M&G (Lux) Japan Fund

Objective and investment policy

Objective

The fund aims to provide a combination of capital growth and income to deliver a return that is higher than that of the Japanese stockmarket over any five-year period.

Investment policy and strategy

Core investment: At least 80% of the fund is invested in the shares of companies across any sector and of any size that are domiciled, or conducting the major part of their economic activity, in Japan. The fund usually holds shares in fewer than 50 companies.

Other investment: The fund also holds cash or assets that can be turned quickly into cash.

Strategy in brief: The investment manager’s focus is on stocks where it is believed that the share price is not fully valuing the company's sustainable earnings. The investment manager applies disciplined and rigorous fundamental analysis during the selection process to ensure a high level of conviction around the valuation for each of the companies held in the fund.

Performance comparator: The fund is actively managed. The MSCI Japan Index is a point of reference against which the performance of the fund may be measured.

Risk indicator

Risks associated with the fund

The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.

The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.

The fund holds a small number of investments, and therefore a fall in the value of a single investment may have a greater impact than if it held a larger number of investments.

The hedging process seeks to minimise, but cannot eliminate, the effect of movements in exchange rates on the performance of the hedged share class. Hedging also limits the ability to gain from favourable movements in exchange rates.

In exceptional circumstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors.

The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund.

Further details of the risks that apply to the fund can be found in the fund's Prospectus.

Other information

The fund invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.

 

Performance

The value of investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount you invested. The level of any income earned by the fund will fluctuate. Past performance is not a guide to future performance. 

Source: Price: State Street. Performance: Morningstar. Performance figures are on a price to price basis with income reinvested. Performance figures may not reflect all relevant charges.

Please note that the Morningstar Category performance data in this tool where shown, is from the default Morningstar database, which contains all the share classes for each fund available across Europe, Asia and Africa. This can differ from the comparative sector data in M&G factsheets which is from the same database, but showing only the most appropriate share class to represent each fund, and for just those funds available in Europe. Neither Morningstar nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct sequencing of any of the Information on the Web site, including, but not limited to Information originated by Morningstar, licensed by Morningstar from Information Providers, or gathered by Morningstar from publicly available sources. There may be delays, omissions, or inaccuracies in the Information.

 

Fund Team

Carl Vine

Carl Vine - Fund manager

Carl Vine was appointed fund manager of the M&G Japan Fund, M&G Japan Smaller Companies Fund, M&G (Lux) Japan Fund and the M&G (Lux) Japan Smaller Companies Fund in September 2019. Carl has more than 22 years of investment experience in Japanese and Asia Pacific equities. Prior to joining M&G, he was with Oxford-based Port Meadow Capital Management, a boutique investment firm he co-founded in 2014 with Dave Perrett. Before that, he was a Managing Director and Portfolio Manager for SAC Capital Advisors in Hong Kong, responsible for investment in Asia Pacific, including Japan. He was a responsible officer for the business locally, and was the Asian-based member of their global investment committee. Prior to this, he was a Managing Director at UBS in Hong Kong, where he invested proprietary capital across Asia Pacific and Japan. He also spent time as a Principal for TPG-Axon Capital. Carl began his career with Prudential Portfolio Managers in London, before relocating to Tokyo to open Prudential’s Japan office. Carl holds a Bachelor of Arts (Hons) in Politics, Philosophy & Economics from Oxford University (1997).

 Team member biography
Dave Perrett

Dave Perrett - Deputy Manager

Dave Perrett was appointed deputy fund manager of the M&G Japan Fund, M&G Japan Smaller Companies, M&G (Lux) Japan Fund and the M&G (Lux) Japan Smaller Companies Fund in September 2019. Dave has more than 28 years of investment experience. Prior to joining M&G, he was with Oxford-based Port Meadow Capital Management, a boutique investment firm he co-founded with Carl Vine in 2014. Prior to that, he was a Managing Director and Senior Portfolio Manager with UBS, specialising in investing capital across the Asia Pacific region and was based in Hong Kong until June 2009. He served as Chief Investment Officer, Life and Institutional for Prudential Asset Management (Hong Kong) from 2001 to 2004. Dave began his career with Prudential (London) in 1991. Dave holds a Bachelor of Science, Economics (1991) from the London School of Economics and a Master of Science from the University of London (1995).

 Team member biography
Sunny Romo

Sunny Romo - Investment specialist

Sunny Romo is the investment specialist covering Japanese equities and the Value range. She joined M&G in June 2018 from Insight Investment, where she looked after their institutional relationships with Japanese investors. Prior to that, Sunny spent nine years at Asset Management One as an equities trader, and later as senior relationship manager for EMEA clients. Sunny is a committee member of the Pension and Lifetime Savings Central London Group. She is fluent in English, Japanese and Mandarin Chinese. Sunny graduated from the University of Reading with a BA in International Relations and Economics. She is a CAIA charter holder and holds the Investment Management Certificate (IMC).

 Team member biography

Ratings

Rating is at a share class level

3 Star Rating

Ratings as at 31/07/2019. The Morningstar Overall Rating. Copyright © 2019 Morningstar UK Limited. All Rights Reserved. The Morningstar Analyst Rating™. © 2019 Morningstar. All Rights Reserved. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings should not be taken as recommendation.