Two of the Swedish state pension schemes, AP1 and AP3, overhauled their Japanese portfolios last year, leading to mandate losses for Capital International, Nomura Asset Management and Scottish boutique Martin Currie.

Many active managers struggled to add value in the Japanese markets last year. The Nikkei 225 dropped 13.7% over the the year, while the MSCI Japan fell 5.8%. The median active fund manager produced -9.7%, according to BNY Mellon’s Caps figures, which track pooled products on offer to UK pension schemes.