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Jetzt in Japan investieren: Die Gründe, die Top-Fonds
GMO rät zu einer höheren Japan-Gewichtung.
Märkte
GMO, der bekannte Value Asset Manager von Jeremy Grantham plädiert für eine höhere Gewichtung japanischer Aktien. Laut GMO sind sie in einem Umfeld hoher Bewertungen und geopolitischer Unsicherheiten gut positioniert, um attraktive Renditen zu liefern. Dennoch sind viele Anleger untergewichtet. TiAM FundResearch gibt ihnen daher einen Überblick über die besten Japan-Fonds.
18.03.2025 | 14:30 Uhr von «Jörn Kränicke»
Der durchschnittliche internationale Aktienfonds hält eine Untergewichtung von 6,9 Prozent im Vergleich zur MSCI EAFE-Benchmark. GMO rät daher dazu, dass es an der Zeit ist, diese Lücke zu schließen – und sogar noch weiter zu gehen, indem Japan übergewichtet wird.
Drei Hauptgründe sprechen für Investitionen in Japan
Ausstieg aus der Deflation verbessert das makroökonomische Umfeld:
Jahrzehntelange Deflation in Japan führte zu geringem Wachstum und niedriger Investitionsbereitschaft. Nun haben steigende Preise und Löhne diesen Trend umgekehrt. Die Bank of Japan erhöhte die Zinsen, und das nominale BIP soll 2025 mit 3,4 % deutlich stärker wachsen als im Durchschnitt der letzten Jahre.
Unternehmensreformen haben einen Wendepunkt überschritten:
Japanische Unternehmen stehen unter zunehmendem Druck, ihre Kapitalrenditen zu verbessern. Aktienrückkäufe sind stark gestiegen, wechselseitige Unternehmensbeteiligungen werden abgebaut, und Übernahmen – auch durch ausländische Investoren – nehmen zu. Diese Entwicklungen zwingen Unternehmen, effizienter zu arbeiten und aktionärsfreundlicher zu agieren.
Attraktive Bewertungen und solide Bilanzen bieten eine Sicherheitsmarge:
Trotz globaler Unsicherheiten bleiben japanische Unternehmen finanziell stabil und profitieren von diversifizierten Exportmärkten. Kleine Value-Aktien in Japan gelten derzeit als besonders attraktiv, und die günstige Bewertung des Yen bietet zusätzliches Renditepotenzial für internationale Investoren.
Hohe Japan-Gewichtung von GMO
Ende 2024 hatte GMO in seiner Benchmark-Free Allocation Strategy (BFAS) – der flexibelsten und benchmarkunabhängigsten Multi-Asset-Strategie – fast 28 Prozent des Aktienportfolios in Japan investiert (zum Vergleich: 4,8 % im MSCI ACWI). Die stärker benchmarkorientierte Global All Country Equity Allocation Strategy (GEAS) hielt fast das Dreifache der Benchmark-Gewichtung für Japan.
Fazit: Japan bietet eine einmalige Gelegenheit für Anleger, die auf attraktive Bewertungen, robuste Fundamentaldaten und eine neue Ära der Unternehmensführung setzen wollen.
