The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

Rhea-AI Summary

The Taiwan Fund (NYSE:TWN) reported strong results for the three months ended May 31, 2026. Net asset value (NAV) per share rose to $116.90 from $79.33 on February 28, 2026, while the NYSE share price increased to $99.15 from $65.98, reflecting a 15.18% discount to NAV.

The Fund delivered a 47.36% total return on NAV for the quarter versus 26.12% for the TAIEX Total Return Index (US$). For the nine‑month period, NAV total return was 119.94% compared with the index’s 81.28%. Total net assets reached $650.9 million, up from $290.1 million a year earlier. Quarterly net realized gains were $53.2 million and net unrealized appreciation was $155.6 million, partly offset by a net investment loss of $373,401.

Positive

• NAV per share increased to $116.90 from $79.33 in three months
• Quarter NAV total return 47.36% vs TAIEX 26.12% (US$ terms)
• Nine‑month NAV total return 119.94% vs TAIEX 81.28% (US$ terms)
• Total net assets $650,879,216 vs $290,127,535 a year earlier
• Quarter realized and unrealized gains $208,736,469 on investments and FX
• Nine‑month realized and unrealized gains $361,481,616 on investments and FX

Negative

• Share price discount to NAV 15.18% as of May 29, 2026
• Quarter net investment loss $373,401 vs prior‑year income of $290,622
• Nine‑month net investment loss $973,226 vs prior‑year income of $300,554

News Market Reaction – TWN

-1.21%

-1.21% Session close to close

In the Jul 16 session, TWN declined 1.21%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

With short interest data showing relatively low bearish positioning and recent insider activity tilt...

Analysis

With short interest data showing relatively low bearish positioning and recent insider activity tilted toward net selling, this performance update slots into a backdrop where technical pressures appear modest. Investors may watch how the sizable closed-end structure trades versus peers and whether governance or concentration themes resurface in future filings.

Key Figures

NAV per share: $116.90 Total return (3 months): 47.36% TAIEX return (3 months): 26.12% +5 more

8 metrics

NAV per share $116.90 As of May 31, 2026

Total return (3 months) 47.36% Three months ended May 31, 2026, NAV basis

TAIEX return (3 months) 26.12% Three months ended May 31, 2026, US$ terms

Total return (9 months) 119.94% Nine months ended May 31, 2026, NAV and annual distribution

TAIEX return (9 months) 81.28% Nine months ended May 31, 2026, US$ terms

Total net assets $650,879,216 As of May 31, 2026

Net investment loss $(373,401) Three months ended May 31, 2026

Net realized gains $53,155,005 Investments and FX, three months ended May 31, 2026

Historical Context

2 past events · Latest: Apr 09 (Neutral)

Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 09	Annual meeting results	Neutral	+4.4%	Reported outcomes of annual stockholders meeting and director elections.
Feb 11	NAV calculation notice	Neutral	+0.2%	Announced NAV publication approach during Taiwan exchange Lunar New Year closure.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Limited recent news history, with both prior items drawing neutral-to-positive price responses and no clear pattern around operational fundamentals.

Key Terms

net asset value, total return, net unrealized appreciation, closed-end investment company, +1 more

5 terms

net asset value financial

"The Fund reported a net asset value per share of $116.90"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

total return financial

"The Fund had a total return of 47.36% for the three months ended"

Total return measures how much an investment grows over a period by combining changes in its market price with any income it pays (like dividends or interest), usually shown as a percentage. It matters to investors because it gives a complete picture of performance—similar to looking at your paycheck plus any year-end bonus rather than just the hourly wage—so you can compare investments more fairly and judge real wealth change.

View in glossary

net unrealized appreciation financial

"an increase in net unrealized appreciation of $155,581,464 on investments"

Net unrealized appreciation (NUA) is the increase in value of employer stock held inside a retirement plan, measured as the difference between the current market price and the original cost basis, after accounting for any taxes or adjustments. For investors, NUA matters because when the stock is moved out of the plan, that built-up gain can be taxed differently than regular income, similar to separating the profit on a used car from the original purchase price to decide which tax rules apply.

closed-end investment company financial

"The Fund is a non-diversified closed-end investment company, which seeks"

A closed-end investment company is a pooled investment fund that issues a fixed number of shares in a one-time offering and then has those shares bought and sold on an exchange like a stock; a professional manager runs the portfolio of assets. It matters to investors because the market price can move above or below the value of the underlying holdings, affecting returns and income, and shares may be less flexible to issue or redeem compared with open-ended funds—think of buying a slice of a privately baked pie whose market price can differ from the pie’s actual ingredients value.

foreign currency transactions financial

"net realized gains of $53,155,005 on investments and foreign currency transactions"

Foreign currency transactions are business deals—sales, purchases, loans or investments—priced in a currency different from the company’s reporting currency. Because exchange rates move, the value of those transactions when converted to the company’s books can rise or fall, creating accounting gains or losses; like buying something abroad where changing exchange rates change how much you actually paid. Investors watch these effects because they can materially change reported revenue, expenses, cash flow and debt levels, altering profitability and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOSTON, July 15, 2026 /PRNewswire/ -- The Taiwan Fund, Inc. (the "Fund") (NYSE: TWN) announced today details regarding its investment performance for the three month period ended May 31, 2026.

