Important Risk Warning

Investors should note that all investments involve risks (including the possibility of loss of the capital invested).  Past performance is not necessarily a guide to future performance, and no representation or warranty, express or implied, is made regarding future performance.  The value of investments and the return from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment.  There may be other significant risks associated with the characteristics of a particular product and investors should read the offering documents for details and relevant risk factors.

Product Risk Warning

What are the key risks?

Investment involves risks.  Please refer to the offering document for details including the risk factors.

1 - Investment risk

  • The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.

2 - Currency risk

  • Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also, a class of shares may be designated in a currency other than the base currency of the Sub-Fund. The net asset value of the Sub-Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.

3 - Equity market risk

  • The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.

4 - Risk associated with micro-capitalisation / small-capitalisation companies

  • The stock of micro-capitalisation / small-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.

5 - Concentration risk

  • The Sub-Fund’s investments are concentrated in Japan small-and-micro-cap equity securities and may be concentrated in a specific industry sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
  • The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Japanese market.

6 - Risks relating to hedging and the hedged share classes

  • There can be no assurance that any currency hedging strategy employed by the Sub-Fund will fully and effectively eliminate the currency exposure of the Sub-Fund.
  • Hedging strategies may preclude investors from benefiting from an increase in the value of the Sub-Fund’s base currency.
  • Any expenses arising from such hedging transactions will be borne by the Sub-Fund or the relevant currency hedged class.

7 - Risks associated with usage of financial derivative instruments (“FDIs”)

  • Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. Exposure to FDIs may lead to a high risk of significant loss by the Sub-Fund.
  • There can be no assurance that the use of FDIs for hedging purposes will fully and effectively eliminate the risk exposure of the Sub-Fund. The use of FDIs and hedging strategies may be ineffective and the Sub-Fund may suffer substantial losses.

Overview

Objective

The Sub-Fund aims to maximise total return over the medium-to-long term by adopting a distinctive value-biased active investment style by looking for investment opportunities in undervalued, small-and-micro-cap companies with sustainable growth potential. Small-and-micro-cap companies in which the Sub-Fund may invest generally refer to companies whose market capitalization are comparable to the stocks contained in the Russell/Nomura Small Cap Index and typically forming the bottom 15% in terms of float-adjusted market capitalization in Japan.  The Sub-Fund may have exposures in stocks which are not included in the Russell/Nomura Small Cap Index and/or have larger market capitalization.

The Sub-Fund is managed on an absolute/total return basis and not relative to any benchmarks, hence not looking to be managed on a relative return basis.

No assurance can be given that the investment objective of the Sub-Fund will be achieved

 

 

Key Facts

Sub Fund Name
DSBI Japan Equity Small Cap Absolute Value
ISIN
LU1550200676
Lead Manager
Tatsuro NIGAURI
Bloomberg ID
DSBSCJP
Domicile
Luxembourg
Sub Fund Inception Date
February 2017
Share Class Inception Date
February 2017
Share Class Currency
JPY
Base Currency
JPY
Share Class
P (JPY)
Regulatory Structure
UCITS

Performance

As of 25/04/2025
Highest 24259.56
Lowest 8216.15
1m 6m 1y p.a. 3y p.a. 5y p.a. Inc
P JPY

Source: SMD-AM, as at previous month end.

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The computation basis of the performance is based on, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance.
These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

NAV / Historical prices

As of 25/04/2025
Highest 24259.56
Lowest 8216.15
P JPY

Source: SMD-AM.

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The computation basis of the performance is based on, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance.
These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

Fund Manager

Nigauri 2.0

Tatsuro NIGAURI

Lead Portfolio Manager

Mr Nigauri joined Daiwa SB Investments in October 2002 and has over 30 years of investment experience. He originally joined Daiwa Institute of Research in 1991, beginning his career as a research analyst. Since 1995, Mr Nigauri has dedicated his research efforts to developing an expertise in small cap equities. He has met over 3,000 Japanese companies during his career as a result of his continuous work conducting 1-on-1 meetings with company management.
He obtained a BA degree in Economics (1990) from the University of Tokyo in Japan.


Award winning portfolio manager
Lipper Fund Awards Japan (2012, 2013),
J Money Fund Awards (2016), 
R&I Fund Contest (2012, 2013, 2014, 2015, 2016, 2017, 2023, 2024)

______________________________

Source: SMDAM as at 1 July 2024
CMA: Certified Member Analyst of The Securities Analyst Association of Japan         
Daiwa SB Investments Ltd. (DSBI) merged with Sumitomo Mitsui Asset Management Company, Limited (SMAM) on 1 April 2019

Industry Experience 30+ years

Time in SMD-AM 21+ years

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Contact Us

If you have any account or dealing enquiries, please contact BBH using the following contact details:

Brown Brothers Harriman (Luxembourg) S.C.A.
80, route d’Esch, L-1470 Luxembourg
T: +352 474 066 226
F: +352 474 066 401
E: Lux.BBH.Transfer.Agent@BBH.com

Source: SMDAM

Teck NG

Teck NG

Managing Director, Head of Sales & Marketing

Clare 2.0

Clare FOK

Senior Vice President, Sales & Marketing

Shelly 2.0

Shelly WU

Vice President, Sales & Marketing

Bora 2.0

Bora LEUNG, CFA

Assistant Vice President, Sales & Marketing

 