Japan-Fonds im Überblick
| Name | ISIN | tgl. Perf. 1 Jahr | tgl. Perf. seit 1.1. | tgl. Perf. 3 Jahre | tgl. Perf. 5 Jahre |
|---|---|---|---|---|---|
| Morgan Stanley Japanese Equity Fund (JPY) A | LU0512093542 | 13,68% | -0,51% | 54,35% | 116,73% |
| JPMorgan Investment Funds - Japan Strategic Value Fund A (acc) - JPY | LU0329204209 | 13,29% | 0,53% | 41,03% | 111,97% |
| UI - Four Seasons Alpha Max Japan Fund Q JPY | LU1865177098 | 9,59% | 0,01% | 28,24% | 55,72% |
| JPMorgan Funds - Japan Equity Fund A (acc) - USD | LU0210527361 | 9,55% | -2,42% | 16,99% | 61,15% |
| Man Japan CoreAlpha Equity Class D H EUR Shares | IE00B5648R31 | 9,53% | -1,28% | 93,89% | 173,78% |
| UBS (L) FS - MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis | LU1230561679 | 8,68% | -1,45% | 15,85% | 41,71% |
| iShares MSCI Japan GBP Hedged UCITS ETF (Acc) | IE00B7XYN974 | 8,40% | -4,53% | 73,70% | 154,85% |
| Vitruvius Japanese Equity B EUR | LU0117772284 | 8,26% | -4,65% | 61,06% | 99,76% |
| iMGP Japan Opportunities C EUR HP | LU0204988207 | 8,25% | 0,42% | 73,38% | 117,01% |
| Alma Eikoh Japan Large Cap Equity Fund I JPY Capitalisation | LU1013116519 | 8,13% | -0,77% | 34,97% | 101,39% |
| ERSTE Responsible Stock Japan EUR R01 (T) (EUR) | AT0000697073 | 8,10% | -2,05% | 22,96% | 55,48% |
| BNP Paribas Japan Small Cap Classic Cap | LU0069970746 | 7,89% | -6,23% | 17,93% | 57,90% |
| DWS Invest CROCI Japan LCH | LU1769942233 | 7,85% | -0,95% | 68,68% | 153,65% |
| Franklin Japan Fund A (acc) JPY | LU0116920520 | 7,82% | 1,45% | 37,37% | 86,12% |
| Swisscanto (LU) Equity Fund Small & Mid Caps Japan AT | LU0123487463 | 7,32% | -2,98% | 24,54% | 53,50% |
| PrivilEdge - Alpha Japan (JPY) PA | LU2191964589 | 6,85% | -3,54% | 27,41% | |
| WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc | IE00BYQCZJ13 | 6,55% | -3,11% | 88,42% | 168,97% |
| AMUNDI FUNDS Equity Japan Target AJ (C) | LU0568583008 | 6,50% | 1,10% | 32,63% | 51,16% |
| iShares MSCI Japan USD Hedged UCITS ETF (Acc) | IE00BCLWRG39 | 6,41% | -7,28% | 78,23% | 156,65% |
| UBS (Lux) Equity Fund - Japan Sustainable (JPY) P-acc | LU0098994485 | 6,38% | -0,88% | 26,77% | 76,75% |
| JPMorgan Investment Funds - Japan Sustainable Equity Fund A (acc) - JPY | LU0070214613 | 6,37% | -1,76% | 21,73% | 61,83% |
| Nomura Funds Ireland - Japan Strategic Value Fund A JPY | IE00B3VTHJ49 | 5,98% | 1,64% | 41,25% | 108,63% |
| CT (Lux) Japan Equities ZE | LU2656572810 | 5,91% | -4,50% | ||
| Schroder ISF Japanese Opportunities JPY A Acc | LU0270818197 | 5,72% | -2,05% | 27,37% | 72,71% |
| M&G (Lux) Japan Fund JPY A Accumulation | LU1797807986 | 5,38% | -1,75% | 36,01% | 98,12% |
