Liontrust Japan Opportunities C

Unconstrained Japanese equity fund

  • 239.46p
    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!

  • 0.75%
    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).

  • 0.82%
    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.

  • 1.20%
    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 30 July 2021

The objective for this fund is to achieve above average, consistent and stable high total returns by investing in a concentrated portfolio of Japanese equities. In the past the manager has used aggressive portfolio management techniques, including a high cash weighting and the use of shorting, in order to outperform the market. Therefore investors should note that at times the portfolio will not be fully invested in shares.

Fund summary

Sector Japan
Structure OEIC
Launched October, 2012
Size £74m
Yield 1.20%
Charging basis Income
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 0.75%
Ongoing charges figure 0.82%

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Investment process

Neptune is an active manager with a process based on identifying phases in the economic cycle of each global sector. Sectors are then weighted accordingly and stocks selected to populate those sectors. Analysis at Neptune is split into three simultaneous, although parallel, research areas: economic regions, global sectors, and individual companies. Neptune tends to favour global companies that tend to dominate within the sector or sub sector in which they operate. Companies that are examined in more detail are selected principally via global sector research, but are augmented by in-house financial screening techniques on a variety of metrics. External research and company visits are also used for idea generation and ongoing coverage. Each company is analysed and assessed on the basis of its management, operational characteristics, future business prospects and resultant financial flows. Valuation models are used to set target prices. Currency hedging may be used.

Manager research

Average monthly relative returns

  • 16/17 1.21%
  • 17/18 -0.15%
  • 18/19 -9.31%
  • 19/20 -0.72%
  • 20/21 1.31%

Bestinvest MRI

  • 3 years -2.91%
  • 5 years -1.53%
  • Career -0.30%
  • 3 years 15.90%
  • 5 years 20.10%
  • Career 38.20%

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

Chris Taylor

Taylor joined Neptune in July 2004 as a Fund Manager with research responsibilities, which now cover the technology, telecoms and media sectors. After graduating from Oxford University in 1980, with an BA in Physiological Sciences and The City University Business School in 1981 with an MBA in Finance, he joined County Bank International Investments Ltd, a part of Natwest, as European equity manager within their ERISA fund management unit. Subsequently he moved to Enskilda Securities as Head of Scandinavian Equities responsible for founding the firm's research activities. Then he worked in New York as the global equity fund manager for Swiss American Asset Management Inc, part of the Credit Suisse group, before returning to the UK and joining Fuji Investment Management Company Ltd. During his more than 15 years at that firm he progressed from European equity fund manager to Managing Director.

Track record

Chris Taylor has 16.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.3%. During the worst period of relative performance (from June 2009 - February 2019) there was a decline of 100% relative to the index. The worst absolute loss has been 37%.

Periods of worst performance

Absolute -37.00% (March 2006 - November 2007)
Relative -100.00% (June 2009 - 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

5.0954% Nintendo Co
4.8728% Sumco Corp
4.8572% Keyence Corp
4.7843% Fujitsu
4.602% Bandai Namco Hldgs Inc
3.5504% Nippon Paint Hldgs Co Ltd
3.1837% Haseko Corp
3.0571% Toyota Motor Corp
2.8774% Daikin Industries
2.759% Mitsubishi Gas Chemical Co Inc
Source: Trustnet

Sector breakdown

Industrials 26.00%
Information Technology 18.00%
Materials 17.00%
Consumer Discretionary 12.00%
Financials 9.00%
Money Market 7.00%
Communications 5.00%
Real Estate 3.00%
Energy 2.00%

Portfolio

Stock weightings are typically between 2% and 4% depending on conviction. Cash and derivatives can be used aggressively (max cash holding 20%)

Constraints

No formal restraints are set. Portfolio usually diversified across a number of sectors. Typically max. 30% invested in any one sector.

Key Investor Information

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