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Strategy

Japan Equity

The Japan Equity Composite seeks long-term capital appreciation primarily through investment in large-, mid-, and small-cap companies traded in Japan markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The market cap of holdings within these portfolios will typically be between $4 and $20 billion.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

8.57%
4.94%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-6.95%
0.96

Inception Date 31-Dec-1995

Performance figures calculated in USD

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Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.  As of December 2013, he has been 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 of T. Rowe Price.

 

Strategy

Investment Approach

  • Macroeconomic factors have a role, but our approach is primarily bottom-up and research driven.
  • Growth opportunities are found across the capitalization spectrum and across market sectors.
  • Risk is managed at stock, sector, and cap-range levels.
  • Portfolio rebalancing is an effective risk management tool.

Portfolio Construction

  • Typically 80-110 stock portfolio
  • Minimum individual position size is 0.4%
  • Individual position sizes can range +/- 2.00% relative to the benchmark
  • Sector weightings vary from +/- 10% of the benchmark
  • Tracking error target will range between 300 and 600 bps
  • Target reserves less than 5%

Holdings

Total
Holdings
76
Largest Holding SOFTBANK GROUP CORP 3.67% Was (30-Jun-2019) 4.43%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 29.29% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Kyowa Kirin (N)
1.69%
Was (30-Jun-2019) 0.00%

Top Sale

ZOZO (E)
0.00%
Was (30-Jun-2019) 1.83%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
13
Largest Sector It & Services & Others 32.32% Was (30-Jun-2019) 31.88%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: TOPIX Index

Top Contributor^

Retail Trade
Net Contribution 0.29%
Sector
0.06%
Selection 0.24%

Top Detractor^

Automobiles And Transportation Equipment
Net Contribution -0.76%
Sector
-0.01%
Selection
-0.76%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

It & Services & Others
By16.31%
Portfolio 32.32%
Benchmark 16.01%

Largest Underweight

Banks
By-5.87%
Portfolio 0.00%
Benchmark 5.87%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Archibald Ciganer

Archibald Ciganer is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.  As of December 2013, he has been 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 of T. Rowe Price.

Mr. Ciganer has 20 years of investment experience and joined T. Rowe Price in 2007. He began his career as a credit analyst with BNP Paribas in Japan. Subsequently, he served as an associate in the firm's Investment Banking Department and most recently as a vice president in Mergers and Acquisitions, where he handled a number of cross-border transactions for blue chip Japanese and foreign corporates.

Mr. Ciganer graduated from Institut d'Etudes Politiques de Paris (sciences po.) in finance and accounting. Mr. Ciganer has earned the Chartered Financial Analyst designation. Mr. Ciganer is fluent in French, Japanese and English.

  • Portfolio manager
    since
    2013
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    20
Laurence Taylor

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

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    20
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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