SICAV
Japanese Equity Fund
Seeking to uncover the best investment opportunities across the Japanese equity spectrum.
3YR Return Annualised
(View Total Returns)
Total Assets
(EUR)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 11-Apr-2006
Performance figures calculated in EUR
Strategy
Investment Objective
To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of companies in Japan.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.
- Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.
Portfolio Construction
- Typically 80-110 stock portfolio
- Minimum individual position size is 0.40%
- Individual position sizes can range +/- 2.00% relative to the benchmark
- Sector weightings vary from +/- 10% of the benchmark
- Tracking error expected to range between 300 and 600 bps
- Target reserves less than 5%
Performance (Class A)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 16.32% | 8.66% | 11.22% | 11.92% | 12.05% |
| Indicative Benchmark % | 16.85% | 5.40% | 8.25% | 9.42% | 8.93% |
| Excess Return % | -0.53% | 3.26% | 2.97% | 2.50% | 3.12% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | 16.32% | 8.66% | 11.22% | 11.92% |
| Indicative Benchmark % | 16.85% | 5.40% | 8.25% | 9.42% |
| Excess Return % | -0.53% | 3.26% | 2.97% | 2.50% |
Recent Performance
| Month to DateData as of 29-Jul-2021 | Quarter to DateData as of 29-Jul-2021 | Year to DateData as of 29-Jul-2021 | 1 MonthData as of 30-Jun-2021 | 3 MonthsData as of 30-Jun-2021 | |
|---|---|---|---|---|---|
| Fund % | -1.14% | -1.14% | -4.24% | 3.86% | -3.14% |
| Indicative Benchmark % | 0.20% | 0.20% | 4.54% | 2.81% | -1.69% |
| Excess Return % | -1.34% | -1.34% | -8.78% | 1.05% | -1.45% |
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, 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.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Holdings
Total
Holdings
63
Largest Top Contributor^
Keyence
By 1.73%Largest Top Detractor^
Hoshizaki
By -0.11%Top Purchase
Eisai (N)
2.15%Top Sale
SOFTBANK GROUP CORP
4.02%
Sectors
Total
Sectors
12
Top Contributor^
Health Care
Net Contribution 0.80%Top Detractor^
Industrials & Business Services
Net Contribution -1.23%Largest Overweight
It & Services & Others
Largest Underweight
Banks
Team (As of 27-Jul-2021)
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.
Archibald’s investment experience began in 1999 and he has been with T. Rowe Price since 2007, beginning in the International Equity group. Archibald 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.
Archibald earned a B.A. in finance and accounting from Institut d'Etudes Politiques de Paris (sciences po.). Archibald has also earned the Chartered Financial Analyst® designation.
- Fund manager2013
since - Years at13
T. Rowe Price - Years investment21
experience
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.
Laurence’s investment experience began in 1999, and he has been with T. Rowe Price since 2008, beginning in the Investment Specialist Group. Prior to this, Laurence was employed by AXA Rosenberg as a quantitative portfolio manager, with responsibility for global and European equity portfolios, and began his career at AonHewitt Associates in the UK investment practice. At AonHewitt, Laurence 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.
Laurence earned a B.A., with honors, from Greenwich University. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at12
T. Rowe Price - Years investment21
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount (EUR) | Minimum Subsequent Investment (EUR) | Minimum Redemption Amount (EUR) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
|---|---|---|---|---|---|---|
| Class A | €1,000 | €100 | €100 | 5.00% | 160 basis points | 1.71% |
| Class I | €2,500,000 | €100,000 | €0 | 0.00% | 75 basis points | 0.81% |
| Class Q | €1,000 | €100 | €100 | 0.00% | 75 basis points | 0.86% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
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.