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For financial professionals in Sweden

JCPN Japan High Conviction Equity UCITS ETF

Differentiated core allocation to Japanese companies and trends, aiming to perform in a variety of market conditions.

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ISIN
IE000CV0WWL4

NAV
JPY 152.44
As of 23/06/2026

JCPN
Japan High Conviction Equity UCITS ETF

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Overview

Investment objective

The Fund aims to provide capital growth over the long term by investing in a concentrated, actively managed portfolio of equity securities issued by Japanese companies.

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Under normal circumstances, the Fund will invest at least 90% of its assets in equity securities or depositary receipts issued by Japanese companies. The Fund may invest in companies of any size in any industry.
The Fund will typically have 20 - 30 holdings and is not expected to have fewer than 20 holdings. The Fund may also hold cash.
Derivatives may be used for the purposes of hedging/risk reduction. The Fund will use forward FX contracts to hedge currency risk where it offers Hedged Share Classes.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

About this fund

The Fund aims to provide capital growth over the long term by investing in a concentrated, actively managed portfolio of equity securities issued by Japanese companies.

Past performance does not predict future returns. 
 

Why invest in this fund

Localised investment approach

Experienced team with a proven track record, driven by local expertise.

Not style constrained

Built on a foundation of quality.

High conviction

Repeatable fundamentals-driven process, investing in a concentrated portfolio of profitable businesses demonstrating cash flow growth.

Portfolio Management

Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/05/2026
JPY Acc (Net) MSCI Japan NR Index
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
16/10/2024
JPY Acc (Net) 10.13 19.83 41.91 - - - 29.09
MSCI Japan NR Index 6.64 17.96 45.34 - - - 29.61
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.
Calendar Year Returns (%)
As of 31/03/2026
JPY Acc (Net) MSCI Japan NR Index
YTD 2025 Performance Inception
16/10/2024
JPY Acc (Net) 1.98 22.79 2.81
MSCI Japan NR Index 2.88 24.27 3.87
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.

Recommended holding period 5 Years

Example Investment: JPY 1,000,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs175,410 JPY163,820 JPY
Average return each year-82.46%-30.36%
UnfavourableWhat you might get back after costs848,510 JPY1,184,650 JPY
Average return each year-15.15%3.45%
ModerateWhat you might get back after costs1,125,590 JPY1,723,110 JPY
Average return each year12.56%11.50%
FavourableWhat you might get back after costs1,448,830 JPY2,274,490 JPY
Average return each year44.88%17.86%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 2 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/03/2026
JPY Acc (Net) MSCI Japan NR Index
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fee Information
Initial Charge 0.00%
Annual Charge 0.49%
Ongoing Charge
(As of ) 		-
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

A single All-in-Fee expressed as a total expense ratio ("Total Expense Ratio/TER" or "Annual Management Charge/AMC") is payable out of the assets of the relevant Fund for all ongoing fees and expenses. Further information can be found in section "Fees, Charges and Expenses" section of the Prospectus and/or Fund Supplement to the Prospectus.

Portfolio

Top Holdings (As of 31/05/2026)
% of Fund
Sony Group 6.97
Murata Manufacturing 6.24
Sumitomo Mitsui Financial Group 6.18
Tokio Marine 5.95
Hitachi 5.95
Japan Post Bank 5.25
Tokyo Electron 4.72
Daiichi Life Group 4.64
Tokyo Ohka Kogyo 4.16
Chugai Pharmaceutical 3.98
TOTAL 54.02
View full holdings
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Portfolio Characteristics (As of 31/05/2026)
 
Holdings Count
 27
Active Share
 73.07
Weighted Average Market Cap Base Mm
 12741676.67
Price Book Ratio Latest Reported
 2.46
Price To Earnings Trailing Fiscal Year
 21.01
Market Capitalization Range of Equity Holdings % of Fund % of Fund As of 31/05/2026

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Sector Allocation % of Fund % of Fund As of 31/05/2026

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Documents

Related Insights

Differentiated insights are central to our investment approach.

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  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • When a portfolio is concentrated (has a significant portion of its assets invested in a limited number of holdings), an adverse event impacting even a small number of holdings could create significant volatility or losses.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
  • High exposure to a particular country or geographical region carries a higher level of risk than a more broadly diversified portfolio.
  • When a portfolio is concentrated (has a significant portion of its assets invested in a limited number of holdings), an adverse event impacting even a small number of holdings could create significant volatility or losses.
  • Derivatives may be used with the aim of reducing risk or managing the portfolio more efficiently. However, this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • Securities could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Losses could be incurred if a counterparty became unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 635400BDHBCI7GIXDC10.

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