SCHEDULE: Ohio Public Employees Retirement System Reduces Taiwan Fund Inc. Stake

Ohio Public Employees Retirement System (OPERS) has reduced its beneficial ownership in Taiwan Fund Inc. to 4.88%, falling below the 5% reporting threshold.

Summary

• Public Employees Retirement System of Ohio (OPERS) has filed an Amendment No. 1 to its Schedule 13D regarding its beneficial ownership in Taiwan Fund Inc.
• OPERS now beneficially owns 296,919 shares of Taiwan Fund Inc., representing 4.88% of the class of securities.
• This ownership percentage is below the 5% threshold that typically requires a Schedule 13D filing, indicating a reduction in their stake.
• The shares were purchased or sold in the open market using client assets under management.
• OPERS's purpose for the transactions is for investment purposes, and they have no present plans to influence the issuer's management or corporate structure.
• OPERS previously sold shares, resulting in their ownership falling below 5% on September 24, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a major institutional investor has reduced its stake below the 5% threshold, which could be interpreted as a lack of strong conviction in the issuer's future performance. While it's a portfolio adjustment, it's not a positive signal for the issuer.

Positives

• NA

Negatives

• A significant institutional investor, OPERS, has reduced its stake in Taiwan Fund Inc. to below the 5% beneficial ownership threshold, which could be interpreted as a decrease in conviction or a portfolio rebalancing away from the issuer.

Risks

• OPERS explicitly states that it may dispose of any or all of the shares of stock held at any time, indicating potential future selling pressure on Taiwan Fund Inc.'s stock.

Future Outlook

OPERS may make further purchases of shares from time to time and may dispose of any or all of the shares held at any time. They have no present plans or intentions related to changes in the issuer's business, management, or corporate structure.

Management Comments

• Jennifer Starr, Chief Financial Officer of Public Employees Retirement System of Ohio, certified that the information set forth in the statement is true, complete, and correct to the best of her knowledge and belief.

Industry Context

This filing represents a routine disclosure of a change in beneficial ownership by a large institutional investor. Such adjustments are common in portfolio management and can reflect shifts in investment strategy, market outlook, or rebalancing efforts within a fund's holdings. The reduction below 5% means OPERS is no longer required to file a Schedule 13D unless their ownership again crosses the 5% threshold.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders of Taiwan Fund Inc. may view the reduction in stake by a large institutional investor as a negative signal, potentially influencing their own investment decisions.
• The company's management might need to address investor concerns regarding the institutional divestment, if any arise.

Next Steps

• OPERS may continue to adjust its holdings in Taiwan Fund Inc. through further purchases or sales in the open market.

Key Dates

Recommendation

The reduction in stake by a significant institutional investor like OPERS, while not necessarily a fundamental indictment of Taiwan Fund Inc., warrants caution. It suggests a potential re-evaluation of the investment by a sophisticated player. Investors should 'hold' and monitor for further developments, including any additional institutional selling or new fundamental information, before making a 'buy' or 'sell' decision. This event alone is not a strong enough signal for a 'sell' without deeper fundamental analysis, but it removes a potential large buyer from the 5%+ ownership category.

Keywords

Taiwan Fund Inc., OPERS, Schedule 13D, Beneficial Ownership, Institutional Investment, Fund Management, Equity Stake, Portfolio Adjustment