REG - CC Japan Inc&Growth - Half-Year Results
24/06/2025 07:00
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RNS Number : 0631O CC Japan Income & Growth Trust PLC 24 June 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
CC JAPAN INCOME & GROWTH TRUST PLC
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2025
LEI: 549300FZANMYIORK1K98
Information disclosed in accordance with the DTR 4.2.2 - this announcement
contains regulatory information
CC Japan Income & Growth Trust plc ("CCJI" or the "Company") has today
announced its half-year results for the six months ended 30 April 2025.
The statements below are extracted from the Company's Half-Year for the six
months ended 30 April 2025 (the "2025 Half-Year Report"). Members of the
public may obtain copies of the 2025 Half-Year Report from Frostrow Capital
LLP, 25 Southampton Buildings, London WC2A 1AL or from the Company's website
at ccjapanincomeandgrowthtrust.com (https://ccjapanincomeandgrowthtrust.com)
where up to date information on the Company, including daily NAV, share prices
and fact sheets, can also be found.
The 2025 Half-Year Report will be submitted to the Financial Conduct Authority
and will shortly be available in full, unedited text for inspection on the
National Storage Mechanism (NSM):
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
INVESTMENT OBJECTIVE, FINANCIAL INFORMATION AND PERFORMANCE SUMMARY
INVESTMENT OBJECTIVE
The investment objective of CC Japan Income & Growth Trust plc (the
"Company" or "CCJI") is to provide shareholders with dividend income combined
with capital growth, mainly through investment in equities listed or quoted in
Japan.
FINANCIAL INFORMATION
As at As at
30 April
31 October
2025
2024
Net assets (millions) £268.4 £265.8
Net asset value ("NAV") per Ordinary share ("share")(1) 199.2p 197.3p
Share price 182.5p 178.8p
Share price discount to NAV(2) 8.4% 9.4%
Annualised ongoing charges(2) 1.10% 1.03%
Gearing (net)(2) 19.6% 19.2%
========= =========
1 Measured on a cum income basis.
2 Alternative Performance Measure ("APM"), see Glossary and
Alternative Performance Measures on pages 21 to 23 of the 2025 Half-Year
Report.
PERFORMANCE SUMMARY
For the six For the six
months to
months to
30 April
30 April
2025
2024
% change
% change
NAV ex-income total return per share(1) +3.6 +20.6
NAV cum-income total return per share(1) +2.9 +19.5
Share price total return +4.3 +19.7
Tokyo Stock Exchange Price Index ("TOPIX") total return +3.0 +14.9
--------------- ---------------
Revenue and Dividends
Revenue return per share 2.53p 2.66p
First interim dividend per share 1.65p 1.60p
========= =========
1 APM, see Glossary and Alternative Performance Measures on pages 21
to 23 of the 2025 Half-Year Report.
Source: Frostrow Capital LLP.
CHAIRMAN'S STATEMENT
PERFORMANCE REVIEW
The Company's return on net assets over the six months ended 30 April 2025 was
+2.9%, while the return to shareholders was +4.3%, reflecting a narrowing of
the Company's share price discount to net asset value ("NAV") over the period.
While the Company does not have an official benchmark, its share price return
outperformed, and its NAV return was in line with the TOPIX Index (a widely
used measure of Japanese equity performance), which returned +3.0% over the
period.
This continues the strong performance generated over longer timeframes. The
Company's cumulative NAV total return over three and five years has been
+34.4% and +77.6% respectively, well ahead of the TOPIX which has returned
+29.5% and +43.2% respectively. The Company's share price total return has
also been strong, returning +37.6% and +70.7% respectively over the last three
and five years.
All the returns detailed above include dividends paid and are translated into
Sterling terms.
