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JPMorgan Japanese Investment Trust plc
(GB0001740025)

JPMORGAN JAPANESE INVESTMENT TRUST PLC

Invest in the next generation of Japanese ideas

JPMorgan Japanese Investment Trust plc benefits from our expertise gained as one of Japan’s leading foreign asset managers, with over 40 years’ experience in seeking out attractively valued Japanese investment themes and companies.

     

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Why invest in Japan?

Nicholas Weindling, Fund Manager of JPMorgan Japanese Investment Trust plc discusses the opportunities and challenges of investing in Japan.

Some of the themes discussed include:

  • Japan market trends
  • Changing demographics of consumers
  • Importance of having a Tokyo presence
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About this trust

Risks

Performance

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Fees

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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • October was a challenging month for the relative performance of the portfolio, which underperformed the benchmark. The sharp decline in growth stocks globally has also been felt by our fund. It has not, however, altered our conviction that we should focus on long-term growth opportunities and avoid structurally-challenged companies in ‘value’ areas, particularly banks and autos.
  • A large portion of the negative contribution came from stock selection, with sector allocation also detracting from performance.
  • At the individual stock level, the largest negative contributions came from our high-conviction overweight positions in M3 (medical portal operator), Recruit (HR-related media operator) and Shiseido (cosmetics). There was no company-specific newsflow for any of these businesses; despite their good fundamentals and strong growth prospects, they suffered profit-taking. While we constantly review and debate positioning and macro/micro issues impacting the fund, we have not made any material changes to our exposures as a result of the current market volatility. In our opinion, the long-term outlook for the fund holdings has not changed in any meaningful way.
  • At the sector level, overweight positions in the services, chemicals and information & communication sectors negatively impacted performance.
  • On the positive side, our overweight positions in Don Quijote (discount store operator) and Ci:z Holdings (skincare products) were among the top contributors. During the month, it was announced that FamilyMart UNY, one of the major convenience store operators in Japan, intends to acquire 20% of Don Quijote, and at the same time Don Quijote acquired the entire supermarket business from FamilyMart UNY. During the month, Johnson & Johnson announced that the company will acquire the remaining 80% of Ci:z, and the share price of the stock surged on the news.
  • Looking ahead

  • Whilst we have experienced market volatility, we maintain our view that the outlook for the global economy remains solid. Japanese companies have been going through the reporting season, which affords us an opportunity to assess what is happening on the ground with company fundamentals.
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    Important information

    For Professional Clients – not for Retail use or distribution.

    This is a marketing communication and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

    Investment is subject to documentation. The Investor Disclosure Document, and Key Features / Terms & Conditions can be obtained free of charge from JPMorgan Asset Management (UK) Limited, and the Key Information Document can be obtained from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

    *Morningstar Analyst rating and FE Crown rating as at 01 October 2018.

    Source: Morningstar (www.morningstar.co.uk)

    Morningstar Ratings™: © 2018 Morningstar. All rights reserved.

    FE Crown Fund Ratings © 2018 FE. All rights reserved.

    Moneyfacts award as at: 17 November 2017. ©2017 Moneyfacts Group plc. All Rights Reserved.

    Money Observer Ratings: Moneywise Publishing Ltd ©2018. All rights reserved.

    Moneywise Investment Trust awards as at: 28 March 2018. Moneywise Publishing Ltd ©2018. All Rights Reserved.

    Past performance is not a reliable indicator of current and future results.