Fidelity Japan Trust - Outperformance driven by skilled stock selection Fidelity Japan Trust (FJV) targets long-term capital growth, via investment in Japanese companies. Manager Nicholas Price adopts a bottom-up stock -picking approach aimed at identifying, ahead of other investors, the next generation of great growth companies in Japan. He believes the Japanese market offers many investment opportunities, especially among mid- and small-cap companies that are often not covered by other analysts. The trust has performed strongly in absolute and relative terms since the Q120 sell-off and has outperformed its index, the TOPIX, and the average of its peers, over one, three, five and 10 years.