Legg Mason IF Japan Equity Fund Class X Accumulation

Japanese Equities

Rated Fund 2013-20. Buys growth stories for the long term      

Legg Mason IF Japan Equity, a Rated Fund since 2013, remains a top performer, and popular too. It is the best-performing Japanese equity fund since Shinzo Abe came to power seven years ago, and its assets look set to break through the £1 billion mark during 2020.

Shiozumi Asset Management, whose founder, Hideo Shiozumi, has 50 years’ investment experience, runs the fund, which picked up Money Observer’s Best Smaller Japan Fund award in 2013 and 2014. Shiozumi believes Japanese equities will continue to be strongly influenced over the short term by developments on the US/China trade front and heightened tensions in Hong Kong. His strategy takes a long-term view and focuses on firms that can exploit and benefit from a changing Japan – its ageing population, changing consumer lifestyles and ‘internet empowerment’.

The portfolio is focused on domestic-oriented sectors Shiozumi believes will be major beneficiaries from work-style reforms, such as medical and nursing care services, outsourcing business and e-commerce. He seeks high-growth firms with annual earnings growth of more than 20% that are, nevertheless, attractively valued. His investment style is based on three key tenets: a focus on growth companies, running a high-conviction portfolio far more concentrated than competitors’ and the index, and holding stocks for the truly long term. He has a bias towards small and medium-sized companies operating in profitable niches – where Shiozumi thinks the potential for share price expansion is the greatest.

Narrative and ratings content all as of 01 January 2020.

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
0.85 %
Risk Rating
5
3 Year Sharpe
0.72
3 Year Alpha
11.00
Yield
0 %
Benchmark
TOPIX TR JPY
The Fund aims to achieve capital growth through investment in securities of Japanese companies. The Fund seeks to achieve its objective by investing at least 80% of its net asset value 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 hold up to 10% of its net asset value in cash or near cash where, in the Investment Manager’s opinion, attractive investment opportunities cannot be found. In exceptional market conditions and/or for liquidity management purposes, the Fund may hold cash or near cash in excess of 10% of its net asset value.
Holding %
M3 Inc 9.14 %
Nihon M&A Center Inc 8.99 %
PeptiDream Inc 7.86 %
Pan Pacific International Holdings Corp 6.77 %
GMO Payment Gateway Inc 5.12 %
SMS Co Ltd 4.61 %
Benefit One Inc 4.53 %
Welcia Holdings Co Ltd 4.11 %
Nintendo Co Ltd 4.05 %
Tsuruha Holdings Inc 3.08 %
Region %
Japan 100.00 %
Sector %
Healthcare 46.34 %
Industrials 16.69 %
Financial Services 10.71 %
Technology 10.39 %
Consumer Defensive 9.50 %
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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