Orukan performance in JPY: actual fund and pre-launch reference data

Orukan brings shares in companies around the world into one Japanese investment fund. Its long-term rise has included severe falls. To understand the record, start by separating the actual fund from the reference data used for the years before it existed.

Data cutoff: 2026-08-31. Japanese analysis updated: 2026-09-01. Translation checked: 2026-09-11. This is a localized edition of the existing analysis, not a new market-data update. All fund values and examples are in Japanese yen (JPY), not US dollars. Tables use a decimal point and commas to group thousands.

What is Orukan?

Orukan is the nickname of eMAXIS Slim All Country Equity (All Country), a Japanese investment fund launched on 2018-10-31. It invests in developed- and emerging-market equities, including Japan, and aims to track the MSCI All Country World IndexindexA measure built using published selection and weighting rules. An investable fund tracking it also has costs and tracking differences. with dividends, expressed in yen. It generally does not hedge currency exposure: both overseas share prices and exchange ratesexchange ratesThe prices at which currencies are exchanged. Unhedged foreign holdings can gain or lose value in JPY even if their local share prices are unchanged. affect its net asset valuenet asset valueThe fund's net assets divided by its units. This Japanese fund quotes NAV in JPY per 10,000 units; the quoted unit convention matters. (NAV).

Think of one basket containing shares in many companies and countries. DiversificationdiversificationSpreading exposure across investments to reduce dependence on one holding or market. It cannot eliminate market-wide losses. reduces dependence on one holding, but it does not prevent a broad market loss. At launch the NAV was JPY 10,000 per 10,000 units. The official record through the data cutoff shows a high of JPY 39,019 on 2026-08-14 and a low of JPY 8,102 on 2020-03-24.

NISA is a Japanese tax-advantaged investment system. Eligibility shown here describes the Japanese fund and system; it does not establish availability or tax treatment in another country.

Where does the MSCI ACWI invest?

At 2026-07-31, the index contained 2,460 large- and mid-cap stocks across 23 developed and 24 emerging markets: 47 countries in total. It covered approximately 85% of the global investable equity opportunity set. These are index figures, not the fund’s own holdings. Country weights are not equal, and they change with markets and index reviews.

Why does the history start in 2000 if the fund launched in 2018?

There was no actual Orukan NAV before 2018-10-31. The 2000–2018-10-30 portion is a reference reconstruction supplied with the original analysis, based on MSCI ACWI Net Returns in JPY. It represents yen conversion, reinvestment of dividends after withholding tax, and no currency hedge. It is not a live fund track record.

The reconstruction is scaled to the fund’s launch NAV using Reference_NAV_t = 10,000 × Index_t ÷ Index_2018-10-31. Annual changes for 2012–2018 matched MSCI material to one decimal place. The continuous index series for 2000–2011 and the underlying sequence used for reference NAV averages, highs and lows have not been independently reproduced. Those figures remain explicitly unverified reference values.

Annual NAV levels and returns

NAV is the fund’s price per stated number of units. The table shows annual average, low, high and return. “※” identifies reference reconstruction; “*” identifies the incomplete 2026 year. Reference-period averages came from supplied aggregates: without the original daily or monthly sequence, the averaging method cannot be independently checked. Actual fund figures from 2019 onward were checked against MUFG Asset Management’s official daily CSV.

The 2026 average uses daily observations through 2026-08-31. The calendar-year return of +16.6% compares JPY 38,905 with the last official 2025 observation, JPY 33,365 on December 30. The +16.11% figure elsewhere compares it with the first 2026 observation, JPY 33,507 on January 5. These starting points are different.

How far did NAV move within each year?

A year-end return does not tell you how difficult the path was. The next table sets each year’s first official daily NAV, P0, to zero and measures the highest and lowest change from that point. It does not use intraday share prices. The 2018 row starts on the fund’s launch date; 2026 runs only to the data cutoff.

A decline from P0 is not a maximum drawdownmaximum drawdownA fall from a preceding peak. Maximum drawdown is the largest peak-to-subsequent-trough fall in the measured period, not a calendar-year return.. In 2020, the largest fall from the first observation was −29.97%. The fall from the later peak of JPY 12,241 on February 21 to JPY 8,102 on March 24 was −33.81%. A drawdown measures a fall from a preceding peak, not necessarily the start of the year.

No P0 analysis is supplied for 2000–2017. Inferring a starting value from annual averages, highs and lows would introduce unsupported data.

Annual returns and the compounded pace

Across the 26 completed years from 2000 to 2025, the supplied annual series had 17 positive years and 9 negative years. The best was 2013 at +49.3%; the worst was 2008 at −53.1%. These statistics include pre-launch reference values and exclude the incomplete 2026 year.

