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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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Monthly Factsheet   Other trust documents   How to buy this trust  

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
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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 outperformed the benchmark in November.
  • The Japanese market was volatile during November, due to uncertainty surrounding the outlook for the U.S.-China trade dispute; however, it ended the month with a positive return 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), MonotaRO (online retailer for industrial supply products), GMO Payment Gateway (payment service platform provider) and Keyence (sensors) were the largest positive contributors.SanBio is a leader in regenerative medicine. During the month, it announced clinical trial results that were perceived positively. The share prices of MonotaRO and Keyence bounced back from weakness in the previous month. Strong business growth momentum and prospects for these companies remain unchanged. 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.
  • Conversely, our overweight position in Hikari Tsushin contributed to some negative performance. Hikari Tsushin has a wide range of businesses, including the sales of office automation equipment and the provision of mobile communication services to corporate customers. The share price of the stock lagged the broader market as the company’s short-term business results, announced during the month, were only just in-line with the market’s expectations. However, the company has an intense focus on profits and on returning significant level of cash to shareholders via dividends and regular buybacks.
  • 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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    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 December 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.