While it is pleasing to report positive returns for the six months, such
performance belies the volatility that impacted global equity markets over the
reporting period, and particularly within the last month or so. The TOPIX fell
nearly 20% in just over a week at the beginning of April, with the Company's
share price following suit as it fell by 23.4% to £1.44 on 7 April 2025,
having been trading at £1.88 just over two weeks prior. While geopolitical
issues have plagued markets throughout the 2020's, this time the catalyst was
an unusual source - the new US Administration. Trump's "Liberation Day"
introduced extensive tariffs on most imports, describing the strategy as
"reciprocal tariffs" aimed at what the President perceives as decades of
unfair trade relationships. When the Trump Administration appeared to moderate
its agenda, markets recovered swiftly, as did the Company's share price which.
However, concerns about the implications of a 'new world order' and
geopolitical tensions persist as investors continue to monitor the US
Administration's actions. That said, risks and uncertainty can create
opportunities for longer-term investors.
Currency markets were also not immune to volatility, and there was a
significant strengthening of Sterling against the Yen over the six month
period. Since the Company's functional currency is Sterling, its Yen assets
are translated into Sterling and, therefore, a strengthening of Sterling has
the effect of reducing shareholder returns. The opposite occurs when Sterling
falls against the Yen, so shareholders should benefit. Over the longer-term
such currency fluctuations should level out.
For further detail on how the Company's performance was generated, the
portfolio's positioning, and the current outlook, please refer to the
Investment Manager's Report below.
CONTINUATION VOTE
I am pleased to report that, at the Company's Annual General Meeting held in
March 2025, shareholders voted overwhelmingly in favour of the Company's
continuation as an investment trust for a further three-year period, with
99.9% of votes cast in favour of the resolution. My fellow Board members and I
thank shareholders for their ongoing support.
DISCOUNT
Over the previous six month reporting period, the discount at which the
Company's shares traded versus its NAV narrowed and ended the financial year
at 8.4% (31 October 2024: 9.4%). During the latest reporting period the
discount briefly widened beyond double digits but quickly narrowed, meaning
that the Board did not need to take action. The Board continues to monitor the
discount level and will consider buying back shares to manage the level and
volatility of the discount, if it is judged to be in the best interests of
shareholders to do so.
INCOME AND INTERIM DIVIDEND
The Company is committed to providing a progressive dividend to shareholders,
although it does not set a specific yield target. The Board aims to increase
dividend payments annually, a trend which has been maintained since inception.
In determining dividend payments, the Board prioritises coverage of the
dividend by the Company's current-year earnings while also building its
revenue reserves. The investment trust structure enables flexibility, allowing
the Company to draw on reserves to support dividends when needed.
Net revenue in the first half of the year was 2.53p per share, marginally
lower than the same period last year. The Board has declared a first interim
dividend of 1.65p per Ordinary share, an increase of 3.1% over last year,
which will be payable on 1 August 2025 to shareholders on the register as at 4
July 2025, with an ex-dividend date of 3 July 2025.
GEARING
The use of structural gearing equivalent to approximately 20% of shareholders'
funds, is an integral part of the investment process. This may lead to greater
short-term volatility. The Board could, in exceptional circumstances, reduce
or eliminate the structural gearing. However, the policy is a key component of
our investment strategy, which the Board continues to believe should enhance
returns for investors over time.
MARKETING, PROMOTION AND SHAREHOLDER ENGAGEMENT
Through its advisers, the Board is continuing in its efforts to increase the
Company's profile with investors and potential investors across the investment
community. This includes the Investment Manager undertaking video conferences,
podcasts and in-person meetings, together with ongoing interaction with
national and investment industry journalists. Shareholders can view replays
across a number of media, and links to the latest presentations from the
Investment Management team can be found on page 24 of the 2025 Half-Year
Report. It is the Board's view that enhancing the Company's profile will
benefit all shareholders through a better understanding of the investment
strategy and its strong long-term track record, thus creating sustained demand
for its shares.
HALF-YEAR REPORT
In common with many other listed entities the Company is doing what it can to
reduce its carbon footprint. As part of this strategy, and also to achieve
cost savings for the benefit of shareholders, the Company will no longer be
preparing printed copies of its Half-Year Report. This document will continue
to be available on the Company's website and in hard copy on request from the
Company Secretary. The Company's Annual Report will continue to be available
in print.