The Fund reported a net asset value per share of $116.90 as of the close of business on May 31, 2026. This represents an increase of $37.57 per share from the net asset value per share of $79.33 reported on Feb 28, 2026. The Fund's share price, as traded on the New York Stock Exchange on May 29, 2026, was $99.15, representing a discount to net asset value of 15.18%. This represents an increase of $33.17 per share from the share price of $65.98 on February 27, 2026, which represented a discount to net asset value of 16.83%. The Fund had a total return of 47.36% for the three months ended May 31, 2026 based on the change in its net asset value. For the same period the TAIEX Total Return Index returned 26.12% (in US$ terms).

For the nine month period ended May 31, 2026, the Fund's net asset value per share Increased $57.77 per share from the net asset value per share of $59.13 reported on August 31, 2025. For the nine month period ended May 31, 2026, the share price, as traded on the NYSE, increased $48.90 per share from the share price of $50.25 reported on August 31, 2025.  The Fund had a total return of 119.94% for the nine month period ended May 31, 2026 based on the change in its net asset value and the Fund's annual distribution. For the same period the TAIEX Total Return Index returned 81.28% (in US$ terms).

For the three month period ended May 31, 2026, the Fund had net realized gains of $53,155,005 on investments and foreign currency transactions and an increase in net unrealized appreciation of $155,581,464 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 $ 373,401.

	Quarter Ended	Nine Months Ended		Quarter Ended	Nine Months Ended
	May 31,	May 31,		May 31,	May 31,
	2026	2026		2025	2025
Total Net Assets	$650,879,216	$650,879,216		$290,127,535	$290,127,535
Gross Investment Income	$1,205,107	$3,046,915		$899,273	$2,211,150
Per Share	$0.22	$0.55		$0.14	$0.34
Net Investment Income (Loss)	$(373,401)	$(973,226)		$290,622	$300,554
Per Share	$(0.07)	$(0.17)		$0.04	$0.05
Net Realized Gain (Loss) on Investments
and Foreign Currency Transactions	$53,155,005	$83,995,088		$1,149,165	$16,570,083
Change in Net Unrealized
Appreciation (Depreciation) on Investments	$155,581,464	$227,486,527		$3,628,968	$(19,036,171)
and Foreign Currency Translations
Total Realized and Unrealized
Gain (Loss) on Investments	$208,736,469	$361,481,616		$4,778,133	$(2,466,088)
Per Share	$37.49	$64.92		$0.74	$(0.38)
Net Increase (Decrease) in Net
Assets Resulting from Operations	$208,363,068	$360,508,389		$5,068,756	$(2,165,534)
Per Share	$37.42	$64.75		$0.78	$(0.33)

The Fund is a non-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

View original content:https://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-3rd-quarter-earnings-302826830.html

SOURCE The Taiwan Fund, Inc.

FAQ

How did The Taiwan Fund (TWN) perform in its 3rd quarter ended May 31, 2026?

The Taiwan Fund reported a 3rd quarter NAV total return of 47.36%. According to the company, this compares with a 26.12% return for the TAIEX Total Return Index in US dollar terms over the same three‑month period.

What was The Taiwan Fund (TWN) net asset value per share on May 31, 2026?

The Taiwan Fund’s NAV per share was $116.90 on May 31, 2026. According to the company, this was up from $79.33 on February 28, 2026, reflecting strong appreciation in its Taiwan equity portfolio.

What total return did The Taiwan Fund (TWN) deliver over nine months ended May 31, 2026?

The Taiwan Fund achieved a nine‑month NAV total return of 119.94%. According to the company, this includes NAV change and the annual distribution, compared with an 81.28% return for the TAIEX Total Return Index in US dollar terms.

Is The Taiwan Fund (TWN) trading at a discount to NAV as of May 2026?

Yes, The Taiwan Fund traded at a 15.18% discount to NAV. According to the company, the NYSE share price was $99.15 on May 29, 2026, versus a NAV of $116.90 per share on May 31, 2026.

What were The Taiwan Fund (TWN) realized and unrealized gains in the quarter ended May 31, 2026?

The Taiwan Fund recorded total realized and unrealized gains of $208,736,469 for the quarter. According to the company, this comprised $53,155,005 in net realized gains and $155,581,464 of net unrealized appreciation on investments and foreign currency transactions.

Did The Taiwan Fund (TWN) report a net investment gain or loss in 3rd quarter 2026?

The Taiwan Fund reported a net investment loss of $373,401 for the quarter. According to the company, this loss reflects dividend and interest income less operating expenses, compared with net investment income of $290,622 in the prior‑year quarter.

What were The Taiwan Fund (TWN) total net assets as of May 31, 2026?

Total net assets were $650,879,216 as of May 31, 2026. According to the company, this compares with $290,127,535 as of May 31, 2025, highlighting significant growth in the Fund’s Taiwan equity portfolio over the year.