Skip Header

Fidelity Japan Trust PLC

Last Deal Price (p)

172.00

Net Change (%) ↑↓

+0.29

Estimated NAV (p)

190.93

Prem/Disc (%)

-9.91

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.

What sets us apart

None

Consistent investment approach

Investing in companies that are under appreciated by the market with the potential for positive change.

None

Feet on the ground

We have deep research capabilities and locally based experts; to truly ‘get under the bonnet’ of the stocks we invest in.

None

Unlisted expertise

We tirelessly look to identify and invest in companies that are best placed to capitalise on Japan’s new growth companies ahead of any potential public listing.

  • Consistent investment approach

Portfolio manager, Nicholas Price, follows a rigorous bottom-up stock selection approach, with the aim of identifying companies where the market is underestimating or mispricing future growth, and unearthing companies at an early stage of their development. This means that we typically find more opportunities among smaller and medium-sized companies, where lower levels of analyst coverage provide greater scope for mispricing.

A unique part of Nicholas’ approach is spotting signs of change, specifically in terms of fundamentals, business environment, market sentiment and valuations. Therefore, we are constantly scrutinising our investments, trimming outperformers and recycling into new opportunities. Ultimately, we seek to add value through detailed research and a consistent ‘growth at a reasonable price’ investment approach. Fidelity’s local and global proprietary research capabilities are a key pillar in the Trust’s investment process.

  • Feet on the ground

The Fidelity Japan Trust PLC draws on the wealth of experience within our Tokyo-based Japanese equity team. Research conducted on the ground is supplemented by the input from Fidelity’s global network of analysts and investment professionals. The Trust has the flexibility to invest across the market-cap spectrum and is not restricted in terms of size or sector. It offers a blend of globally competitive companies tied to structural growth trends and smaller, unrecognised businesses with unique growth drivers.

  • Unlisted expertise

From a bottom-up perspective, we are seeing a lot more entrepreneurial activity in Japan compared with five to ten years ago. While new listings (both in Japan and globally) have been coming under pressure amid heightened geopolitical and inflationary risks, new growth companies are still coming through, which will create future opportunities in the pre-IPO market. Being on the ground in Japan, and seeing many different companies, means that we are well placed to help entrepreneurs in the latter stages of their pre-IPO journey.

News & Insights - Japan Trust PLC

How policy shifts are unlocking fresh opportunities in Japan

The Bank of Japan’s recent monetary policy shift has signalled the start of a new reflationary era. With Japanese companies also increasingly adopting a more shareholder friendly mindset, Fidelity Japan Trust PLC Investment Director Jeremy Osborne examines how shifting market dynamics are creating exciting opportunities across a range of sectors.

Read more
None
None

Kepler Trust Intelligence: FJV looks for undiscovered growth stories in Japan

In their latest research note the analysts at Kepler highlight that the outlook for Japan moving forward is one of optimism driven by the emergence from a deflationary environment and the positive impact of corporate governance reforms. 

They describe how Nicholas’ focus on small- and mid-cap growth stocks, exposure to unlisted companies, and consistent levels of gearing, position the Trust well to capitalise on these changes.

View research note

Rising sun, rising market: Japan’s overlooked potential

Economic renaissance, governance reforms and steadily growing profits have lifted the Nikkei 225 to new highs, yet we believe valuations remain undemanding and the market is under owned. Nicholas Price, Portfolio Manager of Fidelity Japan Trust PLC, explains why the outlook for Japanese equities remains positive, with many investors still underexposed to the market.

Read more
Sunset and clouds
none

Japan’s Nikkei 225 sets new all-time high

After 34 years, Japanese stocks reached an all-time high for the first time since December 1989  overnight.  The Nikkei 225 has been on a sustained upward trajectory for over a year, supported by a number of factors including corporate governance reforms and a normalising economy. Despite the strong recent returns, Jeremy Osborne, Investment Director of Fidelity Japan Trust PLC, thinks Japanese equities still offer compelling value and investors are underexposed to the market.

Find out more
What’s our approach?

The approach of Portfolio Manager Nicholas Price 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

Myra Chan

Non-Executive Director

Seiichi Fukuyama

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.

Additional Information

Historical reports and announcements

Ready to invest?

Tell us whether you are a personal investor or an investment professional, and we will show you the different ways you can invest in our trusts.

None

Sign up

To receive a free paper copy of the trust's annual and half-yearly reports

News & Insights - Japan Trust PLC

How policy shifts are unlocking fresh opportunities in Japan

Jeremy Osborne, Investment Director of Fidelity Japan Trust examines how shif…


Jeremy Osborne

Jeremy Osborne

Investment Director

Annual General Meeting (AGM) – Wednesday, 22 May 2024 at 12 noon

The AGM of the Company will be held at 12 noon on Wednesday, 22 May 2024 at 4…


Fidelity International

Fidelity International

a view from our analysts

Boots on the ground in a vibrant market

Nichoals Price explains why “being on the ground and speaking the language re…


Nicholas Price

Nicholas Price

Portfolio Manager, Fidelity Japan Trust PLC

*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.