Half-year Report

RNS Number : 8887P
Aberdeen Japan Investment Trust PLC
23 November 2016
 

23 November 2016

 

 

ABERDEEN JAPAN INVESTMENT TRUST PLC

HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016

 

 

INVESTMENT OBJECTIVE

To achieve long-term capital growth principally through investment in listed Japanese companies which are believed by the Investment Manager to have above average prospects for growth.

 

 

CHAIRMAN'S STATEMENT

 

Overview

The Company's share price total return was almost 14% during the period helped by both a slight tightening of the discount and the slide in sterling following the Brexit referendum result, including the effect of the hedge which, as expected, reduced the sterling related gain. The market in Japan was more settled than in the preceding 12 months and some signs of better growth have started to emerge.

 

The underlying portfolio outperformed the benchmark by 0.6% over the six month period continuing the delivery of good returns, averaging about 17.9% p.a., which is 4.5 % p.a. above the benchmark since the start of the current mandate almost 3 years ago.  The Manager's success in investing in companies with niche strengths, good governance and long term commitment to delivering returns to shareholders has produced this strong underlying portfolio performance despite economic headwinds in Japan in terms of a stubbornly strong yen, disappointingly slow progress in Abenomics, and weak global growth for much of the period.

 

In contrast to this positive portfolio performance, the sterling hedge produced a substantial loss of 9.3% during the period as a result of the 16% sterling devaluation vs the yen following the EU referendum in the UK in June.  This unexpectedly sharp depreciation of sterling has turned the cumulative result of the hedge from virtually neutral at the end of the previous period to a reduction of about 2.7% p.a., although since the end of the period the yen has weakened. The Board, in consultation with the Manager, keeps the appropriate level of the sterling hedge under review in the light of the underlying yen exposure in the portfolio.    

 

A detailed analysis of the portfolio's performance during the period and of a resilient outlook, despite the continuing challenges in Japan's economy, is set out in the Manager's Review.

 

Dividend

A final dividend of 4.2p per ordinary share in respect of the year ended 31 March 2016 (2015 - 2.6p) was paid to shareholders on 8 July 2016. This was the level needed to maintain investment company status.

 

Gearing

The Board monitors the level of gearing and considers a gearing level of around 10% to be appropriate, although, with stock market fluctuations, this may range between 5% -15%.   Gearing as at 30 September 2016 was 12.8%.

 

Outlook

The Company's portfolio is focused on good quality companies with fundamentals superior to their benchmark peers based on the Manager's strategy of investing in well governed companies providing an exposure not only to the domestic economy, but also to the fastest growing economies and sectors globally. The growing acceptance of corporate governance principles provides your Manager with increasing access to the management of the corporations that make up your Company's portfolio and an unparalleled view of corporate developments on the ground which supports the underlying long term outperformance.  Ongoing engagement efforts include discussions with Aeon Financial Service and Kansai Paint about their potentially dilutive capital raising, and with retail group Seven & i on the more effective use of capital. A recent success story was Shin-Etsu Chemical's scrapping of its poison-pill plan after your Manager's consistent engagement over several years. It is clear that some Japanese companies are becoming more considerate of minority shareholders, which will be to the benefit of all investors, including your Company.

 

Looking ahead, the slow pace of fundamental change in domestic Japan and other global headwinds are likely to limit growth in domestic corporate earnings.  Abenomics has to date underperformed against  investors' expectations while the central bank's recent tweaks to correct the impact of negative interest rates have yet to produce significant results.  Nevertheless, your Manager's approach of seeking out the best companies through its strict screening process has amply proved its value and your Board remains confident that the underlying investments in your Company's portfolio retain their solid fundamentals and their long-term prospects remain positive.

 

Principal Risks and Uncertainties

The Company's risks are regularly monitored at Board meetings and the Board believes that the Company is resilient to most short term operational risks which are effectively mitigated by the internal controls of the Manager and Depositary. Analysis and mitigation of other longer term and more strategic risks are managed by the Board.

