JPMorgan Japanese Investment Trust PLC on Thursday said it delivered a ‘disappointing’ half-year performance as the company swung to an interim loss and underperformed its benchmark index.
The fund swung to an investment loss of £288.4 million in the six months ended March 31 from a profit of £89.4 million a year previous.
At March 31, net asset value per share was 552.3 pence, down 17% from 667.8p at the same time a year prior.
For the half year, the total return on net assets was negative 24.2%. This compares to a total return of negative 8.7% for the company’s benchmark index, the Tokyo Stock Exchange Index.
Looking forward, the company said: ‘Regardless of inflation or the level of the yen we believe the high-quality companies in the portfolio are able to cope with the environment and will ultimately be able to reflect these changes in pricing.’
The fund is managed by JPMorgan Chase & Co and invests in Japanese companies ‘across the market cap spectrum’ in high-growth industries.
Consistent with previous years, the company declared no interim dividend.
Shares in JPMorgan Japanese Investment Trust were down 3.2% at 447.50 pence on Thursday in London.
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