Atlantis Japan Growth Fund (AJG) invests in a diversified portfolio of Japanese equities. Its bias towards high-quality, innovative growth and small-cap stocks has put performance under pressure this year. However, the fund has achieved its long-term capital growth objective, delivering an average annual NAV return of 9.7% over the past 10 years and outperforming its benchmark, the TOPIX, on this basis, over this period. This long-term track record attests to the stock selection skills of AJG’s lead adviser, Taeko Setaishi. She believes that while further patience may be required, an eventual recovery in Japanese corporate earnings will be the catalyst for renewed interest in growth stocks and an associated improvement in AJG’s performance.