| Asset Group | Asset Sub-Group | Investment Category |
| Equities | Japanese equities | Core |
Fund manager Michael Lindsell has specialised in Japanese equities since 1985. He co-founded Lindsell Train alongside fellow portfolio manager Nick Train in 2000. Lindsell is supported in his analysis of Japanese companies by three analysts. The manager’s investment philosophy is that a highly concentrated portfolio of high-quality, cash-generative, strong, and easily understood business franchises will outperform the market and reduce volatility over the long term. Accordingly, Lindsell uses strict criteria aligned to this belief to significantly reduce the investment universe. Qualifying stocks (80-90 names) are then subject to in-depth fundamental analysis, resulting in a concentrated portfolio of 20-30 names. Reflecting the approach, the portfolio has long-standing sector overweights in consumer defensives and healthcare and underweights in areas of the market that the quality criteria tend to prohibit, such as commodities, utilities, industrials, and consumer cyclicals. The sizeable sector and market-cap positions relative to the TOPIX Index can result in periods of short-term volatility. Opinion January 2023 | ||
Risk warnings
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