FSSA Japan Focus B GBP

  • 256.60p
    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!

  • 0.85%
    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).

  • 1.05%
    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.

  • 0.00%

    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 20 January 2022, we don’t currently provide commentary on this fund.

This fund aims to achieve long-term capital growth by investing in Japanese listed companies. The fund may also invest up to 10% in collective investment schemes (CIS).

Fund summary

Sector Japan
Structure OEIC
Launched October, 2015
Size £325m
Yield 0.00%
Charging basis
Dividends paid Acc units only


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 1.05%


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Investment process

Manager research

Average monthly relative returns

  • 17/18 0.39%
  • 18/19 0.09%
  • 19/20 1.30%
  • 20/21 1.79%
  • 21/22 0.20%

Bestinvest MRI

  • 3 years 1.10%
  • 5 years 0.75%
  • Career 0.82%
  • 3 years 99.00%
  • 5 years 98.20%
  • Career 99.00%

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

Sophia Li / Martin Lau

Li joined First State in 2009. She graduated from Harvard University with an MA in Statistics in 2009 and a BSc in Statistics in 2007 from Fudan University, China. She is a CFA charterholder. Lau joined First State in April 2002. He started his investment career at Invesco in 1995 and assumed responsibility for their Greater China fund in 1998. Lau graduated from Cambridge University with a BA and Masters in Engineering, and is also a Chartered Financial Analyst.

Track record

Sophia Li / Martin Lau has 6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.82%. During the worst period of relative performance (from June 2016 - January 2017) there was a decline of 16% relative to the index. The worst absolute loss has been 18%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 99%.

Periods of worst performance

Absolute -18.00% (May 2018 - December 2018)
Relative -16.00% (June 2016 - January 2017)

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.


Proportion (%)

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Top 10 holdings

Data accurate as at 31 December 2021

5.7564% Recruit Hldgs Co Ltd
5.7344% Benefit One Inc
5.5126% Keyence Corp
5.2494% Tokyo Electron
4.5371% Shin-Etsu Chemical Co
4.5134% Lasertec Corp
4.4555% Sony Group Corp
4.1363% Gmo Payment Gateway Inc
3.9956% Olympus Corp
3.5773% Shift Inc
Source: Trustnet

Sector breakdown

Information Technology 31.00%
Industrials 29.00%
Health Care 11.00%
Consumer Staples 10.00%
Consumer Discretionary 8.00%
Materials 6.00%
Money Market 5.00%
Communications 1.00%

Key Investor Information