(Alliance News) - JPMorgan Japan Smaller Companies Trust PLC on Friday said its net assets rose in the first half of its financial year, despite reporting volatility in the Japanese market.
Net assets at September 30 came in at GBP250.9 million, up 6.7% from GBP235.1 million in March.
Net asset value per share rose at the same rate to 460.2 pence per share from 431.3p in March.
The stock was trading 0.5% higher at 424.00p each in London on Friday afternoon.
The trust outperformed its benchmark, registering total return of 8.8%, beating the S&P Japan SmallCap Net Return Index which returned 8.3%.
In the first half, the trust paid a total dividend of 9.00p per share, down 8.2% from 9.80p last year.
JPMorgan Japan said: "The Japanese stock market in the first half of the financial year was characterised by continuing volatility, fuelled by rising concerns about the effect on the outlook for global growth of the slowdown in general business confidence in the US and in Europe, and the ongoing trade war between the US and China.
"The company's performance since the end of September 2019 has continued to be strong. Our investment management team believes that the investment case for Japanese equities remains positive, however, this positivity is tempered to some extent by the maturing current economic cycle, headwinds from a range of global trade issues and other short-term economic indicators."
JPMorgan Japan said its three best performing stocks during the half where maintenance manuals publisher Grace Technology Inc, materials firm Taiyo Yuden Co Ltd and logistics facilities investor Nippon Prologis REIT Inc.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.