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JO HAMBRO CM JAPAN B H GBP (STERLING HEDGED)

JO HAMBRO CM JAPAN B H GBP (STERLING HEDGED) - Overview

Overview of JO HAMBRO CM JAPAN B H GBP (STERLING HEDGED) Buy in ISA Buy in Investment Account

The fund seeks to produce a capital return in excess of the TOPIX index. The manager invests across the large, mid and small cap sectors although there is a strong bias to the latter. The fund does not have a bias to growth or value companies, the managers look for undervalued stocks where they consider there is a catalyst for re-rating. The managers are based in the UK but visit Japan regularly and have considerable experience of investing in Japanese equities.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Japan
Structure OFFSHORE FUND
Launched April, 2010
Size £269m
Yield 0.8%
Charging basis Income
Dividends paid Feb

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.25%
Ongoing charges figure 1.34%

Performance related fee,15% of outperformance above TOPIX +1%.

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 100
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 22
Mid Caps 37
Small Caps 41
View all performance data for this fund

Investment process

The manager describes his style as active and bottom up in its approach. He follows neither a value nor growth philosophy taking the view that "value is a function of growth". Mis-priced stocks are identified through a number of valuation methods, including Price to Earnings, Price to Book and Price to Cash flow ratios. The manager consistently emphasises the number of quality Japanese companies trading at a discount to book or even cash on the balance sheet. However this does not mean that the share price is likely to move. McGlashan therefore does require a catalyst for re-evaluation by the market, such as restructuring, corporate action or earnings surprise. If this is not apparent then it is likely that lowly valued companies will remain so. The manager does not have an extensive resource base to draw upon and has to rely upon the many contacts he has made within the mid and small sized brokerages in Japan that he has developed over his lengthy career. McGlashan runs the fund with Ruth Nash who is effectively the co-manager of this product.

Live feed

Bid price(inc) 147.50p
Accum units 147.50p
Fund commentary 11/04/13
Fund data updated on 16/08/19

Asset allocation

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 100
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 22
Mid Caps 37
Small Caps 41

Top 10 holdings

No information available.

Sector breakdown

Portfolio details

The portfolio tends to hold between 40-60 stocks. A maximum weight of 25% to small cap is permitted (<£500m) and 50% in mid cap (£500m to £1bn).

Constraints

Holdings tend to be in the 1-4% range with nothing allowed to grow greater than 6%. 15 of the 33 TOPIX sub sector must be represented in the portfolio.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
-0.52% -0.58% 0.58% -0.11% -8.76%   -2.76% -1.88% 0.12% 16.90% 14.20% 77.60%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Scott McGlashan

Manager. Born in 1952, McGlashan graduated in American Studies (Yale) and also studied History at Cambridge. He entered the fund management industry as a UK analyst at Sun Life of Canada in 1976 and has specialised in the Japanese market since 1982 when he joined Hill Samuel to run their Far East trust. In 1985 he joined Perpetual where he rose to main board member and Head of Japanese Equities. He left Perpetual in 2000 to form Jade Fund Managers, an investment boutique specialising in Far Eastern equities. He joined JO Hambro in April 2004.

Track record

Scott Mcglashan has 30.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.12%. During the worst period of relative performance (from April 2013 - February 2019) there was a decline of 100% relative to the index. The worst absolute loss has been 58%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 78%.

Periods of worst performance
Absolute -58% (June 1994 - September 1998)
Relative -100% (April 2013 - February 2019)

Other funds managed

  Start Date
JO HAMBRO CM JAPAN B GBPMay 2004

Sector record since May 1988 (31 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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