Fund Objective

To give long-term capital growth by investing in a select portfolio of mainly Japanese company shares.

View on Past Performance

The six months under review have been frustrating for investors in Japanese equities. The Japanese stock market has been highly volatile, with the most recent signs of recovery - in April and May - tempered by steep losses in July and September. The market was down 9.55% over the review period, in local currency terms.Recent Japanese economic data have been disappointing and the Bank of Japan's latest Tankan survey revealed that business sentiment has turned pessimistic for the first time in five years. In politics, Taro Aso was appointed as the new Japanese prime minister, following the shock resignation of Yasuo Fukuda at the beginning of September.Mr Aso, the former foreign minister, appointed a new cabinet which promised tax cuts and pledged to provide ¥1.81 trillion to stimulate the Japanese economy SWIP intends to keep the portfolio balanced and its short-term outlook for the market is cautious. However, it is now looking for the right time to buy back into quality stocks which have been aggressively sold.

Fund Details