Schroder Japanese Equity Strategies...For professional investors only. Not for retail clients...

For professional investors only. Not for retail clients

Schroders Investment Conference Edinburgh 2019

May 2019

Andrew Rose

Schroder Japanese Equity Strategies

Transition

2

Source: Schroders, as at May 2019

Masaki Taketsume to assume fund manager role after the retirement of Andrew Rose in June

Culmination of long-term succession plan

Andrew and Masaki have been working closely since 2014 and co-managing the funds for the last 2 years

Business as usual – investment philosophy and team-based investment process to be maintained

Japanese Equity team

3

Team of 18 investment professionals

Source: Schroders, as at 31 March 2019. 1Based in London.

Ken MaedaHead of Japanese Equities

Sector Analyst Small CapFund Manager/Analyst

Taku AraiDeputy Head of Japanese Equities

Product Manager

Kazuhiro ToyodaHirokazu Kawachi

Andrew Rose1

Masaki Taketsume1

Nathan Gibbs1

Fund Manager

Masaaki NishikoriHead of Japanese Equities ResearchMadoka SatoAkira NamegawaHiromi MoriJoshua Bennison

Tetsuo IwashitaKazuko YabutaniTakafumi Miura

Ayumi KobayashiSmall Cap Team LeaderTakuya FurutaniKota Takahashi

Large and mid cap Analyst Years of investmentexperience

Schroderscareer

Real Estate, Electric Power and Gas, Housing Construction, Plant Construction Masaaki Nishikori 21 19

Machinery, Transport Equipment, Rubber Products Tetsuo Iwashita 29 12

Telecommunication, Media, Printing, Amusement, Service, Software, Internet, Foods Akira Namegawa 28 19

Pharmaceutical, Medical Equipment Madoka Sato 26 33

Banks, Securities, Insurance, Other Financials Kazuko Yabutani 20 18

Air, Land and Marine Transport, Warehouse, Retail, Toiletry Products Hiromi Mori 16 12

Precision, Consumer Electronics, Electronic Components, Industrial Electronics, Semiconductor Production Equipment, Glass and Ceramics Takafumi Miura 8 4

Wholesale, Non-ferrous Metals, Oil, Chemical, Iron&Steel Joshua Bennison 5 1

Small cap Fund Manager/Analyst

Services, Healthcare, Housing/Real Estate, Transportation, Electronic Components, Consumer Goods, Specialty Retailer, Financials Ayumi Kobayashi 25 15

Materials, Chemicals, Capital Goods, Foods (Materials), Restaurants, Constructions, Transportation Equipment Takuya Furutani 24 15

Electrical Appliances, IT Services, Media, Internet Kota Takahashi 13 6

Research team

4

Deep knowledge and experience in sectors/industries

Source: Schroders, as at 31 March 2019.

Key features

Schroder Tokyo Fund

6

Key features


Bottom-up approach based on in-house research

Strong valuation discipline with contrarian bias

Long-term approach with low turnover

Typically overweight in mid and small caps

Positioning

Active sector positions

8

Overweight/underweight positions %

As at 30 April 2019

Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Sectors shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

3.8

2.2

2.1

2.0

-1.7

-2.9

-3.1

-4.0

Land Transportation

Rubber Products

Machinery

Insurance

Electric Power & Gas

Foods

Services

Electric Appliances

8.5

3.0

7.4

4.2

0.0

1.3

1.9

9.7

% of portfolio Underweight Overweight

Active stock positions

9

Overweight positions (%)

As at 30 April 2019

Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Underweight positions (%)

2.5

2.4

2.4

2.3

2.0

1.9

1.9

1.8

1.8

1.8

Sankyu Inc

Bridgestone

SMFG

TDK Corp

Disco Corp

SK Kaken Co

Mitsui & Co

Koito Manu

East Japan…

SMC Corp

-2.0

-1.6

-1.5

-1.5

-1.1

-1.0

-0.9

-0.9

-0.9

-0.9

SoftBank

Mitsubishi UFJ Fin

Sony Corp

Keyence

Honda Motor

Mizuho Financial Gp

Nintendo Co Ltd

Mitsubishi Corp

Kao Corp

Fanuc Corp

UnderweightOverweight

Recent transactions (last 3 months to 30 April 2019)

