Exploring the Strategic Moves of T. Rowe Price Japan Fund (Trades, Portfolio) in Q1 2025

T. Rowe Price Japan Fund (Trades, Portfolio) recently submitted its N-PORT filing for the first quarter of 2025, shedding light on its strategic investment decisions during this period. The fund, known for its focus on Japanese companies, aims to identify firms capable of achieving and sustaining above-average, long-term earnings growth. With a growth-oriented investment style, T. Rowe Price Japan Fund (Trades, Portfolio) relies on a global team of analysts dedicated to in-depth fundamental research. The fund typically invests at least 80% of its net assets in a diverse range of Japanese companies, favoring those with strong market positions, attractive business niches, and seasoned management.

Summary of New Buy

T. Rowe Price Japan Fund (Trades, Portfolio) added a total of seven stocks to its portfolio. The most significant addition was Yokogawa Electric Corp (TSE:6841, Financial), with 134,600 shares, accounting for 1.01% of the portfolio and a total value of ¥2,603,970 million. The second largest addition was Unicharm Corp (TSE:8113, Financial), consisting of 325,300 shares, representing approximately 1% of the portfolio, with a total value of ¥2,587,560 million. The third largest addition was Oji Holdings Corp (TSE:3861, Financial), with 403,400 shares, accounting for 0.65% of the portfolio and a total value of ¥1,691,940 million.

Key Position Increases

T. Rowe Price Japan Fund (Trades, Portfolio) also increased its stakes in a total of ten stocks. The most notable increase was in Chugai Pharmaceutical Co Ltd (TSE:4519, Financial), with an additional 85,900 shares, bringing the total to 116,000 shares. This adjustment represents a significant 285.38% increase in share count, a 1.51% impact on the current portfolio, and a total value of ¥5,274,070 million. The second largest increase was in Shin-Etsu Chemical Co Ltd (TSE:4063, Financial), with an additional 128,700 shares, bringing the total to 292,800. This adjustment represents a significant 78.43% increase in share count, with a total value of ¥8,294,110 million.

Summary of Sold Out

T. Rowe Price Japan Fund (Trades, Portfolio) completely exited five holdings in the first quarter of 2025. The most impactful sale was Hitachi Ltd (TSE:6501, Financial), with the fund selling all 462,800 shares, resulting in a -4.39% impact on the portfolio. Another significant exit was Hamamatsu Photonics KK (TSE:6965, Financial), where the fund liquidated all 174,700 shares, causing a -0.74% impact on the portfolio.

Key Position Reduces

T. Rowe Price Japan Fund (Trades, Portfolio) also reduced its position in 59 stocks. The most significant changes include a reduction in Nintendo Co Ltd (TSE:7974, Financial) by 59,200 shares, resulting in a -39.6% decrease in shares and a -1.32% impact on the portfolio. The stock traded at an average price of ¥10,334.8 during the quarter and has returned 5.47% over the past three months and 9.18% year-to-date. Another notable reduction was in Recruit Holdings Co Ltd (TSE:6098, Financial) by 43,400 shares, resulting in a -37.09% reduction in shares and a -1.16% impact on the portfolio. The stock traded at an average price of ¥9,907.05 during the quarter and has returned -28.69% over the past three months and -31.99% year-to-date.

Portfolio Overview

As of the first quarter of 2025, T. Rowe Price Japan Fund (Trades, Portfolio)'s portfolio included 76 stocks. The top holdings were 6.55% in Sony Group Corp (TSE:6758, Financial), 6% in Mitsubishi UFJ Financial Group Inc (TSE:8306, Financial), 4.05% in ITOCHU Corp (TSE:8001, Financial), 3.57% in Seven & i Holdings Co Ltd (TSE:3382, Financial), and 3.56% in Tokio Marine Holdings Inc (TSE:8766, Financial). The holdings are mainly concentrated in 10 of the 11 industries: Industrials, Financial Services, Consumer Cyclical, Technology, Basic Materials, Healthcare, Consumer Defensive, Communication Services, Energy, and Real Estate.

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