Fidelity Japan Smaller Companies A

Invests in small and medium-sized companies. Managed by a large locally based team.

  • 316.20p Price (Inc)
  • - Price (Acc)
  • 3.50% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.75% Ongoing charges
  • 0.00% Yield

Prices as at 10 December 2019, fund data last updated 07 May 2004

A pure stockpicking fund which has a bias to smaller co's adapting and benefiting from changes in the Japanese economy. Fidelity have huge resources in Japan and thus the fund benefits from a wide analysis of stocks. Despite performing well within the peer group, the portfolio has difficulty in consistently outperforming the benchmark.

Fund summary

Sector Japan
Structure OEIC
Launched April, 1984
Size £99m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 3.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.75%

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Investment process

The fund is managed with the aim of providing long term capital appreciation from a portfolio primarily composed of Japanese equities. The portfolio will usually have a bias towards medium sized and smaller companies and is described by Fidelity as their more aggressive fund investing in Japan. The manager does not invest on an industry or sector basis, but analyses a company in its own right. Companies selected are usually leaders in their industry (often with a niche), who manage their business with the interest of shareholders in mind. Attractive long term growth prospects and solid management are prerequisites.

Manager research

Average monthly relative returns

  • 14/15 0.02%
  • 15/16 -0.02%
  • 16/17 0.21%
  • 17/18 -0.08%
  • 18/19 -4.23%

Bestinvest MRI

  • 3 years -1.36%
  • 5 years -0.82%
  • Career -0.41%
  • 3 years 18.10%
  • 5 years 19.50%
  • Career 19.80%

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

Jun Tano

Tano started his career as equity analyst at Meiji Life insurance company in 1986. He was a portfolio manager at Meiji Yasuda Life Insurance Group between 1989 and 2000. He has experience in managing Japanese as well as non-Japanese equities mainly for Japanese domestic pension plan sponsors. Tano received an MBA from the Wharton School, a BA from Yokohama National University and he is a CFA chartholder.

Track record

Jun Tano has 13.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.41%. During the worst period of relative performance (from April 2006 - February 2019) there was a decline of 60% relative to the index. The worst absolute loss has been 47%.

Periods of worst performance

Absolute -47.00% (April 2006 - October 2008)
Relative -60.00% (April 2006 - February 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 2019

4.6% Misumi Group Inc
4.5% Shimadzu Corp
3.4% Nippon Shinyaku Co
3.2% Yokogawa Electric Corp
2.8% Makita Corp
2.8% Nidec Corp
2.7% Daifuku Co
2.7% Azbil Corp
2.5% Disco Corp
2.4% Santen Pharmaceutical Co
Source: Trustnet

Sector breakdown

Electronic & Electrical Equipment 23.00%
Machinery 14.00%
Others 12.00%
Wholesale 8.00%
Precision Instruments 8.00%
Communications 7.00%
Construction 7.00%
Pharmaceuticals 7.00%
Retail 6.00%
Chemicals 6.00%

Portfolio

Typically the fund is made up of around 90-130 stocks and is invested across all sectors.

Constraints

There are no constraints placed upon the manager by the group.

Key Investor Information

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