Japan's Daifuku (TSE:6383, Financial) made the biggest positive impact on first-half performance. The company develops, manufactures, and provides a wide range of automation and logistics solutions and services. We like its leading global positions in a diverse selection of attractive end markets that range from automated warehousing to semiconductor manufacturing, as well as its large and increasing share of after-market revenues. This supports enduring customer relationships that can generate 15-20 years of repeat revenues. We trimmed our position during the first half as its shares climbed.
From Chuck Royce (Trades, Portfolio)'s Royce International Premier Fund (Trades, Portfolio) second-quarter 2020 commentary.
