T. Rowe Price Japan Fund

T. Rowe Price Japan Fund Premium Guru

Last Update: 07-15-2015

Number of Stocks: 77
Number of New Stocks: 3

Total Value: $319 Mil
Q/Q Turnover: 15%

Countries: JPN
Details: Top Buys | Top Sales | Top Holdings  Embed:

T. Rowe Price Japan Fund Watch

  • T. Rowe Price Japan Fund Adds to Each of its 10 Most Valuable Stakes

    T. Rowe Price Japan Fund (Trades, Portfolio) is an advocate of long-term growth through investments in companies that are based in Japan or have their main operations there. Its strategy produced a return of nearly 30% in 2013.


    In the second quarter, T. Rowe Price increased its positions in its 10 most valuable stakes.

      


  • T. Rowe Price Japan Fund Q1 2015 Commentary

    Japanese equities posted strong returns over the quarter in both local currency and U.S. dollar terms. It was the best-performing developed market in the first quarter. The equity market has benefited from a number of tailwinds, including purchases by government pension funds, companies improving shareholder returns in response to government pressure, and exporters benefiting from the weak yen. Domestic consumers should benefit from wage increases and low inflation. The macroeconomic data also appear to be improving as the impact of last year's sales tax increase wears off. Although consumer inflation near 0% is significantly below the central bank's target of 2%, this is mostly due to weak oil prices rather than weak domestic demand-which has been improving and should improve as we see further real wage growth.


    The Japan Fund returned 13.04% in the quarter compared with 10.50% for the TOPIX Index and 11.46% for the Lipper Japanese Funds Average. For the 12 months ended March 31, 2015, the fund returned 8.97% versus 12.23% for the TOPIX Index and 14.58% for the Lipper Japanese Funds Average. The fund's average annual total returns were 8.97%, 7.89%, and 3.02% for the 1-, 5-, and 10-year periods, respectively, as of March 31, 2015. The fund's expense ratio was 1.05% as of its fiscal year ended October 31, 2014.

      


  • T. Rowe Price Japan Fund Q4 2014 Commentary

    Environment


    Japanese equities posted strong returns over the quarter in local currency terms. In U.S. dollars, the market declined, primarily due to the weak yen. The Japanese economy contracted in the third quarter and slipped into recession (commonly defined as two consecutive quarters of economic contraction), but investors are hopeful for better growth ahead. Prime Minister Shinzo Abe is pushing the Bank of Japan (BoJ) to inject more funds into the financial system through purchases of government bonds and other debt instruments, and the central bank intends to introduce more currency depreciation measures (the yen is already at a seven-year low versus the U.S. dollar) to revive growth. Prime Minister Abe announced a postponement of the planned sales tax and a snap election, which the ruling coalition won convincingly, reaffirming its mandate for reform.

      


  • T. Rowe Price Japan Fund's 5 New Holdings

    The T. Rowe Price Japan Fund (Trades, Portfolio) invests at least 80% of its assets in Japanese companies that can achieve and sustain above-average long-term earnings growth.

    In T. Rowe Price’s fourth quarter commentary, the firm said Japanese equities performed well in local currency terms, but declined in U.S. dollars due to the weak yen. T. Rowe Price maintained IT and services as the largest sector in the portfolio, particularly staffing agencies due to signs of a tightening labor market.  


  • T. Rowe Price Japan Fund 2014 Annual Manager's Letter

    Fellow Shareholders


    Japanese stocks offered good gains over the past six months, but the broad Topix benchmark was roughly flat over the fund’s fiscal year ended October 31, 2014.

