Aberdeen Japan Investment Trust PLC
  (GMT)
» Investment Trust Centre » UK Home

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 24-Nov-2014

Ord
Price442.00p
NAV461.44p
Prem/-Disc-4.21%


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

October 2014

Market Review

Japanese equities fell marginally in sterling terms but rose in yen terms in October, despite heightened volatility. The local bourse declined sharply mid-month, but staged a rebound following the central bank’s move to step up the expansion of its yearly asset purchases. The yen tumbled against most major currencies. The Bank of Japan (BOJ)'s quantitative easing coincides with the Government Pension Investment Fund (GPIF)'s rejig of its asset allocation, substantially cutting the portion of Japanese government bonds in its portfolio while raising its exposure to equities. In politics, two cabinet ministers quit amid funding scandals. While this has raised concerns that proposed reforms may be slowing, Prime Minister Shinzo Abe’s approval ratings have remained higher than his predecessors.

Portfolio Review

There were no major changes to the portfolio in October. Most of our Japanese holdings’ results met our expectations. Among the exceptions were Honda Motor’s disappointing second-quarter earnings; it lowered its full-year sales target in China and Japan as recalls were expected to delay new model launches. Canon’s third-quarter results were mixed and it continued to suffer from weaker demand. However, the company upgraded its full-year profit outlook, thanks to ongoing cost cuts and the weak yen. Canon subsequently announced its third share buyback this year, acquiring some 1.5% of outstanding shares equivalent to 50 billion yen, which we are positive about. Automation equipment maker Keyence announced it would raise dividends for the first time in seven years, following better-than-expected second-quarter results. The decision by Keyence’s management to raise payouts is encouraging, and we believe there is more scope for the company to return excess capital to shareholders. We will continue engaging the company on this matter.

Outlook

With the Bank of Japan’s expansion of monetary easing and the Federal Reserve’s end to its stimulus measures, the divergence between major central banks’ monetary policies has become more pronounced. The immediate effect has been a decline in the value of the yen against major currencies, particularly the US dollar, to a seven year low. Meanwhile, Prime Minister Shinzo Abe has to decide on whether to raise consumption taxes from 8% to 10% next October. The decision, expected by end December and part of the effort for fiscal consolidation, remains contentious: a rise in taxes could lead to a derailing of the administration’s growth program – and ultimately influence the popularity of the administration.


Source: Monthly Factsheet Aberdeen Asset Managers Limited