OUTLOOK
Japan's stock market continues to present opportunities for active investors.
Challenges remain for Japan including Yen volatility, inflation/deflation
concerns, interest rate outlook and external trade pressures. For investors
willing to accept some level of volatility, the Investment Manager's approach
emphasises both capital and income growth. This strategy has consistently
provided shareholders with steadily growing dividends, funded by income from
portfolio holdings and revenue reserves, alongside strong overall performance,
since the Company's inception. Such an approach makes the Company potentially
less susceptible to sharp style shifts and more likely to deliver consistent
performance even in uncertain markets.
We thank you for your ongoing support.
JUNE AITKEN
Chairman
23 June 2025
INVESTMENT MANAGER'S REPORT
PERFORMANCE REVIEW
The Company's net asset value (cum-income) rose by 2.9% in Sterling terms over
the six month reporting period between 1 November 2024 and 30 April 2025.
Despite the appearance of moderate headline returns, the underlying
performance of Japanese equities has been extremely volatile in local currency
and amplified by swings in the foreign exchange markets when comparing base
currency returns.
The election of Donald Trump as the 47th President of the United States has
been eventful. The early policy pronouncements of his administrative term have
caused geopolitical tensions and raised the prospect of a new era of
international trade friction. Although there are many rational reasons why
Japan could be expected to benefit from its long standing economic and
political ties with the US, the immediate implications of the "Liberation Day"
tariffs place it at risk of the direct and indirect consequences of this
punitive trade realignment. Japan was the first country to send a negotiating
team to counter the initial edict, but, along with the rest of the world,
currently seeks clarification and a resolution.
Global equity markets responded in dramatic fashion as the situation in the US
evolved, and Japan was not alone in its negative initial response. The TOPIX
Index, in Yen, fell from a seven-month high of 2,815.5 on 27 March to 2,288.7
on 4 April, representing a fall of 18.8%, before rebounding to 2,667.3 at the
end of April, as hopes for less draconian solutions were raised. Currency
markets were also subject to high degrees of volatility with the Yen
strengthening against Sterling from 198.9 to 190.7 over the reporting period.
As a Sterling denominated fund holding Yen assets, this has had a positive
impact on the NAV, all else being equal.
The domestic economy has remained relatively robust which has allowed the Bank
of Japan ("BoJ") to continue its path of monetary normalisation. The policy
rate was raised from 0.25% to 0.5% following the BoJ board meeting held in
January and they have clearly expressed an intent to continue the path of
steady increases, subject to the impact of the US trade policy.
This intent, combined with the strong operating trends amongst financial
companies in general, has been a major factor in their continued
outperformance. The Company benefited from its holding in leading mega-banks,
Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, and
insurers, Tokio Marine Holdings and Sompo Holdings. These companies all raised
their shareholder distributions for the full year by increasing their initial
dividend forecast and/or announcing significant share buybacks in the last six
months, reflecting the strength of their underlying businesses. JAFCO, Japan's
leading venture capital provider, also performed strongly as it announced a
clear intent simultaneously to focus on the high return opportunities it sees
in the domestic market while making a slow transition away from the highly
competitive overseas arena. This announcement was accompanied by a commitment
to returning large amounts of capital to shareholders with a significant
uplift in its dividend distribution targets and a substantial share buyback.
The largest single contribution to positive return was generated by Nintendo,
whose shares responded favourably to the upcoming launch of a new generation
of gaming hardware.
The standout amongst the worst performing holdings over the period was the
aggregate negative contribution from technology related chemical and
functional material manufacturers. Shin-Etsu Chemical Co, Dexerials, and
Nissan Chemical are all suppliers to leading technology companies that could
potentially be amongst the hardest hit by the tariff fallout. Each of these
companies has reported robust recent performance but uncertainty over the
future has prevailed. Semiconductor equipment manufacturers such as Tokyo
Electron and Pillar were similarly affected.
