Santander Japan Equities aims to grow capital and generate income by primarily investing in Japanese listed companies, typically allocating around 90% of its equity portfolio to Japan. It also includes up to 20% in shares of companies from other developed markets. The fund maintains a small portion in cash or similar instruments and may invest indirectly through other funds. Additionally, it actively manages the portfolio using derivatives to manage risk and enhance returns, ensuring a focused and diversified investment approach within developed markets.