Fidelity Japan Trust PLC
Last Deal Price (p)
174.50Net Change (%) ↑↓
+1.75Estimated NAV (p)
189.51Prem/Disc (%)
-7.92Source: 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.
Annual General Meeting
The AGM of the Company will be held at 12 noon on Wednesday, 22 May 2024 at 4 Cannon Street, London EC4M 5AB (nearest tube stations are St. Paul’s or Mansion House) and virtually via the online Lumi AGM meeting platform.
Nicholas Price, the Portfolio Manager, will be making a presentation to shareholders highlighting the achievements and challenges of the year past and the prospects for the year to come. He and the Board will be very happy to answer any questions that shareholders may have.
For those shareholders who would prefer not to attend in person, we will live-stream the formal business and presentations of the meeting online. Further information and joining instructions are provided in the link below.
" 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
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
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 noteRising 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 moreJapan’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 moreCan Japan continue to deliver?
Nicholas Price, portfolio manager of Fidelity Japan Trust PLC, share his outlook for 2024. He assesses whether Japan’s recent market leadership can continue and outlines how he believes shifting macro dynamics, coupled with corporate governance improvements, are creating new areas of opportunities for investors.
Read moreWhy it’s time to buy the change in Japan
Despite the uncertain global macro environment, Japanese stocks have tested new multi-decade highs as the economy has shown resilience post- Covid reopening. Against this backdrop, Nicholas Price, portfolio manager of Fidelity Japan Trust, outlines why he believes now is the time to buy the transformation that’s currently underway in Japan and highlights the key areas of investment opportunity.
Read moreWhat’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).
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
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…
Boots on the ground in a vibrant market
Nichoals Price explains why “being on the ground and speaking the language re…
Rising sun, rising market: Japan’s overlooked potential
Will the land of the rising sun continue to quietly deliver returns? Nicholas…
*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
Dominic Ziegler 1 also currently holds the post of Asia Columnist and Senior Asia Writer at The Economist in Singapore. He has over 30 years’ experience in top-flight journalism and commentary, with a special expertise in East Asian affairs, particularly Japan, having previously served as The Economist’s Tokyo Bureau Chief.
Appointed on 17 November 2014
1 Member of the Audit, Management Engagement and Nomination and Remuneration Committees
Sarah MacAulay1 is Chairman of Schroder Asian Total Return Investment Company plc and JP Morgan Multi-Asset Growth & Income plc. She is also a non-executive Director of abrdn China Investment Company Ltd. Previously she 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 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 and the Mauritian boards of DSP India Investment Fund and DSP India Fund. 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.