Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Fund in focus: GAM's CHF 1.05 bn Japan equity fund

We take a closer look at the GAM Multistock Japan Equity fund.

Fund managers

The GAM Multistock Japan Equity fund is managed by Carlo Capaul, Stefan Fröhlich, Citywire A-rated Ernst Glanzmann (pictured) and A-rated Reiko Mito.

Capaul is head of global equities and equity strategy at GAM, having joined the firm in 2004. He previously worked at Swisscanto and UBS Asset Management.

Fröhlich joined GAM in 2002 and now works as a portfolio manager and equity strategist. He previously worked at management consulting firm Envico in Zurich. 

Glanzmann is Citywire A-rated and joined GAM in 1990, managing two equity funds with a focus on Japan. He has been Citywire rated since mid-2016.

A-rated Mito is an equities portfolio manager at GAM, having joined the firm in 2011. Prior to GAM, she worked at Atlantic Investment Management and Goldman Sachs Asset Management. She has also been rated since mid-2016.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Fund managers

The GAM Multistock Japan Equity fund is managed by Carlo Capaul, Stefan Fröhlich, Citywire A-rated Ernst Glanzmann (pictured) and A-rated Reiko Mito.

Capaul is head of global equities and equity strategy at GAM, having joined the firm in 2004. He previously worked at Swisscanto and UBS Asset Management.

Fröhlich joined GAM in 2002 and now works as a portfolio manager and equity strategist. He previously worked at management consulting firm Envico in Zurich. 

Glanzmann is Citywire A-rated and joined GAM in 1990, managing two equity funds with a focus on Japan. He has been Citywire rated since mid-2016.

A-rated Mito is an equities portfolio manager at GAM, having joined the firm in 2011. Prior to GAM, she worked at Atlantic Investment Management and Goldman Sachs Asset Management. She has also been rated since mid-2016.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Fund performance

Fund size: CHF 1.05 billion

Launch date: 1 January 2013

Performance over three years: 39.5% as of 30 September 2018

This fund invests in Japanese equities and combines a bottom-up approach with a broad-based systematic value philosophy.

The fund has almost matched the sector average since 2015, but has recently fallen behind the benchmark.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Portfolio construction

Industrials: 24.5%

Consumer discretionary: 21.4%

Financials: 13.6%

IT: 9.4%

Healthcare: 7.2%

The fund allocates nearly a quarter of its assets to the industrials sector, with consumer discretionary following close behind. Financials, IT and healthcare also feature prominently.

Its largest positions include Honda Motor Co (3.02%), Obic Co (2.89%), M3 Inc (2.88%), Unicharm Corp (2.75%) and Mitsui Trust Holding (2.72%).

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.