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ii Super 60 - Legg Mason IF Japan Equity

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ii Super 60 investments:
Legg Mason IF Japan Equity

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Asset Group Asset Sub-Group Investment Category
Equities Japanese equities Adventurous

Selection rationale:
Legg Mason IF Japan Equity is one of the best-performing Japanese equity funds since Shinzō Abe became prime minister in 2012. Its assets look set to break through the £1 billion mark during 2020.

Shiozumi Asset Management, whose founder Hideo Shiozumi has 50 years’ investment experience, runs the fund. The manager believes Japanese equities will continue to be strongly influenced over the short term by developments on the US-China trade front and heightened tensions in Hong Kong. His 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. The fund had 40 holdings at the end of 2019, with many companies being held for more than five years and some for more than 10.

January 2020

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Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.