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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
Monthly Factsheet   Annual Report    Learn more about investing in the Far East  

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

  • The trust underperformed the benchmark index over September, after strong year-to-date performance.
  • In September 2018, the Japanese market (TOPIX Index) rose 4.7% in yen terms. Our largest positive contribution came from our high conviction overweight positions, such as Recruit (HR-related media) and Shiseido (online retailer for industrial supply products), on the back of strong business momentum. Recruit has continued to deliver strong results, particularly from its ‘indeed’ employment website. The share price of Shiseido continued to be strong, as the company’s strategy to focus on premium make-up brands is working very well, and profit margins have been improving.
  • Our overweight positions in CyberAgent (online advertising) and Start Today (online apparel), on the other hand, detracted value, as the stocks suffered profit-taking after a period of strong performance. However, we see no changes in the strong fundamentals and growth prospects of these companies and so continue to maintain our position.
  • Our overweight position in Tokyo Electron (semiconductors) also hurt performance as the share price declined over the market’s concerns over the technology cycle.
  • Looking ahead

  • We continue to see robust corporate earnings growth, progress on corporate governance reform and better overall global economic activity.
  • Valuations of TOPIX remain at historically low levels and continue to be lower than other major markets such as the US.
  • Prime Minister Abe’s victory in the Liberal Democratic Party leadership election was significant; it is likely that Abe will 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 see increases in 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 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.