JPMorgan Japanese Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value outperformed the benchmark in September. Both sector allocation and stock selection contributed positively. In terms of sector allocation, the largest positive contributors were the overweight in retail and underweight in banks. As for stock selection, Cosmos Pharmaceutical (retailer) and M3 (medical portal) were the top contributors.

The Bank of Japan has reviewed its policies and reasserted its commitment to achieving a 2% inflation rate, although official data shows Japan back in deflation. Employment data remains firm, with 137 jobs available for every 100 applicants. Volatility is likely to remain driven by external factors, such as the election in the US and uncertainty over European financials. While a pick-up in the global economy is positive for the Japanese economy as a whole, we expect global growth to remain subdued over the next few years.


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AGM information

Annual General Meeting: 20 December 2016 2.00pm at 60 Victoria Embankment, London, EC4Y 0JP

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All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.
Source:Morningstar (
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.