Fidelity Japan’s core holdings in services and medical technology related companies, with lower exposure to banks, steered the outperformance.
No significant changes were made to the overall holding composition of the trust. While exposure to machinery and chemicals stocks was reduced, positions in semiconductor companies and component makers were selectively increased.
During the period, gearing levels remained in the range of 15%-17%. Fidelity Japan continued to look for opportunities to invest in innovative companies at the pre-IPO stage, with a ¥400m investment in Coconala.