JPMorgan Japan Smaller Companies Trust plc - Ordinary Shares - J.P. Morgan Asset Management
JPMorgan Japan Smaller Companies Trust plc


Targeting income without compromising on Japanese growth opportunities

JPMorgan Japan Smaller Companies Trust plc gives investors access to a diverse and fast growing sector managed by local managers. The Trust also offers a regular quarterly income without compromising on Japanese growth opportunities, by paying a higher dividend funded part by capital reserves as well as revenue returns.



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Manager Commentary

Fund Managers

Month in review

  • The trust outperformed the benchmark in November.
  • In November 2018, the Japanese market was volatile due to uncertainty surrounding the outlook for the U.S.-China trade dispute, but ended the month with a positive return. Japanese equities moved higher towards the end of the month, on the back of the market’s view that the U.S.-China summit at the end of November may result in a softening of stances between the two sides.
  • A large part of the positive contribution came from our stock selection. At the individual stock level, overweight positions in SanBio (biotechnology) and GMO Payment Gateway (payment service platform provider) were among the largest positive contributors. SanBio is a leader in regenerative medicine. During the month, clinical trial results for a medicine the company has been developing were announced, which were perceived positively. GMO Payment Gateway delivered another set of very strong results for the fiscal year ending in September, with 34% growth in operating profit. We believe the opportunity set for the company remains large.
  • Our overweight position in Grace Technology, on the other hand, underperformed the broader market and detracted value. Grace Technology is a business-to-business outsourcing company that specialises in repair and maintenance manuals for large manufacturers, particularly in industrials and technology. The share price has been volatile without particular newsflow, but we maintain our long-term positive view on the company.
  • 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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    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

    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 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.

    **FE Crown rating as at  01 December 2018.

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

    Money Observer award as at 01 August 2017. © Copyright of Moneywise Publishing Limited 2017. All rights reserved.

    Moneyfacts award as at: 17 October 2017. ©2017 Moneyfacts Group plc. 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.