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MORANT WRIGHT FUJI YIELD GBP HEDGED

MORANT WRIGHT FUJI YIELD GBP HEDGED - Overview

Overview of MORANT WRIGHT FUJI YIELD GBP HEDGED Buy in ISA Buy in Investment Account

The fund aims to provide long-term income growth in excess of the benchmark whilst preserving and growing capital value over time. Morant Wright is a dedicated Japanese fund management house with a strong value bias. They focus on identifying companies with strong balance sheets and/or business franchises that are trading at a discount to their assets and, as a result, the fund is generally quite defensively positioned. This fund is closely related to Morant Wright Nippon Yield.

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

Fund summary

Sector
Structure OFFSHORE FUND
Launched November, 2014
Size £183m
Yield 2.0%
Charging basis Capital
Dividends paid May, Nov

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.31%

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

The fund management team at Morant Wright are all career Japanese investors and they invest exclusively in Japanese equities. Morant Wright have a strong value style and this lends itself well to investing in companies that pay a dividend. Also, because Morant Wright are cautious investors who seek to invest in resilient companies they tend to be suitable for more risk averse investors such as those that would typically seek a yield. This is despite the fact that this fund will have a significant weight to small cap companies. We are comfortable with this given the experience of the team and believe that this will offer fertile ground for them to find good investment opportunities.

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 31
Mid Caps 34
Small Caps 35
View all performance data for this fund

Investment process

The team focus on Japanese companies which are well capitalised with strong balance sheets, and are trading at a discount to intrinsic value. Intrinsic value is normally defined as a discount to book (or asset value). Morant Wright will screen for companies that are cheap on this metric as well as searching for companies with low debt to equity and high interest cover. Their investible universe typically consists of 300 companies, which are followed closely as valuations change over time. Their ultimate objective is to identify companies that offer the potential for significant growth over the long term. Morant Wright tends to perform well in difficult stock market conditions and will typically lag in strongly rising markets. The fund does not carry an explicit yield guarantee but since launch it has comfortably exceeded the benchmark TOPIX index.

Live feed

Bid price(inc) 1,271.30p
Accum units 1,448.47p
Fund commentary
Fund data updated on 20/09/18

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 31
Mid Caps 34
Small Caps 35

Top 10 holdings

No information available.

Sector breakdown

Portfolio details

- 50-70 stock portfolio - A strong small and mid cap bias - unconstrained by any benchmark

Constraints

Typically holdings are limited to 3% in a portfolio and no more than 1% of a companies free float
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
13/14 14/15 15/16 16/17 17/18   3 years 5 years Career 3 years 5 years Career
0.18% 0.11% 0.00% 0.42% -0.21%   0.07% 0.10% 0.45% 73.60% 87.50% 99.70%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Morant Wright Team

Manager. Stephen Morant jointly founded Morant Wright in 1999. Previously he was a partner at Cazenove & Co and was responsible for Japanese equities having joined them in 1978. Prior to this he worked as an accountant in both industry and private practice. Ian Wright jointly founded Morant Wright in 1999. Previously he was at F&C from 1981 and was head of their Japan Desk from 1993 to 1999. Prior to this he worked at Clerical Medical where he qualified as an Associate of the Institute of Actuaries, and at Buckmaster & Moore managing institutional funds. Richard Phillips joined in 2001. Previously he worked at Schroders, National Provident Institution and F&C. Andrew Millward joined in 2009. He investment career began at Henderson Global Investors in 1997 and he moved to their Japanese equity team in 2000. Denis Clough joined in 2010 from Schroders and managed Schroder Tokyo from 1985 for 19 years. Tom Mermagen joined in 2004 from Schroders where he was Head of Japanese Equity Research in Toyko.

Track record

Morant Wright Team has 19 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.45%. During the worst period of relative performance (from September 1999 - March 2000) there was a decline of 27% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -29% (March 2006 - July 2008)
Relative -27% (September 1999 - March 2000)

Sector record since September 1999 (19 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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