The objective of the GLG Japan Core Alpha Retail fund is to achieve capital growth by investing in the quoted securities of Japanese companies. The fund is predominantly invested in securities of companies listed on Japan's stock markets. It is suitable for an investor who requires broad exposure to Japanese equities, and who is prepared to accept a higher than average level of investment risk.

GLG Partners bought Societe Generale in February 2009. GLG are a US based hedge fund and have an ongoing relationship with Societe Generale, so the impact of this deal is expected to be minimal. Stephen Harker and Neil Edwards who both benefit from strong backgrounds in economics continue to manage the fund. Both managers joined the fund in January 2006; since then the fund's relative performance has been exceptional, developing a large lead over the benchmark index.

The asset allocation is shown above, and the relative performance of the fund is given in the table below. Please bear in mind that the value of investments and any income can go down as well as up and you may not get back the amount you invested.