Aberdeen Japan Investment Trust PLC
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Investor Warning

Please be aware of scams that can affect investors.

Read our investor warning

 

NMPI Status

The Company currently conducts its affairs so that securities issued by Aberdeen Japan Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Aberdeen Japan Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for Aberdeen Japan Investment Trust

 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 23-Oct-2014

Ord
Price370.50p
NAV412.85p
Prem/-Disc-10.26%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Trust Details

Aberdeen Japan Investment Trust PLC (formerly Aberdeen All Asia Investment Trust PLC)

Registered Office:
Bow Bells House
One Bread Street
London
EC4M 9HH

Registered in England as an Investment Company Number 3582911

 

Aberdeen Japan Investment Trust PLC

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.

 
 

Aberdeen Japan Investment Trust PLC, Annual Report for year ended 31 March 2014
Flavia Cheong, Investment Director

In this webcast Flavia Cheong gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 
 

The Company’s investment mandate was changed on 7 October 2013 following approval by Shareholders. 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 Investment Manager.

The Company’s new name is Aberdeen Japan Investment Trust PLC.

Further details are provided in the announcement attached below.

Announcement
 
 

 

Manager's Monthly Report

September 2014

Market Review

Japanese equities posted gains in both sterling and local currency terms in September, driven by the weakness in the yen and expectations of further economic stimulus. Economic data was soft during the month, as the consumption tax hike earlier in the year continued to weigh on sentiment.

The outlook among large manufacturers improved in the September-quarter on the back of the weaker yen, whereas the services sector suffered a loss of confidence. Prime minister Abe reshuffled and replaced two-thirds of his cabinet, as the administration attempts to regain momentum for third-arrow reforms.

Portfolio Review

In September, we took partial profit in Asahi Intecc, Unicharm and Nippon Paint, on the back of price strength. With the proceeds, we topped up Yahoo Japan, Nabtesco, Japan Tobacco and Fanuc as their valuations remained attractive.

In portfolio-related news, Fanuc raised its full-year profit forecast substantially, citing growth in some segments of the IT industry. This could reflect surging demand for its Robodrill high-precision cutting machines used to cut out metal casings for mobile phones. Separately, the industrial robot maker will acquire land in the Tochigi prefecture to increase capacity of its main products, including the top-earning computer numerical controls, which control machine tools and robots.

In second-quarter results, baby products maker Pigeon reported better-than-expected earnings. Cost management and an improved product mix offset the post-tax hike drop in domestic demand.

FCC downgraded its earnings outlook due to higher-than-expected start-up costs at its US plant.

On a positive note, Astellas Pharma’s prostate cancer drug Xtandi received US regulatory approval that allows it to be used as a pre-chemotherapy treatment. In clinical trials, Xtandi significantly improved overall survival rates vis--vis competitors.

Outlook

The Federal Reserve’s imminent pullback from quantitative easing, with an expected rise in interest rates, have put markets on edge. Alongside, global economic growth remains weak, particularly in Europe and China. These uncertainties, as well as the continued impact of a sales tax hike on the Japanese economy, have raised the ante for policymakers – and added volatility to the markets. At the fundamental level, Japanese corporates remain optimistic, albeit with a tinge of cautiousness. Consumption has taken longer to rebound, compared to the previous tax hike in 1997, and there are concerns that a continued slide in the yen could hurt the economy. This again, puts the spotlight on Japan’s policymakers, as a decision looms on the next sales tax hike. Overall, we remain circumspect, instead taking comfort in our holdings’ solid fundamentals, which should enable them to weather the current economic headwinds.


Source: Monthly Factsheet Aberdeen Asset Managers Limited