Prospect Japan Fund Ld Monthly Shareholder Fact Sheet (1566C)
March 12 2014 - 10:30AM
UK Regulatory
TIDMPJF
RNS Number : 1566C
Prospect Japan Fund Ld
12 March 2014
The Prospect Japan Fund Limited
Monthly Shareholder Fact Sheet
The Prospect Japan Fund Limited (the "Fund"), a closed-end
investment company incorporated in Guernsey, is pleased to announce
that its Monthly Fact Sheet for February 2014 will shortly be
available on the Fund's website (www.prospectjapanfund.com) and
includes further information on the top 10 holdings and sector
weightings.
The Fund gained 1.50% during the month in USD, versus the Topix
Small Index' 2.30% decline. The Fund has outperformed YTD, gaining
4.65% versus the index' 2.33% decline.
Strong performance came from Shaklee Global Group (8205), a
seller of nutrition and personal care products. Shaklee Global
Group contributed strongly to total performance, as shares rallied
after the company reported triple-digit profit growth in the 9
months through the end of 2013, and issued a large upward revision
to full year forecasts.
Weakness came from Akatsuki Financial Group (8737) and Gro-Bels
(3528). Akatsuki Financial Group, a commodity futures trader,
retreated from post crisis highs, along with other securities and
commodities traders, despite strong 3Q results announced during the
month. Gro-Bels, a condominium developer, declined after the
announcement of 3Q results, as performance was little changed
following the inclusion of recent acquisitions to consolidated
results and forecasts.
Equities retreated again during the month, as 4Q annualized GDP
underperformed expectations, rising 1.0% vs consensus estimates of
2.8%. Reported corporate profits for the 9-month period to December
were up 44.8% YoY (excluding financials, electric power
companies).
February's bi-lateral TPP negotiations between Japan and the US
hit a temporary road block due to resistance for lifting tariffs on
the Japanese automobiles and American farm products. Attention now
turns to reaching a framework ahead of US President Obama's planned
visit in April.
The Bank of Japan maintained its monetary easing commitment
following its February policy meeting, while doubling a low
interest lending facility to banks to JPY 7 trillion, and extending
the deadlines by one year. Expectations remain for additional
monetary stimulus later in the year should the April consumption
tax increase impact the Japanese economic growth.
Miki Shoji reported that vacancy rates in Tokyo's Central
Business District continued their downward march, falling 0.16 ppt
to 7.18% in January. Commercial property transactions hit a
six-year high of JPY 4 billion yen in 2013, let by office
properties (+82% YoY).
REIT
In USD, the TSEREIT index saw a total return of +1.09%
month-on-month, outperforming the Nikkei 225's 0.28% decline.
J-REITs continue to be buoyed by improving fundamentals and
attractive dividend yield spreads to the low 0.6% long-term
benchmark rate. For the first time in well over a year, no J-REIT
issued new equity during the month, opting instead to issue JPY 30
billion in new corporate bonds for refinancing of existing
debt.
The Bank of Japan purchased a total of JPY 1.8 billion in J-REIT
units during the month, on pace with the 2014 target of JPY 30
billion for direct purchases. The total amount of units purchased
to date now stands at JPY 144.9 billion.
J-REITs withheld from new equity issuance during the month.
However, new bond issuances were plentiful, with JPY 25 billion
issued by seven non-portfolio holding JREITs during the month. The
new corporate bonds average a 5 year maturity at 0.49%.
There was a total JPY 53.7 billion in property acquisitions
announced during the month, along with JPY 4.2 billion in
dispositions.
Note: As of 28 February 2014, of the Fund, Gro-Bels (3528) is
4.98%, Shaklee Global Group (8205) is 3.97%, and Akatsuki Financial
Group (8737) is 4.94%.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey)
Limited
Franczeska King
+44 (0) 1481 745918
Westhouse Securities Limited
Alastair Moreton / Hannah Young / Darren Vickers
+44 (0) 20 7601 6118
This information is provided by RNS
The company news service from the London Stock Exchange
END
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