 

The principal risks and uncertainties facing the Company have been identified as follows:

· Investment strategy risk

· Investment risk

· Reputation

· Regulatory compliance risk

· Performance risk

· Share price and discount risk

 

The principal risks have not changed since the publication of the 2016 Annual Report and Accounts. Further details of the remaining risks are provided on pages 9 to 10 of that Report which is available on the Company's website www.aberdeenjapan.co.uk. 

 

Related Party Transactions

Any related party transactions during the period are disclosed in the Notes to the Financial Statements. There have been no related party transactions that have had a material effect on the financial position of the Company during the period.

 

Going Concern

The Company's assets consist of equity shares in companies listed on the Tokyo Stock Exchange and in most circumstances are realisable within a short timescale.  The Board has set limits for borrowing, foreign exchange contract positions with regards to hedging and regularly reviews actual exposures, cash flow projections and compliance with banking covenants. The Board believe that the Company has adequate resources to continue its operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the accounts.

 

 

Neil Gaskell

Chairman

 

22 November 2016

 

 

INVESTMENT MANAGER'S REPORT

 

Overview

The Japanese stockmarket posted flattish returns in local currency terms during the six months to the end of September. For the initial months of the period under review, global markets softened on falling commodity prices and Britain's shock vote to exit the European Union. Compounding the issues in Japan was investors' disappointment with the Bank of Japan's (BoJ) stimulus package. The resulting market turmoil and heightened risk aversion led to a flight to safe havens, including gold and the yen, which appreciated against all major currencies. Global sentiment soon recovered, on the back of a Wall Street rally and increased optimism surrounding prime minister Shinzo Abe's upper house election victory, which brought hopes for more economic and structural reforms. Investors were cheered when the central bank doubled its annual purchase of exchange-traded funds and adjusted its quantitative easing strategy, targeting long-term rates instead of the quantity of money being injected in a bid to steepen the yield curve. The policy shift is expected to ease the pressure on the banking sector's profits, which had been squeezed by the BoJ's earlier decision in the year to impose negative short-term rates.

 

Japan's economic indicators remained mixed. Sentiment among large manufacturers improved in the third quarter, as leading indicators showed the sector returning to expansion. Industrial output expanded by more than expected. Tourism continued to show solid growth in the first half of 2016, with arrivals reaching a high of 11.5 million visitors. Conversely, exports tumbled in August, whereas imports also fell sharply. Although household incomes edged higher, average household spending deteriorated in tandem with a worse-than-expected jobless rate. Unsurprisingly retail sales contracted, with large retailers suffering the brunt of the decline.

 

In politics, Prime Minister Shinzo Abe's Liberal Democratic Party and its coalition won the July upper house election by a landslide, partly a result of the lack of a viable opposition. Speaking after the results, Abe underscored the need to accelerate Abenomics to meet the public's expectations. The administration's subsequent fiscal measures however have been relatively muted, despite Abe's promise to lift the economy from its malaise. With the LDP and its coalition partner now controlling a two-thirds majority in the upper and lower houses of parliament, the administration also has the mandate to call for a national referendum on changing Japan's pacifist constitution, which may heighten political tension with its neighbours.

 

Portfolio review

The Trust's net asset value (NAV) total return per share rose by 13.0% in sterling terms over the period, compared to the benchmark index's total return of 21.8%. The equities holdings for the Trust returned 24.3% on a gross basis (before expenses), whilst the sterling hedge cost the Trust 9.3% as the Yen strengthened against the Company's sterling base currency. While the hedge worked against the Trust in the period under review, it has been beneficial in mitigating the yen's weakness in prior years. Meanwhile, the equities holdings' outperformance was largely driven by positive stock selection. In a challenging period for the Japanese equity market, share prices of corporates with solid balance sheets, established management teams and resilient profit generation have broadly outperformed the market.

 

Among the notable contributors to the outperformance were the Trust's holdings in basic materials. Shin-Etsu Chemical, a specialty chemicals manufacturer, was buoyed on expectations of price increases in the PVC and silicon wafer businesses. This was reflected in its decent quarterly results, which were underpinned by improving margins. Meanwhile, Kansai Paint and Nippon Paint both lifted returns, as they posted robust earnings, driven by lower input costs and brisk demand for products from emerging markets.

