T. Rowe Price T. Rowe Price Trusty Logo


Japanese Equity Fund

Seeking to uncover the best investment opportunities across the Japanese equity spectrum.

ISIN GB00BD446L18 Bloomberg TRJEQCA:LN

Since Inception Annualised
(View Total Returns)

Total Assets


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio

Tracking Error


Inception Date 13-Mar-2017

Performance figures calculated in GBP

Other Literature

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.



Investment Objective

To increase the value of its shares through growth in the value of its investments.

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 0.40%
  • 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 C)

Annualised Performance

  1 YR 3 YR
5 YR
Since Inception
Fund % 16.38% N/A N/A 7.50%
Indicative Benchmark % 9.97% N/A N/A 3.67%
Excess Return % 6.41% N/A N/A 3.83%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of  31-Jan-2020

  1 YR 3 YR
5 YR
Since Inception
Fund % 21.55% N/A N/A 8.24%
Indicative Benchmark % 14.21% N/A N/A 4.30%
Excess Return % 7.34% N/A N/A 3.94%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of  31-Dec-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 21-Feb-2020 Quarter to DateData as of 21-Feb-2020 Year to DateData as of 21-Feb-2020 1 MonthData as of 31-Jan-2020 3 MonthsData as of 31-Jan-2020
Fund % -0.93% -2.22% -2.22% -1.30% 2.04%
Indicative Benchmark % -1.91% -3.28% -3.28% -1.39% -0.93%
Excess Return % 0.98% 1.06% 1.06% 0.09% 2.97%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Indicative Benchmark: TOPIX Index Net

Performance figures calculated in GBP

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, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

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.


Largest Holding Miura 3.93% Was (30-Sep-2019) 3.40%
Other View Full Holdings Quarterly data as of 31-Dec-2019
Top 10 Holdings 31.64% View Top 10 Holdings Monthly data as of 31-Jan-2020

Largest Top Contributor^

By 0.79%
% of fund 3.94%

Largest Top Detractor^

Suzuki Motor
By -0.24%
% of fund 2.10%


Quarterly Data as of 31-Dec-2019

Top Purchase

Freee KK (N)
Was (30-Sep-2019) 0.00%

Top Sale

Mitsui Fudosan Logistics Park (E)
Was (30-Sep-2019) 1.41%

Quarterly Data as of 31-Dec-2019


Largest Sector It & Services & Others 33.33% Was (31-Dec-2019) 34.27%
Other View complete Sector Diversification

Monthly Data as of 31-Jan-2020

Indicative Benchmark: TOPIX Index

Largest Overweight

It & Services & Others
Fund 33.33%
Indicative Benchmark 16.29%

Largest Underweight

Fund 0.00%
Indicative Benchmark 5.71%

Monthly Data as of 31-Jan-2020

Team (As of 06-Feb-2020)

Archibald Ciganer

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 2000, and he has been with T. Rowe Price since 2007, beginning in the International Equity groupDivision. Archibald began his career as a credit analyst with BNP Paribas in Japan. Subsequently, he served as an associate in the firm'sBNP’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 (sSciences pPo.). Archibald He also has also earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
  • Years at
    T. Rowe Price
  • Years investment
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
  • Years investment

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to 75 basis points 0.92%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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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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