Fact sheet: JPM Japan

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
JAPANESE EQUITIES
Sector
UT Japan
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates JPM Japan

Rated Fund 2016-2017. Focusing on rising stars benefiting from Japan's economic revival

Co-managers of this fund since 2012 are Japanese equity specialists Nicholas Weindling and Shoichi Mizusawa, who are both based in Japan. A further co-manager, Miyako Urabe, joined the team in 2015.

One of the attractions of the fund is JPMorgan's large research team based in Tokyo, which gives them a great deal of local knowledge and should be an advantage to them when seeking out the best companies for the portfolio.

The managers point out that two decades of stagnation have left the Japanese equity market under-researched and inefficient, creating opportunities for active investors to take advantage of the Japanese economic revival.

Weindling and his co-managers' approach is to maintain an aggressive focus on only the most attractive opportunities identified by the management team, across the market capitalisation spectrum.

They say that in the current environment, this means avoiding the big household names of old Japan and focusing on rising stars with the potential to benefit from economic reform and emerging structural trends, such as improving corporate governance.

Mostly they hold small and medium-sized businesses. They invest in Japanese companies that they believe have sustainable long-term prospects that are not dependent on the business cycle.

At the end of 2016, they were expecting more volatility in the Japanese market, mainly driven by external factors, such as political developments in the US and uncertainty in Europe. They also anticipate that global growth will continue to slow and have positioned the fund's portfolio accordingly.

3 Year Performance
Fund Performance77.8%
Average of Rated Funds Group106.8%
Sector Performance56%
Fund information
Fund name
JPM Japan C Acc
Fund manager company
JP Morgan Asset Management UK
Fund type
OEIC
Fund managers
  • Nicholas Weindlingsince 30/09/2012
  • Shoichi Mizusawasince 30/09/2012
  • Miyako Urabesince 31/08/2015
Accolades
Fund objective
To provide capital growth over the long term by investing primarily in the shares of Japanese companies.
Benchmark
  • TOPIX Index
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
19.7%
1 Year rank in sector
4/44
Sector
UT Japan
Yield
0.3%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.9%
Fund size
£622m (£286m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
137
Mid price
248.8
Top in this sector
Fund name1 Year
Legg Mason IFJaEq35.3%
First State Jap Focs28.7%
Fidelity Japan Smaller Comp22.1%
JPM Japan19.7%
Fidelity Institutional Japan19.7%
...more in UT Japan