It was encouraging to see positive contributions from some of the domestic
focused holdings such as Softbank Corp, Technopro, Nippon Gas, and Nippon
Parking Development, supported by favourable operating trends, after a prior
period of share price weakness.
PORTFOLIO POSITIONING
The ongoing improvements in capital efficiency and corporate governance
continue to expand the number of potential candidates for this strategy. The
consequence of this, at a time when heightened uncertainty creates significant
market volatility, is an increased number of investment opportunities.
There have been a number of new additions to the portfolio to reflect this.
Hamamatsu Photonics is a world-renowned manufacturer of devices and components
associated with the use of light in many technical applications. Its
short-term performance has been affected by global inventory adjustments, a
lingering consequence of abnormal pandemic demand and subsequent supply chain
concerns. There have been similar issues at Shimano, a leading bicycle part
and fishing tackle manufacturer, and the recent valuation derating of these
companies has created exciting investment opportunities. In both cases this is
supported by recent improvements in shareholder return policies. Insource
provides corporate training courses, employment transition support and HR
related services. The changing labour requirements in Japan, due to the
population dynamics and technology advances, represent an attractive growth
opportunity for this well-managed, financially sound company.
Chugai Pharmaceutical, through its partnership with Roche, has demonstrated a
strong track record of discovery and commercialisation of highly effective
drug treatments and recent trial results have highlighted the exciting
potential of its current portfolio of next generation development projects.
This current portfolio includes a GLP-1 development candidate, licensed to Eli
Lilly in 2018 and currently in final Phase 3 trials for type 2 diabetes and
weight control.
There have been a number of disposals from the portfolio to fund the new
entrants. Mani, Dip, En Japan, Macnica and Noevir all now seem to be facing
challenges which were not previously envisaged. While they still do retain
long-term attraction, the near-term risks are outweighed by the greater
opportunities from the portfolio's new additions.
OUTLOOK
In this period of uncertainty, we believe it is appropriate to remain aware of
the risks but open minded to the potential opportunities the current
circumstances present. The performance of the Japanese equity market has
remained robust over the past few years despite many apparent headwinds. We
attribute this to the ability that the most successful companies have to adapt
to challenges they face, and the complementary corporate governance
improvements in Japan that underpinned the launch of this strategy. We are
confident that these fundamental changes are becoming increasingly entrenched
across the corporate sector and therefore consider it to be a secular rather
than cyclical trend, which offers both greater consistency and better returns
to long-term investors in Japan.
RICHARD ASTON
CHIKARA INVESTMENTS LLP
23 June 2025
TOP TEN TOKYO STOCK EXCHANGE ("TSE") SECTORS AS AT 30 APRIL 2025
TSE Sector % of net
assets
Banks 11.6
Chemicals 9.8
Info & Communications 8.6
Other Products 8.5
Wholesale 7.7
Insurance 7.4
Electrical Appliances 7.3
Retail Trade 6.6
Other Financing Business 6.0
Securities & Commodities 3.8
---------------
Top Ten Sectors 77.3
=========
Other Sectors(1) 20.5
Other Net Assets 2.2
---------------
Total 100.0
=========
1 Other Sectors comprise of seven sectors, which individually, are
less than 3.5% each of the net assets.
