Fund Objective

To provide a stable and consistent return through direct and indirect investment mainly in Japanese securities.

View on Past Performance

Japanese equities suffered in September, as the Topix index slumped 13%, in local currency terms, in its worst month since November 1993. From its 15-year peak in 2007, the index has fallen around 40%. Stocks were hurt globally after the US House of Representatives rejected the first draft of a $700 billion rescue package for the US financial system.Given the current climate, it is our intention to avoid making any major changes to the portfolio over the coming month. The Fund failed to match the index in September with performance driven by stock selection within the industrials and materials sectors. At stock level, the main impacts came from Mitsui & Co Ltd, Sumitomo Metal Industry and Sumitomo Chemical Industry.

Fund Details