10

Source: Schroders. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

– Mitsubishi Tanabe Pharma– ORIX Corp– Nippon Densetsu– Nomura Research – Fuji Oil Holdings

Newly added +

Additions

– Nichias Corp– Japan Post– NGK Spark Plug– Paltac Corp– Takeda Pharma

– Sompo Holdings– Leopalace21– Mitsubishi UFJ– Mitsubishi Electric– Unipres Corp– T&K Toka

Outright sales +

Reductions

– Fujitsu Ltd– 77 Bank – Sumitomo Electric– Inabata & Co– FujiFilm– Isuzu Motors

Structural tailwinds

11


Companies investing to improve productivity

Opening of economy to foreign workers and inbound tourism

Corporate governance and improved shareholder returns

Nomura Research Institute

12

Initiating position into short-term weakness

Competitive full-range service to capture the productivity improvement efforts

Source: Thomson DataStream, as at 30 April 2019.

Revenue by services (Ym)

80

85

90

95

100

105

110

115

120

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Nov

201

5

Feb

2016

May

201

6

Aug

2016

Nov

201

6

Feb

2017

May

201

7

Aug

2017

Nov

201

7

Feb

2018

May

201

8

Aug

2018

Nov

201

8

Feb

2019

NRI Post Weighting (lhs) NRI relative to Topix (rhs)

0

100,000

200,000

300,000

400,000

500,000

600,000

FY20

12

FY20

13

FY20

14

FY20

15

FY20

16

FY20

17

FY20

18

Consulting System developmentOutsourcing Package

(%) Rebased to 100

Pan Pacific International Holdings

13

Maintaining overweight position

Unique store format capturing the growth in inbound tourist demandSource: Thomson DataStream, as at 30 April 2019.

Revenue trends of major retailers (FY2012=100)

70

80

90

100

110

120

130

140

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Nov

201

5

Feb

2016

May

201

6

Aug

2016

Nov

201

6

Feb

2017

May

201

7

Aug

2017

Nov

201

7

Feb

2018

May

201

8

Aug

2018

Nov

201

8

Feb

2019

Pan Pacific Int Weighting (lhs)Pan Pacific relative to Topix (rhs)

80

100

120

140

160

180

200

FY20

12

FY20

13

FY20

14

FY20

15

FY20

16

FY20

17

7&i Fast retailing AeonPPH Mitsukoshi isetan Yamada denkiTakashimaya BIC camera

(%) Rebased to 100

Haseko

14

Gradually reducing position as catalyst being realised

Ongoing engagement leads to improved shareholder remunerations

Source: Thomson DataStream, as at 30 April 2019

DPS and pay-out ratio(%) Rebased to 100

80

85

90

95

100

105

110

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Nov

201

5

Feb

2016

May

201

6

Aug

2016

Nov

201

6

Feb

2017

May

201

7

Aug

2017

Nov

201

7

Feb

2018

May

201

8

Aug

2018

Nov

201

8

Feb

2019

Haseko Weighting (lhs) Haseko relative to Topix (rhs)

0%

5%

10%

15%

20%

25%

30%

35%

0

10

20

30

40

50

60

70

80

90

03/3

1/20

08

03/3

1/20

09

03/3

1/20

10

03/3

1/20

11

03/3

1/20

12

03/3

1/20

13

03/3

1/20

14

03/3

1/20

15

03/3

1/20

16

03/3

1/20

17

03/3

1/20

18

03/3

1/20

19

03/3

1/20

20

Dividends per share Dividend payout ratio

Fund risk characteristics

15

Style Research Skyline

As at 30 April 2019

Past performance is not a guide to future performance and may not be repeated. Source: Style Research, Schroders, Skyline represents style factor exposures for a representative Tokyo Fund vs. Topix Index as of 30 April 2019.

-3.0

-2.0

-1.0

0.0

1.0

2.0

Div

iden

d Yi

eld

Pric

e to

Boo

k

Earn

ings

Yie

ld

Cash

flow

Yie

ld

Sale

s to

Pric

e

EBIT

DA

on E

quity

ROE

Earn

ing

Gro

wth

Inco

me/

Sale

s

Sale

s G

row

th

IBES

1yr

Gro

wth

IBES

1yr

Rev

Deb

t to

Equi

ty

Fore

ign

Sale

s

Mom

entu

m S

hort

Ter

m

Mom

entu

m M

ediu

m T

erm

Mar

ket C

ap

Value Growth Others Momentum Risk

Style TiltTM

Tokyo Fund Performance

Performance – Schroder Tokyo Fund

17

As at 30 April 2019

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Morningstar, Performance is presented for Z class Acc. units, net of fees, bid to bid, GBP. 1Includes a fair market value adjustment of -0.6%.