| Amundi Funds Japan Equity Value - A2 JPY (A) | LU0248702192 | 5,34% | -0,55% | 13,20% | 43,87% |
| CT Japan Fund Retail Acc EUR | GB00B0WHP703 | 5,06% | -4,30% | 27,31% | 76,83% |
| E.I. Sturdza Funds - Nippon Growth (UCITS) Fund JPY M | IE00B45CFP81 | 5,02% | -3,63% | 41,45% | 116,83% |
| Pictet - Japanese Equity Selection HP EUR | LU0248317363 | 4,72% | -2,62% | 55,33% | 150,64% |
| Danske Invest - Japan A | LU0193802039 | 4,43% | -1,47% | 34,17% | 78,95% |
| Pictet - Japanese Equity Opportunities P dy JPY | LU0208610880 | 4,40% | -2,40% | 22,38% | 73,47% |
| Matthews Asia Funds - Japan Fund A Acc USD | LU1220257304 | 4,40% | -4,84% | 22,70% | 67,31% |
| Amundi Japan TOPIX UCITS ETF - Daily Hedged EUR EUR thesaurierend | LU1681037864 | 4,39% | -3,82% | 65,97% | 117,11% |
| iShares MSCI Japan SRI UCITS ETF USD (Acc) Share Class | IE00BYX8XC17 | 4,38% | -1,03% | 12,11% | 45,74% |
| UBAM - SNAM Japan Equity Sustainable IC JPY (Thesaurierung) | LU1861470497 | 4,32% | 0,84% | 21,49% | 55,22% |
| AXA IM Japan Equity A JPY | IE0008366589 | 4,21% | -4,83% | 23,71% | 45,27% |
| HSBC ETFs PLC - HSBC Japan Sustainable Equity UCITS ETF USD Acc | IE00BKY55S33 | 4,20% | -2,91% | 33,37% | |
| Nippon Portfolio (A) JPY | AT0000955596 | 4,15% | -1,42% | 20,83% | 52,18% |
| T. Rowe Price Funds SICAV - Japanese Equity Fund A | LU0230817339 | 4,12% | 0,22% | 1,11% | 20,60% |
| Xtrackers MSCI Japan ESG UCITS ETF 1C | IE00BG36TC12 | 4,04% | -3,90% | 20,73% | 47,89% |
| The Jupiter Global Fund - Japan Select Class L USD Acc | LU0425093290 | 3,85% | -1,14% | 19,43% | 53,77% |
| Edmond de Rothschild Fund Japan A | FR0010976555 | 3,82% | -8,14% | 13,99% | 38,45% |
| SPDR MSCI Japan UCITS ETF JPY | IE00BZ0G8B96 | 3,72% | -3,39% | 29,15% | 64,35% |
| Candriam Sustainable Equity Japan - C Part (C) | LU1434526460 | 3,58% | -2,24% | 14,88% | 39,39% |
| BNY Mellon Japan Small Cap Equity Focus Fd EUR A Acc | IE00BFLQDQ87 | 3,47% | -5,96% | -11,15% | 29,43% |
| M&G (Lux) Japan Smaller Companies Fund JPY A Accumulation | LU1797818082 | 3,46% | -1,82% | 28,77% | 122,51% |
| Swisscanto (LU) Equity Fund Systematic Responsible Japan AA | LU1900092112 | 3,38% | -4,62% | 27,92% | 54,08% |
| Pictet - Japan Index - P dy JPY | LU0208606854 | 3,36% | -3,48% | 26,58% | 60,83% |
| Goldman Sachs Japan Equity Partners Portfolio Base Acc Snap | LU1217870671 | 3,31% | -3,67% | 21,80% | 67,60% |
| Nordea 2 - Japanese Responsible Enhanced Equity Fund - BI - EUR | LU1648401823 | 3,06% | -1,72% | 28,73% | 71,30% |
| BlackRock Global Funds - Japan Small & MidCap Opportunities Fund A2 EUR | LU0171289068 | 2,98% | -4,04% | 12,21% | 46,19% |
| MFS Meridian Funds - Japan Equity Fund A1 EUR | LU0219423752 | 2,96% | -0,44% | 17,44% | 49,92% |
