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Japan Fund

Ticker: CNJFX
Inception Date: 07/10/1989

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Mutual Fund Overview: Invest in Japan

Made up of 6,852 islands with a population of over 100 million, Japan ranks as one of the world’s largest and most productive economies — and we believe it to be one of the best Asian countries to invest in. The country has a strong position in the world market being home to some of the most recognizable corporations from automobile manufacturers to electronics, making it an attractive investment target for mutual fund managers.

The Japan Fund managers believe Japanese companies are well positioned to benefit from any growth in the Asian region and believes exploring investment options by accessing these Asian markets through the well-established Japanese companies is an underutilized strategy by many investors.

As a Japanese investment fund, the managers review conventional financial company metrics in addition to these macro factors that could impact investment decisions:
• Government intervention and support of the economy
• Business access to export markets in the region
• Internal and external consumer demand

Commonwealth Funds is proud to be associated with the Japan Fund, established in 1989, providing shareholders the opportunity to bring it home.

Investment Objective

The Fund’s objective is to provide long-term appreciation and current income. The Fund invests primarily in equity securities including common stock, preferred stock and securities convertible into common stock. The Fund may hold the securities of Japanese issuers and debt securities denominated in Yen.

Fund Performance

Review the Japan Fund daily, monthly, and quarterly pricing and performance.

Fund Investment Holdings

Holdings as of 3/31/24

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Asahi Intecc Co Ltd4.4%
Hoya Corp.4.3%
Terumo Corporation4.3%
Kajima Corp.4.2%
Feder-Gt Obl-I 7 MM Fund3.6%
Hitachi Ltd3.6%
Orix Corp3.3%
Dai-Ichi Life Insurance3.2%
Unicharm Corporation3.0%
Fast Retailing Co2.9%
Nitori Co Ltd2.9%
T&D Holdings Inc2.7%
Takada Corporation2.5%
Sumitomo Realty & Develop2.4%
Meidensha Corp.2.3%
Sompo Holdings Inc2.3%
Daikin Industries Ltd2.2%
Mitsubishi Gas Chemical2.1%
Shin-Etsu Chemical2.1%
Sugi Holdings Co Ltd2.0%
Otsuka Corp2.0%
Hankyu Hanshin Holdings2.0%
Kyushu Leaseing Service1.9%
Kansai Electric Pwr Co1.7%
Ines Corp1.6%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Yamato Holdings Co., Ltd.1.6%
Kirin Holdings Co Ltd1.5%
Mitsui Fudosan Co., Ltd.1.5%
Yamae Group Holdings1.5%
Bridgestone Corp Adr1.4%
Aeon Kyushu Co Ltd1.4%
East Japan Railway1.4%
Jsr Corp.1.4%
Denso Corp1.4%
Taihei Dengyo Kaisha, Ltd1.4%
Tobu Railway Co., Ltd1.4%
Fanuc Corp1.3%
Kao Corp1.2%
Sony Group Corp1.2%
Nippon Express Holdings1.2%
Daiichi Koutsu Sangyo Co.1.1%
Nidec Corp1.1%
Taiyo Yuden Co Ltd1.1%
Japanese Yen1.1%
Kddi Corp0.9%
Keikyu Corp.0.9%
Murata Manufacturing0.9%
Honda Motor-Adr0.8%
Inpex Corp0.8%

Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the advisor, or the distributor.

Distributions

Year End 2023 distributions for the Commonwealth Funds were paid on December 18, 2023 to shareholders of record as of December 14, 2023.  The Ex-Dividend and Reinvest Date was December 15, 2023.  Please see detailed distribution information below.

Ordinary Investment Income Per Share:$0.0038
Short-Term Capital Gain Per Share:$0.0000
Long-Term Capital Gain Per Share:$0.0000

Minimums

The minimum initial investment is $200 and there is no minimum for subsequent investments.

Risk

Learn about the principal risks of investing in the Japan Fund, which includes market, foreign security, and geographic risk.