Over five years, FJV has outperformed UK markets, UK-listed competition, UK open-ended peers and Japanese benchmarks. The main driver has been FJV’s investment process, flexible mandate and active management. FJV gives investors access to Japan’s globally competitive companies, structural reforms, improving corporate governance and under-researched mid-/small-caps. These features attracted new investors like Berkshire Hathaway to the country. FJV’s main risks are rising inflation (and sentiment to it), a sharp market appetite-style change, and COVID-19. The share price is at a 6% discount to NAV (98% of assets are listed).
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