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The Fund is designed for investors who are looking to obtain exposure to the Japanese equity market. Central to the decision making process is our "Focus On Change" investment philosophy, which combines top down and bottom up insights to identify changes to the key drivers for specific sectors and stocks. A broad range of criteria is used in this process including company visits, traditional valuation measures and insights into a company's management. There is no style bias in the "Focus On Change" philosophy, it is not inherently growth or value biased and is therefore able to perform through all phases of the market