JPMorgan Japanese Investment Trust

Japanese Equities

Rated Fund 2014, 2018. Tokyo team seeks growth opportunities

This fund is set apart from the other Japanese investment trusts in our selection on the basis that its investment team is based in Japan. JP Morgan opened its Tokyo office in 1969 and has almost 50 years' experience there.

The trust's managers, Nicholas Weindling and Shoichi Mizusawa, believe the 24-strong locally based investment team provide a real competitive advantage, as they are able to identify attractive companies often overlooked by brokers and investors.

Their investment approach combines desk-based research with more than 2,400 company visits a year, from which they build a portfolio of 60 to 80 stocks. First, they consider the growth opportunity for the industry before looking at a company's competitive positioning. They also assess governance issues such as shareholder returns, management strength and track record on environmental and social issues. Only then do they consider valuations.

The managers can employ a gearing facility of up to 20 per cent of net assets and at the end of 2017 had 13 per cent of this invested.

Unlike other investment trusts investing in Japan, shares in JP Morgan Japanese can be picked up on a discount to net asset value. They have traded in a range of -7 to -15 per cent over the past three years, and at the end of 2017 were on a 7.1 per cent discount. �The extent of some premiums in the sector is a little daunting, so JPMorgan Japanese's discount is welcome,' says David Liddell, director of IpsoFacto Investor.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
JPMorgan Japanese Investment Trust
JPMorgan Funds Limited
Closed Ended Investment Company
0.67 %
Risk Rating
3 Year Sharpe
3 Year Alpha
1.1 %
Topix 1st Section
Fund Size
£ 659.5 million
Discount Premium
In order to achieve its stated investment policy and to seek to manage investment risks, the Company invests in a diversified portfolio of quoted Japanese companies. The number of investments in the portfolio will normally range between 50 and 100. The average number of holdings in the portfolio has reduced in recent years as the Investment Managers have focused on those companies that have strong balance sheets and are not affected by macro-economic issues. The Company makes use of both long and short term borrowings to increase returns and focuses on first hand company research and analysis.
Holding %
Senior Secured Loan Notes 10.25 %
Keyence Corp 6.02 %
Recruit Holdings Co Ltd 5.98 %
National Australia Bank Ltd - Jpy 5 Year Fixed Rat 5.55 %
Shiseido Co Ltd 5.10 %
M3 Inc 4.70 %
Tokio Marine Holdings Inc 4.11 %
CyberAgent Inc 4.04 %
Hikari Tsushin Inc 3.65 %
Kao Corp 3.60 %
Region %
Japan 100.00 %
Sector %
Technology 26.44 %
Industrials 23.09 %
Consumer Defensive 14.03 %
Financial Services 12.01 %
Consumer Cyclical 8.04 %
Communication Services 5.69 %
Healthcare 5.54 %
Basic materials 5.16 %
JPMorgan Funds Limited
London, United Kingdom
Legal Structure
Closed Ended Investment Company


Shoichi Mizusawa
Joined 01/01/2010

Shoichi Mizusawa, managing director, is a country specialist for Japan equities and head of the Japan Team within the Emerging Markets and Asia Pacific (EMAP) Equities Team. Based in Japan, he leads the Japan-dedicated equity portfolio management teams in Hong Kong and Tokyo. Shoichi joined the Firm in 1997 as a marketing manager responsible for Japan pension funds. He transferred to the Japan Portfolio Group in 2000 and took up his current role in 2010. Prior to joining the Firm, Shoichi spent four years with Postipankki as the Tokyo representative in capital markets. He began his career with Mitsubishi Motors Corporation in 1989. Shoichi obtained a B.A. in Political Science and Economics from Waseda University and an M.B.A. from Simon Fraser University.

Nicholas Weindling
Joined 11/12/2007

Nicholas Weindling, executive director, is a country specialist for Japan equities and a member of the Japan Team within the Emerging Markets and Asia Pacific (EMAP) Equities Team based in Tokyo. Nicholas joined the Firm in 2006 from Baillie Gifford in Edinburgh, where he worked initially as a UK large cap analyst and latterly as a Japanese equities investment manager. Nicholas obtained a B.A. (Hons) in History from Cambridge University.

Data provided by Morningstar.

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