Fact sheet: Legg Mason IF Japan 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
UT Japan
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Legg Mason IF Japan Equity

Rated Fund 2013-2018. Buys growth stories for the long term

This fund won Money Observer's Smaller Best Japan Fund award in 2013 and 2014. It is run by Shiozumi Asset Management whose founder, Hideo Shiozumi, has 45 years' investment experience.

The fund seeks to exploit structural changes in Japan by identifying high-growth companies with annual earnings growth of more than 20 per cent, which are nevertheless attractively valued.

Shiozumi's investment style is based around three key tenets that he has honed over his career. They include being focused on growth companies, having 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 that he believes have compelling earnings growth because of their positions as market leaders and their ability to deliver profitability. He says finding growth stocks has become easier over the last decade as the economy has become more service-oriented, while the internet as a sales channel has created many new businesses. In addition the government has started to encourage growth champions in healthcare, long-term medical care and robotics as it tackles the effects of an ageing society.

The fund has always been concentrated, with 43 holdings at the end of 2017. It has a bias towards small and medium-sized companies operating in profitable niches.<\p>

3 Year Performance
Fund Performance139.8%
Average of Rated Funds Group79%
Sector Performance39%
Fund information
Fund name
Legg Mason IF Japan Equity X
Fund manager company
Legg Mason Funds ICVC
Fund type
OEIC
Fund manager
  • Hideo Shiozumisince 22/10/1996
Accolades
Winner - Large Fund - Japan
Fund objective
The Fund seeks to achieve capital growth through investment in securities of Japanese companies.
Benchmark
  • Tokyo Stock Exchange Index (TOPIX)
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
32.9%
1 Year rank in sector
1/45
Sector
UT 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.
1.02%
Fund size
£1,014m (£563m 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.
171
Mid price
438.1
Top in this sector
Fund name1 Year
Legg Mason IFJaEq32.9%
First State Jap Focs26.4%
JPM Japan24%
Fidelity Japan Smaller Comp22.9%
Fidelity Institutional Japan21%
...more in UT Japan

Performance snapshot

Holdings snapshot

  • Japan98.1%
    Money Market1.9%
  • Health Care27.9%
    Industrials24.9%
    Information Technology17.7%
    Consumer Discretionary14.9%
    Consumer Staples8.7%
  • Japanese Equities98.1%
    Cash & Cash Equivalents1.9%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-4%-0.1%13.2%32.9%139.8%188.6%
Sector0.8%-5.8%1.4%13.3%39%70.5%
Rank within sector48 / 481 / 471 / 461 / 451 / 411 / 38
Quartile4th1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund3.5%36.1%29.2%50.5%-0.6%
Sector-2.7%17.7%24%15.8%0.8%
Rank within sector1 / 471 / 447 / 431 / 4030 / 38
Quartile1st1st1st1st4th
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.
29.39
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.
0.56
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.
1.62
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%.
19.91
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.
19.03
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.
1.12
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.
0.12
Price movement
52 week high477.8
52 week low324.2
Current bid price-
Current offer price-
Current mid price438.1
Region
1Japan98.06%
2Money Market1.94%
Industry sector
1Health Care27.94%
2Industrials24.93%
3Information Technology17.68%
4Consumer Discretionary14.93%
5Consumer Staples8.67%
6Real Estate2.1%
7Cash & Cash Equivalents1.94%
8Financials1.81%
Asset type
1Japanese Equities98.06%
2Cash & Cash Equivalents1.94%
Individual holdings
1NIHON M&A CENTER INC9.51%
2PEPTIDREAM INC7.4%
3M3 INC6.28%
4OUTSOURCING INC4.93%
5NINTENDO CO4.86%
6SMS CO LTD3.93%
7START TODAY CO LTD3.8%
8DON QUIJOTE HLDGS CO LTD3.57%
9WELCIA HOLDINGS CO LTD3.08%
Management
Fund manager group
Legg Mason
Fund manager company
Legg Mason Funds ICVC
Fund type
OEIC
Fund objective
The Fund seeks to achieve capital growth through investment in securities of Japanese companies.
Benchmark
  • Tokyo Stock Exchange Index (TOPIX)
Investment style
Growth
Investment method
Shares
Fund manager
NameSinceBiography
Hideo Shiozumi22/10/1996Based in Tokyo, Shiozumi is a bottom-up, growth orientated stock-picking manager that currently has a thematic bias driven by the Japanese economic position. Specifically, its focus is to exploit the investment potential created by the belief that Japan is in the process of two structural changes - from a regulated to a deregulated economy and from a manufacturing to a service-orientated economy: the 'New Japan'.
Compliance
IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Legg Mason IF Japan Equity A
Initial charge-
Annual charge1%
Min single investment£3,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.26%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price668.5
CurrencyGBX
Price updated20/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJY02
Legg Mason IF Japan Equity A Hedged
Initial charge-
Annual charge1%
Min single investment£3,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.36%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price234.3
CurrencyGBX
Price updated20/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeKSDS
Legg Mason IF Japan Equity X
Initial charge-
Annual charge0.75%
Min single investment£100,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.02%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price438.1
CurrencyGBX
Price updated20/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeGVDJ
Legg Mason IF Japan Equity X Hedged
Initial charge-
Annual charge0.75%
Min single investment£100,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.11%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price362.2
CurrencyGBX
Price updated20/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeICHP
Data provided by

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