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Neptune Japan Opportunities

Elite Rated by FundCalibre

Manager Chris Taylor has very strong individual views, which are reflected in his high conviction fund. The collegiate approach adopted on most Neptune funds is less apparent in this case as it impossible to imagine Chris Taylor being swayed by views other than his own. Thankfully for his investors, he has tended to be right more often than not. The fund defines “high conviction”.

Company Description

Founded in 2002, boutique investment manager Neptune concentrates on long-only fund management. Employees and directors own approximately three-quarters of the company, ensuring that staff and client interests are aligned. Neptune undertakes all of its own fundamental research.

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Fund Manager

Chris Taylor is a genuine industry character with strong views on his market and fund. In 2008, he effectively sold short the Japanese equity market and fully hedged the currency to sterling, thereby delivering very big gains to investors, while most other funds posted large losses. Of course, his strong opinions may not always deliver success.

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Japan is the global special situation – investing there is all about the companies, not the country.

Chris Taylor - Fund Manager

The Investment Process

Neptune’s research process is quite unique. Its managers look for an understanding of global equity markets, with each covering a different area and identifying those sectors they believe best-placed to outperform. Each manager can then pick relevant holdings from this pool of ideas. This fund is not constrained by benchmarks, allowing the manager to pursue his high conviction approach. He has a negative view on the yen, represented in the fund since early 2009.

Risk

The manager considers risk as losing money on an investment. This is a high conviction fund, and Chris’ currency views in particular, can add consierably to risk.

Our Opinion

This is a genuinely active fund. The manager makes high-conviction calls on currency, sectors and stocks. Chris’s individual style is rare in a world where managers increasingly hide behind process. He also holds a long-term negative view of the yen, meaning the fund can underperform if the yen is strong.

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©2014 FundCalibre Limited. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not ,guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating.