As we outlined in our initiation, FJV has a long-term track record of outperforming UK markets, UK-listed competition, UK open-ended peers and Japanese benchmarks. The main drivers are structural, including its investment processes, flexible mandate and active management. However, as we noted in the initiation, FJV can see temporary periods of underperformance when its investment approach is out of favour. During the current manager’s mandate, these episodes, typically, have been around a quarter, and, immediately after, there has been significant outperformance. We put FJV’s recent performance into this historical perspective.
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