Schroder Tokyo Fund Schroder Japan Growth plc ... Past performance is not a guide to future performance

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  • Marketing material for professional investors or advisers only. This material is not suitable for retail clients

    Andrew Rose, Fund Manager

    Schroder Tokyo Fund Schroder Japan Growth plc Schroders Investment Conference 2018, Manchester

    22 May 2018

    #SICM18

    @Schroders_UK

  • New team structure from October 2017 Execution of long-term plans

    1

    Source: Schroders, as at 31 October 2017. *Schroder International Selection Fund will be referred to as Schroder ISF throughout this presentation.

    Secondment to London from Tokyo

    • Masaki Taketsume joined the team in London from August 2017 • Masaki has been our technology analyst in Tokyo for the last 10 years but is transitioning to a Fund Management role • Now working alongside Andrew Rose to gain broad experience • Takafumi Miura joined the team in Tokyo two years ago and is now in a position to assume Masaki’s research responsibilities

    Implementation of long-term succession plan in Tokyo

    • Shogo Maeda will retire as Head of Japanese Equities on 1 October 2017 • Kazuhiro Toyoda becomes lead Fund Manager of the Schroder ISF* Japanese Equity Fund

    • Ken Maeda is appointed Head of Japanese Equities • Ken continues as Fund Manager of the Schroders ISF Japanese Opportunities Fund

    • Taku Arai is appointed Deputy Head of Japanese Equities • Supporting Ken in the management of Schroders’ business and team in Japan

  • New team structure from October 2017 Culmination of long-term succession plan

    2

    Source: Schroders, as at 31 March 2018, *based in London

    Ken Maeda Head of Japanese Equities

    Madoka Sato Akira Namegawa Hiromi Mori

    Tetsuo Iwashita Takafumi Miura Kazuko Yabutani Joshua Bennison

    Sector Analyst Masaaki Nishikori (Head of Research)

    Takuya Furutani Kota Takahashi

    Small Cap Fund Manager/Analyst Ayumi Kobayashi (Team Leader)

    Andrew Rose* Masaki Taketsume*

    Kazuhiro Toyoda Hirokazu Kawachi

    Fund Manager

    Nathan Gibbs*

    Taku Arai Deputy Head of Japanese Equities

    Product Manager

  • Performance

  • Performance – Schroder Tokyo Fund As at 30 April 2018

    4

    Source: Morningstar, Performance is presented for Z class Acc units, net of fees, bid to bid, GBP. *Includes a fair market value adjustment of -0.6%. Source for ratings: The Adviser Centre, Morningstar, Square Mile, City Financial, Fund Calibre, Square Mile and Rayner Spencer Mills, as at 30 April 2018. Please refer to the Morningstar disclaimer in the important information at the end of this document.

    Returns in GBP

    Schroder Tokyo Fund* +21.2 -7.3 +4.0 +25.0 +3.1 +16.4 +27.2 +13.6

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

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

    2017 (%)

    2016 (%)

    2015 (%)

    2010 (%)

    2012 (%)

    2013 (%)

    2014* (%)

    2011 (%)

    Past performance is not a guide to future performance and may not be repeated.

    Returns in GBP

    Schroder Tokyo Fund -0.6 +12.0 +12.4 +11.3 +9.6

    TSE 1st Section Index (TOPIX) +0.6 +13.4 +13.2 +11.2 +8.2

    Relative -1.2 -1.4 -0.8 +0.1 +1.4

    3 months (%)

    3 year (% p.a.)

    5 year (% p.a.)

    10 year (% p.a.)

    1 year (%)

  • Schroder Tokyo Fund

    5

    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.

  • Percentile ranking

    Performance relative to peer group – Schroder Tokyo Fund

    As at 30 April 2018

    6

    Source: Morningstar, bid to bid, Acc units, GBP, Basic Rate Tax, net of fees. Universe: all UK Registered Investment Funds, Japan, Equity.

    24

    49

    20 16

    24 22 23 18

    25

    13

    29

    6

    15

    55

    93

    1 1 4

    93

    19

    95

    31 28 23

    45

    32

    13

    40

    64

    25

    53

    26

    72

    58

    0th

    10th

    20th

    30th

    40th

    50th

    60th

    70th

    80th

    90th

    100th

    85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 20

    18 Y

    TD

    Past performance is not a guide to future performance and may not be repeated.

  • Largest positive contributions to performance

    Largest negative contributions to performance

    Stock selection attribution – Schroder Tokyo Fund 3 months to 30 April 2018

    7

    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 JPY.

    Security Fund (%)

    Load difference

    (%)

    Absolute return

    (%)

    Impact Security Fund (%)

    Load difference

    (%)

    Absolute return

    (%)

    Impact

    TDK Corp 2.8 2.6 7.5 0.3 Bridgestone 3.2 2.6 -11.7 -0.2

    Sankyu Inc 2.2 2.2 9.1 0.3 Sekisui Chemical 1.4 1.2 -17.1 -0.1

    Shimadzu 0.9 0.8 17.2 0.2 Nintendo Co Ltd 0.3 -0.8 14.7 -0.1

    Otsuka Holdings 1.5 1.0 7.7 0.1 Fujitsu Ltd 1.3 1.1 -17.7 -0.1

    JGC Corp 1.3 1.2 7.4 0.1 Unipres Corp 0.8 0.8 -20.0 -0.1

    Total 1.0 Total -0.8

    Past performance is not a guide to future performance and may not be repeated.

  • Largest positive contributions to performance

    Largest negative contributions to performance

    Stock selection attribution – Schroder Tokyo Fund 12 months to 30 April 2018

    8

    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 JPY.

    Security Fund (%)

    Load difference

    (%)

    Absolute return

    (%)

    Impact Security Fund (%)

    Load difference

    (%)

    Absolute return

    (%)

    Impact

    Sankyu Inc 2.0 2.0 58.2 0.7 SK Kaken Co 2.1 2.1 3.3 -0.4

    TDK Corp 2.7 2.5 38.1 0.5 Hi-Lex Corp 1.8 1.8 -1.3 -0.4

    Disco Corp 2.1 2.0 37.6 0.4 KDDI Corp 2.9 1.7 -4.0 -0.3

    Shimadzu 0.8 0.7 70.6 0.3 Nintendo Co Ltd 0.3 -0.7 83.4 -0.3

    Haseko Corp 1.3 1.2 38.8 0.3 Keyence Corp 0.0 -1.1 48.4 -0.3

    Total 2.1 Total -1.6

    Past performance is not a guide to future performance and may not be repeated.

  • Schroder Tokyo Fund

    9

    Sectors 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.

    YTD attribution

    -1.4

    -1.2

    -1.0

    -0.8

    -0.6

    -0.4

    -0.2

    0.0

    0.2

    0.4

    0.6

    0.8

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