23rd May 2019 09:29
LONDON (Alliance News) - JPMorgan Japanese Investment Trust PLC on Thursday said it underperformed against its benchmark in the first half of its financial year.
For the six months to March 31, the trust's total return was negative 13% compared to a negative 9% for the Tokyo Stock Exchange First Section Index.
As at the end of the half-yer period, net asset value per share decreased to 455.6 pence from 477.8p a year prior and 528.1p at September 30.
"The period under review has been disappointing for Japanese equity investors as global stock markets were generally under pressure in the latter months of 2018 reflecting, amongst other things, concerns over a slowdown in Chinese growth and global political uncertainties," Chair Christopher Samuel said.
"Whilst improvements were seen in the company's net asset value and share price performance in the latter months of the period this was not sufficient for the company to post a positive result for the six months to March 31."
Looking ahead, concerns about a trade war between the US and China continue to "overshadow" equity markets; however the investment company said it is confident in a recovery in global exports led by China.
"With the prospect of a pickup in growth in Asia, the outlook for the Japanese economy should also be positive," Samule added.
JPMorgan Japanese Investment Trust shares were trading down 0.7% at 421.50 pence each.
Related Shares:
JPMorgan Japanese