TOP TEN MAIN BUSINESS AREAS AS AT 30 APRIL 2025
Main Business Area % of net
assets
Banks 11.6
Trading Companies 7.7
Insurance 7.4
Gaming 5.8
Mobile Telecoms & Services 4.7
Functional Materials 4.0
Optical Technology 3.8
Financial Services & Investment 3.8
Silicon Wafers & PVC 3.7
Land Transport 3.5
---------------
Top Ten Main Business Areas 56.0
=========
Other Main Business Areas 41.8
Other Net Assets 2.2
---------------
Total 100.0
=========
TOP TEN EQUITY HOLDINGS AS AT 30 APRIL 2025
Company Main Business Area TSE Sector %
of net
assets
Nintendo Gaming Other Products 5.8
Sumitomo Mitsui Financial Group Banks Banks 5.0
SoftBank Corp Mobile Telecoms & Services Information & Communications 4.7
Tokio Marine Holdings Insurance Insurance 4.4
Mitsubishi UFJ Financial Group Banks Banks 4.3
Itochu Corp Trading Company Wholesale 4.3
SBI Holdings Financial Services & Investment Securities & Commodities 3.8
Shin-Etsu Chemical Co Silicon Wafers & PVC Chemicals 3.7
Tokyo Metro Co Land Transport Land Transport 3.5
Mitsubishi Corp Trading Company Wholesale 3.5
---------------
Top Ten Equity Holdings 43.0
Other Equity Holdings 54.8
---------------
Total Holdings 97.8
Other Net Assets 2.2
---------------
Total 100.0
=========
TOP TEN CONTRACTS FOR DIFFERENCE ("CFDs") AS AT 30 APRIL 2025
Company Main Business Area TSE Sector Absolute Absolute Market
value
value as a
value
£'000
% of
£'000
net assets
Nintendo Gaming Other Products 3,125 1.2 1,379
Sumitomo Mitsui Financial Group Banks Banks 2,669 1.0 533
SoftBank Corp Mobile Telecoms & Services Information & Communications 2,518 0.9 405
Tokio Marine Holdings Insurance Insurance 2,378 0.9 641
Mitsubishi UFJ Financial Group Banks Banks 2,302 0.9 712
Itochu Corp Trading Company Wholesale 2,286 0.9 439
SBI Holdings Financial Services & Investment Securities & Commodities 2,054 0.8 469
Shin-Etsu Chemical Co Silicon Wafers & PVC Chemicals 1,970 0.7 (406)
Tokyo Metro Co Land Transport Land Transport 1,895 0.7 185
Mitsubishi Corp Trading Company Wholesale 1,873 0.7 167
--------------- --------------- ---------------
Top Ten CFDs 23,070 8.6 4,524
Other CFDs 29,400 11.0 1,883
--------------- --------------- ---------------
Total CFDs 52,470 19.6 6,407
========= ========= =========
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authority ("FCA") Disclosure Guidance
and Transparency Rules. The Chairman's Statement and the Investment Manager's
Report in this Half-Year Report provide details of the important events which
have occurred during the period and their impact on the Financial Statements.
The following statements on principal and emerging risks and uncertainties,
related party transactions, going concern and the Directors' Responsibility
Statement, together, constitute the Interim Management Report for the Company
for the six months ended 30 April 2025. The outlook for the Company for the
remaining six months of the year ending 31 October 2025 is discussed in the
Investment Manager's Report.
PRINCIPAL AND EMERGING RISKS AND UNCERTAINTIES
The Board is responsible for the management of risks faced by the Company and
delegates this role to the Audit and Risk Committee (the "Committee"). The
Committee carries out, at least annually, a robust assessment of principal and
emerging risks and uncertainties and monitors the risks on an ongoing basis.
The Committee has a dynamic risk management register in place to help identify
key risks in the business and oversee the effectiveness of internal controls
and processes. The risk management register and associated risk heat map
provide a visual reflection of the Company's identified risks, including
principal and emerging risks.
The Company's risks fall into three main categories:
· Strategic and Business risks, including investment performance,
market, geopolitical and leverage risk;
· Operational and Financial risks, including cyber and business
interruption; and
· Regulatory and Compliance risks, including climate change.
The Committee considers both the impact and the probability of each risk
occurring and ensures appropriate controls are in place to reduce risk to an
acceptable level. A detailed explanation of the principal and emerging risks
and uncertainties to the Company are detailed in the Company's most recent
Annual Report for the year ended 31 October 2024, which can be found on the
Company's website at www.ccjapanincomeandgrowthtrust.com
(http://www.ccjapanincomeandgrowthtrust.com)
The risks as outlined in the 2024 Annual Report released on 21 January 2025
remain largely unchanged. However, since the release of the 2024 Annual
Report, the Board notes the increased volatility as a result of changes in the
geopolitical landscape. The impact of the potential implementation of global
trade tariffs remains unclear following the announcement by the US
administration. Escalation in regional conflicts will also further impact
investor confidence.
