Fact sheet: Lindsell Train Japanese Equity

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
FO Equity - Japan
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Lindsell Train Japanese Equity

Rated Fund 2016-2018. Backs the best brands

This is a Dublin-registered fund that has been managed by Michael Lindsell since 2004. His aim is to construct a concentrated portfolio of ムexceptional' companies, with a focus on those firms with truly sustainable business models and/or established, resonant brands. In building the portfolio he focuses on companies demonstrating long-term durability in cash and profit generation.

It is a relatively small fund at ᆪ170 million, and is very concentrated, with typically only 20 to 35 holdings (26 in mid 2017). This is partly because Lindsell believes that only a very limited number of companies meet his requirements; but those that do he holds for the long term.

He only invests in businesses he expects to produce growing real returns for investors over the next 20 years at least. He is then prepared to stick with them until they realise their potential, which means his portfolio turnover is generally low, typically around 10 per cent a year. He normally sells a company when its share price reaches a level considerably at variance with his valuation target and then only when he sees alternative undervalued and exceptional businesses which he would like to buy instead.

Lindsell's preference for durable business franchises is evident in the fund's two largest holdings ヨ Kao, a household product provider, and Nintendo. Kao holds at least a top-three position in every major toiletry and laundry category in Japan. Nintendo, meanwhile, is responsible for most of the best-selling games of all time. Its share price soared more than 50 per cent in the first half of 2017 following the successful launch of its new console, the Switch.<\p>

3 Year Performance
Fund Performance95.6%
Average of Rated Funds Group69.4%
Sector Performance23.6%
Fund information
Fund name
Lindsell Train Japanese Equity B Sterling Quoted GBP
Fund manager company
Lindsell Train
Fund type
OEIC
Fund manager
  • Michael Lindsellsince 01/02/2004
Accolades
Fund objective
To increase the value of Shareholders’ capital over the longer term from a focused portfolio of equities primarily quoted on stock markets in Japan. The Fund’s investment performance is compared with the TOPIX (Tokyo Stock Exchange (First Section) Index) in Yen terms.
Benchmark
  • Topix
Investment style
Concentrated
Investment method
Shares
Quick stats
1 Year return
27.2%
1 Year rank in sector
8/111
Sector
FO Equity - Japan
Yield
-
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.
0.85%
Fund size
£35,813m (£19,668m 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.
107
Top in this sector
Fund name1 Year
Atlantis Japan Opportunities46.6%
JPMorgan Japan (Yen)36.5%
CC Japan Alpha35.9%
First State Japan Equity35.4%
Boost TOPIX 2x LD ETP34.9%
...more in FO Equity - Japan

Performance snapshot

Holdings snapshot

  • Japan96.5%
    Money Market3.5%
  • Consumer Services45.9%
    Media26.5%
    Pharmaceuticals20%
    Financials4.1%
    Money Market3.5%
  • Japanese Equities96.5%
    Money Market3.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund5.2%6.6%14%27.2%95.6%127.2%
Sector3.3%2.8%3.9%18.4%23.6%53%
Rank within sector8 / 1148 / 1132 / 1118 / 1112 / 992 / 84
Quartile1st1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund12.3%26.8%28.2%29.8%1.5%
Sector1.1%23%4.5%11.8%4.1%
Rank within sector1 / 11225 / 1102 / 1011 / 9262 / 86
Quartile1st1st1st1st3rd
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.
22.67
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.
0.24
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.
1.34
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%.
15.07
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.
18
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.
0.84
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.
0.04
Price movement
52 week high2.79
52 week low2.23
Current bid price-
Current offer price-
Current mid price2.78
Region
1Japan96.5%
2Money Market3.5%
Industry sector
1Consumer Services45.9%
2Media26.5%
3Pharmaceuticals20%
4Financials4.1%
5Money Market3.5%
Asset type
1Japanese Equities96.5%
2Money Market3.5%
Individual holdings
1KAO CORP9.2%
2NINTENDO CO9%
3OBIC BUSINESS CONSULTANT7.8%
4ASTELLAS PHARMA INC6.7%
5SHISEIDO CO6.7%
6HOGY MEDICAL CO5%
7MANDOM CORP5%
8ITO EN4.8%
9KIRIN HLDGS CO LTD4.8%
Management
Fund manager group
Lindsell Train
Fund manager company
Lindsell Train
Fund type
OEIC
Fund objective
To increase the value of Shareholders’ capital over the longer term from a focused portfolio of equities primarily quoted on stock markets in Japan. The Fund’s investment performance is compared with the TOPIX (Tokyo Stock Exchange (First Section) Index) in Yen terms.
Benchmark
  • Topix
Investment style
Concentrated
Investment method
Shares
Fund manager
NameSinceBiography
Michael Lindsell01/02/2004Michael Lindsell co-founded Lindsell Train Limited in 2000. He is the portfolio manager for Japanese equity portfolios and jointly manages Global portfolios. Michael has over 30 years’ experience in investment management. Before founding Lindsell Train he spent seven years at GT Management, first as CIO in their Tokyo office, then in London with responsibility for all GT’s global and international funds. Following the acquisition of GT by Invesco in 1998 he was appointed head of the combined global product team. His previous experience included working at Mercury Asset Management where he was director and head of Japanese fund management in London, at Scimitar Asset Management in Hong Kong where he ran Pacific and Japanese mandates and at Lazard Brothers as an investment manager. Michael has a BSc honours degree in Zoology from Bristol University.
Compliance
Distributor Status, IA Recognised, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom, Ireland, Offshore
Lindsell Train Japanese Equity A Ret GBP
Initial charge4.5%
Annual charge1.15%
Min single investment£200,000
Min regular saving£20,000
Available in ISANo
Ongoing charge (OCF)1.35%
Total expense ratio (TER)1.15%
Bid price-
Offer price-
Mid price1.0916
CurrencyGBP
Price updated30/10/2009
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeCZ88
Lindsell Train Japanese Equity A Ret JPY
Initial charge4.5%
Annual charge1.15%
Min single investment£200,000
Min regular saving£20,000
Available in ISANo
Ongoing charge (OCF)1.35%
Total expense ratio (TER)1.15%
Bid price-
Offer price-
Mid price507.5249
CurrencyJPY
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeCF77
Lindsell Train Japanese Equity B Dis JPY
Initial charge4%
Annual charge0.65%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price190.1388
CurrencyJPY
Price updated21/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeOS67
Lindsell Train Japanese Equity B GBP
Initial charge-
Annual charge0.65%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price0.436
CurrencyGBP
Price updated30/10/2009
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeKV53
Lindsell Train Japanese Equity B Hedged Dis GBP
Initial charge4%
Annual charge0.65%
Min single investment£100,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price2.8495
CurrencyGBP
Price updated21/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeNBV3
Lindsell Train Japanese Equity B I GBP
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price0.4574
CurrencyGBP
Price updated30/10/2009
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeKV52
Lindsell Train Japanese Equity B Inst JPY
Initial charge4%
Annual charge0.65%
Min single investment£10,000,000
Min regular saving£200,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price221.6723
CurrencyJPY
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeOS66
Lindsell Train Japanese Equity B Sterling Quoted GBP
Initial charge4%
Annual charge0.65%
Min single investment£100,000
Min regular saving£200,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)1.15%
Bid price-
Offer price-
Mid price2.7812
CurrencyGBP
Price updated21/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi code0YMH
Lindsell Train Japanese Equity C USD
Initial charge-
Annual charge0.65%
Min single investment£250,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.85%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price1.8466
CurrencyUSD
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeM3PW
Data provided by

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