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Japan Equity Fund

Single Price 188.940p as of 11/07/2024
Fund launch date 21/06/2015
Fund size ¥15,403,329,169.88
Number of holdings 44

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.

Read latest fund update
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
22/06/2015
Managed by Current Team for
9 years
Class Launch Date
22/06/2015
ISIN code
GB00BXDZFF23
Comparator Benchmark 1
TSE TOPIX
Comparator Benchmark 2
IA Japan

Meet the manager

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

Performance since class launch date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Jun 24 Jun 23 Jun 22 Jun 21 Jun 20
Liontrust Japan Equity 18.2 10.2 -8.2 17.9 6.9
TSE TOPIX 25.1 25.2 -1.8 26.9 2.7
IA Japan 10.6 12.7 -11.4 13.2 7.8
Quartile Ranking 1 4 2 2 2

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 1.6 -0.7 10.9 16.2 22.1 23.0 50.3 - 110.6
TSE TOPIX 4.9 6.1 18.3 24.2 32.6 61.9 104.1 - 110.6
IA Japan 3.5 -1.1 5.8 8.1 15.2 12.2 35.4 - 98.5
Quartile Ranking 4 3 1 1 1 2 2 - -

Source: FE fundinfo as at 11/07/2024. 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 (%)

HITACHI,LTD.
5.91
SUMITOMO MITSUI FINANCIAL GROUP
3.84
MS&AD INSURANCE GROUP HOLDINGS
3.36
TOKYO ELECTRON LIMITED
2.99
MITSUBISHI HEAVY INDUSTRIES
2.95
DAIICHI SANKYO
2.92
KYUSHU ELECTRIC POWER CO.,INC.
2.90
KOMATSU LTD.
2.89
KEYENCE CORPORATION
2.84
DEXERIALS CORPORATION
2.72

Sector Breakdown (%)

Financials
22.72
Industrials
22.37
Information Technology
15.35
Consumer Discretionary
11.01
Energy
6.54
Materials
5.51
Real Estate
4.70
Health Care
2.92
Utilities
2.90
Consumer Staples
2.70
Communications
2.31
Money Market
0.89

Geographic Breakdown (%)

Japan
99.10
Cash & Cash Equivalents
0.89
Additional Information
Minimum initial investment
£250,000
Minimum additional investment
£0
Ex-dividend date
2 January (Final)
Distribution date
Last day of February
Sedol code
BXDZFF2
Charges
Initial charge
-
Ongoing Charges Figure
0.87%
Included within the OCF is the Annual Management Charge
0.75%

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

Fund Manager Insights

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How to invest in Liontrust funds

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Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of the Fund. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g.international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG. There is no guarantee that an absolute return will be generated over a three year time period or within another time period.

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It 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. This information and analysis 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, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
Japan Equity Fund
View latest fund update