13 Aug

A Stock-Level Analysis of Japan-Focused Mutual Funds: PRJPX

WRITTEN BY David Ashworth FEATURED IN Macroeconomic Analysis

T. Rowe Price Japan Fund

The T. Rowe Price Japan Fund’s (PRJPX) total returns for the past one year ended July 24, 2015, stood at 6.8%. Toyota Motor Corporation (TM) has been the fund’s top holding in the period, forming 4.8% of the portfolio on average.

SoftBank Group Corp. (SFTBY) and Nippon Telegraph and Telephone Corporation (NTT) round out the top three holdings of the fund, with an average exposure of 3.6% and 3.2% in the period, respectively.

A Stock-Level Analysis of Japan-Focused Mutual Funds: PRJPX

Both Toyota Motor and NTT have been among the top contributors to total returns in the period. Toyota was not only the highest average holding of the fund, it was also the top contributor to returns in the consumer discretionary sector. The fund’s top holdings in the financials and healthcare sectors—Tokio Marine Holdings (TKOMY), and Takeda Pharmaceutical (TKPYY), respectively—were also the highest contributors to return in their respective sectors.

The fund could have done better if it would have increased the weights of stocks like Murata Manufacturing and Zenkoku Hosho, which were among the highest contributors to return, but whose comparatively lower holdings did not let them push the fund’s returns higher.

Picks like Honda Motor (HMC), SoftBank Group, and Hitachi Ltd. (HTHIY) also hurt due to their negative contributions to return, coupled with a sizable holding in the portfolio. Hitachi and SoftBank were the top holdings in the information technology and telecom services sectors, respectively, and were also the biggest negative contributors to the returns of their respective sectors.

Fidelity Advisor Japan Fund

In the next part of this series, we’ll look at the second of our four Japan-focused mutual funds, the Fidelity Advisor Japan Fund (FPJAX), and how its stock picks have fared.

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