The Board closely monitors and assesses these continued uncertainties as to
how they could impact and affect the Company's trading position apropos our
investment objectives, portfolio and thus our shareholders, and, where
appropriate, endeavour to mitigate the risk.
RELATED PARTY TRANSACTIONS
The Company's Investment Manager is Chikara Investments LLP. Chikara
Investments LLP is considered a related party under the UK Listing Rules. The
Board has agreed with the Investment Manager that, with effect from 1 November
2024, the Company's management fee is calculated on a tiered basis of 0.75%
per annum on the first £300 million of net assets and 0.60% on net assets in
excess of £300 million. This compares with the flat fee arrangement of 0.75%
per annum on net assets which has been levied since the Company's inception.
Investment management fees during the six-month period to 30 April 2025 were
£1,026,000. There is no performance fee payable to the Investment Manager.
There have been no changes to the related party transactions that could have a
material effect on the financial position or performance of the Company since
the year ended 31 October 2024. Further information can be found in note 12 to
the financial statements on page 19 of the 2025 Half-Year Report.
GOING CONCERN
The Board has a reasonable expectation that the Company has adequate resources
to continue in operational existence for at least twelve months from the
publication of this Half-Year Report. In reaching this conclusion, the
Directors have considered the liquidity of the Company's portfolio of
investments as well as its cash position, income, and expense flows.
The Company's net assets as at 30 April 2025 were £268.4 million (30 April
2024: £275.7 million). As at 30 April 2025, the Company held £263.3 million
(30 April 2024: £272.3 million) in quoted investments. In addition, as at 30
April 2025, the Company had gross exposure to Contracts for Difference of
£52.5 million (30 April 2024: £54.5 million). The total expenses (excluding
finance costs and taxation) for the six months ended 30 April 2025 were £1.5
million (30 April 2024: £1.4 million). As at 30 April 2025, none of the bank
overdraft facility with Northern Trust Company was utilised on the Japanese
Yen bank account (30 April 2024: £2.0 million).
As part of its assessment, the Board has reviewed stress testing and liquidity
analysis on the Company's portfolio of investments, giving careful
consideration to the consequences for the Company of continuing uncertainties
in the global economy and increased geopolitical tension worldwide. A
prolonged and deep global or Japanese stock market decline would lead to a
fall in investment values. However, the Company currently has sufficient
liquidity available to meet any future obligations.
In accordance with the Company's Articles of Association, shareholders have
the right to vote on the continuation of the Company as an investment trust
every three years and a resolution to that effect was last approved at the AGM
in March 2025.
DIRECTORS' RESPONSIBILITY STATEMENT
The Disclosure Guidance and Transparency Rules ("DTR") of the UK Listing
Authority require the Directors to confirm their responsibilities in relation
to the preparation and publication of the Interim Management Report and
Financial Statements.
The Directors confirm to the best of their knowledge that:
· The set of unaudited condensed financial statements contained
within the Half-Year Report has been prepared in accordance with FRS 104
Interim Financial Reporting and the Statement of Recommended Practice
"Financial Statements of Investment Companies and Venture Capital Trusts"
issued by the Association of Investment Companies issued in July 2022 ("AIC
SORP''); and
· The Interim Management Report, together with the Chairman's
Statement and Investment Manager's Report, includes a fair review of the
information required by 4.2.7R and 4.2.8R of the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
This Half-Year Report has not been audited by the Company's Auditor.
