Risk Considerations

  • Investment involves risk. Past performance is not a guide to future performance. It is possible to lose the principal capital of your investment.
  • The Fund invests primarily in companies located in Japan. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Japan market.
  • The Fund invests primarily in equity securities, which may result in increased volatility.
  • The Fund may invest in smaller companies which are likely to carry higher risks than larger companies.
  • The Fund may invest in financial derivative instruments (“FDIs”). Risk associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. Exposure to FDIs may lead to a high risk of significant loss by the Fund.
  • The Fund may use hedging techniques to attempt to offset certain market risks but there is no guarantee that hedging techniques will fully and effectively achieve their desired result.
  • Pandemics and other public health emergencies can result in market volatility and disruption.
  • Investors should not invest in the Fund solely based on the information in this website. Please read the Hong Kong Offering Document carefully for further details including risk factors before investing.
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Japan Fund

  • High-conviction growth strategy seeks alpha in Japan
  • Unconstrained all-cap approach seeking Japanese companies positioned to benefit from Asia's growth
  • Invests in companies leveraged to the fast growing consumer demand across Asia, global industry leaders and entrepreneurial companies providing innovative domestic solutions


Inception Date


YTD Return (USD)

(as of 03/10/2023)



(as of 03/10/2023)


1 Day NAV Change

(as of 03/10/2023)


Long-term capital appreciation.


The Fund promotes environmental and social characteristics according to Article 8 of SFDR. Furthermore, the Fund uses both activity- and norm-based exclusions. Information relating to the environmental and social characteristics of this Fund is available in the prospectus.


The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in publicly traded common stocks, preferred stocks and convertible securities of companies located in Japan, and may invest the remainder of its net assets in other permitted assets on a worldwide basis.

Fund Facts
Inception Date 30/04/2015
Fund Assets $104.31 million (31/08/2023)
Base Currency USD
ISIN: LU1220257130 (USD) LU1220257486 (GBP) LU1525503915 (USD Hedged) LU1525504053 (EUR Hedged)
Benchmark MSCI Japan Index
Geographic Focus Japan
SFDR Classification Article 8
Fees & Expenses
Management Fee 0.75%
Total Expense Ratio As of 31/03/2022 0.80% ( USD ) 0.80% ( GBP ) 0.80% ( USD Hedged ) 0.80% ( EUR Hedged )


  • Monthly
  • Quarterly
  • Annual Returns
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As of 31/08/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Japan Fund (USD)
-2.81% 5.54% 15.45% 15.11% 0.64% 2.06% n.a. 5.18% 30/04/2015
MSCI Japan Index (USD)
-2.42% 4.67% 13.84% 15.77% 4.26% 3.49% n.a. 4.48%
Japan Fund (GBP)
-1.39% 2.84% 9.55% 5.48% 2.32% 2.52% n.a. 7.64% 30/04/2015
MSCI Japan Index (GBP)
-0.92% 2.37% 8.07% 6.31% 6.19% 4.02% n.a. 6.93%
Japan Fund (USD Hedged)
0.20% 11.69% 31.95% 27.12% 14.03% 9.53% n.a. 11.23% 03/04/2017
MSCI Japan Index 100% Hedged to USD (USD Hedged)
0.44% 10.39% 29.66% 27.49% 18.24% 11.41% n.a. 11.83%
Japan Fund (EUR Hedged)
0.00% 10.93% 29.84% 23.58% 12.30% 7.49% n.a. 9.07% 03/04/2017
MSCI Japan Index 100% Hedged to EUR (EUR Hedged)
0.32% 9.78% 27.88% 24.22% 16.21% 9.08% n.a. 9.43%
As of 30/06/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Japan Fund (USD)
5.19% 7.05% 15.08% 18.12% 3.40% 1.89% n.a. 5.25% 30/04/2015
MSCI Japan Index (USD)
4.11% 6.45% 13.24% 18.62% 6.09% 3.51% n.a. 4.51%
Japan Fund (GBP)
2.73% 4.65% 9.43% 13.05% 2.35% 2.65% n.a. 7.79% 30/04/2015
MSCI Japan Index (GBP)
1.50% 3.53% 7.14% 13.31% 5.08% 4.30% n.a. 6.96%
Japan Fund (USD Hedged)
9.49% 17.73% 29.35% 31.10% 15.88% 9.09% n.a. 11.19% 03/04/2017
MSCI Japan Index 100% Hedged to USD (USD Hedged)
7.98% 16.65% 26.83% 31.65% 18.96% 11.17% n.a. 11.78%
Japan Fund (EUR Hedged)
9.15% 17.04% 27.75% 27.56% 14.19% 7.07% n.a. 9.05% 03/04/2017
MSCI Japan Index 100% Hedged to EUR (EUR Hedged)
7.69% 16.17% 25.44% 28.14% 17.01% 8.80% n.a. 9.36%
For the years ended December 31st
Name 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Japan Fund (USD)
-26.87% -1.96% 32.83% 25.54% -20.58% 33.40% 0.19% n.a. n.a. n.a.
MSCI Japan Index (USD)
-16.31% 2.04% 14.91% 20.07% -12.58% 24.39% 2.73% n.a. n.a. n.a.
Japan Fund (GBP)
-18.12% -0.63% 28.30% 21.61% -16.16% 21.57% 20.43% n.a. n.a. n.a.
MSCI Japan Index (GBP)
-5.76% 2.98% 11.36% 15.44% -7.14% 13.62% 22.53% n.a. n.a. n.a.
Japan Fund (USD Hedged)
-14.54% 9.63% 25.29% 26.94% -20.85% n.a. n.a. n.a. n.a. n.a.
MSCI Japan Index 100% Hedged to USD (USD Hedged)
-1.62% 13.96% 10.14% 21.81% -13.31% n.a. n.a. n.a. n.a. n.a.
Japan Fund (EUR Hedged)
-15.79% 8.65% 24.18% 23.10% -23.30% n.a. n.a. n.a. n.a. n.a.
MSCI Japan Index 100% Hedged to EUR (EUR Hedged)
-4.06% 13.13% 8.27% 18.17% -15.92% n.a. n.a. n.a. n.a. n.a.

