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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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Past performance is not a reliable indicator of future performance.

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)

10.57%
5.67%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

13.80%
0.87

Inception Date 31-Dec-1995

Performance figures calculated in USD

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.

 

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 re-balancing is an effective risk management tool.

Portfolio Construction

  • Typically 60-80 stock portfolio
  • Minimum individual position size is 0.4%
  • Individual position sizes can range +/- 5.00% relative to the benchmark
  • Sector weightings vary from +/- 15% of the benchmark
  • Tracking error target will range between 300 and 600 bps
  • Target reserves less than 5%

Holdings

Total
Holdings
66
Largest Holding Keyence 5.33% Was (30-Jun-2021) 4.65%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 36.49% View Top 10 Holdings Monthly data as of  30-Sep-2021

Top Purchase

Nippon Sanso Holdings (N)
0.47%
Was (30-Jun-2021) 0%

Top Sale

FANUC
2.13%
Was (30-Jun-2021) 3.85%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
12
Largest Sector It & Services & Others 38.59% Was (30-Jun-2021) 37.46%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: TOPIX Index

Top Contributor^

Automobiles And Transportation Equipment
Net Contribution 0.33%
Sector
0.06%
Selection 0.28%

Top Detractor^

Pharmaceutical
Net Contribution -0.66%
Sector
-0.02%
Selection
-0.64%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

It & Services & Others
By21.92%
Portfolio 38.59%
Benchmark 16.67%

Largest Underweight

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

Monthly Data as of 30-Sep-2021