Factsheet and Information Brochure
Factsheet
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Fund rules (191 kB)
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Periodic reports
Sustainability SFDR (1078 kB)
Annual review (PF) (3182 kB)
Semi-annual report (PF) (197 kB)
Marketing material
Brief fund information
Summary SFDR (168 kB)
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Pre-contractual SFDR (1090 kB)
Handelsbanken Japan Tema (A1 SEK)
Legal name: Handelsbanken Japan Tema (A1 SEK)
Equity Fund Registered in Sweden (UCITS)
Bid
About risk
Historical yields are not a guarantee of future returns. A fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount. Note that a fund with risk level 5-7, as stated in the fund's fact sheet (KID), can vary greatly in value due to the fund's composition and management methodology. The prospectus, fund rules and KID are available under each fund. Summary of investors' rights.
The fund is actively managed and invests in equities issued by companies in Japan and thereby has a currency exposure to this market.
The thematic investment strategy provides for investments that occur in a limited area in which development is deemed to result in a structural change to the economy and society. This change provides favorable conditions for companies active within the area to create profitable growth over time.
For this fund, the fund company's Enhanced exclusion level applies. For information about sectors that the fund excludes, see the Detailed information tab.
The fund is reported as an Article 8 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
The thematic investment strategy provides for investments that occur in a limited area in which development is deemed to result in a structural change to the economy and society. This change provides favorable conditions for companies active within the area to create profitable growth over time.
For this fund, the fund company's Enhanced exclusion level applies. For information about sectors that the fund excludes, see the Detailed information tab.
The fund is reported as an Article 8 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Fund manager
Hiromi Okazawa Experience in the fund industry 2002. Portfolio Manager since 1 January 2024.
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The risk indicator provides guidance on the risk level for this product relative to other financial products. It shows the likelihood that the product will decrease in value due to market performance. Risk level 1 represents a low risk and risk level 7 is a high risk.
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31.12.2025
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The rating shows which funds have historically posted the strongest performance in relation to risk. Ratings are denoted by a scale of one to five stars, with five as the highest rating. A fund must have a performance history of at least three years to receive a rating.
Read more about the fund's rating |
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This fund promotes environmental and social characteristics through its investments but does not have sustainable investments as its objective. As a result, the fund takes into consideration the environment and climate, as well as human rights, employees’ rights and corruption. The fund is reported as an Article 8 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR). |
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31.10.2025
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The sustainability rating is developed by the fund information company Morningstar. The rating measures how well the fund's investee companies manage sustainability risks relative to other funds within the same global Morningstar category. If the fund has invested in government bonds issued by sovereign states, the respective country's sustainability risk is included in the calculation. The analyzed funds can receive a sustainability rating between 1 and 5 globes, with 5 as the highest rating. The fund complies with the UN Principles for Responsible Investments. |
Graph
Performance
| Rate 06.02.2026 | 1 week | 1 month | 3 months | 2026 | 1 year | 5 years | 10 years |
|---|---|---|---|---|---|---|---|
| 132.91 SEK | 1.70% | -0.43% | -5.71% | 1.60% | 1.22% | 19.33% | 124.62% |
Portfolio 26.01.2026
Portfolio manager comments — Q4 2025
The fourth quarter was characterized by several distinct phases in the Japanese equity market. Initially, the market rose sharply, driven by expectations surrounding the inauguration of the new government. This was followed by a period of weaker performance for growth stocks as interest rates increased. Toward the end of the quarter, the market stabilized through a rotation toward value stocks and a broader-based rally, led by the TOPIX index.
During the period, the Nikkei Index reached a historical peak above 52,000 yen. At the same time, during the second half of the quarter, a correction in highly valued stocks took place alongside increased sector and style rotation.
In October, Japan appointed its first female prime minister, which came as a positive surprise for both domestic and international investors. Foreign investors increased their purchases of Japanese equities, encouraged by expectations of a more active fiscal policy and greater stability in US–Japan relations following the bilateral summit. In early November, however, semiconductor‑ and AI‑related stocks, which had led the October rally, entered a correction phase. Concerns regarding the new government’s expansionary fiscal policy contributed to a sharp rise in long‑term interest rates.
In December, market focus shifted from highly valued growth companies toward value and financial stocks. The Bank of Japan raised its policy rate by 0.25 percentage points, pushing long‑term Japanese yields above 2% for the first time in approximately 18 years. This provided clear support to bank and insurance stocks.
The style pattern became particularly evident in December, with value indices significantly outperforming growth indices. At the same time, structural changes in the Japanese equity market continued, with several management buyouts (MBOs), tender offers (TOBs), and delistings during the quarter, alongside increased engagement from activist investors.
Against this market backdrop, the fund performed very strongly during the first half of the quarter. Performance was primarily driven by overweights in large, high‑yielding companies such as SoftBank Group, as well as in AI‑related stocks. As market leadership later shifted from growth to value stocks, the fund’s relative performance weakened during the second half of the quarter, mainly as a result of the ongoing style rotation.
During the period, the fund also participated in two initial public offerings, Tekscend and NS Group. As part of the ongoing structural changes in the equity market, the simplification of cross‑shareholdings between parent and subsidiary companies also served as an important driver. The fund’s holding in SCSK became subject to a takeover offer from its parent company, implying a premium of approximately 30%.
Looking ahead, we will continue to monitor how changes in the macroeconomic landscape affect the market and different investment styles. At the same time, careful stock selection will remain the most important source of the fund’s long‑term value creation.
Portfolio distribution 31.12.2025
Geographic breakdown 31.12.2025
