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)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Dec-1995
Performance figures calculated in USD
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%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -6.43% | 9.17% | 10.67% | 9.66% |
| Composite Net % | -6.95% | 8.57% | 10.07% | 9.06% |
| Benchmark % | -6.17% | 6.00% | 5.90% | 5.72% |
| Excess Return (Gross) % | -0.26% | 3.17% | 4.77% | 3.94% |
Recent Performance
| 3 MonthsData as of 30-Sep-2019 | Year to DateData as of 30-Sep-2019 | |
|---|---|---|
| Composite Gross % | 1.89% | 14.21% |
| Composite Net % | 1.75% | 13.74% |
| Benchmark % | 2.92% | 10.04% |
| Excess Return (Gross) % | -1.03% | 4.17% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective 1 June 2019, the benchmark for the composite changed from gross- to net- of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.
Holdings
Total
Holdings
76
Top Purchase
Kyowa Kirin (N)
1.69%Top Sale
ZOZO (E)
0.00%Sectors
Total
Sectors
13
Top Contributor^
Retail Trade
Net Contribution 0.29%Top Detractor^
Automobiles And Transportation Equipment
Net Contribution -0.76%Largest Overweight
It & Services & Others
Largest Underweight
Banks
Team (As of 31-Aug-2019)
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 manager2013
since - Years at12
T. Rowe Price - Years investment20
experience
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 at11
T. Rowe Price - Years investment20
experience
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.