OverviewFinal Results for the year ended 31 December 2024
Final Results for the year ended 31 December 2024
Fidelity
Investment Team
27 March 2025
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News and Insights
News and Insights
Fidelity Asian Values PLC latest News and Insights Fidelity China Special Situations PLC latest News and Insights Fidelity Emerging Markets Ltd latest News & Insights Fidelity European Trust PLC latest News and Insights Fidelity Japan Trust PLC latest News and Insights Fidelity Special Values PLC latest News and Insights
Fidelity Japan Trust PLC
Last Deal Price (p)
174.80Net Change (%) ↑↓
+1.04Estimated NAV (p)
185.63Prem/Disc (%)
-6.80Source: 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.
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
Consistent investment approach
Investing in companies that are under appreciated by the market with the potential for positive change.
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.
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
Amid heightened global market volatility triggered by President Trump’s trade policies, our local investment team outline the attractive opportunities in Japan’s stock market. While Japanese equities have been a relative laggard compared to global indices in recent months, a combination of structural factors, including domestic reflation, governance reforms and attractive valuations, is creating a positive outlook over the mid-to-long-term.
Discover how portfolio manager Nicholas Price is positioning the Fidelity Japan Trust against a dynamic macro backdrop as he shares his outlook for 2025. He provides his insights into the impact of geopolitical shifts, domestic reflation, and TSE-led governance reforms on the portfolio's strategy and explores the prospects for mid cap performance, corporate initiatives, and the reflation narrative in Japan.
Following Donald trump's recent election victory, global markets reacted sharply, and Japan was no exception with key indices enjoying a temporary boost. However, with concerns about protectionist trade policies creating an uncertain backdrop, Nicholas Price outlines why he believes domestically focused mid cap companies offer compelling opportunities.
Japan’s equity markets have seen extreme turbulence lately, with the Nikkei experiencing its worst one-day drop since 1987 in the first week of August. While market volatility may continue in the near term, Nicholas Price, portfolio manager of the Japan Trust believes that fundamentals and valuations will return to the fore once the selloff has run its course. As a multi-decade investor in Japan, he reflects on the recent challenges facing investors and analyses how he believes the market environment is likely to evolve over the coming months.
The recent strength of Japanese equities has been underpinned by several key factors, particularly the country’s shift towards moderate inflation and corporate governance reforms. Larger companies have so far led the rally, but Fidelity Japan Trust PLC’s Nicholas Price explains where he sees potential for mid and small-caps to catch up. He highlights the overlooked opportunities in this under-researched segment.
On a recent visit to the UK, Nicholas Price, portfolio manager of the Fidelity Japan Trust spoke to Ed Monk about the reasons behind the most recent resurgence in Japanese stock markets. They also discussed what to expect when investing in Japan compared to other developed markets and the changes he’s seeing on the ground which are generating stock picking opportunities.
Nicholas Price has been at the helm of the Fidelity Japan Trust (FJV) since September 2015, consistently applying a growth-at-a-reasonable-price (GARP) investment philosophy. His strategy focusses on identifying companies with solid growth potential that are undervalued relative to their projected earnings and capitalising on market inefficiencies in pricing future growth.
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.
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).
Portfolio Manager AGM 2024 Investment Review
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.
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News & Insights - Japan Trust PLC
The case for Japan
Amid heightened global market volatility triggered by President Trump’s trade…
Jeremy Osborne
Investment Director
25 March 2025
Japan: What to expect in 2025
Fidelity Japan Trust portfolio manager Nicholas Price shares his outlook for …
Nicholas Price
Portfolio Manager, Fidelity Japan Trust PLC
09 December 2024
*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.