5 Sep 2018 15:35
London, UK, 5 September 2018
Edison issues review on Atlantis Japan Growth Fund (AJG)
Atlantis Japan Growth Fund (AJG) is advised by Atlantis Investment Research Corporation (AIRC). Lead portfolio adviser Taeko Setaishi aims to generate long-term capital growth from a portfolio of primarily smaller-capitalisation Japanese equities. AIRC's philosophy is that over the long term, a company's share price performance is driven by its earnings growth, especially for smaller companies. Setaishi notes that Japanese equities have experienced negative investor fund flows in 2018, which has had a large impact on the Japanese stock market. However, while overall economic growth in the country remains modest, the adviser is continuing to find companies with attractive fundamentals that are trading on reasonable valuations, particularly in small and mid-caps. While recent performance has been more challenging, AJG has outperformed its benchmark TOPIX index over the last one, three, five and 10 years.
In February 2018, AJG briefly traded at a small premium. However, its shares are once again trading at a discount, its 10.0% share price discount to NAV is modestly wider than the averages of the last one, three, five and 10 years (a range of 8.3% to 9.9%). The company's board operates an active discount control mechanism, including a continuation vote if the discount regularly exceeds 10% (see page 7). AJG focuses on long-term capital growth rather than income and does not pay a dividend.
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