In the fourth quarter, we initiated a new position in medical equipment manufacturer Olympus (TSE:7733, Financial). Olympus had previously struggled with governance issues, including past accounting issues and several large- scaled recalls. However, under a new management along with much stronger board oversight, we are seeing some positive changes, especially over the past year, in fundamentals and ESG measures.
From the Matthews Japan Fund (Trades, Portfolio)'s fourth-quarter 2020 commentary.
