ABRDN JAPAN INVESTMENT TRUST
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 April 2014 to 31 July 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
No shares were bought back by the Company between 1 April 2014 and the date of this IMS.
Following shareholder approval at the Annual General Meeting held on 15 July 2014, a final dividend of 4.5 pence per Ordinary share was paid on 18 July 2014 to shareholders on the register as at 20 June 2014. The ex-dividend date was 18 June 2014. All other resolutions put to shareholders at the Annual General Meeting were approved.
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 30 June 2014
Company | % |
Shin-Etsu Chemical | 5.1 |
Japan Tobacco | 4.4 |
Keyence | 4.4 |
Seven & i Holdings | 4.0 |
Canon | 4.0 |
FANUC | 3.8 |
Chugai Pharmaceutical | 3.6 |
Nabtesco | 3.5 |
Amada Co | 3.5 |
Toyota Motor | 3.3 |
Total | 39.6 |
Sector allocation as at 30 June 2014
% | |
Consumer Goods | 29.8 |
Industrials | 20.0 |
Consumer Services | 11.7 |
Basic Materials | 10.2 |
Health Care | 10.1 |
Financials | 8.4 |
Technology | 5.7 |
Telecommunications | 2.6 |
Cash | 1.5 |
Total | 100.0 |
Sterling Hedge
% | |
% of portfolio net assets hedged through forward contracts | 49.4 |
Investment policy provides for the Board to arrange an appropriate hedge for the underlying Yen net exposure in Sterling terms using rolling forex forward contracts. Approximately 50% of the Company's Yen net assets are hedged against fluctuations in the Yen/Sterling exchange rate.
General description of the Company's financial position and performance as at 30 June 2014
Gross Assets | £64.5m |
Debt | £5.7m |
Cash | £0.3m |
Net gearing* | 9.2% |
* 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 30/6/14 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | Cumulative since Portfolio Change 7/10/2013 | |
Share Price | 366.0p | 10.6 | 13.3 | 3.8 | 8.4 | 31.3 | 94.0 | 8.2 |
NAVA | 402.6p | 4.5 | 7.7 | 2.7 | 3.9 | 18.3 | 87.7 | 8.7 |
Composite Benchmark | 3.7 | 4.2 | -1.5 | 1.0 | 9.6 | 54.6 | 0.4 |
Discrete performance (%)
30/06/2014 | 30/06/2013 | 30/06/2012 | 30/06/2011 | 30/06/2010 | |
Share Price | 8.4 | 19.8 | 1.1 | 15.5 | 27.9 |
NAVA | 3.9 | 15.9 | -1.7 | 16.1 | 36.7 |
Composite Benchmark | 1.0 | 18.5 | -8.4 | 14.5 | 23.2 |
The investment objective of the Company changed on 7 October 2013, with the Company moving from an All Asia to a Japan only mandate. The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives.
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.
A Including current year revenue.
Source: Aberdeen Asset Managers Limited, Lipper 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
1 August 2014
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