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The information contained in this material has been obtained from sources that are deemed to be reliable and is made available solely for informational purposes. SMDAM(HK) makes no representations or warranties as to the information and does not guarantee its accuracy, timeliness, completeness or usefulness. You are advised to exercise caution in relation to this material, and if you are in any doubt about the contents of this material, it is recommended that you should seek the advice of an independent professional. This material and the information it contains are strictly confidential, the property of SMDAM(HK), and are intended exclusively for the intended recipients. The written consent of SMDAM(HK) is required before it can be replicated or distributed to third parties or used for any other purpose, except as required by law or regulatory requirements. It is not intended for distribution or use by any individual or entity in any jurisdiction or country where such distribution or use would be in violation of local law or regulation.  SMDAM(HK) and its affiliated entities accept no liability whatsoever for any consequences, whether direct or indirect that may arise from any third party’s use of information contained in this material.

This material is not intended to serve as an invitation, offer, solicitation or recommendation for any investment strategy or the purchase or sale of securities, including shares or units of funds. Any views, analyses, perspectives expressed, and references to companies should not be construed as recommendations or endorsements by SMDAM(HK). All comments, opinions, data and forecasts in this material are based on the information available at the time of drafting, and are subject to change without prior notice in response to market and other conditions. The information provided does not constitute investment advice and should not be relied upon as such.

This material may contain certain statements that may be deemed to be forward-looking statements. Please note that any such statements are not guarantees of future performance and actual results or developments may differ significantly from those projected. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. This material does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may access or receive this material.

Investment involves risk, including the possible loss of principal amount invested. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not indicative of future performance. Any investment decisions made by investors should not be solely based on this marketing material. Investors should refer to the fund’s offering document in order to fully understand the associated risk factors. The value of an investment may go down or up. The final decision in relation to any investment in any stock, companies or markets referred to in this material should be made by you. If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate fluctuations.

The contents of this material are protected by copyright. Without SMDAM(HK)’s prior written consent, copying, reproduction or distribution of its contents in a hard copy and/or through the internet is strictly prohibited. Where the contents of this material have been translated into any language other than English and there is any inconsistency or ambiguity between the English version and the other version, the English version shall prevail. The above policies are subject to review and amendments by us from time to time. 

 

General Disclaimer:

This material is issued by Sumitomo Mitsui DS Asset Management (Hong Kong) Limited (“SMDAM(HK)”) for informational purposes only and has not been reviewed by the Securities and Futures Commission of Hong Kong (“SFC”) or any other regulatory authority. Persons who access or receive this material should determine whether it is permissible to access or receive it in the relevant jurisdiction without violating any applicable laws and regulations. The material may contain information related to funds which are authorized by the SFC that are available for public sale in Hong Kong. However, SFC authorization is not a recommendation or endorsement of the fund, nor does it guarantee the commercial merits of the fund or its performance. It does not mean the fund is suitable for all investors, nor is it an endorsement of its suitability for any particular investor or class of investors.

The information contained in this material has been obtained from sources that are deemed to be reliable and is made available solely for informational purposes. SMDAM(HK) makes no representations or warranties as to the information and does not guarantee its accuracy, timeliness, completeness or usefulness. You are advised to exercise caution in relation to this material, and if you are in any doubt about the contents of this material, it is recommended that you should seek the advice of an independent professional. The written consent of SMDAM(HK) is required before it can be replicated or distributed to third parties or used for any other purpose, except as required by law or regulatory requirements. SMDAM(HK) and its affiliated entities accept no liability whatsoever for any consequences, whether direct or indirect that may arise from any third party’s use of information contained in this material. 

This material is not intended to serve as an invitation, offer, solicitation or recommendation for any investment strategy or the purchase or sale of securities, including shares or units of funds. Any views, analyses, perspectives expressed, and references to companies should not be construed as recommendations or endorsements by SMDAM(HK). All comments, opinions, data and forecasts in this material are based on the information available at the time of drafting, and are subject to change without prior notice in response to market and other conditions. The information provided does not constitute investment advice and should not be relied upon as such. 

This material may contain certain statements that may be deemed to be forward-looking statements. Please note that any such statements are not guarantees of future performance and actual results or developments may differ significantly from those projected. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. This material does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may access or receive this material.

Investment involves risk, including the possible loss of principal amount invested. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not indicative of future performance. Any investment decisions made by investors should not be solely based on this marketing material. Investors should refer to the fund’s Offering Documents, including the Product Key Facts Statement, in order to fully understand the associated risk factors. The value of an investment may go down or up. The final decision in relation to any investment in any stock, companies or markets referred to in this material should be made by you. If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate fluctuations.

The contents of this material are protected by copyright. Without SMDAM(HK)’s prior written consent, copying, reproduction or distribution of its contents in a hard copy and/or through the internet is strictly prohibited. Where the contents of this material have been translated into any language other than English and there is any inconsistency or ambiguity between the English version and the other version, the English version shall prevail. The above policies are subject to review and amendments by us from time to time. 

IMPORTANT: Please read this disclaimer carefully. By accepting this presentation, you acknowledge that you have read, understood, and agreed to be bound by the terms and conditions set forth herein.