EN United Kingdom Individual

Barings Japan Growth Trust

as of 19/07/2019
GBP 2.163

Fund Facts

Fund Type UCITS
Domicile UK
Umbrella Baring Fund Managers Limited
Asset Class Equity

Share Class Info

Share Class Class A GBP Acc
ISIN GB0000798628
Currency GBP
Accumulating / Distributing Accumulative
Share Class Inception Date 13/05/1985

Please be advised, that this Trust changed from dual to single pricing on Monday 12 December 2016. This means that a single price is applied to any transaction in units whether the investor is purchasing or selling units. The single price is based on the mid-market value of the underlying investments of the Trust. For further information please review the document on the hyperlink below.

Dual to Single Pricing Shareholder Notice

Summary fund objective

This commentary relates to the month of August 2017- to be read in conjunction with the factsheet.

The Japanese market ended the month of August broadly flat but returns in British pounds were negatively impacted by the Yen strengthening versus the pound. The Trust performed better than the performance comparator as we had lower exposure to the financials sectors than the performance comparator, and those sectors posted negative returns in August. JGB yields were up strongly during the month, which negatively impacted financial stocks.  Furthermore, our strong stock selection contributed strongly to our Fund’s returns. Daifuku, a maker of automation systems, continues its strong performance in August. Yume No Machi, which operates food delivery services, Yamaha Motors, maker of motorcycles and motor boats, and Peptidream, a provider of drug-discovery platform all contributed strongly to returns. Mabuchi Motors performed weakly following disappointment on the pricing environment and we are in the process of reviewing it.

The fund continues to pursue a strong investment philosophy in selecting and investing in companies with unrecognised growth fundamentals, quality business franchises with reasonable valuations. Most companies are now done announcing first quarter results. The results season has for the most part been an encouraging one, with many companies posting good sets of results. Mabuchi Motors is under review, following a disappointing set of earnings and we have scheduled a conference call with the company, upon which we expect to reach an investment decision.

Geopolitics dominated the news in August and in Asia the focus was on North Korea accelerating nuclear development activities. In Japan, these events have boosted the popularity of Prime Minister Abe which may prove useful if he was to advance his more nationalistic agenda. In the meantime, economic numbers were positive in Japan, with Quarter Two (Q2) Gross Domestic Product (GDP) numbers very strong and, importantly, driven by domestic activity. This bodes well if Japan is to detach itself from being a cyclical proxy to global economic activity. We strongly believe this environment favours strong stock selection and that our focus on reasonably valued growth opportunities has positioned the trust well for this scenario.

The information available on this website is not an offer to sell or an invitation to apply for this product and is by way of information only, nor is the information available on this website intended as an offering of this product to US Persons. Depending on your jurisdiction, you may not have access to this product. Individual investors should contact their financial advisor before investing in this product. The Key Investor Information Document (KIID), if applicable, must be received and read before investing. All other relevant documents relating to the product such as the Report and Accounts and Prospectus should also be read. The information available on this website does not constitute investment, tax, legal or other advice or recommendation.

Portfolio Managers

Yon Chong, CFA

Yon Chong, CFA

Jonathan Greenhill

Jonathan Greenhill


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