Die besten Japan Aktienfonds - Seite 2

Klaus Petersen, Portfolio Manager, "ValueInvest LUX Japan A Cap" (30.08.2011): "It is our general view that the Japanese economy will continue the current path of no or slow growth. The reconstruction after the devastating earthquake and tsunami in March will potentially provide the economy with some stimuli, but in the longer term the demographics and the high level of government debt puts a limit on future growth prospects. On the positive we see Japan as well positioned to benefit from continued growth in the surrounding Asian economies."

e-fundresearch: "Which are the most important elements in your investment process?"

Hisae Toews, Investment Director for Japanese Equities, "Fidelity Funds - Japan Advantage A-JPY" (30.08.2011): "The portfolio manager utilizes a value biased, bottom-up stock selection approach in the management of the fund, an approach that he has applied consistently since he began managing the fund.
His stock selection places particular emphasis on valuation analysis. Catalysts for changes or growth drivers are of little importance to his stock selection. The primary valuation metrics he uses are the price-to-earnings (PER) and price-to-book (PBR) ratios. He tries to invest in low PER and low PBR stocks relative to the market average. 
He relies heavily on Fidelity’s internal research inputs in order to carry out his valuation analysis. Fidelity’s research team in Tokyo covers over 80% of the Tokyo market. From that research, the manager holds the financial information in a proprietary database he uses to manage the fund. Within the database, each stock is set a price target and he reviews that daily, adjusting the price if conditions change. The raw numbers (price, earnings per share etc) are very important but they sometimes miss issues and that is why he always checks with the in-house analysts before making a buy or a sell decision. They can add color around the numbers that is sometimes missed in the pure financials. He, however, adheres strictly to his buy and sell indicators. Sometimes that will mean selling stocks that are popular but valuation is the most important consideration in his stock selection process.