Morningstar Fund Report  | 02/04/2025Print

Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)
Fund16.115.914.111.80.3
+/-Cat13.823.12.02.62.3
+/-B’mrk13.821.80.71.52.9
 
Category: Japan Large-Cap Equity
Category Benchmark: Morningstar Japan TME NR JPY
Key Stats
NAV
01/04/2025		 GBX 238.50
Day Change 0.21%
Morningstar Category™ Japan Large-Cap Equity
IA (formerly IMA) Sector Japan
ISIN GB00B0119933
Fund Size (Mil)
01/04/2025		 GBP 2383.52
Share Class Size (Mil)
01/04/2025		 GBP 4.92
Max Initial Charge -
Ongoing Charge
14/02/2025		  1.65%
Morningstar Research
Analyst Report17/12/2024
Daniel Haydon, Analyst
Morningstar, Inc

The combination of a well-structured, contrarian value investment process together with the continuity provided by veteran portfolio manager Jeff Atherton means we see positives in Man GLG Japan CoreAlpha, following some significant retirements...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent23
Process24
Performance
Price
Investment Objective: Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)
The investment objective of the Fund is to provide capital growth by outperforming (net of fees) each of (i) TOPIX Total Return Index and (ii) the Russell/Nomura Large Cap Value Total Return Index, both converted to sterling, in a rolling five year period. To achieve the objective, the Fund invests at least 80% of its assets in (i) equities of Japanese companies; or (ii) companies which derive a substantial part of their revenues from activities in Japan.
Returns
Trailing Returns (GBP)01/04/2025
YTD0.51
3 Years Annualised11.75
5 Years Annualised15.33
10 Years Annualised7.43
12 Month Yield 0.61
Management
Manager Name
Start Date
Jeffrey Atherton
08/03/2021
Adrian Edwards
08/03/2021
Click here to see others
Inception Date
29/11/1999

Category Benchmark
Fund BenchmarkMorningstar Benchmark
TOPIX TR JPYMorningstar Japan TME NR JPY
Portfolio Profile for  Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.410.0099.41
Bond0.000.000.00
Property0.000.000.00
Cash2.862.270.59
Other0.000.000.00
Top 5 Regions%
Japan100.00
United States0.00
Canada0.00
Latin America0.00
United Kingdom0.00
Top 5 Sectors%
Industrials25.54
Consumer Cyclical21.02
Financial Services17.63
Technology9.87
Real Estate8.96
Top 5 HoldingsSector%
Mitsubishi Estate Co LtdReal EstateReal Estate4.58
Nippon Telegraph & Telephone CorpCommunication ServicesCommunication Services4.36
Nomura Holdings IncFinancial ServicesFinancial Services3.80
Nissan Motor Co LtdConsumer CyclicalConsumer Cyclical3.69
SoftBank Group CorpCommunication ServicesCommunication Services3.64
Increase Decrease New since last portfolio
Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)
Growth Of 1000 (GBP) 31/03/2025
Fund:  Man International ICVC - Man Japan CoreAlpha Fund Retail Accumulation Shares (Class A)
Category:  Japan Large-Cap Equity
Category Index:  Morningstar Japan TME NR JPY
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-10.176.65-14.6316.0515.8914.0911.830.29
+/- Category0.20-8.08-26.4813.7623.132.012.552.31
+/- Category Index-2.90-7.70-24.9813.7621.770.731.542.92
% Rank in Category5396100112222-
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.21   2.65-0.05
1 Week-4.22   -0.97-0.48
1 Month-2.45   -0.07-0.59
3 Months0.51   2.562.88
6 Months4.01   4.195.71
YTD0.51   2.562.88
1 Year-1.16   1.561.54
3 Years Annualised11.75   6.595.31
5 Years Annualised15.33   7.656.74
10 Years Annualised7.43   0.950.70
 
Category: Japan Large-Cap Equity
Category Index: Morningstar Japan TME NR JPY
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.29---
202413.71-6.550.314.91
20232.204.477.91-0.98
20227.41-0.06-0.418.39
202115.550.507.04-6.63
2020-23.096.66-5.049.59
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighAbove Average5 star
5-YearHighHigh5 star
10-YearAbove AverageHigh2 star
OverallHighHigh4 star
 
Category :  Japan Large-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev12.03 %
3-Yr Mean Return12.12 %
 
3-Yr Sharpe Ratio0.62
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Japan TME NR JPY  Morningstar Japan TME NR JPY
3-Yr Beta0.840.84
3-Yr Alpha7.007.45
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 18901-
Market Capitalisation% of Equity
Giant33.78
Large56.34
Medium9.88
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings10.920.80
Price/Book0.760.59
Price/Sales0.560.56
Price/Cash Flow4.950.65
Dividend-Yield Factor3.351.38
 
Long-Term Projected Earnings Growth9.090.94
Historical Earnings Growth16.001.19
Sales Growth10.411.25
Cash-Flow Growth-2.47-0.16
Book-Value Growth8.970.95
 
