On the other hand, the largest detractor from performance was Softbank Group (TSE:9984, Financial), a telecom and venture capital firm. Softbank’s share price struggled amid stagnant performance of initial public offerings (IPOs) and the general risk off mode in China weighed on sentiment as the roup invests in key growth companies in the country.
From Matthews Japan Fund (Trades, Portfolio)'s third-quarter 2021 commentary.