AXA Framlington Japan R

  • 505.50p
    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.

  • 515.50p
    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?

  • 5.25% 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 07 April 2020, fund data last updated 23 November 2015

The fund aims for capital growth by investing in Japanese companies across all market capitalisations but with an emphasis on small and mid-sized businesses. Manager Chisako Hardie focusses on long-term growth companies which, she believes, have quality management and potential for above-average profitability and growth. This fund is not constrained by a benchmark and portfolio selection is a combination of macro themes blended with bottom-up stock selection.

Fund summary

Sector Japan
Structure UNIT TRUST
Launched
Size £176m
Yield 0.30%
Charging basis Income
Dividends paid 15 Apr

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.63%

Allocation

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Investment process

Hardie uses a blend of macro themes and bottom-up stock selection to create a diversified portfolio of around 100 holdings. She focuses on companies that show robust growth prospects, proven management, strong balance sheets and attractive valuations. To keep liquidity risk low she avoids companies that are not tradeable within 10 days. When researching companies Hardie uses external research from a number of brokers, but due to poor coverage on small cap companies she conducts her own research. She has around 200 company meetings per year and assesses potential investment opportunities through the use of PE multiples for both the company and its peer group as well as DCF modelling. Based in Edinburgh, Hardie is a Japanese national and visits Japan bi-annually, typically investing in companies after having met with the management team. On a daily basis, she tracks a list of ca. 500 companies of interest and tends to hold investments for many years with a relatively low annual turnover of around 30%. Yet, she has a strong sell discipline, where holdings are sold when she has lost faith in the management or identifies a better opportunity. In situations where investments become fully valued, she typically sells and often re-purchases upon weakness if the company fundamentals remain intact.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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Relative 0.00% ()

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.

Allocation

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Sector breakdown

Industrials 27.00%
Technology 15.00%
Consumer Goods 13.00%
Consumer Services 13.00%
Health Care 12.00%
Financials 9.00%
Basic Materials 6.00%
Telecommunications 2.00%
Money Market 2.00%
Utilities 1.00%

Portfolio

The portfolio will consist of around 100 stocks with the top 10 typically making up less than 20% of the portfolio.

Key Investor Information - Income

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Key Investor Information - Accumulation

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