12th Apr 2019 10:53
LONDON (Alliance News) - Schroder Japan Growth Fund PLC on Friday said it underperformed its benchmark in the first half of its current financial year.
The investment company reported net asset value total return of negative 9.8% in the six months to the end of January. In comparison, the company's benchmark, the TSE First Section Total Return Index, produced a total return of negative 7.3%.
Meanwhile, the fund's share price total return was negative 11% in the first half, with the discount widening to 10.7% from 9.3% at the end of July 2018.
The stock was trading 0.5% higher on Friday in London at 184.50p a share.
NAV per share during the period declined to 207.22 pence from 232.61p reported a year prior and from 233.80p reported on July 31.
Schroder Japan Growth Fund said its largest new holding in the first half was Takeda Pharmaceutical, where the share price had fallen more or less continuously over a six month period following the company's bid for Shire PLC in the spring of 2018.
The company also acquired new holdings in construction firm Daiwa House Industry Co Ltd, synthetic rubber manufacturer JSR and spark plugs retailer NGK Spark Plug Co Ltd.
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