| L&G Japan Equity UCITS ETF DE | DE000A2PADQ2 | 2,95% | -2,68% | 26,99% | 65,61% |
| Invesco MSCI Japan Universal Screened UCITS ETF Acc | IE00BMDBMV87 | 2,88% | -2,26% | 24,95% | |
| Fidelity Sustainable Research Enhanced Japan Equity UCITS ETF Acc JPY | IE00BNGFMX61 | 2,84% | -4,57% | 27,51% | |
| UBS (Irl) MSCI Japan Universal UCITS ETF (JPY) A-acc JPY | IE00BNC0MD55 | 2,74% | -3,06% | 27,26% | |
| BNP Paribas Japan Equity Classic Cap | LU0012181748 | 2,72% | -3,91% | 23,00% | 61,10% |
| Schroder ISF Japanese Equity JPY A Acc | LU0106239873 | 2,68% | -2,14% | 11,52% | 49,62% |
| Invesco Japanese Equity Advantage Fund A Acc JPY | LU0607514717 | 2,50% | -1,77% | 7,21% | 40,69% |
| iShares Core MSCI Japan IMI UCITS ETF USD (Acc) | IE00B4L5YX21 | 2,48% | -1,79% | 24,81% | 61,73% |
| CPR Renaissance Japon P | FR0010469312 | 2,43% | -1,53% | 22,93% | 46,15% |
| BlackRock Global Funds - Japan Flexible Equity Fund A2 EUR | LU0212924608 | 2,35% | -4,94% | 29,19% | 74,78% |
| State Street Japan ESG Screened Index Equity Fund I | LU1159239604 | 2,27% | -2,88% | 26,80% | 57,38% |
| Eurizon Fund - Equity Japan LTE - Z EUR acc | LU0335978358 | 2,22% | -3,92% | 25,67% | 60,35% |
| Russell Investment Company Japan Equity Fund A Acc | IE0003506866 | 2,21% | -3,69% | 21,52% | 51,75% |
| Swisscanto (CH) IPF I Index Equity Fund Japan Responsible NT | CH1225622724 | 2,20% | -3,74% | ||
| Amundi MSCI Japan UCITS ETF Acc | LU1781541252 | 2,11% | -2,92% | 28,09% | 58,66% |
| Vanguard FTSE Japan UCITS ETF | IE00B95PGT31 | 2,11% | -2,50% | 25,72% | 64,17% |
| Fidelity Funds - Japan Value Fund A-ACC-Euro | LU0413543058 | 2,09% | -1,05% | 26,19% | 93,55% |
| UBS (Lux) Fund Solutions - MSCI Japan UCITS ETF (JPY) A-dis | LU0136240974 | 2,07% | -2,89% | 26,07% | 56,03% |
| Goldman Sachs Japan Equity (Former NN) - P Cap JPY | LU0082087783 | 2,04% | -2,84% | 26,10% | 78,13% |
| Deka MSCI Japan Climate Change ESG UCITS ETF | DE000ETFL318 | 1,91% | -2,76% | 18,05% | 36,35% |
| PineBridge Japan Equity Fund A USD Acc | IE00B0VPN609 | 1,89% | -5,27% | 26,24% | 53,66% |
| BNP Paribas Easy Japan ESG Filtered Min TE | LU1291102447 | 1,83% | -1,55% | 26,61% | 58,35% |
| Goldman Sachs Japan Equity Portfolio Base Shares (Acc.) (Snap) | LU0234695293 | 1,79% | -2,97% | 23,45% | 68,48% |
| Fidelity MSCI Japan Index Fund P-ACC-USD | IE00BYX5N334 | 1,74% | -2,78% | 26,28% | 63,82% |
| Amundi MSCI Japan ESG Climate Net Zero Ambition CTB - UCITS ETF Dist | LU2300294746 | 1,71% | -2,30% | 24,08% | |
| iShares MSCI Japan UCITS ETF USD (Acc) | IE00B53QDK08 | 1,70% | -2,27% | 24,90% | 61,14% |
