View more on these topics

JOHCM explores Japan

J O Hambro Capital Management has established the JOHCM Japan Fund, a Dublin-domiciled Oeic that invests in between 40 and 60 Japanese stocks.

The Fund is benchmarked against the Japanese Topix index, although the fund manager, Scott McGlashan is not bound tightly to this.

McGlashan has almost 30 years&#39 experience in fund management, including 23 years specialising in the Japanese market. He joined JOHCM earlier this year after almost four years at Jade Absolute, which he founded in 2000. Prior to that he spent 15 years at Invesco Perpetual.

McGlashan will look for attractively priced stocks with good growth prospects and strong balance sheets. In his view, most managers focus on the top 100 Japanese stocks out of a universe of around 3,000, so there are many under-researched stocks in less fashionable sectors which could rise in price even if the market stays level.

Various research methods will be used to find these companies but being undervalued is not enough for a stock to be included in the portfolio &#45 there has to be a reason to anticipate change in its fortunes, such as restructuring. McGlashan will also operate a disciplined selling process when a stock is no longer performing well, which could lead to a high turnover of stocks.

The Japanese market appears to be reaping the rewards of restructuring and a strong trading relationship with China as profits are improving. At the end of April this year there was a correction in prices but this adjustment was brought about by global influences and has not affected many commentators&#39 views that Japan is starting to recover.

However, one potential problem is that during market dips, small and mid-cap holdings &#45 which make up at least 75 per cent of this fund &#45 may be more difficult to sell than larger companies.


Abbey for Intermediaries goes for lock-in

Abbey for Intermediaries has entered the IFA market for structured products following estimates that IFAs had a 60 per cent share of the structured product market in 2003. The Abbey Growth Options Plan Issue 1 is a guaranteed equity bond linked to the performance of the FTSE 100 index for a six-year term. It has […]

New roles at Bright Grey

Bright Grey has announced the appointment of Paddy Lynch as operations director, responsible for overseeing the combined areas of customer care, underwriting and IT. Lynch was previously head of sales and service for Intelligent Finance and has experience in IT, life assurance and the banking sectors. In addition to this appointment, Bright Grey deputy chief […]

FSA introduces new rule on endowment complaint time-barring

The FSA is changing its rules to require firms explicitly to warn endowment policyholders who have a high risk of shortfall of the date that their right to make a complaint about the sale of the policy expires. Endowment policyholders have three years to complain once they have received their first &#39red letter&#39 notifying them […]


“No, they should be better at doing what they do anyway.”Michael Jones,Michael Jones Independent Financial Services “No I really don&#39t think they should charge any more.I pay for the service already through my network.”George Love Financial Services,George Love “Absolutely not. IFAs are under pressure from all areas with regard to fees and charges and we […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm