MC Japan fund builds exposure to large caps

The onshore Martin Currie Japan fund is building up its exposure to large caps following a poor run by blue chip stocks relative to the rest of the market. The portfolio, co-managed by John Millar and Michael Thomas, is maintaining its mid-cap bias and is also underweight in small-cap stocks. Millar argued blue chips are now on attractive valuations, making them a target for the fund. In terms of sectors, it is underweight defensive areas of the market, such as utilities, food, information and telecoms. Technology is a recent underweight and, despite investors traditionally seeing the s...