Martin Currie Asia Unconstrand Trust : Atlantis Japan Growth Ord

London, UK, 3 April 2019

Edison issues review on Atlantis Japan Growth Fund (AJG)

Atlantis Japan Growth Fund (AJG) is advised by Atlantis Investment Research Corporation (AIRC). Lead adviser Taeko Setaishi says that although consensus Japanese corporate earnings growth is being revised downwards, she is still able to identify primarily smaller-cap companies with promising growth prospects that are trading on attractive valuations. As an example, Setaishi highlights changing dynamics within the Japanese economy, which are generating growth in the widely diverse services sector. AJG's portfolio is trading on higher valuation multiples than the TOPIX index, but has meaningfully higher forecast earnings growth and a superior return on equity, which have contributed to the fund's medium- and long-term outperformance versus the benchmark.

AJG is currently trading at an 8.5% discount to NAV, which is broadly in line with the 8.8% to 9.5% average discounts over the last one, three, five and 10 years. There is potential for the discount to narrow if lead adviser Setaishi is able to build on her record of outperformance versus the benchmark, or if there is increased demand for Japanese, particularly smaller-cap, equities. Similar to the majority of its peers, AJG does not pay a dividend. Gearing up to 20% of NAV is permitted (net gearing of 2.9% at end-February 2019).

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