LONDON (Alliance News) - Fidelity Japanese Values PLC Friday said its net asset value decreased by 2.4% in the first three months of 2014, outperforming a 4.1% decrease for the benchmark, the Russell Nomura Mid/Small Cap Index.
In a statement, Fidelity Japanese Values, which has an objective of achieving long term capital growth from an actively managed portfolio of securities, primarily of small and medium sized Japanese companies listed on the Japanese stock markets, said its share price decreased by 6.3% in the three months ended March 31.
The company said gearing will be maintained through derivatives instruments known as contracts for difference. Total gearing exposure was 16.0% on March 31.
Fidelity Japanese Values, which is considering a bonus issue of subscription shares to ordinary shareholders on the basis of one subscription share for every five ordinary shares held, said it had GBP87.9 million in net assets at the end of March., with 114.0 million shares in issue.
On Thursday, its net asset value was put at GBP85.0 million, while gearing had increased to 18.0%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Fidelity Japan Trust (FJV)