We also initiated a position in SBI Holdings (TSE:8473), the largest online broker and second-largest among all brokerages in Japan. Unlike its competitors where a majority of assets under management are held by clients in their 60s and 70s, SBI Holding's core demographics are customers in their 30s and 40s, which is set to grow given that Japan pensions are no longer sufficient to support retirement life. And we initiated a position in Shionogi, a pharmaceutical company focused on small molecule drugs in infectious disease areas.
From Matthews Japan Fund (Trades, Portfolio)'s second-quarter 2019 shareholder letter.
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