JPMorgan Japanese Investment Trust - Update research from QuotedData
23rd March 2023
Backing the new Japan
JPMorgan Japanese Investment Trust (JFJ) has a large exposure to good quality companies that are at the forefront of the modernisation of the Japanese economy. The portfolio embraces businesses in robotics, ecommerce, digitalisation, healthcare, and renewables. It also backs some great Japanese brands and businesses that are helping the economy adapt to an ageing population.
These are 'growth' stocks and, as we discussed in our last note, even though Japan has not, as yet, experienced the interest rate rises that triggered the selloff in growth stocks in other markets, their share prices have plunged, and this has impacted on JFJ's performance.
The trust's managers, Nicholas Weindling and Miyako Urabe, highlight the valuation opportunity that this has created; Japan was out of favour before this fall, the stocks in the portfolio are cheaper yet still boast superior earnings growth prospects than the average Japanese company, and the yen is undervalued (a stronger yen relative to the pound would boost JFJ's returns). This could be a good chance to back a former sector-leading trust, while underlying valuations look cheap.
Full Research:
https://quoteddata.com/research/jpmorgan-japanese-investment-trust-backing-japan-qd/
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