Performance snapshot

Holdings snapshot

  • Japan99.6%
    Money Market0.4%
  • Communications14.4%
    Electronic & Electrical Equipment14.2%
    Services13.8%
    Chemicals13.1%
    Machinery8.7%
  • Japanese Equities99.6%
    Money Market0.4%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3.6%2.6%10.4%19.7%77.8%150.4%
Sector-7%-1.2%3.6%9.5%56%94%
Rank within sector2 / 472 / 472 / 464 / 444 / 403 / 37
Quartile1st1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-0.3%24.8%18.1%28.3%1.3%
Sector-3.6%17.7%24%15.8%0.8%
Rank within sector2 / 477 / 4439 / 432 / 4022 / 38
Quartile1st1st4th1st3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
3.97
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.99
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.1
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
15.75
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
9.88
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.32
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.59
Price movement
52 week high265.6
52 week low205
Current bid price-
Current offer price-
Current mid price248.8
Region
1Japan99.6%
2Money Market0.4%
Industry sector
1Communications14.4%
2Electronic & Electrical Equipment14.2%
3Services13.8%
4Chemicals13.1%
5Machinery8.7%
6Retail8.1%
7Others4.3%
8Pharmaceuticals4.3%
9Banks3.7%
Asset type
1Japanese Equities99.6%
2Money Market0.4%
Individual holdings
1KEYENCE CORP5.9%
2SOFTBANK GROUP CORP4.2%
3SHISEIDO CO3.9%
4M3 INC3.7%
5TOKIO MARINE HLDGS INC3.5%
6MITSUBISHI UFJ FINANCIAL GROUP3.3%
7RECRUIT HLDGS CO LTD3.2%
8CYBERAGENT INC2.9%
9DAIKIN INDUSTRIES2.6%
Management
Fund manager group
J.P. Morgan Asset Management
Fund manager company
JP Morgan Asset Management UK
Fund type
OEIC
Fund objective
To provide capital growth over the long term by investing primarily in the shares of Japanese companies.
Benchmark
  • TOPIX Index
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Nicholas Weindling30/09/2012Nicholas Weindling, executive director, is a country specialist for Japan equities and a member of the Japan team within the Emerging Markets and Asia Pacific (EMAP) Equities team based in Tokyo. Nicholas joined the Firm in 2006 from Baillie Gifford in Edinburgh, where he worked initially as a UK large cap analyst and latterly as a Japanese equities investment manager. Nicholas obtained a B.A. (Hons) in History from Cambridge University.
Shoichi Mizusawa30/09/2012Shoichi Mizusawa, managing director, is a country specialist for Japan equities and head of the Japan team within the Emerging Markets and Asia Pacific (EMAP) Equities team. Based in Japan, he leads the Japan-dedicated equity portfolio management teams in Hong Kong and Tokyo. Shoichi joined the Firm in 1997 as a marketing manager responsible for Japan pension funds. He transferred to the Japan Portfolio Group in 2000 and took up his current role in 2010. Prior to joining the Firm, Shoichi spent four years with Postipankki as the Tokyo representative in capital markets. He began his career with Mitsubishi Motors Corporation in 1989. Shoichi obtained a B.A. in Political Science and Economics from Waseda University and an M.B.A. from Simon Fraser University.
Miyako Urabe31/08/2015Miyako Urabe is a country specialist for Japan equities and a member of the Japan Team within the Emerging Markets and Asia Pacific (EMAP) Equities Team based in Tokyo. Miyako joined the Firm in 2013 from Credit Suisse Securities equity sales desk in Tokyo as an Asia ex-Japan specialist. She started her career at Morgan Stanley MUFG Securities covering both Japan and Asia ex-Japan. Miyako obtained a Bachelor Degree in Economics from Keio University, Japan.
Compliance
IA Recognised, UCITS IV Compliant, UCITS V Compliant
Domicile
No data available.
Fund for sale in
United Kingdom, Jersey
JPM Japan A Acc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.65%
Total expense ratio (TER)1.68%
Bid price-
Offer price-
Mid price449.8
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeRT06
JPM Japan A Inc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.65%
Total expense ratio (TER)1.68%
Bid price-
Offer price-
Mid price108.3
CurrencyGBX
Price updated15/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeA0G7
JPM Japan B Acc
Initial charge-
Annual charge1%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)1.15%
Total expense ratio (TER)1.18%
Bid price-
Offer price-
Mid price461.3
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0YDS
JPM Japan B Inc
Initial charge-
Annual charge1%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBX
Price updated01/01/1900
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0YDT
JPM Japan C Acc
Initial charge-
Annual charge0.75%
Min single investment£5,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.9%
Total expense ratio (TER)0.93%
Bid price-
Offer price-
Mid price248.8
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeA4F6
JPM Japan C Hedged Acc
Initial charge-
Annual charge0.75%
Min single investment£5,000,000
Min regular saving£100,000
Available in ISAYes
Ongoing charge (OCF)0.9%
Total expense ratio (TER)0.93%
Bid price-
Offer price-
Mid price196.1
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJDNG
JPM Japan C Inc
Initial charge-
Annual charge0.75%
Min single investment£5,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.9%
Total expense ratio (TER)0.93%
Bid price-
Offer price-
Mid price260.1
CurrencyGBX
Price updated15/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0YDU
Data provided by

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