Murata Manufacturing (TSE:6981, Financial), a global leader in multi-layer ceramic capacitors (MLCCs), has been a long-time holding in the Fund. We reduced our position in January amid deteriorating fundamentals in smartphone end markets, but we added back to our position by taking advantage of share price weakness during the summer. To fund these positions, we exited Fuso Chemical.
From Matthews Japan Fund (Trades, Portfolio)'s third-quarter 2019 commentary.
