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.
Net returns as at 30 November 2024
| Timeframe | 1 mth % |
3 mth % |
6 mth % |
Since inception (06/08/24) % pa |
|---|---|---|---|---|
| Fund | 2.36 | 0.12 | - | 5.55 |
| Benchmark | 1.45 | 0.63 | - | 6.69 |
| Active return | 0.91 | -0.51 | - | -1.14 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: TOPIX Net Total Return Index. Benchmark data prior to 1 January 2010 is a blend of the MSCI Asia ex-Japan index and the TOPIX Net Total Return Index: Net return in a benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net as at 30 November 2024
| 1 mth % |
3 mth % |
6 mth % |
Since inception (06/08/24) % pa |
|
|---|---|---|---|---|
| Total return | 2.36 | 0.12 | - | 5.55 |
| Growth | 2.36 | 0.12 | - | 5.55 |
| Income | - | - | - | - |
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. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: TOPIX Net Total Return Index. Benchmark data prior to 1 January 2010 is a blend of the MSCI Asia ex-Japan index and the TOPIX Net Total Return Index: Net return in a benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
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 October 2024
As at 31 October 2024
| % total net assets | |
|---|---|
| SUMITOMO MITSUI FINL GRP INC | 4.6% |
| HITACHI LTD | 4.5% |
| ITOCHU CORPORATION | 4.2% |
| MITSUBISHI UFJ FIN GRP INC | 3.7% |
| HONDA MOTOR CO LTD | 3.6% |
| SONY GROUP CORP | 3.3% |
| TOKIO MARINE HOLDINGS INC | 3.0% |
| KDDI CORP | 2.5% |
| NEC CORP | 2.5% |
| OBAYASHI CORP | 2.4% |
As at 31 October 2024
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| ITOCHU CORPORATION | 4.2 | 1.4 | 2.8 |
| SUMITOMO MITSUI FINL GRP INC | 4.6 | 1.7 | 2.8 |
| HONDA MOTOR CO LTD | 3.6 | 1.0 | 2.7 |
| OBAYASHI CORP | 2.4 | 0.2 | 2.2 |
| RYOHIN KEIKAKU CO LTD | 2.2 | 0.1 | 2.1 |
As at 31 October 2024
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| TOYOTA MOTOR CORP | 1.0 | 3.7 | -2.7 |
| NINTENDO CO LTD | 0.0 | 1.3 | -1.3 |
| DAIICHI SANKYO CO LTD | 0.0 | 1.2 | -1.2 |
| NIPPON TELEG & TEL CORP | 0.0 | 1.1 | -1.1 |
| MIZUHO FINL GROUP INC | 0.0 | 1.1 | -1.1 |
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.
1Management costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.
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.
