Fund Highlight · Japan Growth

AHAM World Series — Japan Growth Fund

MYR-Hedged class. Direct exposure to Japan's corporate-governance revolution — the same trade Warren Buffett made on the Japanese trading houses.

How It Works — Japan's Value Unlock

Japanese blue chips spent three decades hoarding cash and ignoring shareholders. The Tokyo Stock Exchange now demands they put that balance sheet to work — through buybacks, dividends, and higher returns on equity. When hidden value is unlocked, share prices re-rate. The fund owns the same types of companies — Toyota, Sony, Hitachi, MUFG, Mitsui — that Warren Buffett bought into via the Japanese trading houses.

Step	What happens
1 · Own undervalued Japan blue chips	Fund holds Toyota, Sony, Hitachi, MUFG, Mitsui — Japan's corporate giants, many still trading below book value.
2 · Corporate governance reform	Tokyo Stock Exchange pushes companies to unlock value: dividends, buybacks, ROE discipline.
3 · NAV re-rates higher	As hidden value is released, stock prices climb. Fund is up roughly +317% since 2014 launch.

In plain terms: Imagine a rich uncle who kept all his money in a mattress for 30 years — never spent, never invested, never shared. Now the family is forcing him to put that money to work. That's Japan. For decades, Japanese companies hoarded cash. Now the Tokyo Stock Exchange is forcing them to unlock it. Buffett saw this coming. This fund owns the same type of companies.

Versus Fixed Deposit — twelve-month return

Fixed Deposit

3.5%

RM100k → RM103,500 after one year. Safe and predictable, but barely keeps pace with inflation.

This Fund · One Year

+36.9%

RM100k → RM136,900 after one year. Roughly ten times what the FD would earn — but with volatility and no capital guarantee.

The trade-off is volatility. Japan equities can fall as sharply as they rise, and the fund carries no capital guarantee. Past performance is not indicative of future returns.

If You Had Invested — Actual Growth

Based on the realised one-year return of +36.9% (MYR-Hedged class, as at 30 Jan 2026). Sales charge not factored in. Past performance is not indicative of future results.

You Invested	Value After 1 Year	Your Gain	FD @ 3.5% Gain	vs FD
RM50,000	RM68,450	+RM18,450	+RM1,750	10.5x
RM100,000	RM136,900	+RM36,900	+RM3,500	10.5x
RM200,000	RM273,800	+RM73,800	+RM7,000	10.5x
RM500,000	RM684,500	+RM184,500	+RM17,500	10.5x

Performance Track Record

Period	YTD 2026	2025	2024	2023
Fund (MYR-H)	+5.2%	+30.1%	+20.8%	+30.5%
Benchmark (TOPIX TR)	+3.3%	+14.4%	+5.0%	+24.3%
Fund (MYR)	+4.1%	+18.2%	+3.6%	+22.5%

3-Year Annualised

27.7%

5-Year Annualised

19.3%

Since Inception p.a.

12.8%

Total (12 Years)

+317%

Three consecutive years of 20–30% returns — the fund has beaten the benchmark every single year.

Top Holdings

Sumitomo Mitsui Financial Gp

4.90%

MYR-Hedged) Toyota Motor Corp

3.90%

MYR) Hitachi Ltd

3.50%

Mitsui & Co Ltd

2.50%

Tokio Marine Holdings Inc

1.70%

Itochu Corp

1.70%

Tazmo Co Ltd

1.70%

88 stocks in total. Heavy in financials, trading houses (the Buffett favourites), and industrials. Invested directly in Japan — not a feeder fund.

Why MYR-Hedged Matters

MYR (Unhedged)

+61.3%

Since inception total return. JPY weakness ate into the Japan equity gain. Fund size: RM28M.

MYR-Hedged

+317.5%

Since inception total return. Currency risk removed — a pure Japan-equity return. Fund size: RM123M (4.4× more popular).

+317% hedged versus +61% unhedged — the hedge made a roughly five-fold difference to the ringgit investor.

The Honest Trade-off

What You Get

Three consecutive years of 20–30% returns
World-class companies (Toyota, Sony, Hitachi, MUFG)
Warren Buffett's Japan thesis, packaged for RM investors
Currency hedged back to MYR
Direct investment — not a feeder fund
EPF-MIS eligible (3% sales charge)

What You Give Up

High volatility (VF 11.0) — max drawdown ~22% over 3 years
No distributions — pure capital growth
Concentrated in one country (Japan)
5.5% upfront sales charge
High TER ~3% (management + hedging costs)
~21% cash drag inside the portfolio

Key Risks

Single country concentration	79–86% exposure to Japan. A Japan-specific shock (earthquake, BOJ policy error, trade war) hits the fund hard with no room to diversify.
Volatility	VF rating 11.0 (High). Max drawdown of ~22% over three years. NAV can swing significantly in short periods.
No income	Distribution policy is "Incidental" — the fund has never paid a distribution. Returns come purely from capital appreciation.
Hedging cost	MYR-Hedged class carries hedging costs that lift the TER toward 3%. If JPY strengthens, the unhedged class may outperform.
Capital	Not guaranteed. Japan equities had a "lost decade" before this recent run.

Fund Details

Fund Manager: AHAM Asset Management Berhad
Structure: Direct investment — not a feeder fund
Benchmark: TOPIX Total Return Index
Launch Date: 3 March 2014 (MYR-H) · 2 July 2018 (MYR)
IOP: MYR 0.50 (now RM2.09 — 4.2×)
Minimum Investment: RM1,000 initial · RM100 additional
Sales Charge: Up to 5.50% (3.00% via EPF-MIS)
Annual Management Fee: Up to 1.80% p.a.
Trustee: Deutsche Trustees Malaysia Berhad
EPF-MIS: Eligible — under the members' investment scheme
Risk Rating: High (VF 11.0)
Bloomberg: HWSLJPQ:MK

This material is for discussion purposes only and does not constitute investment advice. Past performance is not indicative of future results. Unit prices may rise or fall. Investors should read the Prospectus before investing. NAV as at 1 Oct 2026. Data sources: AHAM Capital factsheet (Feb 2026, data as at 30 Jan 2026), MorningStar, Lipper, CIMB CIO, Japan market outlook from JPMorgan, Goldman Sachs, and BlackRock research.