26th Jun 2020 13:37
(Alliance News) - JPMorgan Japan Smaller Cos Trust PLC on Friday said its performance deteriorated in its most recently ended financial year due to political and economic uncertainty.
The investment company said financial 2020 was an uncertain time in which investment markets grappled with political and geopolitical factors and the global economy shifted firmly into reverse.
The impact of Covid-19 ripped through global economies and stock markets, with significant re-pricing of assets occurring during late February and March. Shares in Japanese companies did not escape this turbulence and fell sharply during this volatile period, JPMorgan Japan explained.
For the year ended to the end of March, the company said it delivered a negative return for investors. The total return on net assets was minus 3.1%, but nonetheless outperforming the company's benchmark, the S&P Japan SmallCap NR, return of minus 6.7%.
The total return to shareholders was minus 1.6%, reflecting a narrowing of the share price discount to net asset value to 12% at the end of March from 13% at the beginning of the financial year.
NAV per share stood at 401.8 pence at March 31 compared to 431.3p a year prior.
JPMorgan Japan shares were trading 0.2% lower in London on Friday afternoon at 440.00p each.
By Evelina Grecenko; [email protected]
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