      


  • T. Rowe Price Japan Fund Q3 2014 Commentary

    Environment


    Japanese stocks posted strong gains in local currency terms over the quarter but lost ground in U.S. dollar terms due to a significantly weaker yen. In the first half of the quarter, good corporate earnings and a number of stock buybacks helped support stocks, as did reports that the country's public pension fund may raise its weighting in domestic equities. Later in the period, markets got a more unexpected lift from weaker economic data, which raised expectations of further stimulus and monetary easing and drove the yen significantly lower. Export-oriented stocks, such as automakers and manufacturers of machinery and electric appliances, posted particularly strong gains. The weakest-performing sectors over the quarter included banks, real estate, and financial services excluding banks.

      


  • T. Rowe Price Japan Fund Second Quarter 2014 Manager Commentary

    Japanese stocks posted strong returns in the second quarter, outperforming broader developed markets and reversing the declines of the previous three months in U.S. dollar terms. Economic data showed that the Japanese economy expanded at a faster rate than expected in the first quarter of 2014, which was the best quarterly growth rate seen in almost three years. Consumer confidence improved for the first time in six months in May while producer prices rose at the fastest annual rate since October 2008. Investor sentiment was further boosted by encouraging economic data from China, a key export market for Japan's manufacturers, and the Federal Reserve's commitment to maintaining an accommodative policy stance.


    The Japan Fund returned 6.40% in the quarter compared with 6.89% for the TOPIX Index and 7.29% for the Lipper Japanese Funds Average. For the 12 months ended June 30, 2014, the fund returned 10.85% versus 11.36% for the TOPIX Index and 12.99% for the Lipper Japanese Funds Average. The fund's average annual total returns were 10.85%, 10.29%, and 2.75% for the 1-, 5-, and 10-year periods, respectively, as of June 30, 2014. The fund's expense ratio was 1.06% as of its fiscal year ended October 31, 2013.

      


  • T. Rowe Price Japan Fund First Quarter 2014 Manager Commentary

    Japanese equities declined over the quarter. Along with the geopolitical concerns facing most global markets, anxieties about an economic slowdown in China also resurfaced and prompted investors to repatriate money into safe-haven assets, including the yen. This currency strength hit the stocks of Japanese exporters, in particular. Japan's looming consumption tax hike also played a role in dampening the domestic stock market. On the upside, however, retail sales rose unexpectedly as consumers increased spending ahead of a hike in the consumption tax.


    The Japan Fund returned −5.10% in the quarter compared with −4.82% for the TOPIX Index and −4.45% for the Lipper Japanese Funds Average. For the 12 months ended March 31, 2014, the fund returned 9.51% versus 8.24% for the TOPIX Index and 8.89% for the Lipper Japanese Funds Average. The fund's average annual total returns were 9.51%, 12.94%, and 2.20% for the 1-, 5-, and 10-year periods, respectively, as of March 31, 2014. The fund's expense ratio was 1.06% as of its fiscal year ended October 31, 2013.

      


  • T Rowe Price Japan Fund Annual Report - October 2013

    The views and opinions in this report were current as of October 31, 2013. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a fore - cast of the fund's future investment intent. The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

      


  • T. Rowe Price Japan Fund Fourth Quarter Commentary

    Japanese stocks gained in the quarter in yen terms, although a decline in the currency reduced returns for overseas investors. Economic data suggested that Prime Minister Shinzo Abe's "three arrows" plan of economic reform was delivering positive results. Employment growth figures were robust, while core inflation reached its highest level in five years. Total monthly wages per regular worker rose, as did inflation expectations on evidence of a tighter labor market. In reaction to slowing growth in the third quarter due to a decline in private investment, policymakers put through an additional stimulus package. Business and consumer sentiment continued to strengthen during the quarter, with a measure of business confidence reaching a six-year high.


    The Japan Fund returned 2.21% in the quarter compared with 1.95% for the TOPIX Index and 2.07% for the Lipper Japanese Funds Average. For the 12 months ended December 31, 2013, the fund returned 29.96% versus 27.03% for the TOPIX Index and 27.90% for the Lipper Japanese Funds Average. The fund's average annual total returns were 29.96%, 8.70%, and 4.26% for the 1-5-, and 10-yearperiods, respectively, as of December 31, 2013. The fund's expense ratio was 1.14% as of its fiscal year ended October 31, 2012.

