Having been in direct communication with Axa Framlington, we have been informed that the new amalgamated fund will be managed by Chisako Hardie, the Manager of the Japan Smaller Companies fund since September 2006. It will have a broad Japanese All Companies mandate, meaning that it is free to invest across the market capitalisation spectrum, encompassing small, medium, and large companies.
Chisako’s expertise is within the small and medium size investment universe, and Axa Framlington have advised the new amalgamated fund will be heavily biased towards small and medium sized companies. In this regard, it is expected to have a similar style and strategy as the Japan Smaller Companies fund. We have therefore decided to approve the merger and continue to hold the new fund in succession to the Japan Smaller Companies fund. The performance of the merged fund will be reviewed after 3 and 6 months. There is, therefore, no action to be taken by clients in response to the Corporate Action notices that have been issued.