Invesco Japan (UK) Y

Predominantly large cap portfolio focusing on value stocks in Japan.

  • 340.85p
    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!

  • 0.88%
    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).

  • 0.88%
    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.

  • 1.70%
    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 15 January 2021

The manager took charge of this and other Japanese portfolios in February 2000. The portfolio is now predominantly large cap having reduced exposure to medium and small-sized value stocks.

Fund summary

Sector Japan
Structure OEIC
Launched March, 2014
Size £213m
Yield 1.70%
Charging basis
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 0.88%
Ongoing charges figure 0.88%

Allocation

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Investment process

The fund aims to achieve capital growth in the Far East, including Australasia. The fund intends to invest primarily in shares of companies in the Far East, although it may include other Far Eastern related investments that the fund managers consider appropriate, (which from 13th February 2004 may include units in collective investment schemes, warrants, deposits, derivatives and other permitted investments and transactions). To achieve capital growth, the fund is invested mainly in the shares of Japanese companies, both small and large, with an emphasis on value stocks which have a good long term record. Despite the lack of a physical presence in Japan approximately 100 companies on 4 visits are made each year. Stockpicking focuses on quality and valuation - 10-year "numbers", notably cash flow, are considered and companies overlooked by the market are sought whilst stocks on high ratings are sold. Typically 70-80% is invested in large companies. Currency hedging is undertaken and the portfolio is currently 50% hedged as the manager expects the Yen to weaken during 2000.

Manager research

Average monthly relative returns

  • 16/17 0.20%
  • 17/18 -0.20%
  • 18/19 -0.25%
  • 19/20 -8.67%
  • 20/21 -1.01%

Bestinvest MRI

  • 3 years -3.31%
  • 5 years -1.99%
  • Career -0.21%
  • 3 years 12.30%
  • 5 years 12.90%
  • Career 40.50%

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

Paul Chesson

Chesson is the Head of Japanese Equities at Invesco Perpetual after joining in 1993. He started his investment career in 1990 at Touche Remnant where he specialised in Japanese equity. He holds an MA in Law from Oxford University and is an associate member of the Association for Investment Management.

Track record

Paul Chesson has 24 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.21%. During the worst period of relative performance (from March 2010 - February 2019) there was a decline of 100% relative to the index. The worst absolute loss has been 57%.

Periods of worst performance

Absolute -57.00% (December 1999 - January 2003)
Relative -100.00% (March 2010 - 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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

7.36% Kddi Corp
5.86% Murata Manufacturing Co
5.58% Shin-Etsu Chemical Co
4.86% Nissan Chemical Corporation
4.85% Sekisui Chemical Co
4.84% Minebea Mitsumi Inc
4.58% Toyota Motor Corp
4.35% Tokyo Electron
3.8% Comsys Holdings Corp
3.57% Glp J-Reit
Source: Trustnet

Sector breakdown

Manufacturing 59.00%
Transport 10.00%
Financials 8.00%
Real Estate 7.00%
Services 5.00%
Construction 4.00%
Trade 3.00%
Utilities 2.00%
Money Market 2.00%

Portfolio

This fund hold approx. 60 positions.

Key Investor Information

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