1st Jun 2016 08:16
LONDON (Alliance News) - Aberdeen Japan Investment Trust PLC on Wednesday said its net asset value total return underperformed its benchmark in the financial year to the end of March, though its dividend payout for the year increased.
The fund, which invests in Japanese equities, said its net asset value total return for the year was negative 6.2%, compared to a negative 1.7% total return for its Topix benchmark index.
Aberdeen Japan said the underperformance was largely due to a loss on its currency hedge, almost all of which occurred in the first quarter of 2016, when the yen strengthened and Brexit worries weakened sterling.
The trust said the challenges facing the Japanese stock market over the year has confirmed the value of its stock-selection process, which helped to avoid any further underperformance for the fund over the financial year. The fund said the fundamentals of the equities in its portfolio remain robust, despite global macroeconomic challenges.
Aberdeen Japan declared a dividend for the year of 4.2 pence per share, up from 2.6p a year earlier, amid dividend payout levels having gradually recovered in Japan.
Shares in the trust were untraded on Wednesday, having last traded at 452.61p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AJIT.L