JPMorgan Japan Smaller Companies Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Japan Smaller Companies Trust plc
(GB0003165817)

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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Performance

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Manager Commentary

Fund Managers

Month in review

The fund performed in line with the benchmark in August, whilst the market was volatile and ended the month with a small positive return. While stock selection was marginally negative, this was offset by a positive contribution from asset allocation. Over the month, the largest positive contribution came from our stock selection in consumer services. Our overweight position in LITALICO (education provider for disabled individuals) was the largest positive contributor. The largest detractor was our stock selection in the semiconductors & semiconductor equipment and software & services sectors. At the individual stock level, our overweight position in Mercari (online flea market platform provider) detracted as the share price declined after a period of strong performance. However, we see no changes in the strong fundamentals and growth prospects of these companies. Our overweight positions in SUMCO (silicon wafers) also hurt performance as price hikes of its products have been less than the market anticipated.

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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 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.

**FE Crown rating as at 01 September 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.