Schroder Tokyo A

The manager has a pragmatic value style and invests across the market cap range in quality companies.

  • 335.50p
    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.

  • 354.70p
    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!

  • 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).

  • 1.67%
    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.

  • 0.90%
    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 21 September 2020, fund data last updated 08 October 2014

This fund aims to achieve capital growth by investing in Japanese equities. The focus is on quality growth companies with a proven track record and long-term growth prospects, which are not fully reflected in the share price. Andrew Rose runs the fund from London, although Schroders has significant analyst and fund manager presence in Japan. Rose himself lived there for a number of years and is fluent in Japanese.

Fund summary

Sector Japan
Structure UNIT TRUST
Launched March, 1989
Size £1,118m
Yield 0.90%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.67%

Allocation

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Investment process

Investment is based primarily on Japan's economic strengths, such as its manufacturing and on sectors benefiting from structural change in the economy. Schroders has a sizable research team based in Japan and they apply a list of quantitative and qualitative filters to their universe of stocks to arrive at a Selected Equity List of circa 150 closely followed companies which form the core of the portfolio. Analysts make 3-year earnings forecasts using Schroder’s proprietary valuation model, with an emphasis on quality. This includes growth prospects, earnings visibility, management quality, balance sheet strength and a focus on shareholders. Rose works with the analysts in Tokyo to help generate and maintain this list. The manager takes a bottom-up fundamental view towards stock selection, whilst maintaining a cautious eye on the index. Rose is primarily a stock picker but he is pragmatic about his weightings from the benchmark. A focus on quality companies on below-average valuations means there is generally a bias away from expensive growth stocks.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 -0.52%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.51%
  • 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.

Masaki Taketsume

Taketsume joined Schroders in 2007. He was previously a Sector Analyst at Schroders in Tokyo from 2007 but from 2017 he worked closely with Andrew Rose during his transition to become lead manager of Schroder Tokyo. Taketsume is a Japanese equity fund manager based in London. He has a BA in Economics from Keio University and a CMA from The Securities Analysts Association of Japan. He is a CFA Charterholder.

Track record

The track record of Masaki Taketsume in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -16.00% (November 2019 - March 2020)
Relative -7.00% (July 2019 - August 2020)

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

3.96% Toyota Motor Corp
3.38% Nippon Telegraph & Telephone Corp
3.1% Smc Corp
2.89% Sumitomo Mitsui Financial Group Inc
2.77% Hoya Corp
2.75% Recruit Hldgs Co Ltd
2.6% Disco Corp
2.57% Tokio Marine Hldgs Inc
2.52% Murata Manufacturing Co
2.47% Takeda Pharmaceutical Co
Source: Trustnet

Sector breakdown

Electronic & Electrical Equipment 11.00%
Communications 11.00%
Machinery 9.00%
Wholesale 6.00%
Transport Equipment 6.00%
Chemicals 6.00%
Transport 5.00%
Pharmaceuticals 5.00%
Construction 5.00%
Retail 5.00%

Portfolio

- Typically 60 to 80 stocks. - Stock weighting will be with +/- 4% of the benchmark weight at time of purchase.

Constraints

- Large stock weights are circa 3% to 5%. - Smaller companies positions max. 1%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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