During the second quarter, specialty retailer Workman (TSE:7564) was a top contributor to Fund performance. Workman operates a chain of retail outlets that caters mainly to construction workers for uniforms and such related goods as gloves and safety shoes. The firm has been taking market share from mom-and-pop operators while demand remains firm due to increased construction spending. Japan has been experiencing an acute shortage of construction workers and the resulting higher wages should be an added bonus for this solidly managed retailer.
From Matthews Japan Fund (Trades, Portfolio)’s Second Quarter 2014 Commentary.