Returns in GBP 2010(%)

2011(%)

2012(%)

2013(%)

2014*(%)

2015(%)

2016(%)

2017(%)

2018 (%)

Schroder Tokyo Fund1 +21.2 -7.3 +4.0 +25.0 +3.1 +16.4 +27.2 +13.6 -10.4

TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6 -8.4

Relative +1.7 +4.6 +1.2 +0.4 +0.4 -1.8 +3.8 -2.0 -2.0

Returns in GBP

Schroder Tokyo Fund +1.5 -5.4 +12.5 +12.3 +10.1

TSE 1st Section Index (TOPIX) +2.9 -3.2 +11.6 +12.9 +9.1

Relative -1.4 -2.2 +0.9 -0.6 +1.0

3 months(%)

3 year(% p.a.)

5 year(% p.a.)

10 year(% p.a.)

1 year(%)

Schroder Tokyo Fund

18

Source: Schroders.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Funds that invest solely in the companies of one country or region can carry more risk than funds spread over a number of countries or regions.

Schroder Tokyo Fund – risk factors – Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange

rates could create losses– Equity risk: Equity prices fluctuate daily, based on many factors including general, economic,

industry or company news– Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for

full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares

– Operational risk: Failures at service providers could lead to disruptions of fund operations or losses

Performance relative to peer group – Schroder Tokyo Fund

19

Percentile ranking

As at 30 April 2019

Past performance is not a guide to future performance and may not be repeated.Source: Morningstar, bid to bid, Acc. units, GBP, Basic Rate Tax, net of fees. Universe: all UK Registered Investment Funds, Japan Large Cap Equity.

24

49

20 1624 22 23

1825

13

29

615

55

93

1 1 4

93

19

95

31 2823

45

32

13

40

64

25

53

26

72

61

81

0th10th20th30th40th50th60th70th80th90th

100th

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

YTD

19

Largest positive contributions to performance

Largest negative contributions to performance

Stock selection attribution

20

12 months to 30 April 2019

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: FactSet. Contributions are purely indicative as FactSet uses unaudited data. Stock weights are average weights over the period and returns are expressed in GBP.

Security Fund (%)

Load difference

(%)

Absolute return

(%)

Impact Security Fund (%)

Load difference

(%)

Absolute return

(%)

Impact

SMC Corp 1.7 1.2 15.8 0.3 SoftBank 0.0 -1.7 41.7 -0.7

TDK Corp 2.5 2.3 8.2 0.3 T&D Holdings 1.8 1.6 -31.3 -0.5

FUJIFILM Holdings 1.5 1.1 24.1 0.3 JGC Corp 1.0 0.9 -38.1 -0.4

Panasonic 0.0 -0.6 -33.3 0.2 Hi-Lex Corp 1.6 1.6 0.0 -0.4

Disco Corp 1.7 1.6 4.7 0.2 Otsuka Holdings 1.7 1.3 -26.7 -0.3

Total 1.4 Total -2.3

Correlation with ‘value’ is a recent phenomenon

21

Typically style factors are outweighed by stock selection

Source: Thomson Reuters DataStream, weekly data as at 25 April 2019. Securities/Index shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

1.08

1.10

1.12

1.14

1.16

1.18

1.20

0.280

0.285

0.290

0.295

0.300

0.305

0.310

0.315

Mar 2013 Sep 2013 Mar 2014 Sep 2014 Feb 2015 Aug 2015 Feb 2016 Jul 2016 Jan 2017 Jul 2017 Dec 2017 Jun 2018 Dec 2018

Schroder Tokyo Fund relative to Topix Index Topix Value relative to Topix Index (rhs)

Schroder Japan Growth Fund Plc Performance

Schroder Japan Growth Fund plc – performance

23

As at 30 April 2019

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested.Source: Schroders, Morningstar, cum-income NAV with dividends reinvested, net of fees. *Inception date 11 July 1994. The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.

