She noted that the fund consists of 70-100 holdings. The fund is overweight small caps, with a 37.5% exposure relative to a 9.1% exposure in the Topix index.
The fund has been increasing its exposure to smaller companies because they have been recently underperforming, Ang said.
Turning to the Man GLG fund, portfolio manager Stephen Harker uses the Topix Total Return Index as the fund’s reference. Ang noted that Harker targets the top 300 stocks in the Topix universe. The fund has a concentration in the top 100 stocks of the index (which makes up 1/3 of the portfolio). Mega and large-cap stocks currently make up over 88% of the fund.
A snapshot of portfolio allocation:
| Polar Capital fund | GLG Japan fund | |
| Launch | 19 October, 2001 | 28 January, 2010 |
| AUM | $2.78bn | $4.2bn |
| Number of holdings | 75 | 47 |
| Top sectors |
Financing business – 10.8% Construction – 7.0% Machinery – 6.8% Textiles & apparels – 2.6% Rubber products – 2.7%
|
Banks – 10.73% Iron & steel – 5.97% Wholesale trade – 5.20% Glass & Ceramics – 4.81% Mining – 3.68% |
| Top holdings |
ORIX – 3.8% Dai-ichi Life Insurance – 3.4% Mazda Motor – 3.3% Mitsubushi UFJ Financial – 3.0% Credit Saison – 3.0%
|
Canon – 4.31% Asahi Glass – 4.00% Nippon Steel & Sumitomo Metal – 3.85% Inpex – 3.72% Sumitomo Mitsui Trust Holdings – 3.68% |
