M&G Japan

Introduction to the fund

M&G Japan invests in Japanese firms of any size, with a bias towards small and mid-caps. The managers, Carl Vine and David Perrett, who have worked together for many years, concentrate their efforts on really getting under the skin of the businesses they look at, which adds value in an esoteric market like Japan, and leads to a concentrated portfolio of companies (typically fewer than 50 holdings) of which they have a real in-depth understanding. The fund is unconstrained with regards to the benchmark, so may deviate significantly from the benchmark’s constituents.

Fund manager

Carl Vine, Dave Perrett

Fund manager Carl Vine is based in London, alongside deputy fund manager David Perrett. Carl is responsible for running the company’s Japanese portfolios, and David runs the Asia funds. Carl has over 20 years’ investment experience, having begun his career with Prudential in London, then relocating to Tokyo to open the Japan office. He went on to work in Hong Kong for SAC Capital Advisors and UBS. Carl and David co-founded boutique investment firm Port Meadow Capital in 2014, both subsequently joining M&G in 2019 as co-heads of Asia Pacific Equities. The two managers have worked closely together for many years and are supported at M&G by a team of eight analysts and other investment specialists. Analysis is run regionally within this team.

Opinion on fund

Carl is passionate and extremely knowledgeable about the Japanese market. He really understands the businesses in which he invests and their drivers, undertaking a great deal of in-depth research. This is combined with a strong understanding of the Japanese culture, which is key to successful investing there. His passion for the stocks in which he invests is tempered by having a close eye on risk and analysing the risk/reward with each investment. The fund has a slight value bias and has consistently outperformed under Carl’s tenure.

Fund performance

Documents

Key facts

  • Fund size

    £4,526.8m

  • Chelsea rating

    Buy

  • Core Selection

    Yes

  • Chelsea Risk Rating

    10

  • AMC

    –

  • OCF

    0.47%

  • Unit Type

    Acc and Inc

  • Yield

    1.44%

  • FundCalibre rating

    Elite Rated

How to invest

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  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
Find out more
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.