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JPMorgan Asset Managements Japan equity fund is betting on undervalued industrial-related shares to shine amid a potential market rally driven by a weakening yen, rising capital expenditures and improving corporate earnings.

The $459 million

JPM The Japan fund is bullish on companies such as machinery maker IHI Corp. and infrastructure firm

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JGC Holdings Corp., Daisuke Nakayama, a fund manager at the firm, said in an interview. The fund has returned 3.2% this year, beating 80% of its peers, according to data compiled by Bloomberg. Japans benchmark Topix Index is up 1.3% for 2022, while the Nikkei 225 is down 1.4%.