In terms of detractors, robotics company FANUC (TSE:6954) posed the biggest drag on Fund performance for the quarter. Fanuc’s share price was bid up toward the end of 2012 but fell again during the quarter as demand for its products, most notably from China, remained weak. Demand for robotics tends to be cyclical, and we continue to hold FANUC as it remains an attractive global competitor in this field.
From Matthews Japan Fund first quarter 2013 commentary.
From Matthews Japan Fund first quarter 2013 commentary.
