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Japan Dynamic Fund
Investing in volatile equity markets

Asia is back on investors’ radar. Much of this interest stems from renewed optimism over its future potential and the increased diversification opportunities from both old and new growth areas.

Asia is back on investors’ radar. Much of this interest stems from renewed optimism over its future potential and the increased diversification opportunities from both old and new growth areas.

Traditional sectors such as banking, tourism and oil and gas etc. continue to benefit from the gradual normalisation of economic activities. New growth drivers such as digitalisation, innovation, supply chain realignment and sustainability are presenting attractive investment opportunities.

Meanwhile China’s re-opening has lifted sentiment and is an additional tailwind for Asian companies with significant trade and services exposure to China. Asian exports to China are also expected to strongly recover this year. Overall, the macro picture bodes well for Asia equities (including Japan) and bonds.

Reasons to invest in Asia

World’s fastest growing region

Asia accounts for over half of the world’s population1 and almost half of its GDP2 . An increasing emphasis on regional trade, a growing consumer market and rising digital innovations are some of the key reasons why the region has been attracting a higher share of global foreign direct investments.

A graph showing rising corporate profitability for Japanese companies
Source: Eastspring Investments, World Investment Report 2022

Diverse countries, diverse options

Asia is home to both high-income (South Korea, Singapore and Taiwan) and emerging economies such as India and ASEAN that still enjoy demographic dividends. Asia’s diversity also extends to its companies. There are plenty of earnings opportunities in Asian countries with uncorrelated growth drivers.

More Japanese companies are cash rich
Source: Eastspring Investments, Constituents weighting: MSCI, September 2022.

Rising sustainable investments

Sustainable investing is gaining momentum in the region with Asia being more vulnerable to climate change than other regions. ESG disclosure rates among Asian corporates are encouraging. As such there will be more opportunities for investors keen on ESG funds.

A graph showing the value of Japan equities compared to global equities
Source: Goldman Sachs Global Investment Research. Average corporate operational E&S disclosure rates in the GS SUSTAIN framework across APAC, MSCI ACWI, latest available data. *Dual listed A- and H-share companies are counted only under the H-share listing.

1Source: Statista Research Department, Distribution of the global population by continent 2022, 25 October 2022
2Source: World Economics, The Future is Asian, February 2023

Access Asia’s opportunities

With Asia expected to remain the world’s growth engine, capitalise on the growing opportunities by investing in a select suite of Asian funds that leverage on old and new growth drivers. At Eastspring Investments, our focus remains on identifying the many mispriced and attractive opportunities in the equity and fixed income markets.

Eastspring Investments –
Japan Dynamic Fund

Important information

A high conviction and unconstrained strategy A fund that is unconstrained by market cap or market’s thematic preferences, containing 30-50 of our best stock ideas in Japan.

Differentiated valuation-based approach Our value differentiator lies in our detailed analysis that looks for the longer drivers of a company’s sustainable earnings using a consistent valuation framework.

Proven track record Our highly experienced team with a track record of over 16 years of navigating Japan’s equity universe and delivering strong performance.

  • Factsheet
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Eastspring Investments –
Asia Sustainable Bond Fund

Important information

An active total return strategy The fund seeks to maximise total returns over time by investing primarily in investment grade, USD-denominated Asian bonds including Green, Social and Sustainability (“GSS”) labelled bonds.

Differentiated, pragmatic and responsive ESG approach Our credit selection process incorporates two robust ESG determinants: ESG risks faced by the company and a company’s preparedness in dealing with these ESG risks.

Monthly distribution payout* The fund [ADM and AHDM share classes] has distributed monthly payout of 5.00% p.a. ex-date 1 February 2023 and aims to allow investors to enjoy a regular income in all market environments.

  • Factsheet
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Eastspring Investments –
Asian High Yield Bond Fund

Important information

A flexible strategy with multiple value-added sources Apart from Asian high yield bonds, the fund can invest in local currency and investment grade bonds, to capitalise on any value opportunities that may arise within the Asian fixed income universe.

