20 Jul 2021 07:00
London, UK, 20 July 2021
Edison issues review on Atlantis Japan Growth Fund (AJG)
Atlantis Japan Growth Fund (AJG) invests in a diversified portfolio of Japanese equities, with the aim of achieving long-term capital growth. The fund has realised this goal, delivering an average annual NAV return of 13.2% over the past 10 years, decisively outperforming its benchmark, the TOPIX index, over this period. AJG's growth bias meant performance lagged in early 2021, as investors rotated into value stocks. However, performance has since improved. Lead adviser Taeko Setaishi intends to remain focused on companies capable of delivering sustainable earnings growth, as she believes this is the key to AJG's capacity to keep delivering long-term capital growth for its shareholders. Setaishi sees most opportunities among Japan's innovative smaller-cap companies.
At 10%, AJG's share price discount to cum-income NAV is slightly wider than its long-term average around 9%, and there is scope for some narrowing if the fund maintains its track record of long-term outperformance and/or investor appetite for Japanese equities increases. Based on the current share price, the fund offers a prospective yield of 4.6%.
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