Following The Adviser Centre Monthly Review Meeting on the 30^th May 2018, Legg Mason IF Japan Equity has been moved to our Established list.  The fund previously featured on our Recommended list.

As part of an ongoing review of markets, risk and capacity, Legg Mason Investment (Europe) Ltd and Shiozumi Asset Management believe that the fund has grown to a size that is close to their assessment of full capacity.  As a result, Legg Mason has ceased marketing the fund actively.  Therefore, a move to our Established list is deemed appropriate.

The fund’s management is outsourced to Shiozumi Asset Management, a specialist Japanese equity boutique. The manager, Hideo Shiozumi, is the company’s CEO and is a veteran Japanese equity investor who has managed the fund since its launch according to a distinctive, high conviction approach.  The manager is unwavering in his pursuit of small and medium-cap growth companies that are linked to structural changes in domestic demand, which results in a differentiated outcome compared to the market and most peers.  The fund has delivered stellar total returns over the long term, but the accompanying volatility has been very high.  Therefore, it should be deployed advisedly in portfolios.

Our Established list features funds that have reached, or are close to reaching, full capacity in terms of their assets under management.  To see definitions of our three funds lists, Recommended, Established and Positive Watch, please click here. To see our IA Sector Overview for Japan, please click here.