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Japan Equity Fund

Fund launch date 21/06/2015
Fund size ¥8,516,457,850.44
Number of holdings 44
Managed by current team for 8 years
Currently viewing:

The Fund

The Fund is managed by Thomas Smith. It aims to generate capital growth over the long term (5 years or more). The Fund invests at least 80% in shares of Japanese companies. These are companies which, at the time of purchase, are incorporated, domiciled, listed or conduct significant business in Japan.

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
Manager Inception Date of Fund
Class Launch Date
Comparator Benchmark 1
Comparator Benchmark 2
IA Japan
Single Price
Offer Price
Price Date

Meet the team

Thomas Smith manages the Liontrust Japan Equity Fund, having joined Liontrust as part of the acquisition of Neptune Investment Management in October 2019. Thomas has a Master’s degree in Chemistry from Oxford University and is a CFA Charterholder. Thomas is a fund manager in the Global Fundamental Team.

Meet the tea

Awards and Ratings

Citywire fund manager rating Citywire Manager Rating: AA
FEfundinfo Crown Rating FE fundinfo Crown Rating: 4

Our Investment Process

The fund managers believe the key to generating outperformance is through high conviction, long-term, research-led company selection.
The Liontrust Japan Equity Fund aims to identify Industry Leaders across Japan via a sector-by-sector analysis process investing in large, multinational companies that dominate their global industry. 
These companies have greater exposure to faster growing regions, such as the emerging markets, allowing them to benefit from revenue growth that the manager believes is far in excess of that achievable in Japan.
At a stock level, the Fund is highly differentiated from its peers, and is positioned for global growth with less reliance on the domestic market given the country’s deeply entrenched demographic, fiscal and macroeconomic problems. 

The Fund is ‘focused’, containing relatively fewer holdings than those included in their benchmark indexes because the stocks are selected based on the high convictions of the investment team. Whether Fund outperforms or underperforms its benchmark depends on the investment team’s stock selections. While the Fund chooses stocks based on a long-term view of three to five years, they may underperform over the shorter periods because of short-term challenges.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.


Performance since class launch date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 23 Sep 22 Sep 21 Sep 20 Sep 19
Liontrust Japan Equity 12.6 -9.8 16.2 3.8 1.8
TSE TOPIX 29.3 -7.5 27.1 4.5 -10.7
IA Japan 11.3 -15.4 16.6 5.6 -1.1
Quartile Ranking 3 1 3 3 1

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Liontrust Japan Equity 1.4 -2.1 0.3 8.3 9.7 5.3 36.1 - 76.5
TSE TOPIX 3.6 2.0 9.9 28.7 25.2 44.4 63.4 - 70.9
IA Japan 2.9 0.4 1.3 8.5 9.8 3.2 27.5 - 78.3
Quartile Ranking 4 4 3 3 3 3 2 - -

Source: FE fundinfo as at 08/12/2023. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.

Current positioning

Top 10 Holdings (%)


Sector Breakdown (%)

Industrials 24.91
Financials 19.39
Consumer Discretionary 17.61
Information Technology 13.41
Materials 12.60
Communications 3.86
Money Market 2.90
Energy 2.28
Consumer Staples 1.83
Health Care 1.16

Geographic Breakdown (%)

Cash & Cash Equivalents

Source: Liontrust as at 30/11/2023.

Additional Information
Minimum initial investment
Minimum additional investment
Ex-dividend date
2 January (Final)
Distribution date
Last day of February
Sedol code
ISIN code
Initial charge
Ongoing Charges Figure
Included within the OCF is the Annual Management Charge

For more information on the OCF, see our costs and charges page.

Fund Manager Insights

See all related
Fund updates
Liontrust Japan Equity Fund Q1 2023 review
icon 25 April 2023
Commentaries Global Equity
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Liontrust Japan Equity Fund Q4 2022 review
icon 30 January 2023
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Fund updates
Liontrust Japan Equity Fund Q3 2022 review
icon 24 October 2022
Commentaries Global Equity
Fund updates
Liontrust Japan Equity Fund Q2 2022 review
icon 26 July 2022
Global Equity
Fund updates
Liontrust Japan Equity Fund Q1 2022 review
icon 28 April 2022
Global Equity
Fund updates
Liontrust Japan Equity Fund Q4 2021 review
icon 25 January 2022
Global Equity

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.


Investment in the Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The Fund may invest in emerging markets/soft currencies or in financial derivative instruments, both of which may have the effect of increasing volatility.



This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances. 


This should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. It contains information and analysis that is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust.


Fund literature
Japan Equity Fund
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