 

Holdings in the industrials sector also lifted performance, as sensor manufacturer Keyence reported better-than-expected full-year results, with good sales across all regions on the back of strong demand for factory automation. Elsewhere, diversified industrials parts maker Nabtesco gained on rising orders at its construction equipment and robotics businesses. In the health care sector, Chugai Pharmaceutical continued to show progress with its development pipeline.

 

Among the holdings that detracted from performance were shares of Aeon Financial Service which fell on the issue of ¥34 billion in new shares and ¥30 billion in convertible bonds, cash which was used to repay existing debt and improve its capital ratios. The raising of funds, which will dilute the stake of existing shareholders by 13%, is also in anticipation of the company's IT investments in the near term, and may impact its ability to replenish its capital requirements. While the company's track record has been positive and we remain confident on the company's future prospects, we are monitoring these investments in the nearer-term. We did not subscribe to the issue.

 

Meanwhile, Japan Tobacco's share price lagged the benchmark's rise on concerns of a loss in market share to competitor Philip Morris, which launched new electronic cigarette products. Japan Tobacco had introduced a similar product, but initial limited supply could not keep up with strong demand for the product. The company intends to ramp up its manufacturing and marketing efforts in the near term.

 

Also impacting performance was domestic resort developer Resorttrust, as resort membership sales this year waned in comparison to last year's better sales that were fuelled by the launch of an urban resort in Kobe. Higher depreciation at its newly-opened health check-up facility also weighed on profits. However, Resorttrust's growth outlook remains favourable, with a healthy development pipeline for resorts in Japan, coupled with steady demand for such facilities.

 

In portfolio activity, we introduced systems integrator SCSK, which has a significant presence in the financials, manufacturing and distribution sectors. Its mid to long-term growth potential appears promising, as it shifts towards a larger proportion of fee-generating projects, and given its vigilance in keeping its projects profitable. The business is also backed by a robust balance sheet and stable cash flow generation. Elsewhere, we participated in Kansai Paint's share buyback, and took partial profits after a period of outperformance. We used the proceeds to add to several of the Trust's holdings, including retail conglomerate Seven & i Holdings.

 

Outlook

Looking ahead, the global economy continues to be subdued amid weak inflation, with policymakers struggling to make headway in boosting economic growth. International trade indicators have continued to show signs of weakness, and uncertainties abound, including the prospect of a rate hike by the US Federal Reserve in December and the expected start of Brexit negotiations in March 2017.

At home, business sentiment is showing signs of recovery, but the overall macroeconomic environment remains challenging. While the strength of the yen has not been as dire as predicted on corporate profits, consumption remains weak due to low wage growth. The government's exhortation for corporates to raise wages offers a path out of deflation, but the reluctance in the business community presents an obstacle. With monetary policy increasingly lacking efficacy, a recently approved fiscal package should support some improvement in household spending and government infrastructure spending. However, the outlook for business investment remains bleak.

 

With this backdrop, we remain cautious. Corporate earnings are expected to stay muted, although stronger companies should continue to post consistent results. Corporate balance sheets in Japan remain resilient, and a gradual recognition of the importance of good governance amongst Japan's corporates should lead to improvements in capital efficiency. In this environment, we believe our investments in well-run businesses, coupled with our active engagement with their management teams, will prove to be beneficial for the longer-term performance of the Trust.

 

Aberdeen Investment Management Kabushiki Kaisha

Investment Manager

 

22 November 2016

 

 

FINANCIAL HIGHLIGHTS

 

As at

As at



30 September 2016

31 March
2016

% change

Total assets{A} (£'000)

102,268

42,460

13.3

Total equity shareholders' funds (£'000)

89,344

79,723

12.1

Net asset value per share

573.5p

511.3p

12.2

Share price (mid-market)

505.0p

447.5p

12.8

Share price discount to net asset value

11.9%

12.5%


Dividend paid per share{B}

4.20p

2.60p



{A}      Excludes foreign currency bank loans of £12,924,000 (31 March 2016 - £10,523,000)

{B}      Dividend for the year ended 31 March 2016 was 4.20p (2015 - 2.60p) per share.

