SovereignWealthFunds.comTaiwan National Stabilization Fund
Taiwan National Stabilization Fund: what it invests in
Geography Mainly domestic
Taiwan National Stabilization Fund: how big it is, and on what basis
Taiwan National Stabilization Fund: what it publishes
Published 4 · Partly 2 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Taiwan's National Stabilization Fund is a standing emergency fund that buys local shares when major events threaten market order. It can deploy up to NT$500 billion, borrowed against state shareholdings and from idle postal and pension fund money. It has intervened nine times since 2000; the latest ran 279 days to January 2026, and all shares were sold by May 2026. S1 S4
Key points
- Usable funds capped at NT$500 billion. S1
- Nine interventions since the first on 15 March 2000. S4 S3
- Ninth intervention: 9 April 2025 to 12 January 2026, the longest at 279 days. S4
- Ninth round cost NT$12.25 billion and netted NT$9.932 billion after costs. S4
- All holdings were sold by 6 May 2026. S4
- Mainly buys large-cap and industry-leading shares. S1
Interesting facts
Mandate and goals
Keep capital and other financial markets stable when major domestic or international events or large capital flows threaten order and public confidence. After each mission it stops buying and sells back gradually. S1 S3
How it invests
| Industries | Technology, Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities S1 |
| Stages | Public markets S1 |
| Geography | Mainly domestic. Taiwan listed shares S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Ticket size | Set by the committee per intervention. S3 |
| Deal sizes seen | NT$756M to NT$122.7B per intervention |
| External managers | None published S1 |
| Co-investment programme | None S1 |
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Ninth intervention (US tariff shock). 9 April 2025 to 12 January 2026; net profit NT$9.932B after interest and fees. S4 S1 | Direct investment | Multi-sector | Public markets | NT$12.25B cost |
| 2022 | Eighth intervention (global rate rises). 13 July 2022 to 13 April 2023, 275 days. S3 | Direct investment | Multi-sector | Public markets | NT$54.5B |
| 2020 | Seventh intervention (pandemic sell-off). 20 March to 12 October 2020. S3 | Direct investment | Multi-sector | Public markets | NT$756M |
| 2015 | Sixth intervention (renminbi fall). 25 August 2015 to 12 April 2016, 232 days. S3 | Direct investment | Multi-sector | Public markets | NT$19.66B |
| 2011 | Fifth intervention (euro debt crisis). 21 December 2011 to 20 April 2012. S3 | Direct investment | Multi-sector | Public markets | NT$42.4B |
| 2008 | Fourth intervention (global financial crisis). September to December 2008, 90 days. S3 | Direct investment | Multi-sector | Public markets | NT$60B |
| 2004 | Third intervention. 20 May to 1 June 2004. S3 | Direct investment | Multi-sector | Public markets | NT$1.6B |
| 2000 | Second intervention (dot-com and oil shock). 3 October to 15 November 2000, the largest outlay. S3 | Direct investment | Multi-sector | Public markets | NT$122.7B |
| 2000 | First intervention. 16 to 20 March 2000, after the presidential election. S3 | Direct investment | Multi-sector | Public markets | NT$54.2B |
Case studies
Ninth intervention, 2025 to 2026 S4 S1
- What: The committee activated the fund after the April 2025 tariff shock and bought Taiwan shares.
- When: April 2025 to January 2026
- Size: NT$12.25B purchase cost
- Why: Steady the market during heavy selling.
- Outcome: Exit announced 12 January 2026; shares fully sold by 6 May 2026 with NT$22.11B proceeds and NT$9.932B net profit.
Investment process
An 11 to 13 member committee chaired by the Vice Premier decides when to intervene. Ex officio members include the central bank governor and the ministers of finance, transport and labour; other experts are chosen from nominations by legislative caucuses. S3
| Committee | Role |
|---|---|
| National Financial Stabilization Fund Management Committee | Decides interventions and exits; meets quarterly S3 |
- Major event disrupts markets. S3
- Committee votes to activate the fund. S3
- Fund buys large-cap shares. S1
- Committee ends the mission and shares are sold gradually. S1
- Results reported at a quarterly meeting. S4
How to approach: Not an investment partner; no approach process. S5
Size and returns
Leadership
The fund does not publish named leaders.
Governance and transparency
- Legal basis: Act for the Establishment and Management of the National Financial Stabilization Fund (2000) S5
- Oversight: Executive Yuan S1
- The Vice Premier chairs the committee and appoints its executive secretary. S3
Transparency score: 5.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2000-02-09 | Act promulgated. S3 |
| 2000-03-15 | First intervention. S3 |
| 2000-10-02 | Largest intervention begins. S3 |
| 2008-09 | Global financial crisis intervention. S3 |
| 2020-03-19 | Pandemic intervention. S3 |
| 2025-04-09 | Ninth intervention begins. S4 |
| 2026-01-12 | Ninth intervention ends. S1 |
| 2026-05-06 | All holdings sold. S4 |
| 2026-07-13 | Quarterly meeting reports final results. S4 |
For family offices
A market backstop, not a partner. Its activation is a signal of official support for Taiwan equities. S1
Common questions
How much can the fund use?
Up to NT$500 billion. S1
No. It sold all holdings by 6 May 2026. S4
How did the latest intervention do?
Net profit of NT$9.932 billion on NT$12.25 billion of purchases. S4
Who decides to intervene?
A committee chaired by the Vice Premier. S3
Related profiles
- Bhutan Economic Stabilization Fund (BESF) Bhutan · Nu 167M
- Mongolia Fiscal Stability Fund Mongolia · Not published
- Stabilization Fund of Turkmenistan Turkmenistan · Not disclosed, estimate
- Government Pension Investment Fund (GPIF) Japan · JPY 293.6T
- China Investment Corporation China · USD 1,567B
- GIC Private Limited Singapore · About USD 1.16T, estimate
All sovereign wealth funds in Asia · All stabilisation funds · All funds in Taiwan
Sources
- S1Central News Agency, National Stabilization Fund ends ninth intervention (12 January 2026)
- S2IFSWF, members list
- S3Wikipedia (Chinese), National Financial Stabilization Fund Management Committee
- S4Economic Daily News, fund reports ninth intervention results (13 July 2026)
- S5Ministry of Justice, Act for the National Financial Stabilization Fund
Disclaimer
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