During the quarter, we added several new names, including Suzuki Motor (TSE:7269). Suzuki is a medium-sized automobile manufacturer that specializes in small cars, and has a significant presence in India through its subsidiary Maruti Suzuki. Its India business, including royalties received, accounts for the vast majority of Suzuki’s net profits. The research into this idea involved extensive discussions with our India team, which has in-depth knowledge of the local market. We believe India’s automobile market has significant room for growth as rising income levels result in higher vehicle ownership.
From Matthews Japan Fund (Trades, Portfolio) third-quarter 2016 commentary.
