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Jupiter launches Japan Select Sicav sub-fund
Jupiter Asset Management is launching a Japan Select Sicav sub-fund, giving investors a more diversified version of its existing strategy in the region as other managers close their Japanese equity desks.
The equity portfolio will be run by Simon Somerville, manager of the onshore Jupiter Japan Income fund.
Somerville will analyse cash flow as a core focus of the strategy, and many holdings in the two funds will consequently overlap.
But the offshore fund will also be permitted up to 20 per cent in Asia Pacific ex Japan equities and, being smaller, will allow itself a higher small-cap weighting.
Somerville has previously analysed Asia Pacific ex Japan equities as part of his 18-year experience in the region and examines regional competitors to Japanese firms as part of his existing role.
The news comes after Ignis Asset Management announced it would outsource the management of its Japan fund in January. Thames River Capital also closed its Japan fund last October.
Somerville said the dwindling number of Japanese teams presented an opportunity for Jupiter, despite difficult three-year performance in the region.
"We're still looking at the world's second largest economy and stock market," he said.
