Legg Mason IF Japan Equity Fund Class X Accumulation

Japanese Equities

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.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
Legg Mason IF Japan Equity Fund Class X Accumulation
Manager
Legg Mason Investment Funds Limited
Type
Open Ended Investment Company
ISIN
GB00B8JYLC77
Sector
Japan
Launched
18/12/2012
OCF
1.02 %
Risk Rating
5
3 Year Sharpe
1.65
3 Year Alpha
15.40
Yield
0 %
Benchmark
TOPIX TR JPY
The fund seeks to achieve capital growth through investment in securities of Japanese companies. The Fund seeks to achieve its objective by investing principally in the securities of Japanese companies, which have above average growth prospects relative to the shares of Japanese companies as a whole. The Fund may also invest in other investments to the extent permitted by the FCA Rules as applicable from time to time and as explained in the Prospectus.
Holding %
Nihon M&A Center Inc 8.78 %
M3 Inc 6.42 %
PeptiDream Inc 6.30 %
Start Today Co Ltd 4.87 %
Nintendo Co Ltd 4.52 %
OUTSOURCING Inc 4.48 %
Don Quijote Holdings Co Ltd 3.66 %
GMO Payment Gateway Inc 3.56 %
Welcia Holdings Co Ltd 3.42 %
SMS Co Ltd 3.25 %
Region %
Japan 100.00 %
Sector %
Technology 22.58 %
Industrials 22.07 %
Healthcare 15.64 %
Consumer Defensive 15.42 %
Consumer Cyclical 12.42 %
Financial Services 11.01 %
Name
Legg Mason Investment Funds Limited
Address
EC2M 3AB, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Hideo Shiozumi
Joined 10/22/1996

Hideo Shiozumi is a Japanese national based in Japan who has 37 years of investment experience. He was educated in the United States with a BA in Economics, Guilford College, Greensboro. He has been fund manager since launch. Previously managed money for Robert Fleming in London and managed the Japanese investment of Geroge Soros' quantum fund.

Data provided by Morningstar.

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