from $655,782 over nine months, highlights operational improvements and better income management.
Discount to NAV: The persistent discount to NAV, currently at 19.74%, raises questions about investor perception. Typically, a high discount indicates market concerns about the fund’s future performance or the liquidity of its underlying assets. Retail investors should consider whether this discount presents a buying opportunity or signals deeper issues with the fund’s portfolio.
Comparative Analysis with TAIEX: The fund's 2.60% return over three months compares unfavorably with the 9.46% return of the TAIEX Total Return Index. This discrepancy can be a red flag for investors who might expect the fund's returns to be more in line with the market index it benchmarks against. However, over nine months, the fund’s performance aligns more closely with the TAIEX, indicating potential volatility but overall positive momentum.
Investment Income and Gains: The increase in net investment income and substantial realized gains suggest that the fund has been actively managing its portfolio. However, the decrease in unrealized appreciation implies that some of the current investments might not be expected to perform as well in the future. Investors should monitor these trends to gauge the fund’s long-term prospects.
Fund's Strategy and Market Trends: The Taiwan Fund focuses on equity securities listed on the Taiwan Stock Exchange, making it sensitive to technological advancements and market trends in Taiwan’s tech sector. Given Taiwan’s significant role in global electronics and semiconductor manufacturing, fluctuations in these industries can have substantial impacts on the fund’s performance.
Sector Performance: Considering the strong performance of technology stocks globally, especially in semiconductor sectors, the fund’s investments in these areas could be a double-edged sword. While these sectors are poised for growth, they are also highly volatile. Investors should consider the broader market dynamics, including supply chain disruptions and geopolitical tensions, which may affect the fund's holdings.
The Fund reported a net asset value per share of
For the nine month period ended May 31, 2024, the Fund's net asset value per share increased
For the three month period ended May 31, 2024, the Fund had net realized gains of
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*****
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 1-800-426-5523.
CONTACT:
Brian F. Link, Secretary
1-800-426-5523
www.thetaiwanfund.com
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SOURCE The Taiwan Fund, Inc.
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