      


  • T. Rowe Price Japan Fund’s Top Five Fourth Quarter Picks

    Over the fourth quarter the T. Rowe Price Japan Fund purchased 14 new stocks. This brought the total number of stocks held by them to 90 stocks valued at $310 million. This fund seeks long-term growth of capital through investments in common stocks of companies located in Japan.


    The following five companies represent T. Rowe Price Fund’s top five stock holdings.

      


  • T. Rowe Price Japan Fund’s Top Five Third Quarter Picks

    Over the third quarter the T. Rowe Price Japan Fund purchased 14 new stocks. This brought the total number of stocks held by them to 93 stocks valued at $285 million. This fund seeks long-term growth of capital through investments in common stocks of companies located in Japan.

    The following five companies represent T. Rowe Price Fund’s top five stock holdings.  


  • T. Rowe Price Japan Fund Top 5 New Buys

    With net assets of $270.04 million and a 5.1% average annual return over the past 10 years, the T. Rowe Price Japan Fund (PRJPX) invests in the common stocks of companies either based or with primary operations in Japan. Relative to its benchmark, it is most overweight in the information technology and services sector, and underweight the banking sector. Fund managers increased their overweight exposure to the commercial and wholesale trading sector, where they believe yen weakness will fuel gains. Smaller-cap stocks also form a large portion of the fund as they promise better growth.

    On the macro environment, Fund Manager M. Campbell Gunn commented in their third quarter letter:  


  • T. Rowe Price Japan Fund - Third Quarter Commentary

    Japanese stocks advanced over a volatile quarter. Early gains were driven by increasing confidence in efforts by the government and central bank to revive the economy, which appeared to be reinforced by the election victory of Prime Minister Shinzo Abe's Liberal Democratic Party and its coalition partners in the Upper House. Stocks gave back some of their gains in August as investors worried over the timing of the U.S. Federal Reserve's change in monetary policy and a possible U.S.-led military strike against Syria. Japanese stocks recovered after the U.S. Federal Reserve decided not to scale down its quantitative easing program in September, and the market was further bolstered by Tokyo's victory in its 2020 Olympic Games bid. Nearing the close of the quarter, the market fell marginally on the U.S. government shutdown. All sectors rose over the quarter, led by steel and non-ferrous metals, real estate, and commercial and wholesale trade. The smallest advances came from electric power and gas, pharmaceuticals, and foods.
    The Japan Fund returned 7.40% in the quarter compared with 7.36% for the TOPIX Index. For the 12 months ended September 30, 2013, the fund returned 32.75% versus 30.86% for the TOPIX Index. The fund's average annual total returns were 32.75%, 5.91%, and 5.11% for the 1-, 5-, and 10-year periods, respectively, as of September 30, 2013. The fund's expense ratio was 1.14% as of its fiscal year ended October 31, 2012.  


  • T. Rowe Price Japan Fund's Q2 Portfolio Updates

    This past week, T. Rowe Price Japan Fund released its second quarter portfolio update. The fund purchased 19 new stocks during the second quarter, bringing its total to 95 stocks valued at approximately $256 million.

      


  • T. Rowe Price Japan Fund’s Top 5 New Buys

    The T. Rowe Price Japan Fund has $264.14 million in net assets and has returned 25.27% year to date. Since inception in 1991 it has returned 1.31%. There are 95 positions in the portfolio, of which 19 are new in the second quarter, for 26% quarter-over-quarter turnover. The largest of the new positions include: Olympus Corporation (TSE:7733), SECOM Co. Ltd. (TSE:9735), Toyota Industries Corp (TSE:6201), Suntory Beverage & Food Ltd. (TSE:2587) and Sumitomo Corp. (TSE:8053).

    New Buys  


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