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


Size is not the only indicator of quality

JPMorgan Japan Smaller Companies Trust plc aims to provide access to the innovative and fast growing smaller stocks that are at the core of the Japanese economy by using a stock selection process based on extensive experience and local knowledge of the market.



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Manager Commentary

Fund Managers

Month in review

  • In September 2018, the Japanese market rose and the trust marginally underperformed the benchmark index over the month.
  • While stock selection added value, asset allocation detracted.
  • In terms of stock selection, the largest positive contribution came from our overweight position in The company operates a website offering an online legal consulting service. As the top website, with nearly 11 million users, is an attractive marketing tool for lawyers. The share price advanced on the back of strong business momentum.
  • Taiyo Yuden and SUMCO, on the other hand, were among stocks that negatively contributed to relative performance. Semiconductors and technology hardware companies like SUMCO and Taiyo Yuden underperformed due to concerns over the US-China trade war and inventory risk. We believe demand for semiconductor and electronics parts will grow steadily thanks to technological innovation in the automotive industry, and wish to retain this holding even if we expect short-term headwinds.
  • With respect to sector allocation, top contributors were underweighting the electric appliances and real estate sectors, while overweighting the services sector detracted.
  • Looking ahead

  • We continue to see robust corporate earnings growth, progress on corporate governance reform and better overall global economic activity. Prime Minister Abe’s victory in the LDP leadership election was big, and will mean that Abe likely becomes Japan’s longest-serving prime minister since the birth of Japan’s parliamentary system in the 1880s. This stability is in stark contrast to the problems besetting many other countries.
  • Japan continues to make progress in corporate governance, tourism and free trade, and has improving relationships with many countries.
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    Important information

    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 October 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.