 

 

PERFORMANCE (TOTAL RETURN){C}


Six months ended

Year ended

8 October 2013 to

Total return{C}

30 September 2016

30 September 2016

30 September 2016{D}

Share price

+13.9%

+15.5%

+51.4%

Net asset value per share

+13.0%

+26.7%

+56.8%

Index

+21.8%

+32.2%

+45.3%


{C}        Total return represents capital return plus dividends reinvested.

{D}        Since the change to Japan-only mandate.

 

 

INVESTMENT PORTFOLIO

As at 30 September 2016

 


Valuation

Total assets

Company

Sector

£'000

%

Shin-Etsu Chemical Company

Chemicals

5,500

5.4

Japan Tobacco Inc

Tobacco

4,946

4.8

Seven & i Holdings Company

General Retailers

4,881

4.8

Keyence Corporation

Electronic & Electrical Equipment

4,635

4.5

KDDI Corporation

Mobile Telecommunications

4,119

4.0

Nabtesco Corporation

Industrial Engineering

4,086

4.0

Amada Holdings Company

Industrial Engineering

3,869

3.8

Fanuc Corporation

Industrial Engineering

3,666

3.6

Chugai Pharmaceutical Company

Pharmaceuticals & Biotechnology

3,588

3.5

Toyota Motor Corporation

Automobiles & Parts

3,558

3.5

Top ten investments


42,848

41.9

East Japan Railway Company

Travel & Leisure

3,230

3.2

Astellas Pharma Inc

Pharmaceuticals & Biotechnology

3,057

3.0

Daito Trust Construction Company

Real Estate Investment & Services

2,901

2.8

Suruga Bank

Banks

2,784

2.7

Daikin Industries

Industrial Engineering

2,523

2.5

Pigeon Corporation

Personal Goods

2,475

2.4

Honda Motor Company

Automobiles & Parts

2,393

2.3

Sysmex Corp

Health Care Equipment & Services

2,375

2.3

Unicharm Corporation

Personal Goods

2,319

2.3

Kansai Paint Company

Chemicals

2,242

2.2

Top twenty investments


69,147

67.6

San-A Company

Food & Drug Retailers

2,146

2.1

Mandom Corporation

Personal Goods

2,071

2.0

Makita Corporation

Household Goods & Home Construction

2,014

2.0

Yahoo Japan Corporation

Software & Computer Services

2,006

2.0

Nippon Paint Holdings

Chemicals

1,930

1.9

Daibiru Corporation

Real Estate Investment & Services

1,884

1.8

Canon Inc

Technology Hardware & Equipment

1,687

1.7

Mitsubishi Estate Company

Real Estate Investment & Services

1,648

1.6

Aeon Financial Service Company

Financial Services

1,639

1.6

Resorttrust Inc

Travel & Leisure

1,568

1.5

Top thirty investments


87,740

85.8

Calbee Inc

Food Producers

1,566

1.5

Shimano Inc

Leisure Goods

1,564

1.4

USS Company

General Retailers

1,405

1.4

Denso Corporation

Automobiles & Parts

1,403

1.4

Concordia Financial Group

Banks

1,302

1.3

Japan Exchange Group Inc

Financial Services

1,300

1.3

Asics Corporation

Personal Goods

1,259

1.2

Asahi Intecc Company

Health Care Equipment & Services

1,085

1.1

SCSK Corporation

Software & Computer Services

990

1.0

Aisin Seiki Company

Automobiles & Parts

519

0.5

Total investments


100,133

97.9

Net current assets{A}


2,135

2.1

Total assets


102,268

100.0





{A} Excludes bank loans of £3,041,000

Unless otherwise stated, Japanese stock is held and all investments are equity holdings.

