Turning to individual securities, photomask inspection equipment maker Lasertec (TSE:6920, Financial) was the largest contributor to the overall performance for the full year. Currently the only provider of mask and mask-blank inspection equipment using EUV (extreme ultraviolet lithography) as a light source, EUV adoption in major foundries and increased usage in memory makers is likely to further enhance the business opportunity of the company. However, we exited the name during the year, as we viewed the market is starting to build lofty expectations to justify the share price momentum.
From the Matthews Japan Fund (Trades, Portfolio)'s fourth-quarter 2020 commentary.
