TWN - Taiwan Fund

What this means for you

City of London specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. 3 other large investors own more than 5% of this fund and have said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. July 24, 2026

   City of London cut its stake to 38.2% (from 39.6%), as a passive investor.

   Original document →

2. May 15, 2026

   Lazard Asset Management LLC cut its stake to 16.3% (from 18%), as a passive investor.

   Original document →

3. May 15, 2026

   City of London raised its stake to 39.6% (from 38%), as a passive investor.

   Original document →

4. Feb 13, 2026

   City of London cut its stake to 38% (from 40.4%), as a passive investor.

   Original document →

5. Jan 8, 2026

   Allspring Global Investments Holdings, LLC cut its stake to 8.6% (from 10.3%), as a passive investor.

   Original document →

About this fund

• Run by JPMorgan. At its last yearly report (Aug 31, 2025) the fund was run by Nomura Asset Management U.S.A. Inc. As of Aug 31, 2025, from the fund's yearly report. Original document →
• Size: about $685 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended Aug 31, 2025. As of Aug 31, 2025, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., 4 charge a lower management fee and 4 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Aug 31, 2025) the fund paid $7.40 a share, all of it from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Aug 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Aug 31, 2025): $59.13. The shares traded at $50.25, about 15% below that. As of Aug 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2.9% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $7.40 in the fiscal year ended Aug 31, 2025; $0.44 in the year ended Aug 31, 2024; nothing in the year ended Aug 31, 2023.As of Aug 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Aug 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.32% a year in the fiscal year ended Aug 31, 2025; 0.91% a year in the year ended Aug 31, 2024; 1.4% a year in the year ended Aug 31, 2023.As of Aug 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $361 million at Aug 31, 2025; $362 million at Aug 31, 2024; $295 million at Aug 31, 2023. From the fund's quarterly holdings reports. Original documents: Aug 31, 2025 →, Aug 31, 2024 →, Aug 31, 2023 →.
• Borrowing: none at Aug 31, 2025; none at Aug 31, 2024; none at Aug 31, 2023. From the fund's quarterly holdings reports. Original documents: Aug 31, 2025 →, Aug 31, 2024 →, Aug 31, 2023 →.
• The fund had about 6.1 million shares at Aug 31, 2025, down 17.8% from Aug 31, 2023.As of Aug 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Aug 31, 2025: the shares returned +33.7%, counting payouts; the holdings +30.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Aug 31, 2025, from the fund's annual report. Original document →
• The year ended Aug 31, 2024: the shares returned +45.7%, counting payouts; the holdings +37.1%. As of Aug 31, 2024, from the fund's annual report. Original document →
• The year ended Aug 31, 2023: the shares returned +23.4%, counting payouts; the holdings +32.6%. As of Aug 31, 2023, from the fund's annual report. Original document →
• The year ended Aug 31, 2022: the shares returned -24%, counting payouts; the holdings -24.4%. As of Aug 31, 2022, from the fund's annual report. Original document →
• The year ended Aug 31, 2021: the shares returned +70%, counting payouts; the holdings +66.9%. As of Aug 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +210.3%. $10,000 of shares bought at the start (Sept 1, 2020) would have become about $31,000 by Aug 31, 2025, with every payout counted, before tax. As of Aug 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +125.9%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in outside the U.S. with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 3 a lower one. As of Aug 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All shares (100%).

1. Taiwan Semiconductor Manufacturing - 26%
2. King Slide Works - 7.8%
3. MediaTek - 7%
4. Jentech Precision Industrial - 5.8%
5. LandMark Optoelectronics - 5.6%
6. Elite Material - 4.7%
7. Unimicron Technology - 4.6%
8. Hon Precision - 4%
9. Mpi - 3.4%
10. Delta Electronics - 3.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →