Overview
News and Insights
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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)
163.50Net Change (%) ↑↓
+2.19Estimated NAV (p)
186.59Prem/Disc (%)
-14.25Source: 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
Why small and mid cap companies look particularly attractive
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.
Find out more
Calm after the storm for Japanese stocks?
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.
Find out more
Why Japan’s mid-caps could follow their large-cap peers
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.
Find out moreInvestor perceptions of Japan are changing. Here’s why.
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.
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
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 noteWhat’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).
Portfolio Manager AGM 2024 Investment Review
Your Board of Directors
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
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News & Insights - Japan Trust PLC
Japan: Why small and mid cap companies look particularly attractive
Following Donald trump's recent election victory, Nicholas reflects on the im…
Nicholas Price
Portfolio Manager, Fidelity Japan Trust PLC
22 November 2024
Calm after the storm for Japanese stocks?
As a multi-decade investor in Japan, Nicholas reflects on the recent challeng…
Nicholas Price
Portfolio Manager, Fidelity Japan Trust PLC
10 September 2024
Why Japan’s mid-caps could follow their large-cap peers
Larger companies have so far led the rally in Japanese equities but Nicholas …
Nicholas Price
Portfolio Manager, Fidelity Japan Trust PLC
04 July 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.
David Robins 1 is a Director of NHBS Limited and Seralux Inc. Previously, he was Chairman and Chief Executive of ING Barings following 18 years with UBS, most recently as Executive Vice President Europe, having spent several years in Zurich, New York, and Tokyo. Prior to this, he was, in succession, a Japanese Economist at the Bank of England, an Executive in the Japanese department of James Capel, and then Far Eastern Economist and subsequently Chief International Economist at Philips & Drew. He began his career with the Commonwealth Bank in Sydney.
Appointed on 1 February 2011
Appointed as Chairman on 10 May 2012
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees
Philip Kay 1 is a former Managing Director and Senior advisor of Credit Suisse First Boston, where he ran the global Japanese cash equity business. He’s Director of three Asian hedge funds, the Akamatsu Fund and the Akamatsu Bonsai Fund, and the Counterpoint Asian Macro Fund. He is a fellow of Wolfson College, Oxford. Previously, he was a Director of Schroder Securities Limited and of Smith New Court PLC.
Appointed on 29 October 2004
Appointed as Senior Independent Director on 24 May 2016
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees
Sarah MacAulay1 is Chair of Schroder Asian Total Return Investment Company plc and is also a non-executive director of Baillie Gifford China Growth Trust plc. Previously she was a non-executive director of abrdn China Investment Company Ltd and Chair of JP Morgan Multi-Asset Growth & Income plc. Sarah was a director of Baring Asset Management (Asia) Limited in Hong Kong and Asian Investment Manager at Kleinwort Benson and Eagle Star in London. She has over twenty years of Asian investment management experience based both in London and Hong Kong, managing institutional assets and unit trusts.
Appointed 22 May 2018
Appointed as Senior Independent Director 10 October 2019
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees
David Graham 1 is a non-executive Director and Chairman of the Audit Committee of JPMorgan China Growth & Income plc and non-executive Director of Templeton Emerging Markets Investment Trust plc. He was born in Japan and is a Chartered Accountant who had a career in investment management, firstly as a Japanese and Asian Fund Manager with Lazards in London, Hong Kong and Tokyo and then with BlackRock (and predecessor companies, Merrill Lynch Investment Managers and Mercury Asset Management) building businesses and managing client relationships across Japan, Asia Pacific, Europe, Middle East and Africa.
Appointed on 22 May 2018
Appointed as Chairman of the Audit Committee on 19 May 2020
Stepped down as Audit Committee Chairman 18 May 2021
Appointed as Chairman on 18 May 2021
1 Member of Audit Committee, Chairman of Management Engagement & Nomination Committees
David Barron1 is Chairman of Dunedin Income Growth Investment Trust PLC. He is also a non-executive Director Premier Miton Group PLC and BlackRock Sustainable American Income Trust plc. He is a Chartered Accountant. He is also a lay-member of the Council of Lancaster University. Previously he was Chief Executive Officer of Miton Group plc, Head of Investment Trusts at JP Morgan Asset Management, a non-executive Director of Artemis Alpha Trust plc, and a Director of the Association of Investment Companies.
Appointed on 20 October 2020
Appointed as Chairman of the Audit Committee 18 May 2021
1 Chairman of the Audit Committee, Member of the Management Engagement and Nomination and Remuneration Committees
Myra Chan1 is also a Sales Director and Member of the Sustainability Committee at Aubrey Capital Management Limited headquartered in Scotland, Edinburgh. She has over 25 years of investment experience primarily based in Hong Kong, having worked as an Institutional Broker at HSBC Securities, an Investment Counsellor / Private Banker at Citi Private Bank and Head of Structured Products Distribution at JPMorgan Securities Asia Limited. She was also non-executive Director of a long-short Asian equity fund managed by Tiburon Partners in London. She is a CFA and graduated from the International Christian University of Tokyo.
Appointed on 17 October 2022
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees.
Seiichi Fukuyama1 was Chairman of Standard Life Investments in Asia between 2010 and 2018 developing their re-entry strategy for Asia and their start-up strategy for Japan. Prior to that, he spent 20 years at BlackRock in a variety of senior leadership, management and business development roles in London, Taipei, Hong Kong and Tokyo.
Appointed on 1 March 2024
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees.