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Fund Range Documents

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Japanese Equity Fund
Diversified all-cap portfolio offering exposure to typically 60-80 of our best growth ideas in Japan. We seek to buy durable companies where we believe we have an insight into the potential for rising shareholder value typically coming from structural changes or fundamental transformation.
ISIN LU0230817925
Bloomberg TRPJAEI LX
View more information on risks
FACTSHEET
KID
31-Jan-2020 - Archibald Ciganer, Investment Analyst,
Following strong gains for Japanese equities in 2019, we believe the outlook for the market remains robust. While the domestic growth backdrop appears sluggish, easing trade tensions between the U.S. and China, marked by the signing of a partial trade deal in December, should benefit Japan’s open economy amid a gradual recovery in foreign demand. Two key factors—the 5G technology cycle and the upcoming Tokyo Olympics—are providing strong support for investor sentiment.

Overview
Strategy
Fund Summary
With close proximity to, and a deep understanding of, the companies in which they invest, our Tokyo-based investment team searches for companies with a focus on growth and improvement. We favour businesses with sustainable growth, a durable competitive advantage, robust fundamentals and a credible management team. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance (Class I)

Past performance is not a reliable indicator of future performance.
31-Mar-2025 - Hiroshi Watanabe, Portfolio Manager,
Japanese equities fell in euro terms in March. Despite trending upward for much of the month, Japan’s stock market fell sharply over the final few days of the period after the Trump administration announced a 25% tariff on auto imports into the US, to come into effect on 3 April, which pressured the shares of Japanese carmakers and other exporters. Within the portfolio, stock selection among banks added value. A leading commercial bank has been one of the biggest beneficiaries of rising interest rates in Japan. Our choice of securities in electric appliances and precision instruments also benefitted relative performance. A major industrial conglomerate provided a positive update on its defence business, a segment which we anticipate can be a solid profit contributor over the coming years. Its shares gained on speculation that Japan could increase its defence budget. Conversely, stock picks within the machinery sector were weak. Not holding a company which engages in the manufacture and sale of ships, industrial machinery and aircraft detracted, as it benefitted from Japan’s potential defence budget increases. Our position in a leading pharmaceutical name held back gains as its shares were subject to profit taking after reaching a record high.
31-Jan-2024 - Archibald Ciganer, Portfolio Manager,
Within the information technology and services sector, we believe that gaming could be a top performing segment in Japan this year. Many gaming stocks struggled in 2023, on weak demand post COVID and Chinese regulatory headwinds. However, these trends appear to be reversing, with demand normalising, a good line-up of games and, recently, China’s approval of a slew of games. The share price performance of some gaming stocks has already started to improve, yet they still appear attractively valued, in our view.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.