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Neptune’s AA-rated Chris Taylor: you can make 10 times your money in Japan

by Robert St George on Dec 13, 2013 at 08:01

Taylor observed that he was happy to employ that currency hedge, unlike his peers. ‘The others give you the option of buying a hedged version.’

Taylor challenged the usefulness of leaving hedging to the investor, not least because switching between the share classes can incur capital gains tax. Of funds that had hedged and unhedged options, he suggested: ‘Ask them for half the fees back, because you are making the second most important asset allocation decision.’

Thanks in part to his currency hedge the Neptune Japan Opportunities fund has returned 62% over the past year, ahead of both his benchmark Topix’s 34% and the 35% from his sector.

Taylor nevertheless acknowledged that a 10 times return was far from guaranteed. ‘If Japan does not pull off this trick, it will go bust.’

He concluded: ‘Equities can go down as well as up. If you have a long enough memory, you’ll know that even Japanese equities can go down.’

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