ASI Japan Equity A

Multi-cap Japanese fund with a focus on growth companies.

  • 269.86p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.63%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.30%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 21 October 2020, fund data last updated 04 August 2003

The Aberdeen Japan Growth seeks to employ Aberdeen's house style to Japanese companies to produce a capital return in excess of the TOPIX TR. The team are based in Japan but are fully integrated into Aberdeen's Asia Pacific analyst network. They have a very collegiate approach to managing the fund though they are nominally led by Chern Yeh-Kwok. As you would expect with Aberdeen, the focus is on identifying high quality growth companies, on sensible valuations, and holding them for a protracted period.

Fund summary

Sector Japan
Structure OEIC
Launched August, 1992
Size £58m
Yield 0.30%
Charging basis Capital
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.63%

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Investment process

The fund invests in a relatively concentrated portfolio of Japanese companies across the market cap spectrum. The focus is on companies with a strong market position or an innovative product who are able to grow at a above the cost of capital for a prolonged period. The fund has an entirely bottom up approach and stock turnover will be low. The fund will invest in mid and small cap companies, therefore hopefully allowing the team to find some companies that are at a relatively early stage in their growth trajectory and are therefore on reasonable valuations. The Aberdeen Japan Team operate a very collegiate approach to investing. Analysts typically track potential investments for a protracted period and get to know management in an effort to avoid many of the pitfalls of investing in Japan. The team look for management teams focused on reinvesting capital and growing the business organically and crucially, who value and engage with shareholders.

Manager research

Average monthly relative returns

  • 15/16 0.83%
  • 16/17 -0.64%
  • 17/18 -0.40%
  • 18/19 -0.05%
  • 19/20 0.86%

Bestinvest MRI

  • 3 years 0.13%
  • 5 years 0.12%
  • Career 0.16%
  • 3 years 81.60%
  • 5 years 84.90%
  • Career 96.50%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Kwok Chern Yeh

Chern-Yeh Kwok is head of Japanese equities having transferred from the Singapore team in January 2011. Chern-Yeh joined Aberdeen in 2005 from MSCI Barra where he was an equity research analyst. Chern-Yeh graduated with a BA in Journalism from the University of Missouri- Columbia and holds an MSc in Finance from the London Business School.

Track record

Kwok Chern Yeh has 9.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.16%. During the worst period of relative performance (from June 2016 - January 2019) there was a decline of 18% relative to the index. The worst absolute loss has been 16%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -16.00% (May 2018 - December 2018)
Relative -18.00% (June 2016 - January 2019)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Top 10 holdings

Data accurate as at 31 July 2020

5.2% Kddi Corp
5% Sony Corp
4.9% Toyota Motor Corp
4.9% Keyence Corp
4.7% Tokio Marine Hldgs Inc
4.4% Shin-Etsu Chemical Co
3.8% Daikin Industries
3.5% Chugai Pharmaceutical Co
3.2% Hoya Corp
3% Nabtesco Corp
Source: Trustnet

Sector breakdown

Consumer Discretionary 20.00%
Industrials 19.00%
Health Care 14.00%
Information Technology 12.00%
Materials 11.00%
Financials 8.00%
Communications 8.00%
Consumer Staples 6.00%
Real Estate 2.00%
Others 1.00%

Portfolio

The whole market is increasingly being covered, but mostly large companies will be held, generally constituents of the TSE 1st Section. Holding sizes usually range from 2.5-4% over approximately 35 holdings

Constraints

Informal caps on stock and sector weights to control portfolio risk. They will generally not invest if the company has not been met.

Key Investor Information

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