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Core Equity - Japan
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
 
 
Fund Objective

The Fund aims to provide long-term capital growth of assets of the Fund by investing primarily in quoted or listed securities in any Recognised Stock Exchange or OTC market in Japan. The investment strategy is to invest the majority of the deposited property in mid to small market capitalisation companies. There is no target industry or sector for the investment of the Fund.

LION GLOBAL INVESTORS LIMITED
 
Our Comments
  • Focuses on mid- to small-capitalisation Japanese companies
  • Growth-oriented, highly diversified; the fund usually avoids 30 largest companies (by market capitalisation) at the point of investment
  • Suitable for investors seeking to exploit inefficiencies in the Japanese equity market via an actively-managed strategy; can complement existing large-cap Japanese equity exposure

The LionGlobal Japan Growth Fund returns to the list yet again with its consistent performance and unique positioning – the fund usually avoids the 30 largest companies (by market capitalisation) in its investment universe, and tends to be more focused on the mid- to small-capitalisation space. In what has been a very difficult market for investors, the fund delivered strong outperformance over its benchmark (the TOPIX) over one-year, three-year and five-year periods ended March 2014, a testament to the manager's active stock-picking approach.

The portfolio tends to be highly diversified, offering exposure to 91 stocks, as of 31 March 2014. Stock selection is a function of a bottom-up process, and the manager does not rely too much on macro views to drive sector and stock allocation. Also, investors should note that the fund's tilt towards smaller companies within the Japanese equity universe is not a result of the fund's investment objective; rather, this is a function of the manager's opinion that there tends to be less undervaluation in the ultra-large capitalisation stocks, while the manager is better able to find stocks which have higher growth profiles within the small- to mid-capitalisation space. With the lead fund manager having helmed the fund for 13 years (as of end-April 2014), the fund's long-term track record of outperformance is clearly relevant and representative of the current management team today; the fund delivered 2.4% percentage points of alpha (on an annualised basis, in SGD terms) vis-à-vis the TOPIX over the ten years ended April 2014. The fund would thus be suitable for investors seeking an actively-managed Japanese equity fund with a tilt towards the small- and mid-cap space; the fund would also be a good complement for existing large-cap Japanese equity exposure.

[Data as of 31 March 2014]

 
About the Fund Manager

Based in Singapore, Wee Ban Yew is the manager of the LionGlobal Japan Growth fund, and has been managing the fund since 1 July 2002. He is supported by two analysts and a research assistant. Ban Yew is the lead country specialist for Japan at LionGlobal Investors, and in addition to the LionGlobal Japan Growth fund, has also managed the LionGlobal Japan fund since 1 May 2000. Prior to joining the firm in 2000, he covered various Asian equity markets at DBS Asset Management where he spent 4 years. Ban Yew was also an auditor at KPMG Peat Marwick. He earned a Bachelor of Accountancy with 2nd Class (Upper Division) Honours from the Nanyang Technological University, is a Certified Public Accountant, and also holds the Chartered Financial Analyst® designation.

 
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