RMB Japan Fund

RMBPX

$45.3M

AUM as of 10/31/2021

1.33%

Expense Ratio as of 05/01/2021

74968B852

CUSIP

0.00%

Maximum Sales Charge

12/27/2017

Inception Date

Investment Philosophy  

The Fund seeks capital appreciation. The Fund pursues its goal by investing, under normal conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of Japanese companies.

The Fund primarily invests in equity securities, including common stocks, preferred stocks, warrants and other rights, and securities convertible into or exchangeable for common stocks. The Fund may invest in companies of any size. The portion of the Fund’s assets invested in small, medium, or large companies is expected to vary over time. The Fund will target a balanced approach with allocations across the market capitalization spectrum.

The Adviser uses a fundamental, bottom-up research approach. Fundamental analysis includes evaluation of management teams and shareholder structure, and examination of competitive positioning and industry dynamics, including pricing power, stable free cash flow, and barriers to entry. The Fund will seek to buy companies when the Adviser believes the companies have a sustainable competitive advantage, strong free cash flow, and reasonable valuations relative to their long-term potential. The Fund will sell securities when they are no longer trading below their intrinsic value, when the Adviser believes there has been a deterioration in the company’s fundamentals and/or a change in the company’s business outlook, or when a better use of capital presents itself.

 

Investment Approach    

  • Seek companies with strong management, sound financial practices, and a defensible business niche
  • Focus on firms with sustainable growth in earnings, revenue, and cash flow
  • Identify undervalued equities that are temporarily mispriced relative to their long-term potential and where their stock prices reflect reasonable valuations

Performance

Portfolio Characteristics

As of 09/30/2021

Turnover Ratio

Turnover Ratio or Turnover Rate is the percentage of a mutual fund or other portfolio's holdings that have been replaced in a 12-month period.

45.64%

Weighted Average Market Cap

Weighted Average Market Capitalization refers to a type of stock market index construction that is based on the market capitalization of the index's constituent stocks; large companies would, therefore, account for a greater portion of an index than smaller stocks.

$41,323M

Active Share

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

73.40%

Standard Deviation

Standard Deviation is a statistic that measures the dispersion of a dataset relative to its mean. The standard deviation is calculated as the square root of variance by determining each data point's deviation relative to the mean. If the data points are further from the mean, there is a higher deviation within the data set; thus, the more spread out the data, the higher the standard deviation.

15.25%

Beta vs. Benchmark

Beta is a measure of a stock's volatility in relation to the overall market. If a stock moves less than the market, the stock's beta is less than 1.0. High-beta stocks are supposed to be riskier but provide higher return potential; low-beta stocks pose less risk but also lower returns.

1.06

Top Ten Holdings View full list of holdings

As of 10/31/2021

Top Ten Holdings Top Ten Holdings Circle Graph Mitsubishi UFJ Financial Group Inc. 4.81% Chart segment spanning Mitsubishi UFJ Financial Group Inc.% of the whole. 113.37602706622 Chart segment spanning 88.376027066216% of the whole. Sony Corp. 4.79% Chart segment spanning Sony Corp.% of the whole. 101.80038666022 Chart segment spanning 76.800386660222% of the whole. TV Asahi Holdings Corp. 4.37% Chart segment spanning TV Asahi Holdings Corp.% of the whole. 91.239729337844 Chart segment spanning 66.239729337844% of the whole. Subaru Corp.  4.29% Chart segment spanning Subaru Corp. % of the whole. 80.872402126631 Chart segment spanning 55.872402126631% of the whole. Mitsui Fudosan Co. Ltd.  4.29% Chart segment spanning Mitsui Fudosan Co. Ltd. % of the whole. 70.505074915418 Chart segment spanning 45.505074915418% of the whole. Shin-Etsu Chemical Co. Ltd.  4.08% Chart segment spanning Shin-Etsu Chemical Co. Ltd. % of the whole. 60.645239246013 Chart segment spanning 35.645239246013% of the whole. Murata Manufacturing Co. Ltd.  3.95% Chart segment spanning Murata Manufacturing Co. Ltd. % of the whole. 51.09956500725 Chart segment spanning 26.09956500725% of the whole. Yakult Honsha Co. Ltd.  3.73% Chart segment spanning Yakult Honsha Co. Ltd. % of the whole. 42.08554857419 Chart segment spanning 17.08554857419% of the whole. Recruit Holdings Co. Ltd. 3.63% Chart segment spanning Recruit Holdings Co. Ltd.% of the whole. 33.313194780087 Chart segment spanning 8.313194780087% of the whole. ITOCHU Corp. 3.44% Chart segment spanning ITOCHU Corp.% of the whole. 25 Chart segment spanning -3.1974423109205E-14% of the whole.

