SA for 36% risk is rather US heavy.

Hmmm. Based on the graph, SA>MT

Just checked one:
Sounds not so good:
If want to read full report need to pay 

Role in Portfolio

This fund is not the best vehicle for investors seeking passive exposure to the Japanese large-cap equity market. An unreasonably high management fee and the availability of peers that track broader and more representative indexes such as the MSCI Japan IMI and Topix means we cannot award this fund a positive rating.

The market-cap-weighted MSCI Japan Index tracks the performance of around 320 large- and mid-cap Japanese companies, which represent around 85% of the total market value. With an ongoing charge of 0.59%, the fund is one of the most expensive exchange-traded funds tracking Japanese equities and much pricier than other ETFs tracking the very same index (for example, the HSBC MSCI Japan ETF with an ongoing charge of 0.19%).

There are also numerous funds that track broader and more representative indexes such as MSCI Japan IMI and FTSE Japan for a lower fee. The excessively high management fee has seen the fund shrink in a market in which rivals have gathered assets.

Fund performance has been uninspiring, having matched or slightly edged out surviving category peers on a risk-adjusted basis over three, five, and 10 years.

The annual tracking difference (fund return less index return) has hovered around the ongoing charge over the past three years. This suggests that the fund has tracked its benchmark tightly (gross of fees). Net of fees, however, the fund has unsurprisingly been one of the worst-performing MSCI Japan trackers.

Investors in all foreign markets should be aware of the potential impact that currency movements can have on returns. For example, a UK investor in the Japanese equity markets is exposed to both the returns on the underlying market and the fluctuations in the pound/yen exchange rate. Although the fund offers broad and representative market exposure, several broader and more representative passive offerings exist.

The fund also charges an indefensibly high fee, which has helped make it one of the worst performing MSCI trackers over recent years. For these reasons, we have awarded this fund a Morningstar Analyst Rating of Neutral.

My completely uncle uneducated guess is that because Mytheo is in part founded by many Japanese, the underlying "algorithm" may be also Japan market biased.

Of course, $$ speaks so we need to see how well it will do in the long run, especially seeing as their own back test says it works...