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Schroder Tokyo Inclusive - Class A - Accumulation (GBP)

Sell:367.40p Buy:367.40p Change: 7.80p (2.17%)
Prices as at 14 May 2021
Change: 7.80p (2.17%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 14 May 2021
Change: 7.80p (2.17%)
Prices as at 14 May 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Masaki Taketsume took over from Andrew Rose in June 2019, having been co-manager since October 2017. Before that, he spent 10 years in Schroder's Japanese equity research team as a technology analyst. He invests in a wide variety of companies and sectors, and takes a relatively conservative approach. He also has the support of Schroders' team of analysts, which is positive.

But he hasn't been a fund manager long enough to convince us he'll deliver strong performance in the future. All fund managers go through periods where their investment style is out of favour. But if a manager is less experienced, it's harder to have confidence they'll pull it back.

We feel that for making a new investment there are funds more likely to make the most of Japan's potential.

Our view on the sector

Japan is home to some of the best-known businesses on the planet. Toyota, Honda, Panasonic, and Nintendo to name a few. There are also lesser-known businesses with the potential to be the household names of tomorrow. But years of sluggish growth put people off investing in the country. This changed after Shinzo Abe was elected Prime Minister in 2012. He introduced a number of policies to stimulate economic growth and created more interest in Japan's markets. After serving almost eight years at the helm Shinzo Abe has stepped down as prime minister of Japan due to health reasons. He was succeeded by right hand man Yoshihide Suga. We think Japanese funds could diversify a global portfolio focused on long-term growth. There are a handful of fund managers we think have the potential to outperform the broader Japanese market over the long term, each with different approaches.

Performance Analysis

The fund's performance has been subdued since Masaki Taketsume became co-manager in October 2017. Investors have largely shunned the sort of undervalued company he and his team look for. He continues to believe these companies have the potential to do well once their potential has been more broadly recognised.

Investment Philosophy

Masaki Taketsume looks for companies that can benefit from Japan's economic strengths, like its manufacturing industry. He does detailed analysis to find businesses with barriers to entry from competition (like patents and brands) capable of growing earnings over the long term. The aim is to buy shares in these businesses when their long-term growth prospects are being overlooked and hold them until their potential becomes more widely recognised.

Process and Portfolio Construction

A team of analysts based in Japan look at companies in detail and put forward recommendations ranging from strong buy to strong sell. They try to work out what each company should be worth in three years' time and look for companies whose shares can be bought at a significant discount today.

Masaki Taketsume uses this research to build the fund. He tends to invest across most industries and companies of all sizes, including higher-risk smaller ones.

question mark Manager Track Record Based on HL Quantitative Research

  • Schroder Tokyo A Inc GBP
  • IA Japan

Fund Track Record

14/05/16 to 14/05/17 14/05/17 to 14/05/18 14/05/18 to 14/05/19 14/05/19 to 14/05/20 14/05/20 to 14/05/21
Annual return 33.81% 11.84% -11.52% -0.36% 11.43%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Schroders is a member of the FTSE 100 Index and it focuses almost entirely on asset management for institutional, retail and private clients. Schroder funds incorporate all asset classes, including equities, fixed income and alternative investments. Schroder's fund managers draw on the detailed stock analysis from the group's analysts worldwide. The company has developed under stable ownership for over 200 years and long-term thinking governs its approach to investing, building client relationships and growing their business. In 2013 Schroders merged with Cazenove Capital Management to create one of the UK's largest private banking and wealth management houses.

Information about the fund

Fund manager biography

manager photo
Manager Name: Andrew Rose
Manager start date: 1 April 2004
Manager located in: London

Joined Schroders in 1981, currently a Japanese equity fund manager, based in London. Previously, Andrew was Schroders' Head of Japanese Equities from 2001 until 2006 in Tokyo. From 1999 he was based in London as Joint Head of the Japanese Equity team, with overall responsibility for smaller company investment in Japan. In 1996 Andrew was seconded to Schroders' Japan office as Senior Investment Officer. He worked in London from 1987, responsible for managing Japanese equity investments for European clients. He was based in the Tokyo office from 1984, working as a Japanese equity analyst. Andrew's investment career began in 1981 upon joining Schroders, also as a Japanese equity analyst. Holds a degree in Japanese & Politics, University of Sheffield; Postgraduate degree in International Economics, Kobe University, Japan.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account