(Alliance News) - Atlantis Japan Growth Fund PLC on Friday said it significantly outperformed its benchmark in its last financial year, though net asset value per share remained flat.
For the year to April, Atlantis Japan's net asset value total return was a negative 0.1%, compared to the Topix Total Return's negative 2.9% performance. Net asset value at April 30 was flat year-on-year at 2.42 pence each.
The year was "more challenging" than the investment firm had anticipated, but said it was "proud" to have outperformed the Topix index.
"While Japan's economic annual growth is likely to be subdued, beneath this placid outlook there are profound economic and social structural changes fostering compelling investment opportunities," said Chair Noel Lamb.
"We expect the Bank of Japan to maintain its current loose monetary policies with the 2.0% inflation target still a long way off, although the deflationary risks seem to all but have disappeared given the ever increasing labour shortages and improving private sector capex. "
"I believe there is a compelling case for investment in Japanese equities over the medium to longer term. Furthermore, the Company's adviser is very well placed to pursue long-term capital gains through bottom-up stock picking to select undervalued companies with a strong competitive advantage and longer-term growth potential," Lamb concluded.
Shares closed 0.5% lower on Friday at a price of 220.45 pence each.
