FIDELITY JAPAN TRUST PLC — Fund Information / Factsheet 2021

Jan 19, 2021

Investment Objective

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The Company aims to achieve long term capital growth by investing predominantly in equities and their related securities of Japanese companies.

Investment Trust Facts

Performance Comparator

Tokyo Stock Exchange TOPIX Total Return Index

The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.

Performance is shown for the last five years (or since launch for funds launched within that period).

Performance to 31.12.20 in GBP (%)

	1m	3m	YTD	1yr	3yr	5yr	Since 15.03.94*
Share Price Cumulative Growth	-1.6	10.8	24.6	24.6	45.5	154.2	145.1
NAV Cumulative Growth	0.8	7.9	24.8	24.8	44.1	132.9	147.0
Index Cumulative Growth	1.6	7.5	9.5	9.5	15.2	65.1	96.8
Share Price Annualised Growth	-	-	-	24.6	13.3	20.5	3.4
NAV Annualised Growth	-	-	-	24.8	13.0	18.4	3.4
Index Annualised Growth	-	-	-	9.5	4.8	10.5	2.6

Basis: bid-bid with income reinvested, in GBP, net of fees.

Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar.

*Performance commencement date.

Key Risks

The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.

Portfolio Manager Commentary

The Trust recorded NAV returns of 24.8% over the 12 months to December 2020, strongly outperforming the reference index, which returned 9.5%. The discount to NAV widened marginally over the same period and the Trust's share price returned 24.6%.

Stock selection in medtech, technology and internet-related sectors made a material contribution to performance over the 12-month period. Under-researched names in areas such as educational software and ecommerce, and electronic component makers supported by a secular growth story were among the strongest performers. The Trust's underweight exposure to laggard financials and low-growth domestic sectors such as transportation also supported relative performance. All of which helped to offset a negative contribution from individual positions in domestic-oriented services companies.

Japan is a cyclical market dependent on global growth so hence in a 2021 global recovery it is well placed to perform as the virusrelated negatives fade and the comparisons become easier. Looking ahead, a number of themes present themselves. Certainly clean energy and environmental efficiency are areas where Japan has some very competitive companies that can supply solutions to the regulatory and productivity needs of customers globally. COVID -19 has also accelerated trends in ecommerce and DX needs of companies. As profits recover, companies will prioritise those areas. More ethical consumption is also likely to be important in B to C facing companies.

Cumulative performance in GBP (%) Performance for 12 month periods in GBP (%)

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Equity Exposure % Total Net Assets (% TNA)

	Exposure (% TNA)
Gross Market Exposure	123.5
Net Equity	123.5
Other	0.0
Uninvested Cash	0.0

Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.

Sector/Industry Exposure (% TNA)

TPX Sector	Net	Index	Relative
Electric Appliances	33.1	17.3	15.8
Information & Communication	24.6	9.2	15.5
Services	13.2	5.8	7.4
Retail Trade	6.7	4.8	1.9
Wholesale Trade	6.6	4.6	2.1
Machinery	5.0	5.8	-0.7
Precision Instruments	4.9	2.8	2.1
Other Financing Business	4.3	1.1	3.2
Chemicals	4.3	7.6	-3.3
Other Products	3.9	2.8	1.1
Other Sectors	15.0	38.3	-23.3
Total Sector Exposure	121.7	100.0
Other Index / Unclassified	1.8	0.0
Total Equity Exposure	123.5	100.0

Market Capitalisation Exposure (% TNA)

GBP	Net	Index	Relative
>10bn	45.2	62.6	-17.4
5-10bn	24.0	12.2	11.9
1-5bn	27.6	17.4	10.2
0-1bn	24.9	7.8	17.0
Total Market Cap Exposure	121.7	100.0
Other Index / Unclassified	1.8	0.0
Total Equity Exposure	123.5	100.0

Country Exposure (% TNA)

	Net	Index	Relative
Japan	123.5	100.0	23.5

Total Country Exposure	123.5	100.0
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	123.5	100.0

Top Net Long Positions (% TNA)

	TPX Sector	Country	Net	Index	Relative
MISUMI GROUP INC	Wholesale Trade	Japan	5.5	0.2	5.3
MURATA MFG CO LTD	Electric Appliances	Japan	5.3	1.1	4.2
KOITO MANUFACTURING CO LTD	Electric Appliances	Japan	5.2	0.2	5.0
Z HOLDINGS COR	Information & Communication	Japan	4.9	0.3	4.6
RECRUIT HOLDINGS CO LTD	Services	Japan	3.8	1.2	2.6
JUSTSYSTEMS CORP	Information & Communication	Japan	3.8	0.0	3.7
KEYENCE CORP	Electric Appliances	Japan	3.6	2.1	1.5
SHIMANO INC	Transportation Equipment	Japan	3.3	0.4	2.9
TDK CORP	Electric Appliances	Japan	3.1	0.3	2.8
OLYMPUS CORP	Precision Instruments	Japan	2.9	0.5	2.4

