Fidelity Japanese Values PLC

Share price (p)

156.75

Estimated NAV (p)

173.33

Premium/Discount (%)

-10.27

Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount are estimated.

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.

Fidelity Japanese Values PLC aims to be the key investment of choice for those seeking Japanese smaller companies exposure.

This Investment Trust invests in an actively managed portfolio of securities, primarily of small- and medium-sized Japanese companies listed or traded on Japanese stock markets. It follows a ‘growth at a reasonable price’ (GARP) approach and aims to identify companies that are transforming from stable domestic cash generators to the future pan-Asian growth stories.

Japan’s economy is the third largest in the world and is the world's second largest developed economy. With a focus on smaller- and medium-sized Japanese companies, many of which are under-researched, opportunity looms for mispriced stocks, whose potential is vigorously assessed before making any investment decisions.

For this trust it is all about joining the dots between different ideas and forming a new line of enquiry. Research is key.

Japan from the bottom up

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 fluctuations. 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?

The Portfolio Manager, Nicholas Price’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 mis-pricing 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’s 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.

May suit investors who:

  • Already have a diversified portfolio
  • Accept the higher risks involved in investing in Japan, including currency risk
  • May already have large-cap Japan exposure and now want to focus on smaller companies
  • Can afford to take a long-term investment view
  • Are investing for their future; the trust may be held in an ISA, Junior ISA, SIPP or General Investment Account

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 Japanese Values PLC: Proposed Company changes

Fidelity Japanese Values PLC has announced a number of proposed changes to the Company's investment objective, name, fees and reference index.

Find out more

Registration information

Registered in England and Wales; registration number 02885584.

Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Fidelity Japanese Values PLC is a member of the Association of Investment Companies. Visit the London Stock Exchange for all the latest and historical announcements.

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