Fidelity Japan Trust PLC
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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.
Using local know-how to spot Japan’s untapped potential.”
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 fluctuatins. 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?
Nicholas Price, the Portfolio Manager’s 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.
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).
Fidelity Japan Trust AGM Highlights
Fidelity Japan Trust PLC AGM Full Presentation
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 news and insights
Next AGM: May 2020
Japan - opportunity among uncertainty - September 2019
Fidelity Japan Trust PLC’s Nicholas Price reviews the current environment for investors in Japanese equities.
Revisiting the case for Japan - July 2019
Fidelity Japan Trust PLC’s Nicholas Price discusses some of the key issues currently facing investors in in Japan.
Don't overlook Japan - April 2019
After a challenging 2018 for Japanese equities, portfolio manager Nicholas Price reveals some of the key areas of opportunities among domestically-focused stocks and sectors.
Fidelity Japan Trust PLC in The Times - April 2019
As Akihito hands a nation in the middle of economic reform to his son, Mark Atherton assesses the opportunities for investors.
Made in Japan - March 2019
Japan’s demographic challenges are always at the forefront of people’s mind but could these preconceptions be reversed?
Marina Gerner on Fidelity Japan Trust PLC - MoneyWeek, February 2019
“Japan isn’t stuck in a hopeless demographic-driven hole without escape,” says Daniel Moss on Bloomberg.