 

 

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (unaudited)

 

Six months ended


30 September 2016


Revenue

Capital

Total


£'000

£'000

£'000

Gains/(losses) on investments

-

20,031

20,031

Income (note 2)

968

-

968

Investment management fee (note 11)

(148)

(222)

(370)

Administrative expenses

(170)

(3)

(173)

Exchange (losses)/gains

-

(9,959)

(9,959)


_________

_________

_________

Net return before finance costs and taxation

650

9,847

10,497





Finance costs

(24)

(36)

(60)


_________

_________

_________

Net return on ordinary activities before taxation

626

9,811

10,437





Taxation on ordinary activities (note 4)

(97)

-

(97)


_________

_________

_________

Net return on ordinary activities after taxation

529

9,811

10,340


_________

_________

_________





Return per Ordinary share (pence) (note 6)

3.39

62.96

66.35


_________

_________

_________





The total column of this statement represents the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Condensed Statement of Comprehensive Income.

All revenue and capital items in the above statement derive from continuing operations.

The accompanying notes are an integral part of the financial statements.

 

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Cont'd)

 

Six months ended


30 September 2015


Revenue

Capital

Total


£'000

£'000

£'000

Gains/(losses) on investments

-

(14,827)

(14,827)

Income (note 2)

798

-

798

Investment management fee (note 11)

(138)

(208)

(346)

Administrative expenses

(172)

(8)

(180)

Exchange (losses)/gains

-

512

512


_________

_________

_________

Net return before finance costs and taxation

488

(14,531)

(14,043)





Finance costs

(13)

(20)

(33)


_________

_________

_________

Net return on ordinary activities before taxation

475

(14,551)

(14,076)





Taxation on ordinary activities (note 4)

(80)

-

(80)


_________

_________

_________

Net return on ordinary activities after taxation

395

(14,551)

(14,156)


_________

_________

_________





Return per Ordinary share (pence) (note 6)

2.62

(96.54)

(93.92)


_________

_________

_________

 

 

CONDENSED STATEMENT OF FINANCIAL POSITION (unaudited)

 


As at

As at



30 September 2016

31 March
2016


Note

£'000

£'000

Fixed assets




Investments at fair value through profit or loss


100,133

88,988



_________

_________

Current assets




Debtors


836

625

Cash at bank and in hand


1,462

897



_________

_________



2,298

1,522



_________

_________





Creditors: amounts falling due within one year




Foreign currency bank loans

7

(3,041)

(2,476)

Other creditors


(163)

(264)



_________

_________



(3,204)

(2,740)



_________

_________

Net current liabilities


(906)

(1,218)



_________

_________

Total assets less current liabilities


99,227

87,770





Creditors: amounts falling due after more than one year




Foreign currency bank loans

7

(9,883)

(8,047)



_________

_________

Net assets


89,344

79,723



_________

_________





Share capital and reserves




Called-up share capital


1,582

1,582

Capital redemption reserve


2,273

2,273

Share premium


6,656

6,656

Capital reserve

8

76,909

67,162

Revenue reserve


1,924

2,050



_________

_________

Equity shareholders' funds


89,344

79,723



_________

_________





Net asset value per Ordinary share (pence)

9

573.49

511.29



_________

_________

 

 

CONDENSED STATEMENT OF CHANGES IN EQUITY (unaudited)

 

Six months ended 30 September 2016









Capital






Share

redemption

Share

Capital

Revenue



capital

reserve

premium

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 March 2016

1,582

2,273

6,656

67,162

2,050

79,723

Purchase of Ordinary shares to be held in treasury

-

-

-

(64)

-

(64)

Return on ordinary activities after taxation

-

-

-

9,811

529

10,340

Dividend paid (note 5)

-

-

-

-

(655)

(655)


_______

________

_______

_______

_______

_______

Balance at 30 September 2016

1,582

2,273

6,656

76,909

1,924

89,344


_______

________

_______

_______

_______

_______








Six months ended 30 September 2015









Capital






Share

redemption

Share

Capital

Revenue



capital

reserve

premium

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 March 2015

1,459

2,273

-

74,663

1,554

79,949

Issue of Ordinary shares

123

-

6,657

-

-

6,780

Return on ordinary activities after taxation

-

-

-

(14,551)

395

(14,156)

Dividend paid (note 5)

-

-

-

-

(379)

(379)


_______

________

_______

_______

_______

_______

Balance at 30 September 2015

1,582

2,273

6,657

60,112

1,570

72,194


_______

________

_______

_______

_______

_______

 

