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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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OEIC

Japanese Equity Fund

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

ISIN GB00BD446L18 Bloomberg TRJEQCA:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

9.38%
£301.0m

1YR Return
(View Total Returns)

Manager Tenure

7.83%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.53
7.64%

Inception Date 13-Mar-2017

Performance figures calculated in GBP

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 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.
  • 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 C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 7.83% 9.38% N/A 11.15%
Indicative Benchmark % 15.27% 5.30% N/A 6.24%
Excess Return % -7.44% 4.08% N/A 4.91%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 7.83% 9.38% N/A 11.15%
Indicative Benchmark % 15.27% 5.30% N/A 6.24%
Excess Return % -7.44% 4.08% N/A 4.91%

Inception Date 13-Mar-2017

Indicative Benchmark: TOPIX Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 22-Oct-2021 Quarter to DateData as of 22-Oct-2021 Year to DateData as of 22-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % -5.47% -5.47% -7.06% 2.93% 6.44%
Indicative Benchmark % -5.16% -5.16% 1.73% 4.75% 7.20%
Excess Return % -0.31% -0.31% -8.79% -1.82% -0.76%

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
65
Largest Holding Keyence 5.39% Was (30-Jun-2021) 4.65%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 37.04% View Top 10 Holdings Monthly data as of  30-Sep-2021

Largest Top Contributor^

Keyence
% of fund 5.42%

Largest Top Detractor^

SOFTBANK GROUP CORP
% of fund 3.26%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

Nippon Sanso Holdings (N)
0.49%
Was (30-Jun-2021) 0%

Top Sale

FANUC
1.21%
Was (30-Jun-2021) 3.85%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
12
Largest Sector It & Services & Others 38.36% Was (31-Aug-2021) 37.29%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: TOPIX Index

Largest Overweight

It & Services & Others
By21.69%
Fund 38.36%
Indicative Benchmark 16.67%

Largest Underweight

Electric Appliances And Precision Instruments
By-6.34%
Fund 15.22%
Indicative Benchmark 21.56%

Monthly Data as of 30-Sep-2021

Team (As of 01-Oct-2021)

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 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 manager
    since
    2017
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    22
Laurence Taylor

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 at
    T. Rowe Price
    12
  • Years investment
    experience
    21

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 to75 basis points 0.92%

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