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Risk Considerations

  1. The Fund is actively managed and invests mainly in a widely diversified portfolio of shares of companies in Japan.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, geographic concentration risk, small and mid-capitalisation shares risk, exclusion criteria risk, currency risk and hedging risk which may result in loss of a part or the entire amount of your investment. 
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.

Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Japanese Equity Fund
An actively managed, diversified all-cap portfolio offering exposure to typically 60-80 of our best growth ideas in Japan. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0230817339
30-Nov-2023 - Archibald Ciganer, Portfolio Manager,
Despite the current uncertainty in the global economy, Japan’s corporates continue to buy back stock and return capital to shareholders at record levels. This is an encouraging indicator about their health and signals the ongoing improvement in corporate governance at the company level in Japan. We believe the relentless pressure of late creates opportunity for long-term investors.

Fund Summary
With close proximity to, and a deep understanding of, the companies in which they invest, our Tokyo-based investment team searches for companies with a focus on growth and improvement. We favour businesses with sustainable growth, a durable competitive advantage, robust fundamentals and a credible management team. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Archibald Ciganer, Portfolio Manager,
Japanese equities rallied in November as expectations that US interest rates had peaked pushed riskier assets higher. A strong corporate earnings season and continued weakness in the yen also lent support. Within the portfolio, our choice of securities in electric appliances and precision instruments dragged. An electronic and media conglomerate’s second-quarter operating profit missed consensus, due primarily to technical reasons in the financial services segment. Stock picks in machinery also detracted. Shares of a commercial kitchen equipment producer were subject to profit taking after the company reported new historical-high quarterly profits, driven by its overseas operations. Conversely, security selection in information technology and services added value. Shares of an e-commerce firm rose on strong results showing solid demand for online payment services across a broad range of sectors. Commercial and wholesale trade was a further area of strength. A leading trading company raised its profit forecast on the weaker yen and stronger expectations for its machinery business.
30-Nov-2023 - Archibald Ciganer, Portfolio Manager,
We are positioned overweight the construction and materials sector, where we are finding investment opportunities among leading makers of silicon wafers, for example. This is in an environment of an anticipated recovery in wafer demand over a longer time horizon alongside improving industry discipline. Among the month’s trading activity, we took some profits in banks, following their strong share price performance this year within the context of the Bank of Japan's monetary policy tweaks and anticipation of further normalisation.