Overview
JPMorgan Japan Small Cap Growth and Income (formerly JPMorgan Japan Smaller Companies : JPS) aims to produce long-term capital growth through investment in small and medium-sized Japanese companies. Investment is permitted in Japanese quoted companies, other than the largest 200, measured by market capitalisation, emphasising capital growth rather than income. The company has the ability to use borrowing to gear the portfolio and its current policy is to operate within the range of 5% net cash to 15% geared in normal market conditions.
The company pays quarterly dividends without compromising on the objective of achieving capital growth, funded from dividends from investment holdings and capital reserves, equivalent to 1% of its net asset value, set on the last business day of each financial quarter.
You can access the company’s website here
Research History
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07 Dec 2022 64 min read
QuotedData’s Economic and Political Monthly Roundup December 2022
Economic and Political Monthly Roundup Investment companies | Monthly | December 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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09 Oct 2020 7 min read
QuotedData’s Investment Companies Roundup – October 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over September: Standard Life Investments Property Income Trust – […]
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07 Jul 2020 8 min read
QuotedData’s Economic Roundup – July 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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05 Jul 2019 6 min read
QuotedData’s economic roundup – July 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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19 Dec 2018 1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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1 min read
QuotedData’s Economic round up – July 2018
QuotedData’s Economic round up – July 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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12 Jul 2017 2 min read
QuotedData’s economic round up – July 2017
QuotedData’s economic round up – July 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
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04 Nov 2015 1 min read
QuotedData’s valuation sheet on warrants, subscription shares and zeros – November 2015
We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 4 November 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out of date for […]
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02 Oct 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – October 2015
October Warrants and subscription shares We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the afternoon of 2 October 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Sep 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – September 2015
September warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 September 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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03 Aug 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – August 2015
August warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 3 August 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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01 Jun 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – June 2015
June warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 1 June 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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01 May 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – May 2015
May warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 1 May 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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08 Apr 2015 1 min read
Is Japan on the road to recovery? – a look at the sector
A falling population, enormous government debt, low to no growth, persistent deflation; this is not most people’s idea of the recipe for attractive investment returns. While they disagree on the impact of government efforts to kick-start the economy, the investment managers of investment companies specialising in Japan believe many Japanese companies can thrive regardless. Japan
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02 Apr 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – April 2015
April warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 April 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Mar 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – March 2015
March warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 March 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
News
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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11 Oct 2024 1 min read
QuotedData’s morning briefing 11 October 2024 – UIL, JFJ, JSGI, ALW
In QuotedData’s morning briefing 11 October 2024: Following its announcement on 9 October that it is considering going private (click here to read), and the subsequent announcement that it is acquiring the remainder of Zeta it does not own (click here to read) UTL directors David Shillson, Alison Hill, Peter Durhager and Stuart Bridges have […]
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06 Sep 2024 1 min read
QuotedData’s weekly news show 6th September 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: PRS REIT (0:41) SEGRO / Tritax EuroBox (4:02) Balanced Commercial Property Trust (6:41) Artemis Alpha / Aurora (8:10) JPMorgan Core Real Assets (10:33) Digital 9 Infrastructure (11:51) Andrew McHattie covered: Major rises over the […]
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02 Aug 2024 1 min read
