JPMorgan Japanese Inv. Trust PLC Update from QuotedData
January 18 2024 - 2:00AM
RNS Non-Regulatory
TIDMJFJ
JPMorgan Japanese Inv. Trust PLC
18 January 2024
JPMorgan Japanese Investment Trust - Update from QuotedData
17(th) January 2024
Are we there yet?
Optimism driven by rapidly developing corporate governance
reforms, a divergent economy cycle, and still-negative interest
rates saw a dramatic rally in benchmark Japanese indices over 2023,
with the TOPIX index (the Tokyo Stock Price Index) climbing to its
highest level in more than 30 years.
With the rally driven by more value-focused sectors of the
market, returns for the JPMorgan Japanese Investment Trust (JFJ)
failed to keep pace for much of the year due to a portfolio more
targeted towards high-quality growth stocks (generally speaking,
for JFJ, this means companies with strong franchises, balance
sheets and cash-flow generation, which have the potential to
compound earnings over the long term). While many of these
companies have been out of favour, we do not see that as a
significant negative for investors given the alignment of the
portfolio towards a range of long-running themes. Promisingly, in
December, we began to see a turning point in many of these sectors,
with the JFJ portfolio up strongly.
Many of these companies continue to trade on increasingly
attractive valuations, and the managers are right to sacrifice some
short-term performance for the opportunity to achieve significant
upside down the track.
Full Research:
https://quoteddata.com/research/jpmorgan-japanese-investment-trust-yet-qd/
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