LONDON (Alliance News) - Schroder Japan Growth Fund PLC said on Monday it outperformed its benchmark in its recently ended financial year due to a robust performance in the first half, in spite of a weakened market afterward.
The fund said it made a total return of 10.2% in the year to the end of July, compared to a 9.7% return from its benchmark, the TSE First Section Total Return Index.
Net asset value per share as at July 31 rose to 233.80 pence, up from 215.43p on the same date the year before, and share price on a total return basis rose by 9.2% over the period, narrowing the discount to 9.3% from 9.5%.
Schroder Japan Growth said its strong performance in the period was a result of positive sector selection and neutral stock selection, with the highest performers in the fund's portfolio being electronic component manufacturer TDK and oil refiner JXTG Holdings.
Not owning Takeda Pharmaceutical also contributed to growth after the Japanese drugmaker's shares were sold off following its bid for FTSE 100-listed rival Shire PLC.
Schroder Japan Growth declared a final dividend of 4.00 pence per share, up 14% from 3.50p the prior year.
Shares in Schroder Japan Growth were up 0.2% at 221.42 pence on Monday.
Schroder Japan (SJG)