16th Dec 2019 08:52
(Alliance News) - JPMorgan Japanese Investment Trust PLC on Monday said it was behind its benchmark in its most recently ended financial year due to a 4.1% slip in net asset value.
The investment company's NAV total return for the year to the end of September of negative 3.0% has underperformed its benchmark, the TOPIX index in sterling terms, which returned negative 0.7%.
This was primarily due to a sell-off in growth stocks in October 2018, JPMorgan Japanese said, and gearing at that time.
The share price total return for the year was negative 2.5%.
The stock was trading 0.2% higher in London on Monday at 472.00 pence a share.
The FTSE 250-listed company's NAV per share stood at 506.5p as at the end of September, down from 528.1p it reported a year earlier.
JPMorgan Japanese proposed a 5.00p a share dividend, unchanged year-on-year.
Looking ahead, Investment Managers Nicholas Weindling and Shoichi Mizusawa said: "The companies we have invested in have strong structural growth outlooks, competitive positions and balance sheets and we believe they will perform well in the long-term regardless of the performance of the wider global economy."
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
JPMorgan Japanese