Japan Fund

Restricted

Invests in companies capable of achieving and sustaining above-average, long-term earnings growth and cash flow over the economic cycle. Favors companies with leading market position, technological leadership or proprietary advantage, and seasoned management.

Investing internationally involves special risks including currency fluctuation, political and economic uncertainty, differing regulatory environments and accounting standards, and uncertain tax laws.

Morningstar (Category)

Morningstar
(Overall Rating)1

Japan Stock
  (32 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

7yrs
$1.0b

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$19.15
$+0.25

Data as of 10/15/2021

Data as of 10/15/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

View more

Strategy

Investment Objective

The fund seeks long-term growth of capital through investments in common stocks of companies located (or with primary operations) in Japan.

Morningstar Equity Style

Large Growth

Data as of 09/30/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Japan Stock)
Overall 32
3 Years 32
5 Years 27
10 Years 21

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR
12.14%
Benchmark
20.23%
Value
-8.09% -8.09%

Data as of 09/30/2021

3 YR
10.42%
Benchmark
6.48%
Value
3.94% 3.94%

Data as of 09/30/2021

5 YR
12.85%
Benchmark
8.91%
Value
3.94% 3.94%

Data as of 09/30/2021

10 YR
12.31%
Benchmark
8.31%
Value
4.00% 4.00%

Data as of 09/30/2021

Benchmark: TOPIX Index Net

Fund Inception: 12/30/1991

Expense Ratio

Gross
0.96%
Net
0.96%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
-4.92%
Benchmark
3.18%
Value
-8.10%

Data as of 10/15/2021

Monthly YTD
-3.23%
Benchmark
5.81%
Value
-9.04%

Data as of 09/30/2021

One Month
0.46%
Benchmark
2.63%
Value
-2.17%

Data as of 09/30/2021

Three Months
3.23%
Benchmark
4.63%
Value
-1.40%

Data as of 09/30/2021

Benchmark: TOPIX Index Net

Fund Inception: 12/30/1991

Asset Allocation

Net Assets
(USD)
$1.0b

Data as of 09/30/2021

Largest Global ex-US Stock 97.70% $1.0b
Other View complete

Holdings

Total
Holdings
66

Data as of 09/30/2021

Largest Holding Keyence 5.33% Was (06/30/2021) 4.65%
Other View complete Full Holdings
Top 10 Holdings 36.49% View the latest Top 10 Holdings
12-Month Portfolio Turnover 27.8% Data as of 09/30/2021

Largest Contributor

Keyence
5.33%

Largest Detractor

SOFTBANK GROUP CORP
3.20%

Data as of 09/30/2021

Purchase

Nippon Sanso Holdings (N)
0.47%
Was 0.00%

Sale

FANUC
2.13%
Was 3.85%

Data as of 09/30/2021

Sectors

Total
Sectors
12

Data as of 09/30/2021

Benchmark: TOPIX Index

Largest Sector It & Services & Others 38.59% Was (08/31/2021) 38.00%
Other View complete

Contributor

Automobiles And Transportation Equipment
By 0.33%
Sector 0.06%
Selection 0.28%

Detractor

Pharmaceutical
By -0.66%
Sector -0.02%
Selection -0.64%

Data as of 09/30/2021

Over

It & Services & Others
By 21.92%
Fund 38.59%
Benchmark 16.67%

Under

Electric Appliances And Precision Instruments
By -5.64%
Fund 15.92%
Benchmark 21.56%

Data as of 09/30/2021

Currency

Total
Currencies
2

Data as of 09/30/2021

Benchmark: TOPIX Index

Largest Currency Japanese yen 99.04% Was (08/31/2021) 99.55%
Other View complete Currency Diversification

Over

U.S. dollar
By 0.96%
Fund 0.96%
Benchmark 0.00%

Under

Japanese yen
By -0.96%
Fund 99.04%
Benchmark 100.00%

Data as of 09/30/2021

Team (As of )

Archibald Ciganer

Archibald Ciganer
Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

  • Fund manager
    since 2013
  • Years at
    T. Rowe Price 14
  • Years investment
    experience 22
Laurence Taylor

Laurence Taylor
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division. He represents the firm's global equity strategies to institutional clients, consultants, and prospects. Laurence is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77956H708
$2,500 $100 0.00% 0.96% 0.96% N/A N/A
I Class
Cusip 77956H286
$1,000,000* N/A 0.00% 0.84% 0.84% N/A
N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 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. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

N-restricted

Certain limited exceptions may apply to these scenarios. The funds reserve the right, when in the judgment of T. Rowe Price, it is not adverse to a fund's interest, to permit certain types of investors to open new accounts in a fund, to impose further restrictions, or to close a fund to any additional investments, all without notice.

Effective June 1, 2019, the "net" version of the benchmark replaced the "gross" version of the benchmark.  The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes.

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