Japanese equity funds tracking the Nikkei 225 index make up the majority of top performers of their peer group over the past six months, according to data compiled from FE fundinfo.
Japan’s Nikkei 225 broke through the 50,000 mark for the first time on Monday ahead of US President Trump’s meeting with newly elected Prime Minister Sanae Takaichi.
The recent rally in Japanese stocks comes after Takaichi pledged to implement fiscal stimulus in a “responsible and proactive” manner.
Louis Chua, equity research Asia at Julius Baer said: “We think the overall reorientation of the economy towards growth, with an emphasis on fiscal stimulus is supportive of equities”.
A number of both actively managed and passive Japanese equity funds are as a result seeing breakout gains in the wake of the region’s stock market surge.
Below, FSA highlights the top 30 performing funds available for distribution in either Hong Kong or Singapore during the past 6 months*.
| Fund name | 6 month performance (%) | ISIN Code |
| BCM Vitruvius Japanese Equity | 38.76 | LU0117772284 |
| New Capital Japan Equity | 34.53 | IE00BF4J0Q30 |
| iShares Nikkei 225 UCITS ETF | 31.92 | IE00B52MJD48 |
| CSOP Nikkei 225 Index ETF | 31.20 | HK0001000287 |
| Amundi Core MSCI Japan | 30.87 | LU2133056387 |
| Xtrackers Nikkei 225 UCITS ETF | 30.56 | LU0839027447 |
| Nomura Nikkei 225 Exchange Traded | 30.00 | JP3027650005 |
| Alma Eikoh Japan Large Cap Equity | 29.16 | LU1013118051 |
| E Fund (HK) Nikkei 225 Index | 28.11 | HK0001027348 |
| SuMi TRUST Sakigake High Alpha Japan Thematic Growth | 28.07 | LU1824452665 |
| Tokio Marine Japanese Equity Focus | 26.95 | IE00BYZSRZ06 |
| Amova Japan Equity | 26.64 | SG9999004279 |
| LGT IM Japan Equity | 26.11 | LI1151841692 |
| Pictet Japanese Equity Opportunities | 24.97 | LU2785477527 |
| abrdn SICAV I Japanese Sustainable Equity | 24.49 | LU0011963674 |
| Arcus Japan | 24.09 | LU2778909098 |
| abrdn SICAV I Japanese Sustainable Equity | 23.87 | LU1254609925 |
| M&G (Lux) Japan | 23.86 | LU1797807986 |
| GS Japan Equity Partners Portfolio | 23.74 | LU2405385126 |
| SMDAM Japan Equity High Conviction | 22.89 | LU2786909114 |
| M&G (Lux) Japan Large Cap Opportunities | 22.85 | LU2873550334 |
| Nomura Japan Strategic Value | 22.65 | IE00BK0SC961 |
| AXA Rosbrg Japan Equity | 22.60 | IE0008366589 |
| JPM Japan Equity | 22.30 | LU0053696224 |
| JPM Japan Strategic Value | 22.15 | LU0329204209 |
| BNP Paribas Japan Equity | 21.90 | LU0012181748 |
| Fidelity Japan Value | 21.88 | LU2908689552 |
| Baillie Gifford Worldwide Japanese | 21.72 | IE00BYNZR422 |
| JPMorgan Japan | 21.64 | HK0000055670 |
| Franklin Templeton Japan | 21.51 | LU0116920520 |
Six out of the top 10 performing Japanese equity funds of the past half year are passive funds, with five being exchange-traded-funds (ETFs) tracking the Nikkei 225 index.
Two actively managed funds managed to top the peer group, namely the BCM Vitruvius Japanese Equity and New Capital Japan Equity.
The six-month period includes a recovery rally post the April tariff shock sell off which hurt Japanese equities due to large tilt towards exporters.
On a year-to-date basis that includes the period over the tariff sell off some other active funds in the list above also stand out.
The Amova Japan Equity fund and the Franklin Templeton Japan fund are outpacing their peers on a year-to-date basis up 36.7% and 34% respectively.
Two value focused funds above also stand out on a year-to-date basis: the Nomura Japan Strategic Value and Fidelity Japan Value fund which were up 32.4% and 31.3% respectively.
Japanese equities have been beneficiaries of an ongoing corporate governance reform which is seeing cheaply valued companies in particular take measures to improve their shareholder returns.
*The funds above are those available to eligible investors in Hong Kong or Singapore according to FE fundinfo and may not be an exhaustive list. The performance figures are for the six month period ending 27/10/2025 in US dollars, excludes currency hedged funds.