| Deka MSCI Japan UCITS ETF | DE000ETFL300 | 1,69% | -2,97% | 23,13% | 51,07% |
| Vanguard Japan Stock Index Fund Investor USD | IE0007292083 | 1,63% | -2,82% | 25,61% | 63,01% |
| Xtrackers MSCI Japan ESG Screened UCITS ETF 1D | IE00BPVLQD13 | 1,53% | -3,74% | 22,96% | 51,88% |
| Amundi Funds Japan Equity Engagement - A EUR (C) | LU1926208726 | 1,52% | -5,24% | 9,28% | 25,21% |
| Amundi ETF - PEA Japan TOPIX ETF - EUR | FR0013411980 | 1,44% | -2,97% | 25,08% | 54,66% |
| AMUNDI INDEX SOLUTIONS-AMUNDI JPX-NIKKEI 400 - UCITS ETF - JPY | LU1681039050 | 1,43% | -2,23% | 26,99% | 57,10% |
| Swisscanto (CH) Index Equity Fund Japan Responsible NT | CH1224025382 | 1,38% | -3,75% | ||
| JPM Japan Research Enhanced Index Equity (ESG) UCITS ETF - USD (acc) | IE00BP2NF958 | 1,28% | -3,34% | ||
| Amundi Japan TOPIX II UCITS ETF EUR Dist | FR0010245514 | 1,19% | -2,93% | 24,16% | 51,82% |
| abrdn SICAV I - Japanese Sustainable Equity Fund A Acc JPY | LU0011963674 | 1,18% | -3,26% | 12,85% | 38,40% |
| PineBridge Japan Small Cap Equity Fund A3 JPY Acc | IE0030417830 | 1,06% | -0,24% | -10,44% | 15,01% |
| iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) Share Class | IE00BFNM3L97 | 1,05% | -2,34% | 24,18% | 61,85% |
| AXA IM Japan Small Cap Equity A JPY | IE0008366696 | 0,90% | -1,70% | -7,95% | 2,18% |
| Fidelity Funds - Sustainable Japan Equity Fund A-Euro | LU0069452018 | 0,78% | -3,30% | 7,56% | 53,70% |
| Amundi Prime Japan UCITS ETF DR (D) | LU1931974775 | 0,64% | -2,67% | 26,73% | 55,76% |
| iShares Japan Equity Index A2 USD | LU0836512888 | 0,59% | -2,96% | 22,87% | 62,13% |
| iShares MSCI Japan ESG Enhanced UCITS ETF USD (Dist) | IE00BHZPJ346 | 0,58% | -1,97% | 21,98% | 58,39% |
| iShares Japan Index Fund - EUR D Acc | IE00BDRK7T12 | 0,50% | -3,52% | 22,60% | 55,61% |
| abrdn SICAV I - Japanese Smaller Companies Sustainable Equity A Acc JPY | LU0278936439 | 0,38% | 0,40% | 2,70% | 20,58% |
| Allianz Fonds Japan - A - EUR | DE0008475112 | 0,31% | -3,93% | 20,81% | 58,86% |
| DWS Nomura Japan Growth LC | DE0008490954 | 0,23% | -4,81% | 49,86% | 117,56% |
| Xtrackers MSCI Japan UCITS ETF 1C | LU0274209740 | 0,17% | -3,32% | 25,41% | 55,62% |
| Allianz Japan Equity A (USD) | LU0348751388 | 0,17% | -3,88% | 20,42% | 58,21% |
| Invesco MSCI Japan UCITS ETF | IE00B60SX287 | 0,06% | -2,81% | 25,02% | 55,30% |
| KBC Equity Fund Asia Pacific (auss.) | BE0152250578 | 0,04% | -3,11% | 7,15% | 28,72% |
| Ossiam Bloomberg Japan PAB NR UCITS ETF - 1C (EUR) | LU1655103643 | -0,32% | -2,88% | 19,80% | 48,30% |
| DekaLux-Japan CF | LU0048313653 | -0,37% | -2,97% | 19,57% | 55,32% |
| Janus Henderson Horizon Japanese Smaller Companies Fund A2 USD | LU0011890265 | -0,42% | 1,82% | 7,98% | 52,18% |
