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MORANT WRIGHT SAKURA GBP HEDGED

MORANT WRIGHT SAKURA GBP HEDGED - Overview

Overview of MORANT WRIGHT SAKURA GBP HEDGED Buy in ISA Buy in Investment Account

This fund aims to produce a capital return in excess of the TOPIX benchmark through investment in Japanese equities. It is practically identical to the Morant Wright Japan fund except that it is offshore and has a hedged currency. Morant Wright adopts a cautious, value orientated approach to investing, favouring quality companies with a bias toward mid and small cap stocks. The team therefore place great emphasis on stockpicking and undertake rigorous financial statement analysis.

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

Fund summary

Sector
Structure OFFSHORE FUND
Launched May, 2013
Size £471m
Yield 0.0%
Charging basis Income
Dividends paid Acc units only

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 1.24%

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 Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Morant Wright is a Japanese equity boutique, established in 1999 and based in London. Ian Morant and Stephen Wright are very experienced managers with a consistent and long track record, and have built up a strong team around them. The fund typically has a relatively low volatility and the managers tends to generate most of their outperformance in weak markets. The managers each have significant experience investing in Japan having worked with many of the UK based Japanese fund managers.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 100
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 30
Mid Caps 68
Small Caps 2
View all performance data for this fund

Investment process

The managers focus on small and mid cap companies where they believe there are greater valuation anomalies. The team's investment process places an emphasis on balance sheet analysis and they aim to create a portfolio that offers some degree of downside protection in falling markets. Valuation metrics that best describe their investment style include low enterprise value to earnings (EBIT) multiples and price to book ratios. They are less driven by earnings growth potential and this portfolio will typically have a lower valuation than the market. In some cases the team will also look for companies with asset backing where they feel that this is appropriate. Morant Wright is a Japanese equity boutique, established in 1999 and based in London.

Live feed

Bid price(inc) 1,650.47p
Accum units 1,650.47p
Fund commentary 19/02/16
Fund data updated on 24/11/17

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

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 30
Mid Caps 68
Small Caps 2

Top 10 holdings

As at 31/01/16
3.1% Nippon Television Network
3.0% Tokyo Broadcasting System
2.7% Fuji Media Holdings
2.7% Sumitomo Electric Industries
2.6% Tokio Marine Holdings
2.6% Toyota Industries
2.5% Canon Marketing
2.5% Kinden
2.4% Sumitomo Mitsui Trust
2.4% Comsys Holdings
Source: Morant Wright

Sector breakdown

Portfolio details

The portfolio will usually be fully invested. The management team can raise cash levels if there are insufficient investment opportunities. Normal position sizes will be between 1% and 3%.

Constraints

The portfolio is unconstrained relative to recognised Japanese equity benchmarks.
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
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
-0.23% 0.07% 0.35% 0.10% 0.34%   0.26% 0.12% 0.49% 93.30% 92.70% 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 18.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.49%. 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 (18 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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