31st Mar 2015 13:59
LONDON (Alliance News) - Fidelity Japanese Values PLC Tuesday said its net asset value under-performed against its benchmarks during 2014.
The trust said the TOPIX index rose by 8.1% in 2014, whilst the Russell Nomura Mid/Small Cap Index
was up by 12.8%, whilst the trust's net asset value rose by only 3.1% in the same period, with the negative impact of currency and stock selection more than offsetting the positive effects of gearing, it said in a statement.
The trust's net asset value per share stood at 79.02 pence at the end of December.
The trust's share price stayed flat, meaning that the discount to the net asset value widened from 8.9% to 11.6% over the course of the year. The trust said the share price has picked up "significantly" since then.
Fidelity Japanese shares were up 0.7% to 83.35 pence per share on Tuesday afternoon.
The trust said it made a net loss of GBP509,000 in 2014, wider than the GBP331,000 loss a year earlier and said as a result, it does not recommend paying a dividend.
By Joshua Warner; [email protected]; @JoshAlliance
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Related Shares:
Fidelity Japan Trust