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SCHRODER TOKYO A

SCHRODER TOKYO A - Overview

Overview of SCHRODER TOKYO A Buy in ISA Buy in Investment Account

This fund aims to achieve capital growth by investing in Japanese equities. The focus is on quality growth companies with a proven track record and long-term growth prospects, which are not fully reflected in the share price. Andrew Rose runs the fund from London, although Schroders has significant analyst and fund manager presence in Japan. Rose himself lived there for a number of years and is fluent in Japanese.

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

Fund summary

Sector Japan
Structure UNIT TRUST
Launched March, 1989
Size £2,007m
Yield 0.6%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.67%

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 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 100
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 68
Mid Caps 25
Small Caps 7
View all performance data for this fund

Investment process

Investment is based primarily on Japan's economic strengths, such as its manufacturing and on sectors benefiting from structural change in the economy. Schroders has a sizable research team based in Japan and they apply a list of quantitative and qualitative filters to their universe of stocks to arrive at a Selected Equity List of circa 150 closely followed companies which form the core of the portfolio. Analysts make 3-year earnings forecasts using Schroder’s proprietary valuation model, with an emphasis on quality. This includes growth prospects, earnings visibility, management quality, balance sheet strength and a focus on shareholders. Rose works with the analysts in Tokyo to help generate and maintain this list. The manager takes a bottom-up fundamental view towards stock selection, whilst maintaining a cautious eye on the index. Rose is primarily a stock picker but he is pragmatic about his weightings from the benchmark. A focus on quality companies on below-average valuations means there is generally a bias away from expensive growth stocks.

Live feed

Bid price(inc) 328.70p 134.70p
Accum units 344.30p
Fund commentary 08/10/14
Fund data updated on 18/06/19

Asset allocation

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1

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 68
Mid Caps 25
Small Caps 7

Top 10 holdings

As at: 30/04/2019
4.6833%Toyota Motor Corp
3.673%Sumitomo Mitsui Financial Group Inc
3.0086%Bridgestone Corp
2.966%Nippon Telegraph & Telephone Corp
2.7489%Kddi Corp
2.665%East Japan Railway Co
2.545%Sankyu Inc
2.5416%Mitsui & Co
2.5189%Tdk Corp
2.4451%Tokio Marine Hldgs Inc
Source: Trustnet

Sector breakdown

Transport 11%
Electronic & Electrical Equipment 10%
Transport Equipment 9%
Chemicals 8%
Machinery 7%
Communications 7%
Retail 6%
Wholesale 6%
Pharmaceuticals 5%
Banks 5%

Portfolio details

- Typically 60 to 80 stocks. - Stock weighting will be with +/- 4% of the benchmark weight at time of purchase.

Constraints

- Large stock weights are circa 3% to 5%. - Smaller companies positions max. 1%.
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
0.22% -0.39% 0.13% -0.11% -8.48%   -2.82% -1.73% -0.24% 16.10% 16.40% 32.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Andrew Rose

Manager. Rose has over 30 years of Japanese investment experience and is fluent in Japanese. He started his career in 1981 when he joined Schroders and worked as an analyst from 1984 to 1987. Since then he has worked in London and Tokyo for Schroders in a number of investment roles focused on Japan. He has a degree in Japanese and Politics from Sheffield University and a postgraduate degree in International Economics from Kobe University, Japan.

Track record

Andrew Rose has 22.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.24%. During the worst period of relative performance (from March 2003 - February 2019) there was a decline of 100% relative to the index. The worst absolute loss has been 52%.

Periods of worst performance
Absolute -52% (March 2000 - April 2003)
Relative -100% (March 2003 - February 2019)

Other funds managed

  Start Date
SCHRODER JAPAN GROWTH FUNDNov 2007
SCHRODER TOKYO AApr 2004

Sector record since November 1996 (22 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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