MW Japan Fund

Fund size: $89m

Fund type: Offshore OEIC, domiciled in Ireland

Fund currency: US Dollar

Launch date: August 1999 (C shares April 2015)

Geographical location: 100% Japanese equities

Number of Holdings: 59

Top Ten Holdings
Sumitomo Mitsui Financial Group	3.6
Mitsubishi UFJ Financial Group	3.6
Nippon Television Network	3.4
Tokyo Broadcasting System	3.3
Dai-Ichi Life Holdings Inc	3.3
Toyota Industries Corp	3.3
Sumitomo Mitsui Trust	3.3
Fuji Media Holdings	3
Kurabo Industries	3
Concordia Financial Group Ltd	2.6

Market Cap	%
Large Cap (>$5b)	31.8
Mid Cap ($1b – $5b)	43.8
Small Cap (< $1b)	23.3
Cash	1.1

Valuations
Average PBR	0.84
Median EV/OP* (3/25e)	5.8
Weighted Average P/E (3/25e)	11.7
Net cash as % of market cap*	55%

*Net cash (including investment securities) and EV/OP figures exclude financials

Performance	2023	2022	2021	2020	2019
MW Japan Fund A ($)	29.9%	-8.4%	7.1%	-3.5%	14.2%
MW Japan Fund B ($)	29.2%	-8.9%	6.5%	-4.0%	13.7%
TOPIX Net Total Return ($)	18.9%	-15.1%	0.7%	13.2%	18.9%
MW Japan Fund C ($ hedged)	46.2%	6.7%	20.6%	-8.7%	15.9%
TOPIX Net Total Return (¥)	27.8%	-2.9%	12.4%	7.0%	17.7%

*C shares launch date was 16 April 2015. Fund performance and index returns expressed in US$ and include dividends reinvested. All performance information is calculated by Morant Wright Management Limited using share price data provided by Link Fund Solutions, Ireland. Index data are taken from Bloomberg. Performance numbers are net of fees and expenses. Data are as at 31 December 2023 and accurate as at that date. Morant Wright Management has a statutory obligation to point out that the value of all investments and the income therefrom can go down as well as up and the investor may not get back the amount invested. This may be caused by exchange rate fluctuations. Past performance is not necessarily a guide to future performance.

Fund Administrator: Waystone Fund Solutions (Ireland) Limited

Dealing frequency: Daily

Deal cut-off point: 11:00am (Irish time)

Valuation point: 12:00pm (Irish time)

To deal in shares of the Fund, please see below for the application form or contact Waystone by telephone or in writing

Tel: +353 1 400 5300

Email: wfs-investordealing@waystone.com

Waystone Fund Administrators (Ireland) Limited

35 Shelbourne Road
Ballsbridge
Dublin 4
D04 A4E0
Ireland

Fax: +353 1 400 5350

A dilution levy, which will normally be between 0.2% and 0.4%, may be applied at the directors’ discretion on purchases or redemptions exceeding 5% of the Net Asset Value of the Fund. This is to cover dealing costs and market impact. For deals of this size, please contact us directly to arrange the subscription or redemption.

Before making an investment in the Fund you must read the KIID which can be obtained from Waystone Fund Administrators Ireland or ourselves https://www.morantwright.co.uk/mw-fuji-yield-fund, along with the Fund Prospectus and the latest report and accounts. Please also refer to https://www.linkgroup.eu/media/1617/20210730-shareholder-rights-policy_… for a full summary of investor rights.

Share types and fees

Share Class	Bloomberg Code	Sedol	ISIN	Minimum Investment	AMC	OCF	KID	KIID	Performance History	Performance Scenario
A Shares	MWJPNAI ID	BWCH400	IE00BWCH4002	$100,000	1.00%	1.25%	Download	N/A	N/A	N/A
B Shares	MWJPNBI ID	BWCH411	IE00BWCH4119	$100,000	1.00%	1.25%	Download	N/A	N/A	N/A
C Shares (hedged)	MWJPNCI ID	BWCH422	IE00BWCH4226	$100,000	1.00%	1.25%	Download	N/A	N/A	N/A

March 2025