Fidelity has appointed Nicholas Price as portfolio manager of the £111m Fidelity Japanese Values investment trust, replacing Shinji Higaki.
Mr Price, who is based in Tokyo, currently manages a number of Fidelity’s Japanese funds, including the Luxembourg-domiciled ¥9.73bn (£50.3m) Fidelity Funds Japan Aggressive fund. He will take over the investment trust from September 1 “following a smooth transition period” with the current manager.
The Board of the trust stated it is “important to refresh the trust from time-to-time to ensure it continues to deliver strong performance in different markets”.
Mr Price joined Fidelity’s Tokyo office in 1993 as a research analyst before becoming a portfolio manager in 1999. His investment approach is focused on ‘growth at a reasonable price’, utilising Fidelity’s “extensive research capability”. Previously
David Robins, chairman of Fidelity Japanese Values, said: “Considering the coordinated pro-growth policies and the fundamental changes in corporate behaviour that are occurring, the outlook for Japanese equities is attractive.
“The Board believes Nicholas’ investment approach, combined with his consistent bias towards mid and small cap growth stocks, is an ideal fit for the Company. The Board would like to thank Shinji for his diligent management of the portfolio over the past 8 years.”
Mr Higaki, who has managed the trust since July 2007, will continue to manage domestic Japanese mandates at Fidelity, although these are not available in the UK.