M3, Inc. (TSE:2413, Financial), an operator of an internet medical services platform for doctors, also detracted from absolute returns. While fundamentals remain intact for its CRO (contract research organization) platform and career businesses, valuation multiples have significantly expanded over the past 12 months, which spurred profit taking amid the sell-off in high-quality growth stocks.
From the Matthews Japan Fund (Trades, Portfolio)'s second-quarter 2021 commentary.
