2nd Aug 2016 16:29
LONDON (Alliance News) - Atlantis Japan Growth Fund Ltd Tuesday said it underperformed its benchmark in the year to the end of April, but noted it has outperformed its benchmark over the last five years by more than 26%.
For the year the company saw a negative total return in net asset value, after translation into dollars, of 6.4%. This compared to a fall of 4.6% from the fund's benchmark, the TOPIX.
Atlantis Japan said the year had been challenging on a number of fronts, with difficult market conditions in Japan, and the company's maintenance of net gearing for most of the year and its focus on growth both having "a negative effect on relative performance".
During March the company received a requisition from its then largest shareholder for the convening of an extraordinary general meeting to put forward proposals for the restructuring or liquidation of the company, but this resolution was defeated.
"In spite of the recent challenges that the company has faced, I believe that we commence the new financial year in a much better position to take the company forward on a sound footing. The requisition in fact served as a catalyst for
the board to bring forward plans in relation to succession within the fund advisory team and, with effect from 1st May 2016, Taeko Setaishi who had been deputy fund adviser since 1996, was appointed as the company's lead fund
adviser," the fund said in a statement.
Shares in Atlantis Japan Growth closed down 0.2% at 150.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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