Our Japanese holdings as a group outperformed those in the Index. However, two of our Japanese holdings reported weak earnings and were a drag on performance. CosmosPharmaceutical Corp. (TSE:3349) implemented a new pricing strategy, which impacted short-term results, but we believe the earnings hiccup was temporary and the long-term growth dynamics are still in place.
From the Wasatch International Growth Fund Q2 2015 shareholder letter.
