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Schroders’ Rose retires after blooming long stretch in Japan

7 February 2019

Veteran Japan fund manager Andrew Rose to hand over Schroder Japan Growth investment trust and Tokyo fund to Masaki Taketsume after a 38-year career.

Schroders’ veteran Japan fund manager Andrew Rose will retire in June after a 38-year career.

Rose will hand Schroder Japan Growth (SJG), the investment trust he has run for 12 years, and the Schroder Tokyo fund he has managed since 2004, to Masaki Taketsume.

Taketsume has worked in Schroders’ Japanese team since 2007, initially as a technology analyst before becoming a fund manager in 2017, when he moved from Japan to London work with Rose. Last September he was appointed to help the manager on the Omnis Japanese Equity fund he runs for the Openwork financial adviser network.

Nathan Gibbs, the former Schroder Japan Alpha Plus fund manager who is now the group’s investment director of Japanese equities, will provide support for Taketsume, the company said.

Nicky Richards, global head of equities at Schroders, added: ‘Andrew is one of the most respected and long-standing Japanese equity fund managers in the industry, we would like to thank him for his commitment to Schroders and our clients during his successful 38-year career.’

Rose’s value approach has delivered long-term outperformance for Schroder Japan Growth shares. Over 10 years its net asset value (NAV) grew 189.2%, beating the 133.6% of the Tokyo Stock Exchange (TSE) 1st Section index and delivering a total shareholder return of 213.8%.

However, in the past three years the £236 million trust has lagged the index and – like rivals Fidelity Japan (FJV) and JPMorgan Japanese (JMJ) was consistently overtaken by the high growth approach of Baillie Gifford Japan (BGFD) whose veteran fund manager Sarah Whitley retired last year after a 37-year career. Now managed by Praveen Kumar the trust has generated a 355.8% total shareholder return over 10 years, according to Morningstar data.

Although wealth managers Investec and Rathbones are the largest shareholders in Schroder Japan Growth with a combined stake of 24%, another 20% is held by a band of discount hunters led by City of London Investment Management who have moved in to take advantage of the persistent lack of demand for the shares.

The trust, down 2.6p or 1.3% at the news of Rose’s departure, stand 10% below NAV, a wider discount than the 7.6% average of the past 12 months.

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