T. Rowe Price T. Rowe Price Trusty Logo

OEIC

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
(GBP)

7.42%
£167.4m

1YR Return
(View Total Returns)

Manager Tenure

9.15%
2yrs

Information Ratio

Tracking Error

N/A
N/A

Inception Date 13-Mar-2017

Performance figures calculated in GBP

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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 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
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 9.15% N/A N/A 7.42%
Indicative Benchmark % 6.67% N/A N/A 4.39%
Excess Return % 2.48% N/A N/A 3.03%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -1.58% N/A N/A 8.00%
Indicative Benchmark % -0.71% N/A N/A 4.56%
Excess Return % -0.87% N/A N/A 3.44%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of  30-Sep-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 04-Dec-2019 Quarter to DateData as of 04-Dec-2019 Year to DateData as of 04-Dec-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % 0.11% 3.74% 22.92% -0.76% -0.14%
Indicative Benchmark % -0.47% 0.16% 13.91% -0.04% 2.08%
Excess Return % 0.58% 3.58% 9.01% -0.72% -2.22%

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.

Holdings

Total
Holdings
75
Largest Holding SOFTBANK GROUP CORP 3.72% Was (30-Jun-2019) 4.51%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 30.15% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Chugai Pharmaceutical
By 0.26%
% of fund 2.85%

Largest Top Detractor^

SOFTBANK GROUP CORP
By -0.34%
% of fund 3.73%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

Kyowa Kirin (N)
1.72%
Was (30-Jun-2019) 0.00%

Top Sale

ZOZO (E)
0.00%
Was (30-Jun-2019) 1.87%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
13
Largest Sector It & Services & Others 31.99% Was (30-Sep-2019) 32.03%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: TOPIX Index

Largest Overweight

It & Services & Others
By16.24%
Fund 31.99%
Indicative Benchmark 15.75%

Largest Underweight

Banks
By-5.86%
Fund 0.00%
Indicative Benchmark 5.86%

Monthly Data as of 31-Oct-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.

  • Fund manager
    since
    2017
  • 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

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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