US equity weight usually rises further. You have not split “the world” and “the US” into separate piles.
Orukan
What Is Orukan? Understanding Global Equity Investing
Orukan is the Japanese nickname for eMAXIS Slim All Country, a worldwide equity index fund. This page is about the structure behind that name: which markets the index includes, why the United States can be a large share, and what changes when another fund is added.
What the name actually points to
Orukan comes from “all country.” In Japan it almost always means eMAXIS Slim All Country, one fund in the eMAXIS Slim index series from Mitsubishi UFJ Asset Management. It is not the name of the whole series.
All Country, or worldwide equity, is a range: stocks in developed and emerging markets. The nickname, the series, and the range sit at different levels. Another firm’s worldwide equity fund can cover a similar range and still differ in index, cost, and how closely it follows that index.
Investing worldwide does not mean each country gets the same weight.
Where the money roughly sits
eMAXIS Slim All Country aims to track the MSCI All Country World Index, including dividends, in yen terms. The bars round the manager’s monthly report as of 30 June 2026.
In that report, Japanese equities were about 5% of net assets, developed equities excluding Japan about 80%, and emerging equities a bit above 10%. The United States was about 60% of the country list. Decimals are dropped here. Weights move with market value. This is not a live holding.
Worldwide is not an equal split
This kind of global stock index weights markets by size, not by counting countries. Larger markets take a larger share. The US stock market is large, so a worldwide fund can still be heavy in the United States.
Diversification can mean more companies, more countries, more regions, or more industries. A long country list does not give every country the same weight. Market-cap weighting lets the larger markets stay larger.
A wide country list and an equal regional mix are different designs.
Orukan and the S&P 500: the choice underneath
This is a short comparison. Which one rises more depends on the market. The longer comparison is on the compare page.
The choice is whether you want the world’s stock markets, or a portfolio concentrated in large US companies.
| Question | Orukan | S&P 500 |
|---|---|---|
| Range | Stocks worldwide | The United States |
| US exposure | High, not the whole fund | US large companies |
| Japan | Included | Not included |
| Emerging markets | Included | Not included |
| Regional mix | Wider | Concentrated in the US |
| Market you are choosing | Global equities | The US equity market |
What “is one fund enough?” actually depends on
One worldwide fund can hold a very large number of stocks. It is still an equity holding. Whether that is enough depends on your time horizon, a market drop, cash, bonds, and equities you already hold.
The number of funds and a finished mix of asset types are different questions. A worldwide equity fund does not add cash, bonds, principal protection, or a promise of small swings.
- How long the money can stay invested
- Whether a large stock-market drop is tolerable
- Whether cash is set aside for living costs
- Whether you also want bonds or another asset type
- Whether money needed within a few years is mixed in
- Whether other equity funds are already held
- Whether you want to raise one region on purpose
- Whether the whole balance sheet is already mostly stocks
A mix depends on your time horizon, how large a drop you can accept, and the equities you already hold.
What another fund actually adds
Before adding a fund, ask which exposure grows. Do not stop at the fact that the count of funds went up.
The Japan weight goes up.
The emerging-market weight goes up.
Developed markets can overlap in the same countries and companies.
More funds is not the same thing as more diversification.
How to read the cost
The trust fee is a cost that continues while you hold the fund. Over a long hold, a gap between funds that track a similar market can remain in the result. Today’s rate is in the fund materials.
The printed trust fee may not be the whole cost of holding. Difference from the index, trading, and changes in fund size also show up in how the fund is run. Read the monthly report and the fund page for the figures.
- How the trust fee compares with other funds tracking a similar market
- Difference from the index, and how much that difference moves
- Assets in the fund, and how long it has been running
- How easily it trades, and whether your broker offers it
How to place Orukan inside NISA
Orukan is a fund nickname. NISA is a tax account system. They are not the same layer. Which quota can hold a fund depends on that product’s eligibility, not on the nickname. The Tsumitate quota and the Growth quota use different product rules.
The monthly report as of 30 June 2026 says eMAXIS Slim All Country is eligible for both the Growth quota and the Tsumitate quota. A distributor may not offer it the same way, and a tax change can rewrite the line. Check the current prospectus and the institution.
Phrases that get mixed up
Orukan invests equally in every country
What holdsIt does not. This kind of global index weights markets by size.
A worldwide fund has no US concentration
What holdsIt includes the world, and the United States is still a large share.
Buying Orukan finishes your asset mix
What holdsThe holdings are broad, and the asset type is still equities.
Adding the S&P 500 always diversifies more
What holdsIt usually raises the US equity weight.
More funds means more diversification
What holdsFunds that hold the same markets mostly overlap.
Every worldwide equity fund is the same
What holdsIndex, cost, tracking, and size can differ.
Where to go next
Once the range is clear, move to the series, the comparison, product facts, or the NISA rules.
eMAXIS Slim
The map of the series. Orukan is one fund inside it.
Orukan and the S&P 500
Worldwide equities, or US large companies.
Funds
Fees and size belong on the published product page.
Explore investments
The wider door, not only funds.
NISA
The account, and how the two quotas differ.
Ask AI
Questions that depend on residency, time, or an amount.
Questions people actually ask
What is Orukan?
It is the Japanese nickname for all-country, and it almost always means eMAXIS Slim All Country. It is not the name of the whole eMAXIS Slim series.
Which countries does it invest in?
It aims to track a global equity index of developed and emerging markets. As of the 30 June 2026 report, the United States was about 60% and Japan about 5%. Those weights move.
Why is the US share so large?
The index weights markets by size. A worldwide list is not an equal split by country.
How is Orukan different from the S&P 500?
Orukan is worldwide equities. The S&P 500 is large US companies. Japan and emerging markets are in one and not the other. Which one rises more depends on the market ahead.
Is Orukan alone enough?
One fund can still be only equities. Time horizon, a market drop, cash, bonds, and equities you already hold are the checks. The mix depends on time horizon, a market drop, cash, bonds, and equities you already hold.
Does holding Orukan and the S&P 500 diversify more?
Not necessarily. Orukan already has a large US share. Adding the S&P 500 usually raises that share.
Can Orukan be used in NISA?
The nickname does not decide it. The 30 June 2026 report says the fund is eligible for both quotas. Confirm the current prospectus and your broker.
Is it the same as every other worldwide equity fund?
A similar range can still differ in index, cost, tracking, and size. Matching names are not enough.
Turn this into your own question
After the market weights are clear, questions that depend on residency, time horizon, or an amount can go to Ask AI. Check a product’s fee and NISA status in its documents first.
eMAXIS Slim All Country monthly report (as of 30 June 2026) · eMAXIS fund page · Financial Services Agency: NISA · National Tax Agency: NISA
This explains how to read a worldwide equity fund. It is not a suggestion to buy, and it does not forecast results. Regional weights, fees, and NISA eligibility change. Money you invest can fall in value.