Last checked at 7 Nov 2019 10:11
London, UK, 7 November 2019
Edison issues review on Fidelity Japan Trust (FJV)
Fidelity Japan Trust (FJV) has performed particularly strongly versus its reference index so far in 2019, after a sharp decline in Q418. It has also done significantly better than the main Japanese index over both shorter and longer periods, as well as outperforming its peer group over one, three and five years to 31 October. Manager Nicholas Price, backed up by a large analyst team, focuses on unearthing attractive investment opportunities among less well-researched areas of the Japanese market, and has recently been finding compelling ideas in technology-related sectors such as semiconductors, where he sees good medium-term growth prospects and attractive valuations.
At 5 November 2019, FJV's shares traded at a 10.6% discount to cum-income NAV. While this is wider than the 12-month average discount of 9.8%, it is narrower than longer-term averages. Peer group valuations are polarised, with four of 10 funds across the AIC Japan and Japan Smaller Companies sectors between a 0.8% premium and a c 3% discount to NAV, while the others are on discounts of c 10-13%. However, FJV has notably outperformed the Japan peer group average over one, three and five years.
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