Man GLG Japan CoreAlpha Retail

  • 165.10p
    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.

  • 127.10p
    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!

  • 1.50%
    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).

  • 1.71%
    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.

  • 3.80%
    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 19 October 2020, fund data last updated 25 January 2016

The fund aims to outperform the TOPIX index by investing mainly in large cap Japanese companies. Stephen Harker, Head of the CoreAlpha team, has a distinct 'value' style, i.e. he invests in companies that are trading below their 'correct' valuation, rather than companies with high rates of growth. The portfolio can take aggressive sector and stock positions relative to the index and as a result the fund tends to be one of the more volatile in the sector. However Harker's long term track record justifies his approach.

Fund summary

Sector Japan
Structure OEIC
Launched
Size £1,167m
Yield 3.80%
Charging basis Capital
Dividends paid 31 Jul

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.71%

Allocation

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Investment process

The CoreAlpha team are based in York but visit Japan regularly. Harker leads the team and his style style is actually quite simple, founded as it is on his significant experience in Japanese equities and a keen study of history. The fund's process is based on the belief that large cap value stocks will outperform over the long term. The CoreAlpha managers believe that there is significant mean reversion in stock markets generally and in Japan particularly. Typically the managers therefore focus on what they consider to be valuation anomalies rather than companies with high growth rates. The preferred valuation methodology is Price to Book which compares the company's market capitalisation to its assets, which has traditionally been a potent metric in Japan. The managers conduct balance sheet analysis to ensure that the companies are financially secure.

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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Sector breakdown

Financials 35.00%
Consumer Discretionary 21.00%
Industrials 11.00%
Materials 11.00%
Real Estate 7.00%
Information Technology 6.00%
Energy 3.00%
Health Care 3.00%
Consumer Staples 2.00%
Utilities 1.00%

Portfolio

The portfolio will usually comprise between 40 to 60 holdings. The maximum weight in any one stock holding is 10% and it is unlikely that a position will be less than 0.5%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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