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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)

11.08%
5.46%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

51.47%
1.14

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 +/- 4.00% 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%

Holdings

Total
Holdings
63
Largest Holding SOFTBANK GROUP CORP 7.32% Was (31-Dec-2020) 6.27%
Other View Full Holdings Quarterly data as of  31-Mar-2021
Top 10 Holdings 40.26% View Top 10 Holdings Monthly data as of  31-Mar-2021

Top Purchase

Coconala (N)
0.63%
Was (31-Dec-2020) 0%

Top Sale

Fast Retailing
1.50%
Was (31-Dec-2020) 2.99%

Quarterly Data as of 31-Mar-2021

Sectors

Total
Sectors
12
Largest Sector It & Services & Others 39.23% Was (31-Dec-2020) 37.17%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2021

Benchmark: TOPIX Index

Top Contributor^

Foods
Net Contribution 0.19%
Sector
0.21%
Selection -0.02%

Top Detractor^

It & Services & Others
Net Contribution -1.36%
Sector
-0.42%
Selection
-0.94%

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

It & Services & Others
By22.05%
Portfolio 39.23%
Benchmark 17.18%

Largest Underweight

Banks
By-5.16%
Portfolio 0.00%
Benchmark 5.16%

Monthly Data as of 31-Mar-2021

Team (As of 10-Jun-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.

  • Portfolio manager
    since
    2013
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    21
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