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Stock selection lets down JPMorgan Japanese – JPMorgan Japanese has released results for the year ended 30 September 2017. Over the year it produced a total return on net assets of +9.7%, lagging its benchmark index by some 2.5%. When the effects of a tightening discount to net assets at which the shares trade is taken into account, the return experienced by shareholders was just ahead of the benchmark index at +12.3%. After a surge in revenue, they are planning to pay a final dividend of 5.00 pence per share (2016: 3.65p), a 37.0% increase.
By the manager’s reckoning, sector selection cost the fund 0.8% relative to the benchmark (Topix) and stock selection cost them 4.3%. The top contributing stocks included:
According to the manager, stocks that contributed negatively to performance included M3, Sosei, CyberAgent, Subaru and Mitsubishi UFJ Financial Group:
Investment performance was also impacted during the year by underweight positions in Hitachi, Panasonic, Asahi Kasei, Kirin and Dai-ichi Life. These companies made significant contributions to the performance of the benchmark index, TOPIX. They believe that Hitachi, Panasonic and Asahi Kasei are overly diversified conglomerates with few market dominant companies and Kirin and Dai-ichi have no compelling long term growth drivers.
JFJ : Stock selection lets down JPMorgan Japanese
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