Morningstar Fund Report  | 03/04/2025Print

IUP Zennor Japan F GBP Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
IUP Zennor Japan F GBP Acc
Fund-3.615.112.01.0
+/-Cat-10.83.02.73.0
+/-B’mrk-9.41.71.73.6
 
Category: Japan Large-Cap Equity
Category Benchmark: Morningstar Japan TME NR JPY
Key Stats
NAV
02/04/2025		 GBP 158.14
Day Change -0.17%
Morningstar Category™ Japan Large-Cap Equity
IA (formerly IMA) Sector -
ISIN LU2261203942
Fund Size (Mil)
02/04/2025		 GBP 577.82
Share Class Size (Mil)
02/04/2025		 GBP 27.13
Max Initial Charge -
Ongoing Charge
27/12/2024		  0.75%
Investment Objective: IUP Zennor Japan F GBP Acc
The investment objective of the Sub-Fund is to achieve long term capital growth and aims to generate excess returns against the broad Japanese market by mainly investing in companies listed, domiciled and operating in Japan. The Sub-Fund will be actively managed without reference to any benchmark. The Sub-Fund will focus on special situation opportunities within the Japanese market and aims to have a high active share against the broad market. The Sub-Fund will focus on special situations in the market by investing in companies which have strong catalysts to add value to the portfolio, for example as a result of parent/subsidiary consolidation, corporate merger and acquisition activity or earnings growth that is superior to the broader market.
Returns
Trailing Returns (GBP)02/04/2025
YTD0.36
3 Years Annualised11.55
5 Years Annualised-
10 Years Annualised-
12 Month Yield 0.00
Management
Manager Name
Start Date
James Salter
08/02/2021
David Mitchinson
08/02/2021
Inception Date
08/02/2021

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Not BenchmarkedMorningstar Japan TME NR JPY
Portfolio Profile for  IUP Zennor Japan F GBP Acc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock101.300.00101.30
Bond0.000.000.00
Property0.000.000.00
Cash0.001.30-1.30
Other0.000.000.00
Top 5 Regions%
Japan100.00
United States0.00
Canada0.00
Latin America0.00
United Kingdom0.00
Top 5 Sectors%
Industrials34.73
Financial Services14.21
Basic Materials11.97
Consumer Cyclical11.31
Consumer Defensive7.24
Top 5 HoldingsSector%
Kyoto Financial Group IncFinancial ServicesFinancial Services5.99
Genda IncConsumer CyclicalConsumer Cyclical5.74
FUJI Media Holdings IncCommunication ServicesCommunication Services5.03
GNI Group LtdHealthcareHealthcare4.58
Kyocera CorpIndustrialsIndustrials3.94
Increase Decrease New since last portfolio
IUP Zennor Japan F GBP Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  IUP Zennor Japan F GBP Acc
Category:  Japan Large-Cap Equity
Category Index:  Morningstar Japan TME NR JPY
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 20222023202431/03
Price Return3.5515.0811.960.96
+/- Category10.793.012.692.97
+/- Category Index9.441.721.683.58
% Rank in Category6152111
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.17   -0.050.79
1 Week-2.63   0.802.47
1 Month-2.46   -0.090.34
3 Months0.36   2.354.82
6 Months-1.28   0.50-1.60
YTD0.36   2.353.67
1 Year5.21   7.938.77
3 Years Annualised11.55   6.255.45
5 Years Annualised-   --
10 Years Annualised-   --
 
Category: Japan Large-Cap Equity
Category Index: Morningstar Japan TME NR JPY
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.96---
20247.79-1.818.34-2.36
20232.493.354.394.07
2022-3.58-3.704.936.29
2021-3.511.750.07
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighLow5 star
5-Year--Not Rated
10-Year--Not Rated
OverallHighLow5 star
 
Category :  Japan Large-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev9.16 %
3-Yr Mean Return12.24 %
 