The arithmetic mean simply averages the annual returns. The reference compounded annual rate, +8.01%, expresses the overall growth as an equivalent steady yearly pace. It does not mean that every year gained 8.01%, that an investor actually held Orukan in 2000, or that 8.01% is an expected future return. Actual outcomes rise and fall around any such smooth illustration.

The −53.1% figure is a calendar-year loss, not a peak-to-trough drawdown. A maximum drawdown cannot be recalculated for the supplied reconstruction without the continuous series. MSCI’s separate official ACWI Net Returns (JPY) material reports a 65.13% maximum drawdown for 2007-07-13 to 2009-03-09. That is an index statistic, not this fund’s drawdown.

The 2026 monthly record

The fund fell to −3.97% relative to its first 2026 observation in March, then reached +16.45% on August 14. August closes at the final available observation, 2026-08-31. No later months are implied.

Changes from P0 use JPY 33,507 on 2026-01-05. Monthly changes compare the final observation of consecutive months. January’s month-on-month change is omitted because December 2025 is outside this particular table.

Is there a cheaper month to buy?

A month containing a year’s lowest NAV is not the same measure as that month’s average return. Recounting the annual table for 2000–2025 gives January the most annual lows (8) and December the most annual highs (16). A market that trends upward also tends to have earlier lows and later highs; this is not proof of a tradable seasonal rule.

The original monthly sequence was not available for the long reference period. Only seven supplied monthly means were documented: January −0.4%, April +2.4%, August −0.9%, September −0.8%, October +2.0%, November +2.0% and December +2.1%. These are not independently verified. Other months, medians, positive-month rates, extremes and standard deviations were not guessed.

The separate actual-fund calculation for August 2019–2026 uses official month-end observations: mean +1.13%, median +1.10%, and 6 of 8 positive observations (75.0%). It is not combined with the longer reference aggregate of −0.9%. Eight observations are a small sample and do not predict the next August. Currency movements and economic conditions can overwhelm any apparent seasonal pattern.

What past crashes show

A long-term rise can include steep and prolonged falls. Recovery in a past episode does not guarantee the same recovery period next time. Losses and required recoveries are asymmetric: JPY 1,000,000 falling 50% becomes JPY 500,000, which then needs a 100% gain to recover. Losses of 10% and 30% leave JPY 900,000 and JPY 700,000 respectively.

Dot-com bust, 2000–2002

When enthusiasm for internet businesses faded, the reference series fell for three consecutive years: −4.3%, −3.8% and −26.9%. Weak markets can persist for years, not just one dramatic day. Without the underlying continuous series, precise portfolio values and recovery durations were not calculated.

Global financial crisis, 2008–2009

The reference annual returns were −53.1% and then +38.3%. JPY 1,000,000 would become JPY 469,000 after the first year; the next gain would leave approximately JPY 649,000, not the original million. This is a simple illustration using the rounded annual reference returns.

Pandemic shock, 2020

The actual fund reached its all-time low of JPY 8,102 on 2020-03-24, then recovered by year-end. The supplied calendar-year return was +9.0%. A positive full-year result can conceal a severe loss along the way.

Inflation and rate increases, 2022

The actual fund returned −5.6%. Overseas equity weakness was partly cushioned in yen terms by a weaker yen. The manager explains that both underlying asset prices and exchange rates affect NAV.

What would a lump sum have become?

These are hypothetical examples, not the operator’s assets or investment results. The calculation is starting amount × ending NAV ÷ purchase NAV. A fully specified simulation would also require execution dates, dealing NAVs, taxes, fee treatment and unit rounding. The table makes no separate adjustment for those items; ongoing fund expenses already reflected in published NAV are not added back.

The lowest purchase date is identifiable only in hindsight. This is not a proposal to time the bottom. Values for a 2000 or 2010 start and monthly investments of JPY 10,000 or JPY 30,000 were not calculated because the required starting values or monthly purchase prices were unavailable.

Does an all-time high mean the fund is expensive?

A record NAV is not, by itself, a valuation measure. Company earnings, share prices, reinvested dividends and exchange rates all contribute to NAV. Valuation requires other evidence, such as price-to-earnings ratios, profits and interest rates.

Nor does a new high mean safety: the fund’s JPY 39,019 high on 2026-08-14 was followed by JPY 38,905 on August 31. Waiting for a fall can also miss gains before that fall occurs. Separate money needed within a few years, consider whether a severe loss would disrupt everyday finances, and choose a sustainable amount and horizon before deciding on entry timing. Recent strong years alone are not a sound return assumption.

Lump sum or regular contributions?

A lump sum puts all the chosen capital into the market immediately. It benefits earlier if prices keep rising, but suffers the full impact of an immediate fall. Regular contributionsregular contributionsInvesting at scheduled intervals. This spreads purchase dates but neither prevents losses nor guarantees a better result than a lump sum. spread purchase dates and may reduce the emotional burden of buying near a high; in a continuously rising market, some money enters later.