Comprehensive investment approach Our approach is dynamic, multi-factor and emphasises on a rigorous and proprietary credit research process

Monthly distribution payout* The fund [ADM, AADM (hedged) and ANDM (hedged) share classes] has distributed monthly payout of 7.50% p.a. ex-date 1 February 2023, and aims to allow investors to enjoy a regular income in all market environments.

  • Factsheet
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Source: Eastspring, as of 28 February 2023. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice.

Interview with Eastspring's Quantitative Team

Find out how our Quantitative Strategies team leverages technology and data to identify and exploit market inefficiencies caused by market volatility and behavioural biases.

Lead fund managers

Eastspring Investments – Japan Dynamic Fund

Ivailo Dikov

Head of Japan Equities

Eastspring Investments – Asia Sustainable Bond Fund

Rong Ren Goh

Portfolio Manager, Fixed Income

Eastspring Investments – Asian High Yield Bond Fund

Wai Mei Leong

Portfolio Manager, Fixed Income

*Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Any payment of distributions by the Fund will result in an immediate reduction in the net asset value per share. Funds with Monthly and Quarterly Distribution Frequency: Annualised Dividend rate = (Dividend per share / NAV per share of previous ex-dividend date) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. Annualised Dividend Rate is calculated based on the dividend distribution for the relevant distribution period and does not refer to the dividend yield for the preceding 12 months, and it may be higher or lower than the actual annual dividend yield. For details of other fees and charges, please refer to the offering document.

Related insights

Keep abreast of developments with insights from our investment experts.

The case for Asia - Executive summary
Tapping the potential of the new Asian Consumer
Unlock the value in Asia’s supply chains
Resource-rich Asia supports new growth areas

Source

1 Asia Bond Monitor Summer Issue released in 2010 and 2020 by the Asian Development Bank. Data as of March.
2 J.P. Morgan, as of March 2020. Asian USD bond market size is represented by the market value of J.P. Morgan Asia Credit Index.
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DISCLAIMER

All data are from Eastspring Investments (Singapore) Limited. The Fund is a sub-fund of the Eastspring Investments (the “SICAV”), an open-ended investment company with variable capital (société d'investissement à capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the “2010 Law”) and the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 (the “UCITS Directive”). The SICAV has appointed Eastspring Investments (Hong Kong) Limited (”Eastspring Investments Hong Kong”) as its Hong Kong Representative. This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund. An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors. All applications for units in the Fund must be made on the application forms accompanying the offering document. Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets, if applicable) before deciding whether to subscribe for or purchase units in the Fund. An investment in units of the Fund is subject to investment risks, including the possible loss of the principal amount invested. Past performance is not necessarily a guide to the future or likely performance of the Fund. The value of the units in the Fund and any income accruing to the units, if any, may fall or rise. US/HK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than US/HK dollar. The information contained herein does not have any regard to the specific investment objective(s), financial situation or the particular needs of any person. Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund. In the event that potential investors choose not to seek advice from a financial adviser, they should consider whether the Fund is a suitable investment for them. Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom. Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom. The above materials and information on our website (eastspring.com.hk) have not been reviewed by the SFC. Issued by Eastspring Investments (Hong Kong) Limited.

Source: MSCI. This report contains information (the “Information”) sourced from MSCI Inc., its affiliates or information providers (the “MSCI Parties”) and may have been used to calculate scores, ratings or other indicators. The Information is for internal use only, and may not be reproduced/redisseminated in any form, or used as a basis for or a component of any financial instruments or products or indices. The MSCI Parties do not warrant or guarantee the originality, accuracy and/or completeness of any data or Information herein and expressly disclaim all express or implied warranties, including of merchantability and fitness for a particular purpose. The Information is not intended to constitute investment advice or a recommendation to make (or refrain from making) any investment decision and may not be relied on as such, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the MSCI Parties shall have any liability for any errors or omissions in connection with any data or Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Explore our funds
  • Eastspring Investments – Japan
    Dynamic Fund
    Eastspring Investments – Asia Sustainable Bond Fund Eastspring Investments - Asian
    High Yield Bond Fund

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1 Harbour View Street, Central Hong Kong
Tel: +852 2918 6300

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The information contained in this website is provided for reference only and does not constitute any investment advice. Investors are advised to seek independent advice before making any investment decision. Past performance is not indicative of future performance. Investment involves risk and investors may not get back the amount originally invested. The fund may use derivative instruments. In adverse market situations, the fund’s use of derivatives may become ineffective and the fund may suffer significant losses. These and other risks are described in the offering documents. Please read the offering documents, including the risk factors, carefully. US/HK dollar-based investors are exposed to currency fluctuations in the US/HK dollar exchange rate where the fund is denominated in currencies other than US/HK dollar. The website has not been reviewed by the Securities and Futures Commission (“SFC”). Issued by Eastspring Investments (Hong Kong) Limited.

