Lindsell Train Japanese Equity B GBP Quoted

  • 273.70p
    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!

  • 0.60%
    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).

  • 0.73%
    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.

  • 1.50%
    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 17 February 2020

The fund aims to achieve capital growth over the longer term through investing in a concentrated portfolio of equities primarily quoted on Japanese stock market.

Fund summary

Sector Japan
Structure OFFSHORE FUND
Launched June, 2012
Size £520m
Yield 1.50%
Charging basis
Dividends paid Jan, Jul

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.73%

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Investment process

The objective is to outperform the TOPIX index and to maximise total return over the longer term from a well-diversified portfolio of equities, (and, if considered appropriate, convertible securities) primarily quoted on stock markets in Japan.

Manager research

Average monthly relative returns

  • 15/16 -0.95%
  • 16/17 0.44%
  • 17/18 0.21%
  • 18/19 0.00%
  • 19/20 0.27%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.49%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 95.50%

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

Michael Lindsell

A Zoology graduate from Bristol University, Lindsell began his investment career at Lazards in 1982. He joined Scimitar Asset Management in 1985, where he was responsible for Pacific and Japanese mandates, before specialising in Japan. In 1989 he moved to Warburg's London where he was director and head of MAM's Japanese fund management. He joined GT, Tokyo, in 1992 and was CIO as well as being responsible for GT’s Japanese funds and global funds sourced out of Japan. He returned to London in 1997 to assume responsibility for GT's Global and International funds, and following Invesco's aquisition of GT in 1998 he became head of the combined global product team. In 2000 he left Invesco to form his own investment management business, Lindsell Train Ltd, along with Nick Train.

Track record

Michael Lindsell has 12.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.49%. During the worst period of relative performance (from February 2002 - December 2003) there was a decline of 23% relative to the index. The worst absolute loss has been 36%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.

Periods of worst performance

Absolute -36.00% (April 1996 - March 2003)
Relative -23.00% (February 2002 - December 2003)

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

As at 30th June 2016:
9.3% Nintendo
9.3% Kao Corporation
8.4% Astellas Pharmaceutical
7.0% OBIC Business Consultants
5.3% Shiseido
4.9% Japan Exchange Group
4.9% Takeda Pharmaceutical
4.8% Kirin Holdings
4.8% Ito En (pref)
4.8% Taisho Pharmaceutical
Source: Lindsell Train

Key Investor Information

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