JO Hambro CM Japan A H GBP (Sterling Hedged)

  • 141.30p
    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?

  • 5.00% 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!

  • 0.75%
    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).

  • 0.84%
    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.

  • 1.40%
    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 28 May 2020, fund data last updated 11 April 2013

The fund seeks to produce a capital return in excess of the TOPIX index. The manager invests across the large, mid and small cap sectors although there is a strong bias to the latter. The fund does not have a bias to growth or value companies, the managers look for undervalued stocks where they consider there is a catalyst for re-rating. The managers are based in the UK but visit Japan regularly and have considerable experience of investing in Japanese equities.

Fund summary

Sector Japan
Structure OFFSHORE FUND
Launched
Size £174m
Yield 1.40%
Charging basis Income
Dividends paid Feb

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.84%

Allocation

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Investment process

The manager describes his style as active and bottom up in its approach. He follows neither a value nor growth philosophy taking the view that "value is a function of growth". Mis-priced stocks are identified through a number of valuation methods, including Price to Earnings, Price to Book and Price to Cash flow ratios. The manager consistently emphasises the number of quality Japanese companies trading at a discount to book or even cash on the balance sheet. However this does not mean that the share price is likely to move. McGlashan therefore does require a catalyst for re-evaluation by the market, such as restructuring, corporate action or earnings surprise. If this is not apparent then it is likely that lowly valued companies will remain so. The manager does not have an extensive resource base to draw upon and has to rely upon the many contacts he has made within the mid and small sized brokerages in Japan that he has developed over his lengthy career. McGlashan runs the fund with Ruth Nash who is effectively the co-manager of this product.

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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Portfolio

The portfolio tends to hold between 40-60 stocks. A maximum weight of 25% to small cap is permitted (<£500m) and 50% in mid cap (£500m to £1bn).

Key Investor Information

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