Platinum World Portfolios - Japan Fund

A diversified portfolio of Japanese and Korean companies, the fund offers investors exposure to undervalued businesses across a variety of industry sectors.

Investment objective:

To provide capital growth over the long-term (generally 5 to 7 years) through investing 50% to 100% of the fund’s net asset value in undervalued securities of companies in the Japan region (i.e. Japan and South Korea).

Key benefits:

  • Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
  • Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
  • Actively managed currency exposures providing diversification and potentially reducing currency risk
  • Choice of share classes denominated in USD, EUR or GBP
  • Portfolio Manager(s)
    Scott Gilchrist

    Portfolio Manager

    Scott was an engineer by training. Before joining Platinum in 2001, he had held a range of consulting and operational roles in the.. More

Fund Overview

  Share Class A Share Class B Share Class C Share Class D Share Class E Share Class F Share Class G Share Class H
ISIN IE00BYRGRF20 IE00BYRGRH44 IE00BYRGRG37 IE00BYRGRJ67 IE00BYRGRK72 IE00BYRGRL89 IE00BYRGRM96 IE00BYRGRN04
Currency US Dollar US Dollar US Dollar US Dollar Euro Euro Pound Sterling Pound Sterling
Minimum Initial Investment US$500,000 US$100,000 US$500,000 US$100,000 €400,000 €80,000 £300,000 £60,000
Minimum Subsequent Investment US$25,000 US$25,000 US$25,000 US$25,000 €20,000 €20,000 £20,000 £20,000
Minimum Holding US$500,000 US$100,000 US$500,000 US$100,000 €400,000 €80,000 £300,000 £60,000
Anti-Dilution Levy (on entry or exit) 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Investment Management Fee                
· Base Fee1 0.75% 1.40% 0.75% 1.40% 0.75% 1.40% 0.75% 1.40%
· Performance Fee2 15% Nil 15% Nil 15% Nil 15% Nil
Voluntary Cap on Total Fees & Expenses3 1.00% 1.65% 1.00% 1.65% 1.00% 1.65% 1.00% 1.65%
Distribution Policy Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating
Voting Rights Yes Yes No No Yes Yes Yes Yes
Registered in the UK Yes Yes Yes Yes Yes Yes Yes Yes
UK Reporting Fund Yes Yes No No No No Yes Yes
  1. As a percentage of the net asset value of the fund attributable to the relevant share class per annum.
  2. As a percentage of the amount by which the fund outperforms the benchmark index, being the MSCI Japan Net Index (US$), after deduction of the base fee, but before deduction of any accrued performance fee. If the return on the fund in any year is less than the benchmark index, the difference for that year will be carried forward and applied against the subsequent year’s return for the fund for the purpose of calculating a performance fee. The shortfall will be carried forward until a performance fee becomes payable. No performance fee can be paid unless all prior underperformance has been clawed back.
  3. This voluntary cap represents, as a percentage of the net asset value of the fund attributable to each share class, the maximum amount that can be paid out of the fund to cover fees and expenses in a financial year, excluding performance fees, if any, that may be payable to the Investment Manager, but including any base fees and out-of-pocket expenses payable to the Investment Manager as well as any fees and expenses payable to the fund’s custodian and administrator. The Investment Manager has voluntarily undertaken to reduce or waive all or a portion of its investment management fee or to make other arrangements to reduce the fees and expenses of the fund to the extent necessary to ensure that the total fees and expenses in a financial year (excluding performance fees) do not exceed the stated levels. The Investment Manager may terminate or modify any such voluntary agreement at any time at its sole discretion upon thirty (30) days’ notice in writing to the shareholders of Platinum World Portfolios PLC.
     

Key Investment Policies

The following is a summary of the fund’s key investment policies and guidelines. Please carefully read the Prospectus and the Key Investor Information Documents (KIIDs) before making any investment decision.

Suggested time horizon 5 or more years
Geographic limits The fund's investments in securities are limited to securities of companies in the Japan region (i.e. Japan and South Korea), including securities of companies that are listed or traded outside the Japan region but whose business is predominantly conducted in or focused on the Japan region. The fund may invest up to 25% of its net asset value (at the time of investment) in the securities of South Korean companies.
Industry/sector limits None.
Asset classes
  • The fund invests primarily in equity and equity-related securities that are listed or traded on regulated markets.
  • The fund may invest up to 10% of its net asset value in unlisted securities.
  • When undervalued securities cannot be identified, the fund may invest in cash, deposits and similar instruments.
  • The fund may have exposure to bonds/debt securities through bond futures and convertible securities, but such exposure will not exceed 10% of the fund’s net asset value at the time of investment.
Number of securities in portfolio Typically 25 to 150 securities that the Investment Manager believes to be undervalued.
Net equity exposure Typically 50 – 100% of the fund’s net asset value.
Derivatives The fund may use financial derivative instruments (e.g. futures, options, swaps) to increase returns and/or for the purpose of efficient portfolio management (e.g. to reduce risk exposure).
Leverage
  • The fund may be leveraged as a result of using derivatives (including for indirect short positions), but such leverage will not exceed 100% of the fund’s net asset value.
  • The fund may borrow on a temporary basis up to 10% of its net asset value.
Short-selling
  • Subject to the limits on leverage, the fund may hold indirect short positions through the use of derivatives (primarily equity swap contracts).
  • Typically 0 – 50% of the fund’s net asset value.
Currency
  • The fund’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the fund’s exposure to foreign currency fluctuations, which can change the value of the equity investments measured in the fund’s reporting currency (USD).
  • Platinum may manage the fund’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and cash foreign exchange trades.
  • The fund does not seek to undertake share class hedging for share classes E – H which are denominated in a currency other than the fund’s base currency (USD).
See Platinum’s risk management strategies for further details.

