Fidelity Japan Trust PLC

Current Share price (p)

138.38

Last NAV (p)

148.75

Last Premium/Discount (%)

-8.23

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

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.

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

In 2018, Fidelity Japan Trust PLC adopted its new name, changing from Fidelity Japanese Values PLC, which it had been called for the previous twenty-four years. The new name coincided with a change of its investment policies allowing greater investment into large-companies, moving away from its previous exclusive focus on small-companies.

The change in name and policy reflected more closely the Trust’s ‘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 from the bottom up

Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may not get back the amount you invested. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.

Overseas investments are subject to currency fluctuations. This Investment Trust may also invest 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. Investment Trusts can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price.

 

What’s our approach?

The Portfolio Manager's, Nicholas Price, approach 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.

Who's Nicholas Price?

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.

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).

Board of Directors

Reports and Literature

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.

Fidelity Japan Trust PLC latest Company news and press highlights

Japan - improving governance, emerging brands. Nicholas Price outlines how growth in neighbouring countries is benefiting the economy.

Edison publish an initiation Research Note on Fidelity Japan Trust PLC - September 2018.

Fidelity Japanese Values PLC has announced a number of changes to the Company's investment objective, name, fees and reference index.

Japanese stocks made ‘Isa millionaires’ of some savers. This is the trust to buy now. Access the full article from The Daily Telegraph below.

Find out more

General Data Protection Regulation ‘GDPR’
 
What personal data is collected and how it is used
 
The Company is an investment trust which is a public limited company and therefore has certain regulatory obligations such as the requirement to send documents to its shareholders such as the Annual Report, proxy forms and other documents that relate to meetings of the Company. The Company will therefore collect shareholders’ personal data including names, addresses and identification numbers such as investor codes and will use this personal data to fulfil its statutory obligations. 
 
Any personal data collected will be kept securely on computer systems and in some instances on paper. Personal information is kept secure in line with Fidelity’s Information Security policies and standards. If you are unhappy with how we have used your personal data please contact the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
 
Sharing personal data
 
In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company’s Registrar and Printers.

The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the website here.
 
The Company’s agreements with these third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose. In some rare circumstances, it may be necessary to transfer shareholders’ personal data across national borders to Fidelity Group entities operating in the EEA.  Where personal data is transferred within the Fidelity group but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.
  
How long will personal data be kept for?
 
Personal data will only be retained for as long as is necessary and no longer than is legally permissible. 
 
Requesting access, making changes to your personal data and other important information
Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity’s UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP. 

Registration information

Registered in England and Wales; registration number 02885584.

Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Fidelity Japan Trust PLC is a member of the Association of Investment Companies. Visit the London Stock Exchange for all the latest and historical announcements.

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