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Fidelity Japan Trust PLC

Last Deal Price (p)

240.00

Net Change (%) ↑↓

+0.00

Estimated NAV (p)

254.40

Prem/Disc (%)

-5.66

Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*

Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

" Using local know-how to spot Japan’s untapped potential"

Fidelity Japan Trust PLC aims to be the key investment of choice for those seeking Japanese companies exposure.

The Trust has a ‘growth at reasonable price’ (GARP) investment style and approach - which involves identifying companies whose growth prospects are being under-appreciated or are not fully recognised by other investors. Although these companies may exist in all areas of the market the investment process often naturally leads the Trust to focus on medium-sized and smaller companies, where lower levels of analyst coverage creates more frequent or greater mispriced growth opportunities.

Japan’s economy is the third largest in the world and is the world's second largest developed economy. For this Trust it is all about joining the dots between different ideas and forming a new line of enquiry. Research is key.

Japan: the next generation of growth

Nicholas Price spoke to Citywire’s Gavin Lumsden about how his near three decades’ experience of Japanese companies has put the trust at the top of its sector, and why he sees the investment opportunities continuing in the world’s third largest economy.

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Exploring Japan’s “next gen” winners

Nicholas Price, portfolio manager of Fidelity Japan Trust PLC, discusses why he continues to see strong opportunities in the underappreciated Japanese stock market. In particular, he highlights the Japanese pre-IPO market, where a surge in entrepreneurial activity is creating a new generation of growth companies.

Find out more
What’s our approach?

The approach of Portfolio Manager is anchored in the belief that a rigorous, bottom-up approach to active management can consistently identify companies where the market is underestimating or mispricing future growth potential. This naturally leads him to favour smaller and medium-sized companies, where lower levels of analyst coverage can often create some great mispriced opportunities and unearth companies at an early stage of their development.

Nicholas follows a consistent ‘growth at reasonable price’ investment approach, utilising Fidelity’s local research capability, as well as the broader global research network. He focuses on gathering multiple information sources: from attending industry conferences to visiting university professors, from talking to unlisted companies to consulting senior management.

A key pillar of Nicholas’ investment process is detecting signs of change such as in fundamentals, environment, sentiment and valuations. He also believes it is vital to maintain a strong sell discipline by naturally trimming outperformers and recycling new ideas, re-testing the mid-term growth thesis for signs of change and moving on if there are more attractive opportunities elsewhere.

Nicholas Price, Lead Portfolio Manager

Nicholas Price brings over 20 years’ investment experience in the Japanese equity market, having joined Fidelity’s Tokyo office in 1993 as a research analyst before becoming a portfolio manager in 1999. Nicholas’ investment approach is focused on ‘growth at a reasonable price', utilising Fidelity’s extensive research capability.

Cenk Simsek, Assistant Portfolio Manager

Cenk joined Fidelity as an analyst in 2016, covering the technology and FA machinery sectors, having previously worked at CLSA Securities in Tokyo for eight years. Since July 2019, he has been the Lead Portfolio Manager for the FIJ Select Technology Fund. Cenk graduated from Istanbul Technical University (Turkey) and gained an M.B.A. from Koc University (Turkey).

Investment objective

The Company aims to achieve long term capital growth by investing predominantly in equities and their related securities of Japanese companies.

Summary of the key aspects of the Investment policy

The Investment Manager will typically focus on those companies primarily listed on Japanese stock exchanges whose growth prospects are not fully recognised by the market (‘‘growth at a reasonable price’’).

The Investment Manager is not restricted in terms of size or industry of the underlying entities in which it invests. The Company may also hold cash or invest in cash equivalents including money market instruments, and is able to use derivatives for efficient portfolio management, gearing and investment purposes.

The Company has adopted a variable management fee which is calculated by referencing performance relative to the TOPIX Index (Tokyo Stock Exchange TOPIX Total Return Index).

ESG Policy

Our Approach
Investment Process
ESG and Carbon Emissions Assessment

Your Board of Directors

David Graham

Chairman

Sarah MacAulay

Senior Independent Director

David Barron

Chairman of the Audit Committee

Dominic Ziegler

Non-Executive Director

Reports and Literature

Latest monthly factsheet

Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.

Annual report

The latest annual report includes an update on the trust’s strategy, governance and financial performance.

Half-yearly report

The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.

Key Information Document

This document provides you with key information about this investment product. It is not marketing material.

Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.

Additional Information

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Company Research

Fund of the Rising Returns - intiation note from Hardman & Co.
Outperformance driven by skilled stock selection
Rewarding investors well in challenging times
Active approach aims to ‘find new winners’

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News & Insights - Japan Trust PLC

Exploring Japan’s “next gen” winners

Nicholas Price, portfolio manager of Fidelity Japan Trust PLC, discusses why …


Nicholas Price

Nicholas Price

Portfolio Manager, Fidelity Japan Trust PLC

Japan: the next generation of growth

Around 90% of Japanese small and mid-sized companies get little or no analyst…


Nicholas Price

Nicholas Price

Portfolio Manager, Fidelity Japan Trust PLC


Fidelity

Fidelity

Research team

*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Important information

Overseas investments are subject to currency fluctuations. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.