QuotedData’s weekly news show 2nd August 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Pershing Square Holdings (0:35) JPMorgan Japanese / JPMorgan Japan Small Cap Growth & Income (4:21) Andrew McHattie Introduction (9:01) Crystal Amber Fund (11:22) Highly concentrated trusts (14:48) Market rotation (17:22) UK small caps v […]
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31 Jul 2024 3 min read
Japan Small Cap Growth & Income to be merged into JPMorgan Japanese
JPMorgan Japanese (JFJ) and Japan Small Cap Growth & Income (JSGI) have announced that the two companies have agreed to a combination where JSGI’s assets will be rolled into JFJ. JSGI shareholders will be entitled to realise up to 25% of their investment in JSGI for cash. The current investment manager of both companies, JPMorgan […]
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21 Jun 2024 2 min read
JPMorgan Japan Small Cap Growth and Income outpaced by value and large cap rally
JPMorgan Japan Small Cap Growth and Income (JSGI) reported annual results for the 12 months ending 31 March 2024. JSGI reported a NAV total return of 5.0% and share price total return of 2.3% for the year, underperforming its benchmark MSCI Japan Small Cap Net Return Index which returned +12.0%. The managers’ focus on […]
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23 Feb 2024 2 min read
QuotedData’s morning briefing 23 February 2023 – RSE, GRID, JSGI, GRIO
In QuotedData’s morning briefing 23 February 2023: Riverstone Energy (RSE) has announced a tender offer for up to 15,047,619 of its ordinary shares, representing 35.66% of the existing shares in issue, to be purchased at a price of £10.50 per share. This price represents a premium of c.14% to the closing market price of £9.20 […]
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26 Jun 2023 2 min read
JSGI is swept up in the wider growth selloff
JPMorgan Japan Small Cap Growth & Income (JSGI) has announced its annual results for the year ending 31 March 2023. Over the 12 month period JSGI reported a NAV total return of -5.7% and share price total return of -7.8%. This is compared to the positive 5.0% return of its benchmark, the MSCI Japan Small […]
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23 Jun 2022 3 min read
Growth selloff hits JPMorgan Japan Small Cap
JPMorgan Japan Small Cap Growth and Income reports that, for the 12 months ended 31 March 2022, it produced an NAV return of -24.6% and a return to shareholders of -23.3%. These compare to a return of -8.1% for the benchmark, the MSCI Japan Small Cap Index. The chairman says that “This underperformance was the […]
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19 Jan 2022 1 min read
Management shake-up at JPMorgan Japan Small Cap Growth & Income as Saito departs
Management shake-up at JPMorgan Japan Small Cap Growth & Income as Saito departs – JPMorgan Japan Small Cap Growth & Income’s (JSGI) manager, Eiji Saito, will be leaving JPMorgan after 18 years’ service. He has made the decision to leave the industry after 26 years to return to university and pursue a degree in law. […]
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13 Dec 2021 2 min read
QuotedData’s morning briefing 13 December 2021
In QuotedData’s morning briefing 13 December 2021: Triple Point Energy Efficiency Infrastructure (TEEC) has acquired three operational, Feed in Tariff accredited hydroelectric power projects in Scotland for an aggregate consideration of £19.6m (excluding costs). They have a total installed capacity of 2.5MW, and all have five years or more of operational performance history. This investment […]
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23 Jun 2021 4 min read
Reflections from JPMorgan Japan Small Cap Growth and Income following strong year
JPMorgan Japan Small Cap Growth and Income (JSGI) reported its annual results to 31 March 2021, with the 42.5% return in total NAV terms representing a significant outperformance of the company’s Japan SmallCap net return index benchmark index (up by 21.7% over the same period). The broader TOPIX index advanced 39.3% in Japanese yen terms over the […]
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01 Apr 2021 1 min read
QuotedData’s afternoon briefing 1 April 2021
In QuotedData’s afternoon briefing 1 April 2021, as a raft of investment companies seem to be getting announcements out of the way ahead of the Easter break, we bring you a one-off afternoon briefing: Baillie Gifford US Growth Trust has published a prospectus in relation to a placing programme of up to 250m new ordinary shares. The placing programme allows […]
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19 Feb 2020 1 min read
QuotedData’s other news 19 February 2020
In QuotedData’s other news 19 February 2020 JPMorgan Japan Smaller (JPS) is cutting its management fee – from 1st April 2020, the fee will be charged at 1% on the NAV up to £150m and 0.75% (previously 0.80%) thereafter. Additionally, the £200,000 a year company secretarial fee will be removed from the same date. This is estimated […]
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20 Jun 2019 2 min read
JPMorgan Japan Smaller just fails to match benchmark
JPMorgan Japan Smaller just fails to match benchmark – JPMorgan Japan Smaller Companies has released results for the year ended 31 March 2019. The total return on net assets was -7.9%, compared with -7.3% returned by the benchmark. The total return to ordinary shareholders was -8.9%, reflecting a slight widening of the share price discount to net […]
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08 Jun 2017 4 min read
JPMorgan Japan Smaller Companies underperformed as investors favour cyclical and value stocks
JPMorgan Japan Smaller Companies Trust has announced its annual results for the year ended 31 March 2017. During the period, the Trust’s NAV total return was +20.9% and its share price total return was +25.2%. These both underperfomed the trust’s benchmark which it says provided a total return of +34.6%. The chairman, Alan Clifton, says […]
