In the IT and services sector, our overweight position in SoftBank (TSE:9984, Financial) contributed the most to relative performance. The telecommunications and internet conglomerate suffered sharp losses amid the coronavirus panic of the first quarter as investors grew skeptical about the outlook for its technology holdings, including office-sharing firm WeWork and ride-hailer Uber. Shares recouped their losses in April, however, as the company continued to sell assets and buy back stock to reduce the discount at which it trades relative to the value of its assets. (Please refer to the fund’s portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)
From the T. Rowe Price Japan Fund (Trades, Portfolio)'s 2020 semi-annual shareholder letter.