 

CONDENSED STATEMENT OF CASH FLOWS (unaudited)

 

Six months ended

Six months ended


30 September 2016

30 September 2015


£'000

£'000

Return on ordinary activities before finance costs and taxation

10,497

(14,043)

Adjustment for:



(Gains)/losses on investments

(20,031)

14,827

Realised losses/(gains) on foreign exchange transactions

7,850

(888)

(Decrease)/increase in other creditors

(9)

3

Expenses taken to capital reserve

3

8

Movement in outstanding forward contracts

(292)

361

Overseas withholding tax

(97)

(70)

Increase in accrued income

(24)

(61)

Increase/(decrease) in other debtors

5

(6)


_________

_________

Net cash (outflow)/inflow from operating activities

(2,098)

131


_________

_________




Investing activities



Purchase of investments

(3,091)

(16,714)

Sales of investments

11,974

6,886


_________

_________

Net cash inflow/(outflow) from investing activities

8,883

(9,828)


_________

_________




Financing activities



Bank and loan interest paid

(51)

(33)

Equity dividends paid

(655)

(379)

Proceeds from issue of Ordinary shares

-

6,780

Purchase of own shares to treasury

(64)

-

Movement in bank loans outstanding

-

2,054


_________

_________

Net cash (outflow)/inflow from financing

(770)

8,422


_________

_________

Increase/(decrease) in cash

6,015

(1,275)


_________

_________




Analysis of changes in cash during the year



Opening balance

897

490

Effect of exchange rate fluctuations on cash held

(5,450)

903

Increase/(decrease) in cash as above

6,015

(1,275)


_________

_________

Closing balance

1,462

118


_________

_________

 

 

NOTES TO THE ACCOUNTS (unaudited)

 

 

 

 

 

 

 

 

 

 

10.

Fair value hierarchy


FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company has early adopted Amendments to FRS102 - Fair value hierarchy disclosures issued by the Financial Reporting Council in March 2016. This has not resulted in any reclassifications in levelling and the prior year comparative has been disclosed under the new hierarchy. The fair value hierarchy has the following classifications:




Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.


Level 2: inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.


Level 3: inputs are unobservable (ie for which market data is unavailable) for the asset or liability.




The financial assets and liabilities measured at fair value in the Condensed Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:






Level 1

Level 2

Level 3

Total


As at 30 September 2016

Note

£'000

£'000

£'000

£'000


Financial assets at fair value through profit or loss







Quoted equities

a)

100,133

-

-

100,133


Foreign exchange forward contracts

b)

-

194

-

194




________

________

________

________


Net fair value


100,133

194

-

100,327




________

________

________

________











Level 1

Level 2

Level 3

Total


As at 31 March 2016

Note

£'000

£'000

£'000

£'000


Financial assets at fair value through profit or loss







Quoted equities

a)

88,988

-

-

88,988




________

________

________

________


Total


88,988

-

-

88,988




________

________

________

________


Financial liabilities at fair value through profit or loss







Foreign exchange forward contracts

b)

-

(98)

-

(98)




________

________

________

________


Net fair value


88,988

(98)

-

88,890




________

________

________

________









a)

Quoted equities and preference shares



The fair value of the Company's investments in quoted equities has been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Level 1 are actively traded on recognised stock exchanges.


b)

Foreign exchange forward contracts



The fair value of the Company's investment in foreign exchange forward contracts has been determined in relation to models using observable market inputs and hence are categorised in Level 2.

 

 

 

 

 

 

 

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors are responsible for preparing the Half Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

 

-    the condensed set of Financial Statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);

 

-    the Half Yearly Financial Report includes a fair review of the information required by rule 4.2.7R of the Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and

 

-    the Half Yearly Financial Report includes a fair review of the information required by 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).

 

 

The Half Yearly Financial Report for the six months ended 30 September 2016 comprises the Chairman's Statement, Investment Manager's Review, the Directors' Responsibility Statement and the condensed set of Financial Statements.

 

 

Neil Gaskell

Chairman

 

22 November 2016


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