Aberdeen Japan Investment Trust PLC
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Investor Warning

Please be aware of scams that can affect investors.

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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.

 

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-Jul-2014

Ord
Price373.50p
NAV412.92p
Prem/-Disc-9.55%


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

June 2014

Market Review

Japanese equities rose in June and led gains in the region, after the government finalised its new reform plan for economic growth. Highlights included lowering the effective corporate tax rate from the current level of around 36% to below 30% over several years, as well as improving corporate governance to enhance shareholder value.

Portfolio Review

In June, we introduced Suruga Bank, a regional lender that pursues a deliberate strategy of lending to those that have difficulties gaining access to credit through ‘traditional’ commercial banking channels. Through its unique customer focus where it sees limited competition, Suruga Bank earns the highest margins in the industry. The bank has a strong track record of keeping credit costs low, thanks to its proprietary automated screening system. Against this, we top-sliced Shimano, Bank of Yokohama, Daito Trust, Asics Corp and USS following relative price strength.

In M&A news, we are positive about Yahoo Japan’s attempt to strengthen its settlement infrastructure to become a key local player. It will acquire 65% of credit card company KC Card for 22.8 billion yen, making it a subsidiary. We will monitor the company’s integration of the business, in view of its botched attempt to acquire eAccess from Softbank earlier this year. Meanwhile, Japan Tobacco will acquire UK e-cigarette maker Zandera, boosting its foray into the rapidly expanding e-cigarette market. This is in line with its strategy to develop new products.

Toyota Motor will launch a hydrogen-powered car in Japan by the end of this fiscal year. It will be sold in Europe and the US by next summer. While Toyota remains the leader in hybrid-engine vehicles, it faces several challenges, including the lack of refuelling stations to establish a similar leadership for these hydrogen-powered cars.

In corporate results, Pigeon benefited from steady growth in China and local cost cutting measures.

Outlook

We are however encouraged by the administration’s push for better corporate governance, which is reflected in measures such as the formation of the JPX-Nikkei 400 index and the introduction of a Stewardship Code. We believe that such measures can raise incentives for companies to improve payouts and shareholder returns.


Source: Monthly Factsheet Aberdeen Asset Managers Limited