The Fund's managers bought Matsui Securities, Japan's largest online broker, in anticipation of the strong fourth quarter results. The figures are due at the end of April and the managers took the opportunity to buy the shares ahead of the announcement. Other purchases included Keihin Corporation NPV and Mitsubishi Logistics. Yamada Denki, a retailer of jewellery and electronic goods, was sold out of the Fund due to patchy consumption figures and weak sales.The Japan Fund delivered positive returns over the month but trailed the benchmark, due mainly to stock selection. The Fund's holdings hurt performance in the industrials and information technology sectors. Limited exposure to the telecommunication services sector also detracted from returns, as it performed well. On the positive side, the Fund benefited from stock selection in the financials sector and high levels of exposure to the materials sector. Among the top contributors were Mitsui & Co. (Industrials), Sumitomo Metal (Materials) and NGK Insulators (Industrials). The decision not to own the telecoms company NTT DoCoMo, Nippon Steel Corp and the industrials stock Mitsubishi Corp had a negative impact, as did the holdings in Nissan Motor.
131.70p
