An all-cap portfolio of typically 50-80 Japanese companies
Uses a bottom-up stock selection process that targets undervalued quality companies with strong pricing power
A value approach with the ability to take positions in non-traditional value stocks, the Fund aims to provide resilience across market cycles and styles
Benchmark agnostic, the Fund looks for investment opportunities across all market caps and industries to take advantage of Japan's 'economic renaissance'.
Informed by 50+ years' investment expertise in Japan and 400+ investment professionals world-wide.
A unique value approach to Japanese equities, among a mostly growth-focused peer group.
See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity Japan Equities Fund in since inception compared with $10,000 invested in the TOPIX Net Total Return Index.
Chart as at: 30 September 2025
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component. Benchmark: TOPIX Net Total Return Index.
Net returns as at 30 September 2025
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (06/08/24) % pa |
|---|---|---|---|---|
| Fund | 28.67 | - | - | 28.26 |
| Benchmark | 22.77 | - | - | 23.44 |
| Active return | 5.90 | - | - | 4.82 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component. Benchmark: TOPIX Net Total Return Index.
Net as at 30 September 2025
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (06/08/24) % pa |
|
|---|---|---|---|---|
| Total return | 28.67 | - | - | 28.26 |
| Growth | 27.86 | - | - | 27.55 |
| Income | 0.82 | - | - | 0.71 |
Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component. Benchmark: TOPIX Net Total Return Index.
| Distribution | Distribution (CPU) | Reinvestment price | Ex-distribution exit price |
|---|---|---|---|
| 30-Jun-2025 | 7.8444 | $12.2673 | $12.2428 |
CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed.
As at 31 August 2025
As at 31 August 2025
| % total net assets | |
|---|---|
| TOYOTA MOTOR CORP | 5.1% |
| HITACHI LTD | 4.9% |
| SUMITOMO MITSUI FINL GRP INC | 4.7% |
| NEC CORP | 4.5% |
| MITSUBISHI UFJ FIN GRP INC | 3.9% |
| ITOCHU CORPORATION | 3.8% |
| KINDEN CORP | 3.6% |
| CONCORDIA FINANCIAL GROUP LTD | 3.5% |
| SONY GROUP CORP | 3.3% |
| TOKIO MARINE HOLDINGS INC | 2.9% |
As at 31 August 2025
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| NEC CORP | 4.5 | 0.7 | 3.7 |
| KINDEN CORP | 3.6 | 0.1 | 3.5 |
| CONCORDIA FINANCIAL GROUP LTD | 3.5 | 0.1 | 3.4 |
| SUMITOMO MITSUI FINL GRP INC | 4.7 | 1.9 | 2.8 |
| SHIMAMURA CO LTD | 2.6 | 0.1 | 2.5 |
As at 31 August 2025
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| MITSUBISHI HEAVY INDUSTRIES | 0.0 | 1.5 | -1.5 |
| NINTENDO CO LTD | 0.4 | 1.9 | -1.5 |
| KEYENCE CORP | 0.0 | 1.3 | -1.3 |
| NTT INC | 0.0 | 1.1 | -1.1 |
| TOKYO ELECTRON LTD | 0.0 | 1.0 | -1.0 |
This Fund is unhedged and is subject to the risk of fluctuations in international stock markets and currencies. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1 Management fees and costs are current as at the date shown above but may be subject to change in the future. Management fees and costs include management fees, estimated indirect costs, the net effect of GST and exclude abnormal expenses, transaction costs and any performance fee payable.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.