Category: Japan Large-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.410.0099.41
Bond0.000.000.00
Property0.000.000.00
Cash2.862.270.59
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 Materials3.020.70
Consumer CyclicalConsumer Cyclical21.021.40
Financial ServicesFinancial Services17.631.12
Real EstateReal Estate8.962.77
Consumer DefensiveConsumer Defensive2.470.49
HealthcareHealthcare2.150.29
Communication ServicesCommunication Services8.830.97
EnergyEnergy0.520.88
IndustrialsIndustrials25.541.18
TechnologyTechnology9.870.57
 
Category: Japan Large-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings52
Total Number of Bond Holdings0
Assets in Top 10 Holdings35.27
NameSectorCountry% of Assets
Mitsubishi Estate Co Ltd104Japan4.58
Nippon Telegraph & Telephone Corp308Japan4.36
Nomura Holdings Inc103Japan3.80
Nissan Motor Co Ltd102Japan3.69
SoftBank Group Corp308Japan3.64
Panasonic Holdings Corp311Japan3.22
Sumitomo Mitsui Trust Group Inc103Japan3.18
Kyocera Corp310Japan3.03
Honda Motor Co Ltd102Japan2.92
Toyota Motor Corp102Japan2.84
 
Increase Decrease New since last portfolio
Category: Japan Large-Cap Equity
 
Management
Name of CompanyMan Fund Management UK Limited
Phone-
Websitewww.man.com
AddressRiverbank House, 2 Swan Lane, London EC4R 3AD
 London   -
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date29/11/1999
Fund Advisor(s)
GLG Partners LP
Fund ManagerJeffrey Atherton
Manager Start Date08/03/2021
Education
University of Sheffield, B.A.
 
Biography
Jeffrey ('Jeff') Atherton is head of Japanese Equities and leads the Japan CoreAlpha team. Jeff has managed Japanese funds since 1990, holding senior positions at Insight Investment, SGAM, TCW and Equitable Life. He spent five years as partner and co-manager of Stratton Street Capital's Japanese hedge fund strategies. Jeff joined the Japan CoreAlpha team in March 2011 and took over as lead portfolio manager in January 2021. He has over 30 years of experience in Japanese equities. Jeff has a BA in Economics from the University of Sheffield and started his career at Sun Life of Canada in 1987.
Fund ManagerAdrian Edwards
Manager Start Date08/03/2021
 
Biography
Adrian Edwards is a Portfolio Manager in the Japan CoreAlpha team. In addition to helping to manage JCA, Adrian is working with the wider Man Group on investment solutions based on the JCA strategy and as such co-manages with Jeff a number of internal portfolios. He also has research responsibility for the autos, technology and utilities sectors. Adrian is deputy to Jeff in the overall management of the business, with particular responsibility for trading, operations, data management and ESG. He has a BSc in Business Information Systems from Anglia Ruskin University and is a CFA charter holder. He began his career at Stratton Street Capital in 2006, initially focused on equity derivatives and convertible bonds, and in addition from 2011 Japanese equity long short. Adrian joined Man GLG in June 2014 and has 18 years of experience in Japanese financial markets.
Fund ManagerEmily Badger
Manager Start Date08/03/2021
 
Biography
Emily Badger is a Portfolio Manager in the Japan CoreAlpha team. She is the co-manager of the strategy and Jeff's deputy for the JCA funds' investment management. She collaborates closely with him on daily portfolio management, including construction and risk management.In addition, Emily has research responsibility for domestic sectors such as real estate, telecoms, retail, construction and transport, as well as Pharmaceuticals.Emily joined the JCA team in August 2015 and has nine years of investment experience in Japan.She has a BSc in Chemistry from the University of York and is a CFA Charter holder. She also holds a CFA Institute Certificate in ESG Investing.Source and Copyright: Citywire. Emily Badger is AA rated by Citywire for her rolling 3 year risk-adjusted performance, for the period 01 February 2022 to 31 January 2025.
Fund ManagerStephen Harget
Manager Start Date08/03/2021
 
Biography
Stephen Harget is a Portfolio Manager in the Japan CoreAlpha team. He is primarily responsible for research input for the strategy. Stephen focuses on mid-cap Alpha stocks, emphasising corporate management and shareholder returns. He also has direct research responsibility for a number of global sectors like energy and resources.He joined the JCA team in August 2015 and has nine years of investment experience in Japan.Stephen has a BSc in Mathematics and Finance from the University of York and is a CFA charter holder.Source and Copyright: Citywire. Stephen Harget is AA rated by Citywire for his rolling 3 year risk-adjusted performance, for the period 01 February 2022 to 31 January 2025.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.65%
Purchase Details
Minimum Investments
Initial500000  GBP
Additional250  GBP
Savings-
Tax Free Savings Schemes
ISAsYes