# Monthly report
Calculation date: 28/2/2022
Fund Manager and Fund Comments
Fund manager: Yasushi Nagahama
In the fourth quarter of 2021, the TOPIX (excluding dividends) recorded a decline of 1.9%; it closed the fourth quarter of 2021 at 1,992 points.
At the beginning of October, the Japanese equity market made significant losses due to concerns about loan defaults by the Chinese real estate group Evergrande and the rise in long-term US interest rates. It recovered towards the middle of the month as problems with power shortages in China eased, as did inflation fears. In early November, the market rallied again, boosted by the good performance of the Liberal Democratic Party (LDP) in the Japanese lower house elections. Support also came from the strength of Wall Street, which reacted positively to the Fed's cautious stance on interest rate hikes.
However, as the Nikkei 225 approached the 30,000 mark, profit-taking occurred. In mid-November, prices rose in anticipation of the Kishida government's economic package, but then lost momentum as the package ultimately disappointed. Late in the month, Japanese equities fell sharply as US Treasury yields rose. The new Omicron variant was also a burden. A brief recovery in early December was followed by disillusionment due to emerging trends towards tighter monetary policy in the USA and Europe. The rise in US equities then provided tailwind again.
The best-performing sectors in the quarter included Mining, Marine Transportation, Electrical & Household Appliances, Wholesale, and Transportation Equipment. The weakest sectors were Air & Land Transportation, Retail, Fishing, Agriculture & Forestry, and Real Estate. The fund made a loss of 2.06% and thus outperformed its benchmark, the TOPIX Total Return Index (-2.92%). Both sector allocation and individual stock picking contributed positively. Large-cap growth stocks held up well during the period, while small-cap growth stocks and value stocks (large and small caps) lost ground. On the positive side, positions in Japan Steel Works and Ebara (Machinery), Fuji Electric and TDK (Electrical Equipment), NTT Data and TIS (Information & Communications), and Marubeni (Wholesale) were overweighted. On the other hand, overweight positions in Mitsubishi Chemical Holdings (Chemicals), Morinaga Milk Industry (Food), Kyowa Kirin (Pharmaceuticals) and NEC (Electrical Equipment) were a burden. The fund's lack of positions in Tokyo Electron and Keyence (Electrical Equipment) as well as Denso (Transportation Equipment) also detracted from performance.

## As of December 30, 2021

## Disclaimer:
The above calculations are based on the BVI method and take no account of subscription charges, individual custodian fees and transaction costs (BVI = Bundesverband Investment und Asset Management e. V., the central association of the German investment fund industry). Past performance is not a guarantee, assurance or reliable indicator for future performance. The value of investment units may fluctuate and cannot be ensured or guaranteed.
Metzler calculations. Metzler cannot provide a warranty or guarantee for the accuracy or completeness of the information. Subscription orders can only be accepted based on the valid prospectus for the fund in question, which contains a detailed description of the investment risks, and the latest annual and half-yearly reports as well as the key investor information document (KIID). These documents are available from Metzler, your investment broker or from the paying agent. Price information on Metzler funds can be obtained by visiting our website at www.metzler.com/asset-management. Investors should note that, relative to the expectations of the Autorité des Marchés Financiers (French Financial Markets Regulator), the name of this UCITS is disproportionate to the consideration of non-financial criteria in its investment policy.
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Translation (ENDE, 2022-02-28):
# Monatsbericht
Stand: 28.2.2022
Fondsdaten
Anlagestrategie
Auszeichnungen
Wertentwicklung 5 Jahre (indexiert, 28.2.2017 = 100)
| 160 |  |
| --- | --- |
| 140 |  |  |  |  |  |  |
| 120 |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |
| 80 |  |  |  |  |  |  |
| 60 |  |  |  |  |  |  |
| 40 |  |  |  |  |  |  |
| 20 |  |  |  |  |  |  |
| 0 | 2017 | 2018 | 2019 Fonds | 2020 Benchmark | 2021 | 2022 |

Wertentwicklung in %
Kennzahlen
3 Jahre	5 Jahre
| 1 Monat | 0,19 | -0,56 |  | rollierend | rollierend |
| --- | --- | --- | --- | --- | --- |
| Seit Jahresbeginn | -1,60 | -4,63 | Tracking Error | 3,73 | - |
| 1 Jahr | 7,10 | 3,33 | Alpha p. a. | -1,68 | -2,16 |
| 3 Jahre p. a. | 4,83 | 7,24 | Beta | 0,92 | 0,98 |
| 5 Jahre p. a. | 2,40 | 4,80 | Sharpe Ratio | 0,42 | 0,23 |
| 10 Jahre p. a. | 7,14 | 8,90 | Information Ratio | -0,59 | -0,63 |
| Seit Auflegung p. a. | 4,30 | 5,11 | Volatilität | 12,77 | 12,54 |