Source: Brown Brothers Harriman (Luxembourg) S.C.A.

Unusually high returns may not be sustainable. Due to current market volatility associated with the COVID-19 pandemic, funds may experience significant negative short-term performance.

Since inception performance for share classes with less than one year of history represents actual performance, not annualised. In addition, for share classes less than a year old, Year to Date Return is calculated since inception.

Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of management fees and other expenses. These figures show by how much the share class(es) increased or decreased in value during the period or calendar year being shown, where applicable. Performance data has been calculated in the respective currencies stated above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

All performance quoted represents past performance and is not indicative of future performance. Investors may not get back the full amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal.

Where no past performance is shown there was insufficient data available in that year to provide performance.

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Portfolio Characteristics

(as of 31/08/2023)
Fund Benchmark
Number of Positions 59 237
Weighted Average Market Cap $38.1 billion $51.6 billion
Active Share 69.4 n.a.
P/E using FY1 estimates 16.2x 14.2x
P/E using FY2 estimates 14.8x 13.7x
Price/Cash Flow 10.7 9.2
Price/Book 1.8 1.4
Return On Equity 13.6 12.1
EPS Growth (3 Yr) 16.3% 12.2%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/08/2023)
Upside Capture
Downside Capture
Sharpe Ratio
Information Ratio
Tracking Error

Fund Risk Metrics are reflective of Class I USD ACC shares.

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/08/2023)
Name Sector % Net Assets
Keyence Corp. Information Technology 3.9
Ajinomoto Co., Inc. Consumer Staples 3.7
Hitachi, Ltd. Industrials 3.2
ITOCHU Corp. Industrials 3.1
Renesas Electronics Corp. Information Technology 3.1
ORIX Corp. Financials 3.0
Shin-Etsu Chemical Co., Ltd. Materials 3.0
Tokio Marine Holdings, Inc. Financials 2.8
Suzuki Motor Corp. Consumer Discretionary 2.8
Sumitomo Mitsui Financial Group, Inc. Financials 2.8
TOTAL 31.4

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.

Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%)

(as of 31/08/2023)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 20.8 18.7 2.1
Industrials 20.0 23.5 -3.5
Information Technology 18.0 14.0 4.0
Financials 13.2 11.9 1.3
Consumer Staples 7.3 6.3 1.0
Communication Services 6.9 7.2 -0.3
Materials 6.8 4.7 2.1
Health Care 5.6 8.8 -3.2
Real Estate 0.6 3.0 -2.4
Utilities 0.0 1.2 -1.2
Energy 0.0 0.8 -0.8
Cash and Other Assets, Less Liabilities 0.9 0.0 0.9

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 38.6 57.7 -19.1
Large Cap ($10B-$25B) 28.4 25.4 3.0
Mid Cap ($3B-$10B) 21.9 16.9 5.0
Small Cap (under $3B) 10.2 0.0 10.2
Cash and Other Assets, Less Liabilities 0.9 0.0 0.9

Source: FactSet Research Systems unless otherwise noted.
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.


  • 3 YEAR
  • 5 YEAR

Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.

Overall Morningstar RatingTM is reflective of the noted share class. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Copyright ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is provided for reference purposes only.

The Overall Morningstar®️ Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio Managers

Taizo  Ishida photo
Taizo Ishida

Lead Manager

Shuntaro  Takeuchi photo
Shuntaro Takeuchi

Lead Manager

Donghoon  Han photo
Donghoon Han


This information contained herein does not constitute or contain an offer, solicitation or investment advice with respect to the purchase of the Fund described herein or any security. This information is not to be construed as a prospectus, a public offering or an offering memorandum as defined under applicable securities legislation. Prospective investors should consult professional legal, tax and financial advisers as to the suitability of any investment in light of your particular circumstances and applicable citizenship, residence or domicile. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before making an investment decision. The current prospectus, Supplement for Hong Kong Investors, Product Key Facts Statements ("Hong Kong Offering Document") and other offering documents contain this and other information. Fees and expenses vary among Funds and share classes. Portfolio characteristics for the Fund may vary from time to time from what is shown.

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