Japan

Fidelity and Man GLG also winners

Improved engagement

More 'realistic valuations'

Underperformed other developed markets

Few individual stocks have generated as much excitement this year as the US FANGs: Facebook, Amazon, Netflix, and Google (now Alphabet).

Usage reaching a tipping point

Increased cash weightings

So far this year, we have seen Japan's equity market rising on the back of a supportive global backdrop, a relatively stable currency and healthy corporate earnings growth.

Better outlook for inflation

With many asset classes having been pumped up to high valuations by central bank stimulus, we are concerned that investors are no longer receiving particularly generous rewards for taking market risk.