Fidelity Japan Smaller Companies Fund
FJSCX
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- Fidelity Japan Smaller Companies Fund (FJSCX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in equity securities of Japanese smaller companies, including common stocks, preferred stocks, and other equity interests; it normally allocates at least 80% of assets to companies in Japan with smaller market capitalizations as defined by the Russell/Nomura Mid-Small Cap Japan Index. The fund provides exposure to mid- and small-cap Japanese equities across sectors such as industrials (23%), technology (20%), financial services, consumer cyclical, and consumer defensive; top holdings include Hokuhoku Financial Group, Visional, Yamato Kogyo, Money Forward, and Sompo Holdings. Managed within Fidelity Investment Trust, domiciled in the United States with administrative headquarters at 245 Summer Street, Boston, Massachusetts, the fund was launched on November 1, 1995, and targets growth-oriented investors seeking Japanese small-cap market participation with a net expense ratio of approximately 0.86-0.87% and assets under management around $395-442 million. Portfolio manager Masaki Nakamura has overseen the fund since February 8, 2022, emphasizing companies with improving corporate governance, higher returns on assets and capital, and benefits from trends like shareholder value enhancement and Tokyo Stock Exchange reforms promoting delistings or buyouts. The fund maintains a turnover rate of 36-43%, with geographic focus overwhelmingly on Japan (97%+ of assets) and minor U.S. exposure. It is available to U.S. investors with no minimum initial investment requirement and trades daily at NAV without front-end or deferred loads. In recent developments, the fund demonstrated resilience amid market uncertainty through April 30, 2025, posting a 7.91% return for the semiannual period slightly trailing its Russell/Nomura Mid-Small Cap Japan Index benchmark at 8.92%, driven by strong performers like Hokuhoku Financial Group and SWCC amid infrastructure spending, data center demand, and semiconductor expansion. Earlier proposals in 2024 for mergers with broader Fidelity Japan Funds—for instance, Fidelity International's Japan Smaller Companies Fund merging into its larger Japan Fund due to asset declines—were noted overseas but did not impact the U.S.-domiciled FJSCX, which continues independent operations with ongoing positioning for governance reforms and capital efficiency trends expected to accelerate over the decade. Year-to-date through mid-2025, the fund achieved approximately 17-25% returns, reflecting robust performance in a recovering Japanese small-cap environment.