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JPMorgan Japan Smaller Cos beats benchmark

17 November 2015 08:22

JPMorgan Japan Smaller Companies Trust's net assets fell by 4.5% in the six months to the end of September on a total return basis.

This compares with a fall of 5.7% for the company's benchmark, , the S&P/Citigroup Japan Extended Market Index (total return net) in sterling terms.

The total return for ordinary shareholders was -7.9%, reflecting a widening of the discount at which the shares were trading to the cum-income net asset value at the period end.

Chairman Alan Clifton said: "Japanese equity markets started the period by extending their earlier gains but, by June, international investors became increasingly nervous as the Greek debt crisis escalated. When China unexpectedly devalued its currency in August, the TOPIX index, which is the bellwether for the Japanese equity market, fell by over 10%, eliminating virtually all the gains that it had made for the year to date and causing the portfolio to suffer losses.

"Whilst the portfolio's performance in the first half year was better than its benchmark, the Board is disappointed by the overall negative returns."

At 8:22am: (LON:JPS) JPMorgan Japanese Smaller Companies Investment Trust Plc share price was +0.88p at 245p

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