We are confident we are buying into Japan at a low point in the cycle

How would you describe the strategy behind the fund? We focus on value-based, unconstrained stock picking. So many managers are benchmark driven but we give our managers the authority to go out and construct portfolios they think will best match the state of the financial markets and economy. Fund management is not and never will be a highly scientific process. It is too complicated. Information is too imperfectly known. So we think it is important not to constrain managers by giving them benchmark weightings. The fund is very well diversified with 130 stocks. Why do you have such a...