Price History

The following prices (net asset value per share) pertain to the various share classes available for investing in the Platinum World Portfolios - Japan Fund. The share classes differ with respect to important attributes, such as currency of denomination, fees, voting rights as well as their availability and tax reporting status in specific jurisdictions.

Please refer to the Fund Overview for a summary of those differences, and please carefully read the Prospectus and the Key Investor Information Documents (KIIDs) before making any investment decision. The Prospectus contains further details on each share class as well as the initial subscription price (subject to any anti-dilution levy) applicable to those share classes that have not been activated (and, therefore, for which no price is displayed below).

The data presented herein are historical and are not intended as a forecast or guarantee of the future price or net asset value of the fund or any of the share classes. Share prices (net asset value per share) fluctuate with market conditions, and investors may have a gain or loss when shares are sold.
Information on this webpage does not, and is not intended to, constitute an offer or a solicitation to subscribe for, redeem or convert shares in Platinum World Portfolios PLC or any of its sub-funds in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Portfolio Snapshot

Industry Breakdown1
SectorLong %Net %
Industrials 17.6 16.5
Information Technology 17.6 15.5
Consumer Discretionary 13.5 10.5
Financials 8.7 8.7
Materials 8.5 8.5
Health Care 5.4 4.7
Energy 4.6 4.6
Telecom Services 3.0 3.0
Consumer Staples 0.8 (2.5)
Real Estate 0.6 0.6
Top 10 Positions3
StockCOUNTRYINDUSTRY%
Nintendo Co Ltd Japan Information Technology 3.8
Itochu Corporation Japan Industrials 3.3
Sumitomo Mitsui Financial Group Inc Japan Financials 3.2
Kangwon Land Inc Korea Consumer Discretionary 3.1
Takeda Pharmaceutical Co Ltd Japan Health Care 3.0
Mitsubishi UFJ Financial Group Inc Japan Financials 2.9
Nexon Co Ltd Japan Information Technology 2.7
Rakuten Inc Japan Consumer Discretionary 2.6
Orix Corp Japan Financials 2.6
Ebara Corp Japan Industrials 2.6
Disposition of Assets2
Long %Net %Currency%
Japan 77.3 66.9 93.2
Korea 3.1 3.1 3.1
Australian Dollar - - 5.0
United States Dollar - - 8.7
Long: 58 stocks. Short: 37 stocks.
Top 10 Positions3
StockCOUNTRYINDUSTRY%
Nintendo Co Ltd Japan Information Technology 3.8
Itochu Corporation Japan Industrials 3.3
Sumitomo Mitsui Financial Group Inc Japan Financials 3.2
Kangwon Land Inc Korea Consumer Discretionary 3.1
Takeda Pharmaceutical Co Ltd Japan Health Care 3.0
Mitsubishi UFJ Financial Group Inc Japan Financials 2.9
Nexon Co Ltd Japan Information Technology 2.7
Rakuten Inc Japan Consumer Discretionary 2.6
Orix Corp Japan Financials 2.6
Ebara Corp Japan Industrials 2.6
All data as at [30 September 2018] .
  1. “Long %” represents the Fund’s exposures to the relevant sectors as a percentage of the Fund’s NAV through direct securities holdings and long derivatives of stocks and indices. “Net %” represents the Fund’s exposures to the relevant sectors as a percentage of the Fund’s NAV through direct securities holdings and both long and short derivatives of stocks and indices.
  2. “Long %” represents the Fund’s exposures to the relevant regions as a percentage of NAV through direct securities holdings and long stock/index derivatives. “Net %” represents the Fund’s exposures to the relevant regions as a percentage of NAV through direct securities holdings and both long and short stock/index derivatives. “Currency %” represents the Fund’s effective net exposures to the relevant currencies as a percentage of NAV through securities holdings, cash, forwards and derivatives.
  3. The “Top 10 Positions” table shows the Fund’s top 10 long equity positions as a percentage of the Fund's NAV, taking into account direct securities holdings and long stock derivatives.

Updates & Reports

Monthly Updates

Quarterly Investment Manager's Report

Financial Statements

Tax Reporting

Terms and Conditions

Dated: 1 March 2018
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