	Net	Index	Relative
MISUMI GROUP INC	5.5	0.2	5.3
KOITO MANUFACTURING CO LTD	5.2	0.2	5.0
Z HOLDINGS COR	4.9	0.3	4.6
MURATA MFG CO LTD	5.3	1.1	4.2
JUSTSYSTEMS CORP	3.8	0.0	3.7
SHIMANO INC	3.3	0.4	2.9
TDK CORP	3.1	0.3	2.8
YAMAHA CORP	2.9	0.1	2.8
RECRUIT HOLDINGS CO LTD	3.8	1.2	2.6
NOF CORP	2.6	0.1	2.6

Net Long Positions Concentration (% TNA)

	Fund	Index
Top 10	41.4	18.7
Top 20	65.7	29.1
Top 50	104.6	46.9

Top Overweight Positions (% TNA) Top Underweight Positions (% TNA)

	Net	Index	Relative
TOYOTA MOTOR CORP	0.0	3.6	-3.6
SONY CORP	0.0	2.6	-2.6
SOFTBANK GROUP CORP	0.0	2.5	-2.5
NINTENDO CO LTD	0.0	1.6	-1.6
NIPPON TELEG & TEL CORP	0.0	1.4	-1.4
TAKEDA PHARMACEUTICAL CO LTD	0.0	1.2	-1.2
MITSUBISHI UFJ FIN GRP INC	0.0	1.2	-1.2
DAIICHI SANKYO CO LTD	0.0	1.2	-1.2
SHIN ETSU CHEM CO LTD	0.0	1.2	-1.2
HOYA CORP	0.0	1.1	-1.1

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Fidelity Japan Trust PLC seeks to add value through detailed research. Fidelity's proprietary research forms the cornerstone of the investment process and drives the trust manager's bottom-up stock selection approach. He works closely with sector analysts, as well as our dedicated small-cap analysts, and is also able to call upon Fidelity's global research network.

The portfolio manager favours companies with superior mid- to long-term earnings growth potential, competent management focused on raising shareholder returns and attractive absolute and relative valuations. The manager also assesses:

• business strategies
• technical and/or operational advantages
• competitive position

While the trust is free to invest across a wide range of industries, sector allocation is a direct result of the manager's bottom-up stock selection.

Portfolio Construction – Explained How data is calculated and presented

This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.

The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.

The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.

Approach and Style Administrative & Dealing Information

Financial Year End: Reference currency: Company domicile: Company legal structure: Capital guarantee: ISIN: SEDOL: Bloomberg: Distribution frequency: Charges made to income or capital: Other Ongoing Costs (including AMC/excluding Portfolio transaction costs): Portfolio Transaction Costs: Annual Management Charge:
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

31st December UK Sterling (GBP) United Kingdom Investment Trust No GB0003328555 0332855 FJV LN Annual 20/80*

0.70% (net assets)+/- 0.20% (based on performance relative to the Market Index)

0.98% 0.19%

+0.20%

Last VMF adjustment (+/- 0.2%) applied at month end:

*Variable element of fee all charged to capital

Independent Assessment

Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.

Portfolio composition data has been calculated and presented according to several general principles, which are listed below.

• Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.

• Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.

• Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.

• "Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.

Glossary / Additional Notes

Equity Exposure notes

GROSS MARKET EXPOSURE

Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).

NET EQUITY

The net positive exposure to the market with short and hedge positions subtracted from long positions.

Glossary / Additional Notes

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OTHER

The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.

UNINVESTED CASH

This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.

Investment Trust Facts

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

PREMIUM

If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING

Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.

FAIR VALUE

The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and

Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.

General notes

TOTAL NET ASSETS (TNA)

The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.

INDEX

The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.

TOP NET LONG POSITIONS

Those companies in which the largest percentages of the trust's total net assets are effectively invested. Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.

TOP OVERWEIGHT & UNDERWEIGHT POSITIONS

Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.

NET LONG POSITIONS CONCENTRATION

Illustrates the weight of the top 10, 20 and 50 positions in the trust and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.

MONTHLY FACTSHEET

Glossary / Additional Notes

ONGOING COSTS (KID)

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These include Portfolio transaction costs (the costs of us buying and selling underlying investments) and Other ongoing costs (the costs that we take each year for managing the investment).

These are based on the methodology prescribed by EU Regulation (PRIIPS) and differ from other presentations of costs such as the Ongoing Charge Figure (OCF) in the Company's Annual Report & Accounts.

PORTFOLIO TRANSACTION COSTS

These are costs incurred when trading underlying investments.

SECTOR INDUSTRY CLASSIFICATION

GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries.

More information is available at http://www.standardandpoors.com/indices/gics/en/us

ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/

Legal Information

Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.

Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.

This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.

Unless otherwise stated, all views are those of Fidelity.

Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.

Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

This fund is managed by FIL Investments International.

Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.

Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.