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Troy Spectrum puts over 10% in Japan

The £86m Troy Spectrum fund has taken its exposure to Japan to more than 10 per cent by adding to holdings in funds from Morant Wright and Lindsell Train.

Managers Sebastian Lyon and Francis Brooke have taken exposure to the £620m CF Morant Wright Japan fund to 6.7 per cent of the portfolio, while the weighting to Michael Lindsell’s £31.1m Lindsell Train Japanese Equity fund has been lifted to 4 per cent.

The move, which has taken Troy Spectrum’s Japanese allocation from 8 per cent to 10.7 per cent, comes after the “breathtaking” rise in the country’s stockmarket. The Nikkei 225 is up around 75 per cent since November 2012 on the back of a weaker yen and growing investor confidence.

IN a statement, the Troy managers say: “All things must pass and investors are increasingly believing that the evening sun has set on a 22-year-old Japanese equity bear market.

“One neologism, ‘Abenomics’, named after the prime minister Shinzo Abe, explains the rally. This is shorthand for his policy of a double dose of monetary and fiscal adrenaline that has energised Japanese stockmarkets.”

The CF Morant Wright Japan fund is currently focused on cash-rich domestic-focused stocks, with top 10 holdings including bank Sumitomo Mitsui and logistics giant Kamigumi.

The Lindsell Train fund has seen recent gains driven by placing the Japan Exchange Group as its largest holding, as the firm has benefitted from increased investor interest in the world’s third largest economy.

Hargreaves Lansdown senior investment manager Adrian Lowcock says: “A lot of people might be concerned that they have missed the boat on Japan but this shows there are a lot investors that are willing to keep adding to their exposure.”

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