Insights from T. Rowe Price Japan Fund (Trades, Portfolio)'s First Quarter 2024 N-PORT Filing
T. Rowe Price Japan Fund (Trades, Portfolio), known for its strategic investments in a diverse array of Japanese companies, has revealed its N-PORT filing for the first quarter of 2024. The fund is committed to identifying companies with the potential for above-average, long-term earnings growth, focusing on those with strong market positions, attractive niches, seasoned management, and stable financials. The investment team's rigorous fundamental research aims to uncover stocks that can be purchased at reasonable valuations relative to their financial metrics.
Summary of New Buys
T. Rowe Price Japan Fund (Trades, Portfolio) expanded its portfolio with 11 new stock additions, including:
- Toyota Motor Corp (TSE:7203, Financial), purchasing 280,800 shares, which now comprise 2.18% of the portfolio, valued at ¥7,035.54 million.
- Mitsubishi Estate Co Ltd (TSE:8802, Financial), acquiring 319,800 shares, making up 1.82% of the portfolio, with a total value of ¥5,883.8 million.
- Daiichi Sankyo Co Ltd (TSE:4568, Financial), adding 161,800 shares, accounting for 1.58% of the portfolio, valued at ¥5,107 million.
Key Position Increases
The fund also bolstered its stakes in 10 existing holdings, notably:
- Tokio Marine Holdings Inc (TSE:8766, Financial), with an additional 105,600 shares, bringing the total to 356,900 shares, marking a 42.02% increase in share count and a 1.02% portfolio impact, valued at ¥11,090.56 million.
- Murata Manufacturing Co Ltd (TSE:6981, Financial), with an additional 156,700 shares, increasing the total to 165,600 shares, representing a 1,760.67% surge in share count, valued at ¥3,089.99 million.
Summary of Sold Out Positions
The fund exited 9 positions entirely in the first quarter of 2024, including:
- Resona Holdings Inc (TSE:8308, Financial), selling all 818,500 shares, impacting the portfolio by -1.32%.
- Electric Power Development Co Ltd (TSE:9513, Financial), liquidating all 224,200 shares, with a -1.15% portfolio impact.
Key Position Reductions
Significant reductions were made in 42 stocks, with the most substantial being:
- Sony Group Corp (TSE:6758, Financial), reduced by 94,800 shares, leading to a -63.62% decrease in shares and a -2.85% portfolio impact. The stock traded at an average price of ¥13,679.8 during the quarter, with a -9.74% return over the past 3 months and -3.21% year-to-date.
- Suzuki Motor Corp (TSE:7269, Financial), cut by 506,000 shares, resulting in a -59.59% reduction and a -1.71% portfolio impact. The stock's average trading price was ¥1,630.34 during the quarter, with an 11.14% return over the past 3 months and 19.38% year-to-date.
Portfolio Overview
As of the first quarter of 2024, T. Rowe Price Japan Fund (Trades, Portfolio)'s portfolio consisted of 64 stocks. The top holdings were 4.38% in ITOCHU Corp (TSE:8001, Financial), 4.09% in Tokyo Electron Ltd (TSE:8035, Financial), 3.64% in Toyota Industries Corp (TSE:6201, Financial), 3.45% in Shin-Etsu Chemical Co Ltd (TSE:4063, Financial), and 3.44% in Tokio Marine Holdings Inc (TSE:8766, Financial). The investments span across 10 of the 11 industries, with significant allocations in Industrials, Technology, Communication Services, Basic Materials, Financial Services, Consumer Cyclical, Consumer Defensive, Real Estate, Healthcare, and Energy.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
