Fund Objective

The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE Japan Index.

View on Past Performance

Japanese equities fell amid low volumes, underperforming developed markets. Weaker GDP figures clouded the outlook as did a prolonged deterioration in earnings and political uncertainties. Doubts about the financial system and real estate bankruptcies triggered major underperformance by financial stocks.

Future Expectations

Recent market conditions, the global macro picture and recent local data releases are not positive for the Japanese equity market. Negative outflows and limited volumes continued to fuel irrational market behaviour. However, since market falls, valuations have become more attractive despite increased risk aversion and a weakening earnings outlook.

Fund Details