Neither approach is always best. Consider emergency savings, the investment horizon and whether the plan can continue through losses. Combining the approaches is also possible. This article does not supply a backtest of monthly contributions without the necessary purchase-price data.

Orukan, S&P 500 and Nasdaq-100

Orukan emphasizes geographic spread, the S&P 500 focuses on large US companies, and the Nasdaq-100 concentrates on large non-financial companies listed on Nasdaq. Past relative performance does not establish a future winner. With US equities already exceeding 60% of the ACWI at the stated cutoff, adding an S&P 500 fund increases US exposure; owning more products does not necessarily add diversification.

Who might consider it?

It may suit someone seeking one global-equity holding, considering a horizon of 10 years or more, comfortable delegating constituent changes to an index, and able to continue through substantial losses. It may not suit someone who cannot accept loss of principal, needs the money within a few years, deliberately wants a concentrated regional or sector exposure, or seeks short-term trading profits. A global-equity fund does not replace cash, bonds or money earmarked for near-term needs.

Financial terms used here

net asset value

The fund's net assets divided by its units. This Japanese fund quotes NAV in JPY per 10,000 units; the quoted unit convention matters.

diversification

Spreading exposure across investments to reduce dependence on one holding or market. It cannot eliminate market-wide losses.

index

A measure built using published selection and weighting rules. An investable fund tracking it also has costs and tracking differences.

management fee

An ongoing charge borne by the fund. Published NAV generally already reflects fund-level expenses; do not deduct the same fee twice.

exchange rates

The prices at which currencies are exchanged. Unhedged foreign holdings can gain or lose value in JPY even if their local share prices are unchanged.

compounded annual rate

The constant annual growth rate equivalent to a change over a specified period. A reference CAGR may include reconstructed data and is not a forecast.

maximum drawdown

The largest fall from a preceding peak to a subsequent trough within the measured series. It is different from a calendar-year return.

NISA

Japan's tax-advantaged investment system, subject to eligibility and allowance rules. It does not determine tax treatment outside Japan.

regular contributions

Investing at scheduled intervals. This spreads purchase dates but neither prevents losses nor guarantees a better result than a lump sum.

lump sum

Investing an amount at one time instead of spreading purchases across dates. The amount is exposed to subsequent market movements immediately.

Questions to keep in perspective

Was the 2000 NAV real? No. Approximately JPY 4,020 is a reference reconstruction; the fund did not exist. Does the 8.01% compounded rate forecast returns? No. It summarizes a specific mixed reference/actual period. How far can a future crash go? This analysis cannot predict the depth.

Is one Orukan holding enough? It can cover a global-equity allocation, but not every financial need. Can it be bought through NISA? It is listed for both Japanese allowances at the source-check date; check availability with the relevant Japanese financial institution. Should you buy in September or at a record high? Neither a calendar pattern nor NAV alone establishes a suitable investment decision.

Reading the record responsibly

The actual fund begins in October 2018. The longer 2000–2025 statistics include reference reconstruction and show 17 positive years, 9 negative years and an 8.01% reference compounded rate. The worst annual reference return was −53.1%, a different measure from maximum drawdown. Month-of-year patterns and all-time highs need context. The practical starting point is an amount and horizon that remain manageable through substantial losses.

Sources, method and update record

The annual table in the Japanese analysis used the supplied deep-research-report.md. Its pre-launch component is not independently reproducible for every period. Annual means, medians, the reference compounded rate, population standard deviation, positive/negative streaks and high/low-month counts were recalculated from the supplied annual observations. Monthly reference means remain explicitly unverified.

Official fund CSV data through 2026-08-31 were retrieved for the Japanese update on 2026-09-01. That update recalculated August returns, 2026 changes from P0, year-start analysis, illustrations and actual-fund August seasonality. Index composition is dated 2026-07-31; completed-year statistics end in 2025. Translation preserves these cutoffs.

1. MUFG Asset Management: fund information
2. MUFG Asset Management: daily NAV CSV (data through 2026-08-31; retrieved 2026-09-01)
3. MUFG Asset Management: benchmark definition
4. MUFG Asset Management: prospectus
5. MSCI ACWI Index: composition at 2026-07-31
6. MSCI ACWI factsheet
7. MSCI World JPY factsheet: ACWI Net Returns JPY comparison
8. Japan FSA: NISA regular-investment eligible products
9. Rakuten Securities: fund NAV, net assets and highs/lows
10. S&P Dow Jones Indices: S&P 500
11. Nasdaq: Nasdaq-100 factsheet

The separate scenario outlook (Japanese) discusses possible future conditions. It should not be confused with the historical evidence on this page.

Investment disclaimer: This article provides information, not a recommendation to buy or sell a product. Historical results and reference reconstructions do not guarantee future outcomes. Investments can lose value. Tax rules and product availability depend on the investor’s jurisdiction and circumstances.