To fund the purchase of Suzuki, we exited our position in internet service company Kakaku.com (TSE:2371). Kakaku.com management has done a great job growing its restaurant information service Tabelog over the past several years, building it into the most dominant restaurant information app in Japan. However, growth at Tabelog has started to slow, weighed by new competition, while the company has struggled to find new avenues for growth. Compared to the slowing growth outlook, valuations remained elevated and hence, we decided to exit the position.
From Matthews Japan Fund (Trades, Portfolio) third-quarter 2016 commentary.
