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Schroder Japan positive first-half performance 'dwarfed' by Covid-19 hit

Fri, 17th Apr 2020

Schroder Japan Growth Fund posted a positive first-half performance that modestly exceeded its benchmark, but said that progress had been dwarfed by a more recent market slump owing to Covid-19. The company's net asset value total return for the six months through January was 1.8%. That compared to a benchmark total return of 1.3% over the same time period. As at 15 April, the company's published NAV had dropped by more than 13% to 189.53p per share. 'Almost everything that happened in the six months under review has since been dwarfed by the reaction to the coronavirus pandemic,' the company said. 'So far Japan is not in as severe a lockdown as in the UK, but companies have suffered from China's problems as supply chains are so interlinked, and stock market sentiment has inevitably been as shocked as elsewhere.' 'The most obvious impact - beyond the human cost - has been a fall in the company's net asset value of 13.2% since the end of January, as at 15 April, with even a fall of that magnitude offset partly by the decline in sterling relative to the yen.' 'It is difficult to predict how soon this situation will be resolved. I am also conscious that our manager is facing investment judgements in a context that is relatively novel.' At 9:58am: (LON:SJG) Schroder Japan Growth Fund Plc share price was +3.75p at 161.75p Story provided by StockMarketWire.com

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