Schroder Japan Growth hits new highs – Schroder Japan Growth says that the year to 31 July 2017 has been an excellent one for its shareholders, with the NAV and share price reaching the highest levels in the company’s history. The NAV outperformed the TSE First Section Total Return Index, producing a total return of 20.4%, compared with 16.8% produced by the Index. The share price also performed strongly, producing a total return of 22.4% over the period, as the discount narrowed from 10.7% to 9.5%. The directors have declared a final dividend for the year ended 31 July 2017 of 3.50p per share, representing an increase of 25.0% over the final dividend paid in respect of 2016.
Net gearing was generally 10-12% and this contributed positively given the strong market. Sector and stock selection were also beneficial. The largest stock contributors were in technology (e.g. Disco and Fujitsu) and financials (e.g. life insurer T&D Holdings). Detractors included holdings in more defensive areas such as Santen Pharmaceutical and telecommunications company KDDI.
SJG : Schroder Japan Growth hits new highs