3-Yr Sharpe Ratio0.84
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Japan TME NR JPY  Morningstar EM Sov Bd GR Hdg EUR
3-Yr Beta0.500.63
3-Yr Alpha11.5615.26
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 1216-
Market Capitalisation% of Equity
Giant0.00
Large10.86
Medium39.76
Small48.36
Micro1.03
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings13.080.96
Price/Book0.850.66
Price/Sales0.990.99
Price/Cash Flow9.871.30
Dividend-Yield Factor2.501.02
 
Long-Term Projected Earnings Growth10.391.07
Historical Earnings Growth14.651.09
Sales Growth6.370.76
Cash-Flow Growth11.990.77
Book-Value Growth6.610.70
 
Category: Japan Large-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock101.300.00101.30
Bond0.000.000.00
Property0.000.000.00
Cash0.001.30-1.30
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States0.00-
Canada0.00-
Latin America0.00-
United Kingdom0.000.00
Eurozone0.00-
Europe - ex Euro0.00-
Europe - Emerging0.00-
Africa0.00-
Middle East0.000.00
Japan100.001.00
Australasia0.00-
Asia - Developed0.000.00
Asia - Emerging0.00-
 
Category: Japan Large-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials11.972.77
Consumer CyclicalConsumer Cyclical11.310.76
Financial ServicesFinancial Services14.210.90
Real EstateReal Estate2.550.79
Consumer DefensiveConsumer Defensive7.241.44
HealthcareHealthcare6.330.85
Communication ServicesCommunication Services4.960.55
IndustrialsIndustrials34.731.60
TechnologyTechnology6.700.39
 
Category: Japan Large-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings37
Total Number of Bond Holdings0
Assets in Top 10 Holdings42.89
NameSectorCountry% of Assets
Kyoto Financial Group Inc103Japan5.99
Genda Inc102Japan5.74
FUJI Media Holdings Inc308Japan5.03
GNI Group Ltd206Japan4.58
Kyocera Corp310Japan3.94
Shiga Bank Ltd103Japan3.60
SECOM Co Ltd310Japan3.57
Canon Marketing Japan Inc Shs Stock S... 310Japan3.53
Toyota Industries Corp310Japan3.48
Daiei Kankyo Co Ltd310Japan3.41
 
Increase Decrease New since last portfolio
Category: Japan Large-Cap Equity
 
Management
Name of CompanyZennor Asset Management LLP
Phone-
Website -
AddressZennor Asset Management LLP
 -   -
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date08/02/2021
Fund Advisor(s)
Zennor Asset Management LLP
Fund ManagerJames Salter
Manager Start Date08/02/2021
 
Biography
James was a founding partner of Polar Capital Partners in 2001 and Head of Japanese Equities. He ran one of the top performing Japan equity funds over 10 years and was responsible for $5bn of assets. Prior to becoming Director of Japanese Equities at Polar Capital, James Salter was a Director of Bonfield Asset Management Limited (“Bonfield”), which he joined in 1999 after being a senior fund manager at Schroder Investment Management where he was responsible for the Schroder Japan Growth Fund PLC. From 1992 to 1996 he was a Director at Martin Currie Investment Management, jointly managing the Martin Currie Japan Unit Trust. From 1989 to 1992 he was an assistant fund manager on the Japanese desk at Foreign & Colonial.
Fund ManagerDavid Mitchinson
Manager Start Date08/02/2021
Career Start Year2004
Education
University of Cambridge, B.A.
 
Biography
David started his career with Framlington where he ran the Japan Fund. He then moved to Tokyo with JP Morgan where he spent many years. He moved to Adia in 2013, and eventually returned to the UK with TT International in 2016. He joined Zennor in 2020. He graduated from Cambridge University with a degree in Economics. David is a CFA Charter holder
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.50%
Ongoing Charge0.75%
Purchase Details
Minimum Investments
Initial-
Additional-
Savings-
Tax Free Savings Schemes
ISAsNo