日本股票基金

風險考慮因素：

本基金以主動方式管理及主要投資於日本公司股票的廣泛多元化投資組合。
投資於本基金涉及風險，包括一般投資風險、股票市場風險、與預託證券相關的風險、地理集中風險、中小市值股票風險、剔除標準風險、貨幣風險和對沖風險，並可能導致您損失部分或全部投資金額。
本基金可運用衍生工具作對沖及有效投資組合管理，因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
本基金價值可以波動不定，並有可能大幅下跌。
投資者不應僅根據本網站而投資於本基金。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標，亦不應作為選擇個別產品或策略的唯一考慮因素。

概覽

Manager's Outlook

The Shinzo Abe-led Liberal Democratic Party (LDP) has successfully broken the long-held tradition of policy inertia via its attempts to jump-start the economy and equity markets with the magnitude of its policy intent. Abe is also attempting to deal with the economy's structural challenges: corporate tax rates have been lowered, an enhanced corporate governance code has been implemented, while initiatives to encourage married women and foreign workers into the labor force have also been announced.

The instance of companies defying the skeptics by transforming business practices and governance standards is growing. This should help to deliver profit growth and generate shareholder returns. The volume of shareholder buybacks is increasing, while merger and acquisition activity is slowly emerging. Where implemented effectively, we expect transformational actions to be rewarded through higher valuations.

We firmly believe that the valuation case for Japan still holds and that Japanese corporate earnings growth is likely to exceed global peers. This view underlies many of our preferred stock ideas today.

Our long-held view that the BoJ policy decisions would weaken the yen over time has softened given the backdrop of an increasingly unpredictable currency outlook. While the currency has weakened after the U.S. presidential elections in November from its risk-aversion driven spike in 2016, we continue to believe the outlook for the currency is one of uncertainty and volatility.

As well as market-specific drivers, the condition of the global economy remains a critical factor in terms of support for the Japanese equity market. On this point, our view is that we remain in an environment of moderate, gradually improving global growth, which should help the best of corporate Japan to perform reasonably well. This is particularly the case for the highest-quality stocks that underperformed meaningfully in late 2016, as the value rally accelerated after the Trump victory.

Increasing stock-specific dispersion will need to be navigated in the near term as the market digests subtle changes in the top-down investment case and reacts to surprise and disappointment always inherent in Japan. Over the medium term, we remain upbeat, especially regarding those stocks central to Japan's evolution. We believe that investing in durable and improving businesses capable of weathering economic turbulence remains an advantaged approach to Japanese equity investing.

策略

基金概要

以主動方式管理及主要投資於日本公司股票的廣泛多元化投資組合。

表現（已扣除費用）

過往表現並非未來表現的可靠指標。

2016年12月31日 - Archibald Ciganer, 基金經理,

Japan continued to participate in the global equity rally in December, following the outcome of the U.S. presidential election, and posted strong gains in yen terms. However, the appreciation of the euro over the period meant that the return was more modest for euro-based investors. Relative performance benefited from our holdings within information technology, particularly Softbank. Shares in the telecommunication and Internet conglomerate climbed sharply on news that the CEO had met with President-elect Donald Trump and that Softbank is to invest USD $50 billion in U.S. businesses. This was partially offset by the negative impact of our underweight to banks, one of the top performing sectors over the month.

2016年12月31日 - Archibald Ciganer, 基金經理,

Having been broadly benchmark neutral at the start of the period, we moved slightly underweight financial services ex-banks, largely for stock-specific reasons. We eliminated our position in a consumer credit and data processing company; the stock had rallied strongly along with other financials following the U.S. presidential elections, with expectations that more growth and less regulation will result in higher interest rates globally. We now see less upside given this material move and, as a result, have eliminated the name and taken profits.

2016年12月31日 - Archibald Ciganer, 基金經理,

Komatsu: We initiated a new position in a manufacturer of construction and mining equipment and industrial machinery. We believe the market is not taking into account that the mining equipment business, where we see significant growth potential, has bottomed. If the company can beat expectations on the mining equipment business, we believe outperformance could be strong.

Miura: Miura is a manufacturer of efficient and more advanced boilers sold predominantly to factories-in particular, food and beverage producers and chemical and textile manufacturers. We further raised the size of our position over the quarter. The company enjoys a strong position domestically and has the opportunity for growth overseas, primarily in China and in South Korea and the Association of Southeast Asian Nations.
Nikkiso: Nikkiso engages in the manufacture and sale of medical equipment and industrial instruments. Despite being a small-cap name, the stock is more defensive in characteristics and therefore likely to lag more cyclical names should we see the higher growth world that the market expects. Given the shift in rates and expectations, we can find more attractive names at these levels.

Nidec Group: A new position in the portfolio, this leading global air conditioning manufacturer has solid midterm growth potential driven by its exposure to the Americas, Europe, and Asia/China. We believe this is a quality asset with strong positions domestically and within China and scope to grow outside Japan following shrewd acquisitions in the U.S.

We also trimmed some of our exposure to Mitsubishi Electric, a defensive cyclical with diversified industrials exposure to energy, elevators, and air conditioners following results that significantly beat guidance. We believed that guidance was too low and the company had scope to significantly beat these. Results were strong and the company has outperformed over the year so we took this opportunity to book profits.
Sumitomo Electric: Previously the world's third-largest electric wire producer, Sumitomo Electric's main business today is wiring harnesses and connectors for the automotive industry. A recent cut in guidance by management means that expectations by analysts are now more in line with our expectations, and valuations are compelling at these levels. Longer term, we believe the company should benefit from growing adoption of aluminum instead of copper wiring harnesses.
Credit Saison: We eliminated our position in this consumer credit and data processing company. The stock has rallied strongly along with other financials following the U.S. presidential victory of Donald Trump, with expectations that more growth and less regulation will result in higher interest rates globally. We now see less upside given this material move and, as a result, have eliminated the name and taken profits.
Chugai is a pharmaceutical company with a high-quality asset base and growing earnings driven by a key pipeline asset that will transform the treatment of hemophilia. The existing assets are also well positioned, in our view, and the stock is a good value at these levels with a strong growth pipeline going forward.

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