Fund size: £301.6mBenchmark: Tokyo Stock Exchange 1st Section Index (TOPIX) (Total Return)Net gearing: 13.0% Number of holdings: 87

Returns in GBP

Schroder Japan Growth +1.5 -7.3 +11.7 +13.0 +3.5

TSE 1st Section Index (TOPIX) +2.9 -3.2 +11.6 +12.9 +1.6

Relative -1.4 -4.1 +0.1 +0.1 +1.9

3 Months (%) 3 year (%p.a.) 5 year (%p.a.) Since inception (%p.a.)*1 year (%)

Schroder Japan Growth Fund plc

24

Source: Schroders, Morningstar, cum-income NAV with dividends reinvested, net of fees. The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Schroder Japan Growth Fund plc – Risk Factors:

– Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses

– Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, industry or company news

– Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares

– Operational risk: Failures at service providers could lead to disruptions of fund operations or losses

Returns in GBP

Schroder Japan Growth plc +21.5 -8.2 +5.7 +32.9 +7.0 +17.9 +23.0 +16.1 -12.7

TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6 -8.4

Relative +2.0 +3.7 +2.9 +8.3 +4.3 -0.3 -0.4 +0.5 -4.3

2011(%)

2018(%)

2017(%)

2016(%)

2015(%)

2010(%)

2012(%)

2013(%)

2014(%)

Strong record of long-term outperformance

25

Fund premium/discount1

As at 30 April 2019

Relative performance vs. TOPIX2

90

100

110

120

130

140

150

160

170

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

250

200

150

100

50

10

0

-10

-20

1995

1996

1997

1998

1999

2000

2001

2015

2016

2017

2018

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

-25

-15

5

-5

Price Net asset value% premium/discount

2019

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested.1Source: Bloomberg as at 30 April 2019, Premium/discount is calculated as the fund’s share price as a percentage of NAV.2Source: Schroders, Thomson Reuters DataStream.

Appendix

Investment process summary

27

Idea generation from in-house research


Analyst researchMarket cap

Top 600 stocks+ Small cap

Research discussion

Stock ideas and sector views

Portfolio construction

Investment meeting exchange

views

Trade execution and risk control

Stock Selection Portfolio Construction and Risk Management

Fund Manager research

Research universe

28

Idea generation from in-house research


2,396 Company contacts in 2018

Large and Mid Cap Stocks

– Unbiased

– Cover of c.600 largest stocks

Small Cap Stocks

– Cover stocks with market cap smaller than top c.600 stocks

– Buy list of c.200 companies

Large and Mid Cap Analyst

– 8 sector analysts

– Average 19 years experience

Small Cap Team

– 3 Specialists

– Average 21 years experience

Selection of Research Universe for whichFair Value and Investment Rating will be determined

DiscussStock Ideas and Sector

Views

Research recommendations drive portfolio construction

29

Positions by stock grading

Source: Schroders. 1Active positions for Schroder Tokyo Fund at 31 January 2019.

– Research recommendations are the key input to the portfolio construction process

– The greater the level of conviction in a recommendation (grades 1 –strong buy and 4 – strong sell) the more closely this is reflected in portfolios

-50% -30% -10% 10% 30% 50%

Not graded

Grade 4

Grade 3

Grade 2

Grade 1

Overweight Underweight

Buy

Sell

Portfolio: combined active positions by stock grading

Fund managers and analysts discuss fair values and stock grading proposed by analysts

Fair value model

30

Valuation discipline


Fair value

EPS (FY3)Analysts’ earnings forecasts

Market PER(FY3)

Quality ranking criteria– Growth– Quality of earnings– Financial strength– Management– Shareholder focus

Qualitative analysis Premium/discount

Net cash adjustment Profit cycle adjustment

Qualitative assessmentAn essential input in deriving fair value

Quality rankings are designed to capture factors which are difficult to express explicitly in earnings models

Quality of earnings

– Volatility of earnings

– Transparency in accounting

– Proportion of recurring income

– Dependency on major customers

– Regulatory risks

– Balance sheet constraints

Quality of management

– Environmental and social

– Track record in downturns

– Depth of talent

– Fair disclosure

– Focus on shareholder return

– Governance structure


31

Strengthening our convictionLooking beyond the Fair Value framework

Additional research from Japanese Equity analysts

– Supplementary valuation metrics

– Cross sector and supply-chain research

– Context tool

– Feedback from Japan Stewardship committee

– Feedback from active engagement in Japan

– Discussion with Expert Networks

Additional research from Schroders’ Global Network

– Collaboration with Data Insights Unit

– Research from global and regional investment teams

– Thematic research from Sustainable Investment team

– Feedback from global engagement process

– Changes in ESG ratings


32

Japan Post Holdings

33

New position in Q2 2018

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 30 April 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

