Risk Considerations

  1. The Fund is actively managed and invests mainly in a widely diversified portfolio of shares of companies in Japan.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, geographic concentration risk, small and mid-capitalisation shares risk, currency risk and hedging risk which may result in loss of a part or the entire amount of your investment.
  3. The value of the Fund can be volatile and could go down substantially.
  4. You should not invest in the Fund unless the intermediary which sells you the Fund has advised you that the Fund is suitable for you.
  5. Investors should not invest in the Fund solely based on this website.
SICAV
Japanese Equity Fund
Seeking to uncover the best investment opportunities across the Japanese equity spectrum.
ISIN LU0230817339
FACTSHEET
KFS
YTD
Return
10.58%
Data as of: 31-Oct-2020
1YR Return
(Annualised)
15.76%
Data as of: 31-Oct-2020
3YR Return
(Annualised)
8.53%
Data as of: 31-Oct-2020
NAV
(EUR)
€17.04
Data as of: 25-Nov-2020
NAV Change
(Daily)
-0.81%
Data as of: 25-Nov-2020
Fund Size
(EUR)
€1.9b
Data as of: 31-Oct-2020
Archibald Ciganer,
Portfolio Manager
Archibald Ciganer is the portfolio manager for the Japan Equity Strategy, having previously covered the telecom, transportation, utility, media and consumer sectors as a research analyst in the Equity Division.

Overview
Strategy
Fund Summary
Seeks to provide long-term capital appreciation through investment in a broadly diversified portfolio of companies listed on the Japanese equity market.
SMALL-CAP
MID-CAP
LARGE-CAP

57
Holdings

Style
Agnostic / Core
Risk & Reward Data
Information Ratio
1.11
Sharpe Ratio
0.80
Historical Tracking Error
6.44%
Performance - Net of Fees
Current Year Performance
1 Month
-0.64%
Indicative Benchmark
-1.26%
Excess Return

0.62%
3 Months
14.23%
Indicative Benchmark
9.17%
Excess Return

5.06%
6 Months
14.91%
Indicative Benchmark
4.63%
Excess Return

10.28%
YTD
10.58%
Indicative Benchmark
-6.32%
Excess Return

16.90%
Annualised Performance
1 YR
15.76%
Indicative Benchmark
-4.23%
Excess Return

19.99%
3 YR
8.53%
Indicative Benchmark
1.06%
Excess Return

7.47%
5 YR
11.22%
Indicative Benchmark
4.09%
Excess Return

7.13%
Inception
3.09%
Indicative Benchmark
2.17%
Excess Return

0.92%
Data as of 31-Oct-2020
Indicative Benchmark : TOPIX Index Net
Share Class Inception Date: 11-Apr-2006
Holdings
Total
Holdings
57
Largest
SOFTBANK GROUP CORP
6.00%
Was ( 30-Jun-2020 )

5.59%
Top 10
38.90%
Largest Contributor
SOFTBANK GROUP CORP
By 1.13%
% of fund
5.95%
Largest Detractor
Hoshizaki
By -1.84%
% of fund
4.60%
Largest Purchase
Freee KK
2.61%
Was ( 30-Jun-2020 )
1.56%
Largest Sale
Nippon Telegraph & Telephone
2.75%
Was ( 30-Jun-2020 )
3.60%
Data as of 30-Sep-2020
Sectors
Total
Sectors
12
Largest
It & Services & Others
37.86%
Was ( 30-Sep-2020 )
37.57%
Largest Contributor
Information Technology
By 1.96%
Sector Weight
0.04%
Stock Selection
1.92%
Largest Detractor
Communication Services
By -0.29%
Sector Weight
0.20%
Stock Selection
-0.49%
Data as of 30-Sep-2020
Overweight
It & Services & Others
By 18.80%
Fund
37.86%
Indicative Benchmark
19.06%
Underweight
Banks
By -4.74%
Fund
0.00%
Indicative Benchmark
4.74%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: TOPIX Index

Team
Archibald Ciganer,
Portfolio Manager
Archibald Ciganer is the portfolio manager for the Japan Equity Strategy, having previously covered the telecom, transportation, utility, media and consumer sectors as a research analyst in the Equity Division.
Portfolio Manager since
2013
Years at
T. Rowe Price
12
Years investment experience
20
Laurence Taylor,
Portfolio Specialist
Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity portfolio managers to institutional clients, consultants and prospects.
Years at
T. Rowe Price
11
Years investment experience
20
How to Invest
Fees Minimum Initial Investment and Holding Amount (EUR) Minimum Subsequent Investment (EUR) Sales Charge (up to) Investment Management Fee (up to)

Indicative Benchmark Data Source: Tokyo Stock Exchange

Unless otherwise specified, all fund ratings, awards and data are as of 31-Oct-2020 and sourced from T. Rowe Price. 

SICAV refers to the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”).

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested in the share class currency, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Indicative benchmark returns are shown with gross dividends reinvested.   

Please refer to the factsheet for the Minimum Performance Information and other details.

Investment involves risks. Past performance is not a reliable indicator of future performance. The investment returns for some funds are denominated in foreign currency other than US/HK dollar. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar against other foreign currency's exchange rate. Investors should refer to the prospectus for full details of the objectives, investment policies and risks.

Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.  

The calendar year performance of a share class in its year of inception is calculated from its inception date to the last day of that year, which is not a full year return.

Issued in Hong Kong by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission (“SFC”). This has not been reviewed by the SFC.

All Risk & Reward Data shown is specific to the particular share class shown, and is not necessarily representative of the fund as a whole. The data is calculated based upon the return and standard deviation of the selected share class over 3 years (if the share class has a track record of between 3 and 5 years) or 5 years, once the share class has sufficient performance history. Risk & Reward Data is not available for share classes with under 3 years’ performance history. 

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2020 FactSet Research Systems Inc.  All rights reserved. FT Interactive, IDC; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the TOPIX sectors and industries for sector and industry reporting for this product.

Where Top 10 Contributor and Detractor figures are shown (within the Holdings sections), these represent the Top 10 contributing/detracting securities by percentage of positive or negative contribution to performance as of 31-Oct-2020.

Where individual top contributor/detractor figures are shown, these are the largest contributors/detractors by percentage of fund size, out of the Top 10 contributors/detractors to fund performance as of 31-Oct-2020.

Calculation methodology of the contributors/detractors is available upon request. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for clients in the fund. A complete list of contributors/detractors for the period covered is available upon request.

Certain numbers in this website may not equal the stated totals due to rounding.

The Morningstar rating is sourced from Morningstar.

©2020 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.