During the quarter, we increased our exposure to construction and mining equipment company Komatsu (TSE:6301). Its business has been under pressure due to low commodity prices but Komatsu is a solidly managed business with a globally recognized brand and financials that we believe can comfortably endure the current adverse conditions. Although we expect the tough business conditions to continue for the time being, we believe valuations are attractive relative to other companies of similar quality and global presence.
From Matthews Japan Fund (Trades, Portfolio) Q1 2015 Commentary.
