TWN - Taiwan Fund
A closed-end fund run by JPMorgan. Invests outside the U.S. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- City of London owns 38.2% as a passive investor. On file since Feb 9, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. 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.
What happened, and when
-
July 24, 2026
City of London cut its stake to 38.2% (from 39.6%), as a passive investor.
Original document → -
May 15, 2026
City of London raised its stake to 39.6% (from 38%), as a passive investor.
Original document → -
Feb 13, 2026
City of London cut its stake to 38% (from 40.4%), as a passive investor.
Original document → -
May 9, 2025
City of London raised its stake to 40.4% (from 39.3%), as a passive investor.
Original document → -
Feb 14, 2025
City of London cut its stake to 39.3% (from 40.7%), as a passive investor.
Original document →
Show all 9 events
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Nov 14, 2024
1607 Capital sold down below 5% and stopped reporting.
Original document → -
Nov 14, 2024
City of London raised its stake to 40.7% (from 37.1%), as a passive investor.
Original document → -
Feb 9, 2024
City of London now owns 37.1%, as a passive investor.
Original document → -
Feb 8, 2024
1607 Capital now owns 8.9%, 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 $651 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of May 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 →
- Payouts: last fiscal year (ended Aug 31, 2025) the fund paid $7.40 a share, all of it from gains. 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 50.3% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +192%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Aug 31, 2025): the value of the holdings returned +30.8%. How the share price did: the shares returned +33.7% over the same year, counting payouts and the change in the market price. As of Aug 31, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Almost all shares (100%).
- Taiwan Semiconductor Manufacturing - 27.2%
- MediaTek - 8.2%
- Hon Precision - 6.8%
- Unimicron Technology - 5.4%
- King Slide Works - 5.1%
- Delta Electronics - 4.7%
- Elite Material - 4.7%
- Mpi - 4.2%
- LandMark Optoelectronics - 3.6%
- eMemory Technology - 3.3%
Show all 25
- WinWay Technology - 3.2%
- Bizlink Holding - 2.9%
- Jentech Precision Industrial - 2.7%
- Kinsus Interconnect Technology - 2.5%
- Gold Circuit Electronics - 2.3%
- Advanced Energy Solution Holding - 2.2%
- Nien Made Enterprise - 1.6%
- Accton Technology - 1.3%
- Horng Terng Automation - 1.3%
- Fositek - 1%
- Chroma ATE - 1%
- Global Unichip - 0.9%
- Century Iron & Steel Industrial - 0.7%
- Alchip Technologies - 0.6%
- Merida Industry - 0.5%
As of May 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| July 24, 2026 | City of London | 38.2% | Updated notice |
| May 15, 2026 | City of London | 39.6% | Updated notice |
| Feb 13, 2026 | City of London | 38% | Updated notice |
| May 9, 2025 | City of London | 40.4% | Updated notice |
| Feb 14, 2025 | City of London | 39.3% | Updated notice |
| Nov 14, 2024 | 1607 Capital | 4.8% | Sold down below 5% |
| Nov 14, 2024 | City of London | 40.7% | Updated notice |
| Feb 9, 2024 | City of London | 37.1% | Updated notice |
| Feb 8, 2024 | 1607 Capital | 8.9% | Updated notice |
No announcements from the fund on file.
- Run by
- Nomura Asset Management U.S.A. Inc.
- Fund family
- JPMorgan
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-04893
- Auditor
- Tait, Weller & Baker LLP
- Fiscal year end
- Aug 31, 2025
- Number of holdings
- 30
- Preferred share classes
- none
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