| BNP Paribas Easy MSCI Japan SRI S-Series PAB 5% Capped UCITS ETF Cap | LU1753045845 | -0,60% | 0,98% | 0,79% | 24,84% |
| Invesco Nippon Small/Mid Cap Equity Fund A Acc JPY | LU0028119526 | -0,99% | -5,85% | -3,31% | 24,57% |
| Janus Henderson Horizon Japan Opportunities Fund A2 USD | LU0011889929 | -1,23% | -1,47% | 24,80% | 66,21% |
| Schroder ISF Japanese Smaller Companies JPY A Acc | LU0106242315 | -1,27% | -1,87% | -2,67% | 24,69% |
| HSBC MSCI JAPAN ETF | IE00B5VX7566 | -1,66% | -4,22% | 22,89% | 52,64% |
| Comgest Growth Japan JPY Acc | IE0004767087 | -1,80% | -5,71% | -2,45% | 17,99% |
| TBF Japan EUR R | DE000A1WZ3Y1 | -1,82% | -5,42% | 35,16% | 77,71% |
| Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF | IE000I8IKC59 | -1,87% | -1,44% | 9,71% | |
| Baillie Gifford Worldwide Japanese Fund Class B EUR acc | IE00BYW73306 | -1,95% | -0,29% | 0,79% | 27,86% |
| Fidelity Funds - Japan Growth Fund I-ACC-JPY | LU0261965585 | -2,38% | -3,31% | 13,72% | 53,18% |
| iShares Nikkei 225 (R) UCITS ETF (DE) | DE000A0H08D2 | -2,40% | -5,99% | 24,60% | 56,57% |
| Amundi Index MSCI Japan SRI PAB - UCITS ETF DR (C) | LU2233156749 | -2,42% | -1,43% | 1,36% | |
| BL - Equities Japan B | LU0578148453 | -2,53% | -4,54% | 5,58% | 22,10% |
| Xtrackers Nikkei 225 UCITS ETF 1C | LU2196470426 | -2,69% | -6,83% | 25,40% | |
| Xtrackers Nikkei 225 UCITS ETF 1D | LU0839027447 | -2,70% | -6,83% | 22,40% | 51,76% |
| iShares Nikkei 225 UCITS ETF JPY (Acc) | IE00B52MJD48 | -2,80% | -6,39% | 23,47% | 55,27% |
| Capital Group Fund Japan Equity B USD | LU0235150835 | -3,61% | -3,61% | 9,51% | 57,28% |
| SPDR® MSCI Japan Climate Paris Aligned UCITS ETF JPY (Acc) | IE00BQQPV184 | -3,62% | -3,87% | 9,05% | |
| UBS (Irl) ETF plc - MSCI Japan Climate Paris Aligned UCITS ETF (JPY) A-acc | IE00BN4Q0X77 | -4,10% | -2,66% | 9,66% | |
| GAM Japan Equity A EUR | LU0289132739 | -5,60% | -0,49% | -2,52% | 22,87% |
| Allianz Japan Smaller Companies Equity A EUR | LU1941710565 | -6,07% | -4,61% | 4,66% | 26,11% |
| GAM Star Japan Leaders Ordinary EUR Acc | IE0003012535 | -6,81% | -3,39% | -5,30% | 14,50% |
| Nomura Japan High Conviction Fund A EUR | IE00BBT38246 | -12,01% | -6,71% | -16,62% | 8,81% |
| UBAM - Angel Japan Small Cap Equity APC JPY (Thesaurierung) | LU0306284893 | -15,13% | -8,08% | -22,94% | 1,24% |
| UI - Four Seasons Alpha Max Japan F JPY | LU1728552297 | ||||
| Franklin FTSE Japan UCITS ETF Acc | IE000D0T0BO1 | -3,12% | |||
| BNP Paribas Easy Sustainable Japan ETF EUR Capitalisation | IE000YARBD10 | -1,27% | |||
| Ofi Invest ISR Actions Japon A | FR0013392065 | -3,47% |
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