Die japanischen Aktienmärkte legten im Juni auf Yen-Basis um +1,8 Prozent zu und knüpften so an ihre jüngsten Kursgewinne an. Von dieser freundlichen Markttendenz konnte auch der CT (Lux) Japan Equities IE EUR (WKN A3ERN9, ISIN LU2656574600) profitieren, der im Berichtsmonat eine positive Rendite von +4,91 Prozent verzeichnete. Zu den besten Performern im Portfolio gehörten Tokyo Electron und Sanki Engineering, neue Positionen wurden bei NGK Corp und GO Inc eröffnet. FondsManager Daisuke Nomoto berichtet in seinem Monatskommentar, welche Veränderungen im Portfolio des Japan-Fonds vorgenommen wurden und wie die weiteren Aussichten für den japanischen Aktienmarkt einzuschätzen sind.
Monthly Performance Commentary
◼ The MSCI Japan Index returned 1.8% in yen in June.
◼ Gross of fees, the fund outperformed its benchmark.
◼ Both selection effect and allocation effect were positive.
◼ Technology and industrials were the key relative contributors due to positive stock selection. The underweight position in communication services was also beneficial. Conversely, stock choices in healthcare and the overweight position in the sector weighed on performance.
◼ Top stock-level relative contributors included semiconductor company Tokyo Electron, construction company Sanki Engineering and semiconductor company Screen Holdings.
◼ Detractors included trading company Toyota Tsusho, technology and industrials conglomerate Hitachi and zero weighting in electronic component manufacturer Murata Manufacturing.
Activity
◼ We started a new position in advanced ceramics company NGK Corp and GO Inc, a mobility services provider. NGK combines a resilient automotive earnings base with structural growth opportunities in AI-driven semiconductor demand and power grid modernisation, leveraging its leading advanced ceramics technology and high barriers to entry. Japan’s dominant ride-hailing app, GO Inc., combines a highly profitable domestic platform with a market-leading position and differentiated operator-partnership model, creating a scalable mobility franchise that offers exposure to transportation digitalisation and structural driver shortages, which we expect to support their long-term earnings profile.
◼ We sold general trading company Mitsui & Co. We had maintained an underweight position in Mitsui for some time and exited the holding after a recent management meeting reinforced our view that the company is entering a multi-year investment phase. While the long-term growth outlook remains attractive, we believe increased capital deployment is likely to temper near-term returns relative to other opportunities in the portfolio.
Year-To-Date Performance Commentary
◼ The MSCI Japan Index rose 20.3% in yen terms to 30 June 2026.
◼ Gross of fees, the fund underperformed the index due to an unfavourable selection effect.
◼ Positioning in the healthcare sector was the biggest detractor, due to both selection and allocation effects. Stock selections in financials and materials also detracted. On the other side, selection effects in consumer discretionary and the underweight in consumer staples proved beneficial.
◼ At the stock level, key detractors included the zero weight in Murata Manufacturing and the holdings in IT service provider NEC Corporation and real estate company Tokyo Tatemono.
◼ Contributors included computer memory manufacturer Kioxia Holdings, semiconductor company Tokyo Electron and cable manufacturer Sumitomo Electric Industries.
