LONDON (Alliance News) - JPMorgan Japan Smaller Companies Trust PLC on Friday said its undiluted total return on net assets, net of fees and expenses (or portfolio return) for the year ended March 31 was 13.9%, versus 6.9% for the benchmark.
Its diluted return on net assets, which assumes that all of the subscription shares in issue were exercised at the rate of 243 pence per share, was 12.2%. The share price total return was 7.8%.
Chairman Alan Clifton said that despite a weak market background the investment trust enjoyed a further year of positive returns.
"In local currency terms, the portfolio's diluted total return on net assets was 1.8% versus -3.0% for the benchmark. The strengthening of the yen boosted the portfolio's returns in sterling terms to 12.2%, an increase of 10.4%, while the negative benchmark return moved to a positive outcome of 6.9%," Clifton said.
"But whether we focus on the sterling or yen returns, our investment managers achieved another year of strong relative performance, further consolidating the medium and longer term record of the company. I am particularly pleased with this transformation of our performance record since our present team took fund management responsibility in 2012," Clifton said.
"Our year by year results have been consistently good and have been accomplished by the disciplined application of a well constructed investment approach and process," the chairman added.
Shares in JPMorgan Japan Smaller Cos Trust were untraded Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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