(Alliance News) - JPMorgan Japanese Investment Trust PLC on Thursday said it delivered a "disappointing" half-year performance as the company swung to an interim loss and underperformed its benchmark index.
The fund swung to an investment loss of GBP288.4 million in the six months ended March 31 from a profit of GBP89.4 million a year previous.
At March 31, net asset value per share was 552.3 pence, down 17% from 667.8p at the same time a year prior.
For the half year, the total return on net assets was negative 24.2%. This compares to a total return of negative 8.7% for the company's benchmark index, the Tokyo Stock Exchange Index.
Looking forward, the company said: "Regardless of inflation or the level of the yen we believe the high-quality companies in the portfolio are able to cope with the environment and will ultimately be able to reflect these changes in pricing."
The fund is managed by JPMorgan Chase & Co and invests in Japanese companies "across the market cap spectrum" in high-growth industries.
Consistent with previous years, the company declared no interim dividend.
Shares in JPMorgan Japanese Investment Trust were down 3.2% at 447.50 pence on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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JPMorgan Japanese (JFJ)