In the information technology (IT) and services industry, SMS (TSE:2175, Financial) also detracted. The leader in nurse and care worker recruiting has suffered amid sluggish hiring activity and reductions in its own hiring of recruiters due to the coronavirus.
SMS, Japan’s leader in recruitment services and classified media for nurses and workers in the eldercare market, is a quality growth company that has performed well. However, we sold some of our position because the risk/reward trade-off seemed less attractive. However, SMS, a longtime holding, remains a core position given its favorable long-term structural opportunity in an attractive industry.
From the T. Rowe Price Japan Fund (Trades, Portfolio)'s 2021 semiannual report.
