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Man Japan CoreAlpha Professional Class - Accumulation (GBP)

Sell:287.40p Buy:287.40p Change: 3.90p (1.34%)
Prices as at 11 March 2025
Sell:287.40p
Buy:287.40p
Change: 3.90p (1.34%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 11 March 2025
Sell:287.40p
Buy:287.40p
Change: 3.90p (1.34%)
Prices as at 11 March 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
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 is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

This fund aims to provide investors with long-term growth ahead of Japan’s TOPIX and Russell/Nomura Large Cap Value benchmarks. The fund managers are contrarians and prefer to go against the herd by investing in larger, more-established Japanese companies that are currently unfashionable and out of favour. This is a style known as value investing and the fund managers' discipline in this style sets them apart from their peers.

We think this fund could work well in a global investment portfolio designed to provide long-term growth or sit well alongside a Japanese fund using a growth-style investment approach or focused on smaller or medium-sized companies.

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. Former Prime Minister, Shinzo Abe, introduced policies designed to stimulate the economy and reignite interest in Japan's markets. Investor sentiment began to change but after 8 years at the helm, he announced his retirement and was replaced by Yoshihide Suga in September 2020. Suga's appointment initially offered the promise of fresh and progressive government policies and continued economic support. His tenure was dominated by the pandemic and he faced criticism over how he handled the virus. After one year in office, he stepped down as Prime Minister and has been replaced by fellow Liberal Democratic Party (LDP) member Fumio Kishida.

Performance Analysis

Since Atherton joined Man GLG as a portfolio manager in 2011, the fund's performed better than both the TOPIX and Russell/Nomura Large Cap Value benchmarks. As with any fund or investment style though, there have been times when the value investment style hasn’t been in favour and the fund has underperformed.

Strong performance from the value investing style more broadly has helped performance in recent years. However, the managers’ stock selection – their ability to pick and invest in companies that perform well regardless of their style or in which sector they are – has also contributed to performance.

Over the longer term, we expect the fund to perform well when value investing is in favour, though the reverse is also likely to be true. We also expect good stock selection to contribute to long-term returns.

Investment Philosophy

The managers believe the best returns can be made investing in companies that are unloved, undervalued and overlooked. This is often called value investing and is the basis of the team’s longstanding investing philosophy. It means they aim to invest in companies at a lower share price than their true worth. Lower valuations are crucial to their process, and they aren’t afraid to invest in companies when others are fearful.

Process and Portfolio Construction

While the team invest in undervalued companies, they don’t invest in ‘cheaper' companies purely because they're cheap, they need to believe the company has the potential to recover. Sometimes a company's assets or profit potential isn't fully reflected in its share price, which could be for several reasons. It might be they've not hit their targets, perhaps there's been a change of management, or maybe there's just a gloomy investor outlook for their part of the market. If this is the case, and the company undergoes a turnaround, the true value of the company could be realised, and the share price could rise. This style is known as value investing.

The team focuses on companies they believe are dominant in their industry, in a good financial position and run by quality management. When they feel the company is popular again and the share price has recovered, they'll sell and move onto the next opportunity. This discipline means the managers tend to invest in relatively few companies, so each one can make a significant contribution to returns, although it increases risk.

question mark Manager Track Record Based on HL Quantitative Research

  • Man GLG Japan CoreAlpha...
  • IA Japan
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

11/03/20 to 11/03/21 11/03/21 to 11/03/22 11/03/22 to 11/03/23 11/03/23 to 11/03/24 11/03/24 to 11/03/25
Annual return 24.26% 5.84% 21.97% 16.59% 6.21%

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

GLG was founded in 1995 and it has established itself as one of the largest alternative asset managers in the world. GLG offers a diverse range of funds encompassing equities, fixed interest and alternative investments. In April 2009 GLG took over the London-based division of Societe Generale Asset Management (SGAM), which expanded GLG's investment capabilities and distribution network. In 2010 GLG was acquired by Man Group to create the world's largest listed hedge fund group.

Information about the fund

Fund manager biography

Manager Name: Emily Badger
Manager start date: 1 January 2023
Manager located in: TBC

Emily Badger is a Portfolio Manager in the Japan CoreAlpha team. She has developed a research focus on sectors including chemicals and real estate. Additional areas of research interest include sectors with a consumer goods bias such as retail and logistics. Emily joined the Japan CoreAlpha team in August 2015. She has a BSc in Chemistry from the University of York and is a CFA charter holder and has also achieved the CFA Institute Certificate in ESG Investing

Manager Name: Stephen Harget
Manager start date: 1 January 2023
Manager located in: TBC

Stephen Harget is a Portfolio Manager in the Japan CoreAlpha team, focusing on sectors with a capital goods bias, with the main areas of interest being steel and other metals, wholesale trading companies, as well as precisions and telecoms. Stephen joined the Japan CoreAlpha team in August 2015. He has a BSc in Mathematics and Finance from the University of York and is a CFA charter holder

manager photo
Manager Name: Jeff Atherton
Manager start date: 1 March 2011
Manager located in: London

Jeffrey (?Jeff') Atherton is head of Japanese Equities and leads the Japan CoreAlpha team. Jeff has managed Japanese funds since 1990, holding senior positions at Insight Investment, SGAM, TCW and Equitable Life. He spent five years as partner and co-manager of Stratton Street Capital's Japanese hedge fund strategies. Jeff joined the Japan CoreAlpha team in March 2011 and took over as lead portfolio manager in January 2021. He has over 30 years of experience in Japanese equities. Jeff has a BA in Economics from the University of Sheffield and started his career at Sun Life of Canada in 1987.

Manager Name: Adrian Edwards
Manager start date: 30 June 2014
Manager located in: TBC

Adrian is a Portfolio Manager in the Japan CoreAlpha team. He has a BSc in Business Information Systems from Anglia Ruskin University and is a CFA charter holder. Adrian began his career in fund management at Stratton Street Capital LLP in January 2006 where he rose to the position of Assistant Fund Manager on the firm's Japanese and Asian synthetic warrant and Japanese equity hedge fund strategies. Adrian joined Man GLG in June 2014.

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
Invest now