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08 Feb 2017 1 min read
JPMorgan Japan smaller fees cut
The board of JPMorgan Japan Smaller Companies has agreed with the manager to reduce the management fee payable on the trust. The old fee was calculated as 1% of gross assets. The new fee is 1% on the first £150m of net assets and 0.8% on any net assets above the £150m level. The new […]
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07 Feb 2017 1 min read
All trust sectors bar one made money in ’16
UK Smaller Companies was the only investment sector to lose money in 2016 despite a turbulent political and economic landscape, new research has revealed. See more here
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13 Jun 2016 3 min read
A good year for JPMorgan Japan Smaller Companies
JPMorgan Japan Smaller Companies’ undiluted total return on net assets, net of fees and expenses (or portfolio return) for the year ended 31st March 2016, was 13.9%, versus 6.9% for the benchmark. The company’s diluted return on net assets, which assumes that all of the subscription shares in issue were exercised at the rate of […]
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03 Feb 2016 1 min read
Stalling growth sees investors flock to small-cap trusts
The demand for UK small-cap investment trusts has increased markedly since May, amid slow growth and short term volatility in global markets, suggests data from QuotedData. – See more at: http://www.portfolio-adviser.com/news/1027294/cap-driving-demand-uk-uptick#sthash.PU3pDbt0.dpuf
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17 Nov 2015 3 min read
JPMorgan Japan Smaller outperforms a falling market
JPMorgan Japan Smaller Companies has announced results for the six months ended 30 September 2015. In the half year ended 30th September 2015 the total return on the Company’s net assets, net of fees and expenses, was -4.5% compared with -5.7% for the Company’s benchmark, the S&P/Citigroup Japan Extended Market Index (Total Return Net) in […]
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16 Jun 2015 2 min read
JPMorgan Japan Smaller outperforms by large margin
JPMorgan Japan Smaller Companies has announced that, for the year ended 31 March 2015, the total return on net assets was 30.9%, well ahead of the return of the Company’s benchmark, the S&P/Citigroup Japan Extended Market Index, which rose by 22.4%. Over the same period, the Company’s share price increased by 35.9%, reflecting a narrowing of the discount […]
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18 Sep 2014 1 min read
JPMorgan Japan Smaller issuing warrants
JPS : JPMorgan Japan Smaller issuing warrants The Board of JP Morgan Japan Smaller Companies has announced that it is considering issuing shareholders with warrants on the basis of 1 warrant for every 5 shares held. The Board will let shareholders have more details soon.
Upcoming Events
In The Press
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12 Aug 2024 1 min read
Investment trust insider on Japan’s sell-off
Investment trust insider on Japan’s sell-off – James Carthew: Surveying the damage from Japan’s savage selloff How does the land lie after Japan’s worst stock market crash since 1987 and as the US approaches its first rate cut, could the tide be set to turn for growth and small caps? Markets have been behaving oddly […]
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31 Jul 2024 1 min read
JP Morgan Asset Management merges two investment trusts
By Jonathan Jones, Editor, Trustnet, 31 July 2024: JP Morgan Asset Management is to merge two Japanese equity investment trusts, continuing the spate of consolidation in the investment company sector. The £163m JPMorgan Japan Small Cap Growth & Income trust will be subsumed into JPMorgan Japanese, creating a £1bn investment company.. Shareholders in JPMorgan Japan […]
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1 min read
Largest Japanese equity investment trust prepares merger to create £1bn portfolio
Eve Maddock-Jones, Investment Week, 31 July 2024: JP Morgan has decided to merge two of its Japanese equity-focused investment trusts into one all-cap portfolio. The respective boards of the Japan Small Cap Growth & Income (JSGI) and Japanese (JFJ) trusts have agreed to a merger, whereby the former’s assets will roll into the latter. Under […]
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1 min read
JPMorgan to merge beleaguered Japan trusts
Tom Aylott, Portfolio Adviser, 31 JULY 2024: JPMorgan Japan Small Cap Growth & Income will be merged into the JPMorgan Japanese Investment Trust, boosting the portfolio’s assets under management (AUM) to £1bn.. Alexa Henderson, chair of the JPMorgan Japan Small Cap trust, said the board had “considered a number of possible alternatives” to solve this […]
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01 Jun 2023 1 min read
Investment trusts ditch their ‘inflation protection’ tag
By Val Cipriani, Investors’ Chronicle, June 1, 2023: Investment trusts are announcing below-inflation dividend increases, making it more difficult for investors to maintain the real value of their income – although some might be able to catch up in 2024 or 2025. Last week, core infrastructure trust HICL Infrastructure (HICL) said it intends to maintain […]
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25 Jan 2022 1 min read
Investment trust insider on Japan
Investment trust insider on Japan – James Carthew: It’s not over for Japan growth but activists are unlocking value Last February I looked at Japan investment trusts and suggested that both the growth-oriented JPMorgan Japanese (JFJ) and value activists Nippon Active Value (NAVF) and AVI Japan Opportunity (AJOT) might be attractive. Then we had the […]
