Board of £190m Fidelity Japanese Values to make raft of changes to 'broaden investor appeal'

Subject to shareholder approval

The £190m Fidelity Japanese Values investment trust is being overhauled with changes including the introduction of a variable management fee, subject to shareholder approval.

The revamp, which includes the trust being renamed as the Fidelity Japan trust, is taking place in a bid to broaden investor appeal, and will give manager, Nicholas Price, an opportunity for greater flexibility. The 5% limit for investing in unlisted stocks has been increased to 10% while the fund's investment objective has been amended to better reflect Price's approach and will include a greater weighting to micro, small and large-cap stocks.  These proposed changes to the investment objective will go to a shareholder vote on 22 May. Many closed-ended funds have ventured further ...