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Navigating the Japanese Market: A Quarter in Review

Portfolio Returns and Market Comparison

During the recent reporting period, the Oakmark Japan Strategy's portfolio generated a net return of 4.93%. In contrast, the MSCI Japan Index (Net), a recognized benchmark for the Japanese market, achieved a higher return of 8.02% over the identical period. This differential in performance indicates that the strategy underperformed its benchmark for this specific quarter.

Key Company Performance Highlights

Among the portfolio's holdings, Kansai Paint saw an increase in its stock value. This positive movement was primarily driven by the company's strong earnings announcement and its decision to revise its dividend payout upwards, signaling confidence in future financial health. Conversely, SMC's stock experienced a downturn, attributed to its earnings report falling short of market expectations, leading to a decline in investor confidence and share price.