AXA Framlington Japan Fund Z INC
Rated Fund 2017-2018. Takes advantage of long-term growth trends
This fund can invest in Japanese companies of any size but has a bias towards smaller companies, where almost 40 per cent of assets were invested at the end of 2017. It has been managed since 2010 by Chisako Hardie, who was born and educated in Japan but has been living in the UK for most of her adult life.
During her investment career of more than 20 years, Hardie has focused mainly on small company stocks. The investment process she uses for this fund includes the consideration of macroeconomic factors in order to identify long-term growth trends, combined with research into individual companies to find those that she believes can deliver the best returns.
The themes that Hardie has been targeting in recent times include market share expansion in a mature market, strong growth in emerging economies, automation and robots, electronisation of automobiles, and an ageing population.
In seeking to find individual companies to exploit these trends, she undertakes a rigorous examination of their financial and management strengths and she is also able to draw on the knowledge of Axa Framlington's global sector specialists. Smaller Japanese companies are not very well-researched, so company meetings, visits and industry contacts are also central to validating her strategy.
The portfolio typically holds 60 to 100 stocks and has a low turnover. Stocks will be sold if the company appears overvalued, if Hardie has lost faith in the management, or if she identifies a better opportunity.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|SBI Holdings Inc||1.41 %|
|Yamaha Corp||1.37 %|
|SoftBank Group Corp||1.37 %|
|Sony Corp||1.34 %|
|OUTSOURCING Inc||1.33 %|
|Wacom Co Ltd||1.27 %|
|Showa Denko KK||1.22 %|
|Asahi Intecc Co Ltd||1.17 %|
|Shimizu Corp||1.17 %|
|Sompo Holdings Inc||1.16 %|
|Consumer Cyclical||10.68 %|
|Basic materials||7.55 %|
|Financial Services||7.35 %|
|Consumer Defensive||6.53 %|
Chisako joined Scottish Widows Investment Partnership in September 2000 as an Investment Director within Japanese Equities. She has gained over ten years experience through roles within Japanese Equities with employers including Martin Currie Investment Management Ltd (1996-2000), Scottish Life Assurance Company (1994-1996) and Scottish Provident (1991-1994). Chisako holds a BA in Sociology from Keio University, Tokyo and is a Chartered Member of Securities Analysts Association of Japan. Chisako holds a BA in Sociology from Keio University,Tokyo, and is also a Chartered Member of the Securities Analysts Association of Japan.
Data provided by Morningstar.
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