Interim Management Statement

RNS Number : 2700A

Aberdeen Japan Investment Trust PLC

17 February 2014

 



Aberdeen Japan Investment Trust PLC

Interim Management Statement

To the members of Aberdeen Japan Investment Trust PLC (the 'Company'):

Aberdeen Japan Investment Trust PLC today issues its Interim Management Statement for the period 1 October 2013 to 14 February 2014 in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

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.

Benchmark

Topix Index (in Sterling terms) - from 8 October 2013

MSCI All Countries Asia Pacific (including Japan) Index (in Sterling terms) - to 7 October 2013

Material events

At the General Meeting of the Company on 7 October 2013 the proposal to change from an All Asia to a Japan only mandate was approved and the Company was renamed Aberdeen Japan Investment Trust PLC.

The new investment objective is 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. The new investment policy also provides for the underlying Yen net exposure to be appropriately Sterling hedged at levels to be determined from time to time by the Board in consultation with the Manager.  The new investment policy was implemented immediately following shareholder approval. 

The Company's credit facility remains unchanged at £10 million of which £5.2 million was drawn down and is all Yen denominated with the resulting net asset exposure appropriately sterling hedged based on the proportion of Japan-based revenues in the portfolio.

No shares were bought back by the Company between 1 October 2013 and the date of this IMS.

On 20 November 2013, the Company announced its half yearly financial report for the six months to 30 September 2013.

The Board is not aware of any other portfolio transactions or events which have occurred during the period which would have a material impact on the financial position of the Company.

For the latest Manager commentary please refer to the Factsheet published each month on the Company's website, www.aberdeenjapan.co.uk*, where the most recent Net Asset Value ('NAV') of the Company and share price may also be found.

Ten largest equity holdings at 31 December 2013

Company	%
Shin-Etsu Chemical	5.2
FANUC	4.7
Keyence	4.6
Canon	4.2
Seven & i Holdings	4.1
Japan Tobacco	3.7
Toyota Motor	3.6
Honda Motor	3.5
Nabtesco	3.5
Bank of Yokohama	3.3
Total	40.4

Country allocation as at 31 December 2013

	Company
	%
Consumer Goods	27.7
Industrials	18.4
Consumer Services	11.3
Health Care	10.4
Basic Materials	9.7
Financials	7.6
Technology	6.4
Telecommunications	2.4
Cash	6.1
Total	100.0

General description of the Company's financial position and performance as at 31 December 2013

Gross Assets	£62.9m
Debt	£5.1m
Cash	£4.0m
Net gearing*	1.9%

^* Net gearing is expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents, divided by shareholders' funds.

Cumulative performance (%)

	As at
	31/12/13	1 month	3 months	6 months	1 year	3 years	5 years
Share Price		1.1	-3.1	-4.5	4.1	25.5	115.8
NAVA		-0.9	-0.6	-2.3	5.9	21.6	95.3
Composite Benchmark		1.0	5.1	7.8	21.2	28.9	81.5

Discrete performance (%)

Year ending	31/12/13	31/12/11	31/12/10	31/12/09	31/12/08
Share Price	4.1	19.0	1.3	27.2	35.2
NAVA	5.9	14.1	0.6	24.0	29.5
Composite Benchmark	21.2	11.4	-4.6	14.9	22.5

Total return; NAV to NAV, net income reinvested, GBP.  Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

Performance for all periods up to 7 October is measured against the MSCI All Countries Asia Pacific (including Japan) Index and performance after 7 October is measured against the Japan TOPIX Index (in sterling terms).

^A Including current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

Please note that past performance is not necessarily a guide to future performance. The value of shares may go down as well as up, and an investor may not get back the amount invested.

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen Japan Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

17 February 2014

 

END

 

 

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