Aberdeen Japan Investment Trust PLC
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Investor Warning

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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.

 
 

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.

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Past Performance

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

 
 

Daily Data

At close 22-Apr-2014

Ord
Price325.25p
NAV360.23p
Prem/-Disc-9.71%


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 half yearly report for the six months ended 30 Sept 2013
Kwok Chern Yeh, Director and Head of Investment, Japan

In this webcast Kwok Chern Yeh gives an update on a wide range of subjects included the Trust’s performance, the sectoral positioning of the portfolio 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

February 2014

Market Review

Japanese equities fell in February and lagged the broader region, following the yen’s appreciation against the US dollar. Meanwhile, the Bank of Japan expanded its loan programs to induce lending, in response to growth fears after the nation reported lacklustre fourth-quarter GDP growth of 0.7%.

Portfolio Review

In portfolio activity, we introduced AEON Financial Services (AFS), a provider of credit card and consumer finance services. It has a strong base to market its products, thanks to its relationship with largest shareholder AEON Co., while its merger with AEON Bank enables it to lower its funding costs. Additionally, AFS has a successful track record of building its business across Asia.

Most of our holdings’ results either met or exceeded our expectations. Toyota Motor and auto parts maker Denso were bolstered by the weak yen during the reporting period, while their underlying businesses remained robust. Mitsubishi Estate maintained its full-year guidance because of impending redevelopment costs in the fourth quarter. Meanwhile, Seven & i raised its dividend guidance by 3%.

Separately, Canon and AEON Financial Service (AFS) announced share buybacks. Notably, AFS’s share buyback would offset the dilution stemming from its convertible bonds. Nippon Paint will make a third-party allotment of new shares to Singapore’s Wuthelam, a partner in several of Nippon Paint’s overseas business. The allotment, which will result in a 23% dilution, will be in exchange for stakes in various Asian joint ventures with Wuthelam. While we understand Nippon Paint’s interest in consolidating its overseas businesses, we are cautious of the degree of the dilution and the price it will pay for the acquisitions.

Honda Motor will reshuffle its top management and appoint its first foreign operating officer. It will also assign its first external female director to its board, while subsidiary FCC will also appoint its first outside director.

Outlook

Apart from movements in the yen which can cause significant swings in corporate earnings and thus affect stock prices, there are several economic headwinds that Japan is facing this year. The most imminent is the consumption tax hike in April, which will place a financial burden on households and may result in a slowdown in consumption. While the government has prepared a supplementary budget to counter the expected slump in consumption, we will also monitor the outcome of labour unions’ wage negotiations with their employers in April, as maintaining the buying power of households is crucial for supporting Japan’s economic growth.


Source: Monthly Factsheet Aberdeen Asset Managers Limited