JPMorgan Japanese (ticker: JFJ) was launched in 1927 as The Capital & National Trust and has been focused on Japanese equities since 1982. This trust has been managed by Nicholas Weindling since 2007 with Miyako Urabe coming on board as co-manager more recently in 2019. JFJ invests in a relatively concentrated portfolio of quality growth stocks and normally uses a low double-digit level of gearing, benefiting from low-rate yen loans. Returns since Weindling became the lead manager in 2010 have been 9.0% on an annualised NAV basis compared to 7.6% for the TOPIX benchmark although JFJ has un...