Number of Holdings

38

% in Top Ten Holdings

41.37%

Total Fund AUM

$45.3M

Sector Weights

As of 09/30/2021

Sector Weights Sector Weights Circle Graph Industrials 20.17% Chart segment spanning Industrials% of the whole. 103.97863470558 Chart segment spanning 78.978634705576% of the whole. Consumer Discretionary 16.45% Chart segment spanning Consumer Discretionary% of the whole. 86.834288692027 Chart segment spanning 61.834288692027% of the whole. Communication Services 11.07% Chart segment spanning Communication Services% of the whole. 75.29702970297 Chart segment spanning 50.29702970297% of the whole. Information Technology 10.70% Chart segment spanning Information Technology% of the whole. 64.145388223033 Chart segment spanning 39.145388223033% of the whole. Financials 9.80% Chart segment spanning Financials% of the whole. 53.931735278791 Chart segment spanning 28.931735278791% of the whole. Health Care 9.75% Chart segment spanning Health Care% of the whole. 43.770192808755 Chart segment spanning 18.770192808755% of the whole. Consumer Staples 8.01% Chart segment spanning Consumer Staples% of the whole. 35.422094841063 Chart segment spanning 10.422094841063% of the whole. Materials 5.69% Chart segment spanning Materials% of the whole. 29.491922876498 Chart segment spanning 4.4919228764982% of the whole. Real Estate 4.31% Chart segment spanning Real Estate% of the whole. 25 Chart segment spanning -1.0658141036402E-14% of the whole. Energy 0.00% Chart segment spanning Energy% of the whole. 25 Chart segment spanning -1.0658141036402E-14% of the whole. Utilites 0.00% Chart segment spanning Utilites% of the whole. 25 Chart segment spanning -1.0658141036402E-14% of the whole.

Life Cycle Learn more about this approach

As of 09/30/2021

Rockets

Golden Goodies

Falling Angels

Corks

Turn Arounds

50%

40%

30%

20%

10%

0%

Documents

RMB Japan Fund Materials

Archive

 

 

The Funds’ investment adviser, RMB Capital Management, LLC, has adopted a contractual expense limitation agreement for each Fund through April 30, 2022, reducing the applicable Fund’s operating expenses so that the Fund’s total return and yield is increased. This may be continued from year to year thereafter if agreed upon by all parties. In the absence of such waivers and/or reimbursements, the applicable Fund’s total return and yield would be lower.

Principal Risks
As with any mutual fund, there is no guarantee that the Fund will achieve its objective. The Fund’s share price fluctuates, which means you could lose money by investing in the Fund. The Fund is not a complete investment program and should be considered only as part of an investment portfolio. The principal risks of investing in the Fund are detailed in the Summary Prospectus.

Foreign Investing Risk — Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; imposition of foreign withholding and other taxes; country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.

Risks Associated with Japan — The Japanese economy continues to emerge from a prolonged economic downturn. Since the year 2000, Japan’s economic growth rate has remained relatively low. The economy is characterized by an aging demographic, declining population, large government debt and highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth and adverse economic conditions in the U.S. or other such trade partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, or social instability in those countries (whether resulting from local or global events)

Mid-Capitalization Companies Risk — The Fund may invest in the securities of companies with midcapitalizations, which can involve greater risk and the possibility of greater portfolio volatility than investments in securities of large-capitalization companies. Historically, stocks of mid-capitalization companies have been more volatile in price than those of the larger market capitalization companies. Among the reasons for the greater price volatility is the lower degree of liquidity in the markets for such stocks. Mid-capitalization companies may have limited product lines and financial resources and may depend upon a limited or less experienced management group.

Index Definition

  • The MSCI Japan Index is designed to measure the performance of the large- and mid-cap segments of the Japanese market. With approximately 320 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan. The index does not reflect investment management fees, brokerage commissions, or other expenses associated with investing in equity securities. A direct investment in an index is not possible. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.