– A Deep value idea– Combination of nationwide delivery services

plus separately listed bank and insurance operations

– No value for postal and parcel delivery service being implied in share price

– Industrywide tailwind (i.e. price increases) benefiting Japan Post parcel delivery, which can allocate capacity more easily than competitors

(%) Rebased to 100

50

60

70

80

90

100

110

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

Nov

201

5

Feb

2016

May

201

6

Aug

2016

Nov

201

6

Feb

2017

May

201

7

Aug

2017

Nov

201

7

Feb

2018

May

201

8

Aug

2018

Nov

201

8

Feb

2019

Japan Post Weighting (lhs) Japan Post relative to Topix (rhs)

Bandai Namco

34

New position in Q1 2018

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 31 March 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

– An underappreciated quality idea– Gaming software and toy producer– Market tending to focus on quarterly earnings

volatility and mobile gaming trends– Seeing value in the company’s intellectual

property and long-term sustainability in its business model

(%) Rebased to 100

70

80

90

100

110

120

130

140

150

160

170

0.00

0.10

0.20

0.30

0.40

0.50

Dec

201

3Ap

r 201

4Au

g 20

14D

ec 2

014

Apr 2

015

Aug

2015

Dec

201

5Ap

r 201

6Au

g 20

16D

ec 2

016

Apr 2

017

Aug

2017

Dec

201

7Ap

r 201

8Au

g 20

18D

ec 2

018

Bandai Namco Weighting (lhs)Bandai Namco relative to Topix (rhs)

Takeda Pharmaceutical

35

Impact of grade changes on Tokyo Fund Positioning


(%)

50

60

70

80

90

100

110

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Dec

201

3Ap

r 201

4

Aug

2014

Dec

201

4Ap

r 201

5

Aug

2015

Dec

201

5Ap

r 201

6

Aug

2016

Dec

201

6Ap

r 201

7

Aug

2017

Dec

201

7Ap

r 201

8

Aug

2018

Dec

201

8Ap

r 201

9

Takeda Pharmaceutial Weighting (lhs)Takeda relative to Topix Index (rhs)

Grade 2 to 3

Grade 3 to 2

Grade 2 to 1

Rebased to 100

Shimadzu

36



(%) Rebased to 100

100

120

140

160

180

200

220

240

260

280

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Dec

201

3Ap

r 201

4Au

g 20

14D

ec 2

014

Apr 2

015

Aug

2015

Dec

201

5Ap

r 201

6Au

g 20

16D

ec 2

016

Apr 2

017

Aug

2017

Dec

201

7Ap

r 201

8Au

g 20

18D

ec 2

018

Apr 2

019

Shimadzu Weighting (lhs) Shimadzu relative to Topix (rhs)

Grade 2 to 1 Grade 1 to 2

Enplas

37



(%) Rebased to 100

20

30

40

50

60

70

80

90

100

110

0.00

0.10

0.20

0.30

0.40

0.50

Dec

201

3Ap

r 201

4Au

g 20

14D

ec 2

014

Apr 2

015

Aug

2015

Dec

201

5Ap

r 201

6Au

g 20

16D

ec 2

016

Apr 2

017

Aug

2017

Dec

201

7Ap

r 201

8Au

g 20

18D

ec 2

018

Apr 2

019

Enplas Weighting (lhs) Enplas relative to Topix (rhs)

Initiated at 2 by small cap team

Grade 2 reiterated

Marketing material for professional investors or advisers only.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

Schroders has expressed its own views and opinions in this document and these may change.

This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Nothing in this material should be construed as advice or a recommendation to buy or sell. Information herein is believed to be reliable but we do not warrant its completeness or accuracy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The material is not intended to provide, and should not be relied on for accounting, legal or tax advice. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. No responsibility can be accepted for error of fact or opinion.

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Issued in May 2019 by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU, who is authorised and regulated by the Financial Conduct Authority.

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Schroder Japanese Equity Strategies...For professional investors only. Not for retail clients...

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