Legg Mason IF Japan Equity X Acc

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Trading AccountISAJISASIPP

Fund Info

  • Yield History-
  • 3 Year sharpe0.79
  • 3 Year alpha-
  • Distribution Typeaccumulation
  • BenchmarkTOPIX TR JPY
  • Legal StructureOpen Ended Investment Company
  • Fund Size (month end)Open Ended Investment Company
  • OCF0.87%
  • IA SectorJapan
  • Manager GroupFranklin Templeton
  • DomicileUnited Kingdom
  • ISINGB00B8JYLC77

Investment Strategy

The Fund aims to achieve capital growth through investment in securities of Japanese companies. The Fund seeks to achieve its objective by investing at least 80% of its net asset value in the securities of Japanese companies, which have above average growth prospects relative to the shares of Japanese companies as a whole. The Fund may hold up to 10% of its net asset value in cash or near cash where, in the Investment Manager’s opinion, attractive investment opportunities cannot be found. In exceptional market conditions and/or for liquidity management purposes, the Fund may hold cash or near cash in excess of 10% of its net asset value.

ii Super 60 selected

This Fund is a member of our ii Super 60 rated list

Shiozumi Asset Management, whose founder Hideo Shiozumi has 50 years’ investment experience, runs the fund. The manager's strategy takes a long-term view and focuses on companies that can exploit and benefit from a changing Japan – an ageing population, changing consumer lifestyles and ‘internet empowerment’.

The portfolio is focused on domestic-oriented sectors that Shiozumi believes will be major beneficiaries from workstyle reforms. These include medical and nursing care services, outsourcing business and e-commerce. He seeks to identify high-growth companies with annual earnings growth of more than 20%, which are nevertheless attractively valued. His investment style is based around three key principles that he has honed over his career: having a focus on growth companies, running a high-conviction portfolio that is far more concentrated than competitors and the index, and holding stocks for the truly long term.

He invests in companies across the market capitalisation spectrum but has a bias towards small and medium-sized companies operating in profitable niches – where Shiozumi thinks the potential for share price expansion is the greatest. In addition, the fund is highly concentrated, with typically holding around 40 shares.

October 2020

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