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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fid.Jap.Val. | FJVS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.875 | 0.875 |
| Top Posts |
|---|
Posted at 22/3/2010 16:21 by knowing David Jane, manager of the £214 million M&G Cautious Multi Asset fund, has been switching money out of China and Brazil into Japan because he believes this country now offers terrific opportunities for investors."The corporate sector and political environment are improving," he says. "There have also been changes in Japan's economy, and the prospects for [its] exporters are better in an improving world economy." Japan occupies one of the most prominent positions in the three-year-old portfolio, which seeks to maximise total return by investing in a diversified range of assets. "It's not very correlated with other global markets, which means I can reduce risk in the portfolio while getting some positive exposure to a world economy that's recovering," Jane adds. "It is a great story - and that's what the markets buy." The fund, which aims to deliver steady, competitive returns by backing the best asset classes and investment themes it can find, has exposure to traditional equities, bonds and property, as well as areas such as collateralised debt obligations. And as diversification is fundamental to the process in order to avoid taking excessive amounts of risk, it's designed to participate in rising markets and preserve capital when times are hard. The investment process starts with an analysis of the macroeconomic environment to determine investment themes. Subsequent exposure to the various asset classes will be via direct holdings or collective investment schemes. Part of Jane's investment philosophy involves looking for the pieces of information that will pull his assumptions apart, rather than simply trying to back up existing prejudices. "It's easy to prove stocks will go up by finding all the bullish stories about a company, but you should instead seek ways of proving yourself wrong," he says. "If you're unable to do so, then the idea will probably work." He believes a successful multi-asset fund manager should understand where the risks are and construct a portfolio that deals with them yet still provides returns. At present, Jane sees the principle risks as being the effects of quantitative easing, inflation and deflation, and currencies. In such an environment, he wants exposure to the economic recovery but is rather less enthusiastic about government bonds: "You can argue about the scale and pace of it but economies around the world are all recovering, so I own a fair amount of equities. But I've tipped the balance away from emerging markets as valuations are no longer adding up." Jane believes the fund's flexibility to allocate capital between asset classes in such an unconstrained way, as well as its ability to respond decisively to changing financial conditions and asset valuations, are its key selling points. "Well-run multi-asset funds will dominate the retail sector in the years to come," he predicts. |
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