Eastspring Investments (Hong Kong) Limited is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom. Eastspring Investments (Hong Kong) Limited and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Copyright © 2024 Eastspring Investments (Hong Kong) Limited. All rights reserved.

Wei Ming Cheong

Portfolio Manager

Wei Ming Cheong joined Eastspring Investments, the Asian asset management business of Prudential plc, in November 2005. Wei Ming is a Portfolio Manager of the Fixed Income team and is responsible for managing and overseeing local currency fixed income strategies, including regional Asia, Singapore, Indonesia and RMB local currency fixed income funds. Wei Ming holds a Master degree in Finance from RMIT, Australia, and a Bachelor of Accountancy from Nanyang Technological University, Singapore.

Danny Tan

Portfolio Manager

Danny Tan joined Eastspring Investments, the Asian asset management business of Prudential plc, in February 2004. Danny is a Portfolio Manager of the Fixed Income team and is responsible for managing and overseeing portfolios of our insurance clients, as well as credit-focused portfolios. Danny is a CFA charterholder and holds a Bachelor of Business degree in Financial Analysis (Hons) from Nanyang Technological University, Singapore.

Sundeep Bihani

Portfolio Manager, Equity

Sundeep Bihani is a part of the Equity team and the Team Leader of the Regional Asia Value focus team. He is the Lead Portfolio Manager for the Regional Asia Equity strategies with over 19 years of investment experience. He holds a Post Graduate Diploma in Management (MBA) (Director’s Merit list) from India Institute of Management, Bangalore and a Bachelor’s degree in Commerce from Calcutta University.

Ivailo Dikov

Head of Japan Equities

Ivailo Dikov is the Head of our Japan Equities focus team, and the Lead Portfolio Manager for the team’s Japan Focused Value strategies. He has over 17 years of investment experience, holds a Master of Business from the Tsukuba University in Japan and is fluent in Japanese.

Rong Ren Goh

Portfolio Manager, Fixed Income

Rong Ren Goh is a Portfolio Manager in the Fixed Income team and is the Lead Portfolio Manager for Asian Macro, Global and ESG strategies. He has 14 years of investment experience and holds a Bachelor of Science (Hons) Economics from London School of Economics.

Wai Mei Leong

Portfolio Manager, Fixed Income

Wai Mei Leong is a Portfolio Manager in the Fixed Income team and Lead Portfolio Manager for Asian hard currency fixed income portfolios, including the Asian Bond, Asian Investment Grade Bond and High Yield Bond strategies. She has 22 years of investment experience and holds a Postgraduate Diploma (Finance) from Melbourne University and Bachelor of Business (Accounting) from RMIT, Australia.

Rong Ren Goh

Portfolio Manager

Rong Ren Goh joined Eastspring Investments in January 2016 as a Portfolio Manager in the Fixed Income team and is responsible for the management of Global, Japan and selective Asian local currency fixed Income funds. Rong Ren has 12 years of investment experience and holds a Bachelor of Science (Hons) Economics from London School of Economics.

Fig 1: Share of global FDI inflows

A graph showing rising corporate profitability for Japanese companies
Source: Eastspring Investments, World Investment Report 2022

Fig 2: Asia offers diversified exposure to different growth drivers

More Japanese companies are cash rich
Source: Eastspring Investments, Constituents weighting: MSCI, September 2022.

Fig 3 : ESG corporate disclosure rates across Asia Pacific

A graph showing the value of Japan equities compared to global equities
Source: Goldman Sachs Global Investment Research. Average corporate operational E&S disclosure rates in the GS SUSTAIN framework across APAC, MSCI ACWI, latest available data. *Dual listed A- and H-share companies are counted only under the H-share listing.