This Half-Year Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
JUNE AITKEN
Chairman
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
23 June 2025
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME SIX MONTHS TO 30 APRIL
2025
Six months to 30 April 2025 Six months to 30 April 2024 Year ended 31 October 2024
(Unaudited)
(Unaudited) (Audited)
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Gains on investment - 5,834 5,834 - 42,179 42,179 - 34,432 34,432
Currency (losses)/gains - (538) (538) - 744 744 - (1,841) (1,841)
Income 4 4,579 - 4,579 4,659 - 4,659 9,357 - 9,357
Investment management fee (205) (821) (1,026) (196) (784) (980) (400) (1,599) (1,999)
Other expenses (467) - (467) (389) - (389) (759) - (759)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Return on ordinary activities before finance costs and taxation 3,907 4,475 8,382 4,074 42,139 46,213 8,198 30,992 39,190
Finance costs 5 (53) (162) (215) (33) (104) (137) (97) (234) (331)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Return on ordinary activities before taxation 3,854 4,313 8,167 4,041 42,035 46,076 8101 30,758 38,859
Taxation 6 (444) - (444) (460) - (460) (928) - (928)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Return on ordinary activities after taxation 3,410 4,313 7,723 3,581 42,035 45,616 7,173 30,758 37,931
========= ========= ========= ========= ========= ========= ========= ========= =========
Return per Ordinary share 10 2.53p 3.20p 5.73p 2.66p 31.20p 33.86p 5.32p 22.83p 28.15p
========= ========= ========= ========= ========= ========= ========= ========= =========
The total column of the above statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations.
Both the supplementary revenue and capital columns are prepared under guidance
from the Association of Investment Companies. There is no other comprehensive
income and therefore the return for the period is also the total comprehensive
income for the period.
The notes below form part of these Half-Year Financial Statements.
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
Note 30 April 30 April 31 October
2025
2024
2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Fixed assets
Investments at fair value through profit or loss 3 263,325 272,259 258,478
--------------- --------------- ---------------
Current assets
Cash and cash equivalents 2,315 - 4,006
Cash collateral in respect of Contracts for Difference ("CFDs") (6,678) - 413
Amounts due in respect of CFDs 3 7,974 10,699 8,027
Other debtors 4,503 3,907 4,062
--------------- --------------- ---------------
8,114 14,606 16,508
========= ========= =========
Creditors: amounts falling due within one year
Cash and cash equivalents - Bank overdraft - (288) -
Cash collateral in respect of CFDs (328) (9,700) (8,837)
Amounts payable in respect of CFDs 3 (1,567) (894) (17)
Other creditors (1,167) (301) (291)
--------------- --------------- ---------------
(3,062) (11,183) (9,145)
--------------- --------------- ---------------
Net current assets 5,052 3,423 7,363
--------------- --------------- ---------------
Total assets less current liabilities 268,377 275,682 265,841
========= ========= =========
Net assets 268,377 275,682 265,841
========= ========= =========
Capital and reserves
Share capital 8 1,348 1,348 1,348
Share premium 98,067 98,067 98,067
Special reserve 64,671 64,671 64,671
Capital reserve
- Revaluation gains on investment held at period end 39,083 55,866 35,561
- Other capital reserve 59,110 49,291 58,319
Revenue reserve 6,098 6,439 7,875
--------------- --------------- ---------------
Total shareholders' funds 268,377 275,682 265,841
========= ========= =========
NAV per share (pence) 11 199.20p 204.62p 197.31p
========= ========= =========
Approved by the Board of Directors and authorised for issue on 23 June 2025
and signed on their behalf by:
JUNE AITKEN
Director
CC Japan Income & Growth Trust plc is incorporated in England and Wales
with registration number 9845783.
The notes below form part of these Half-Year Financial Statements.
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
SIX MONTHS TO 30 APRIL 2025
Note Share Share Special Capital Revenue Total
capital
premium
reserve
reserve
reserve
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2024 1,348 98,067 64,671 93,880 7,875 265,841
Return on ordinary activities after taxation - - - 4,313 3,410 7,723
Dividends paid - - - - (5,187) (5,187)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 30 April 2025 1,348 98,067 64,671 98,193 6,098 268,377
========= ========= ========= ========= ========= =========
SIX MONTHS TO 30 APRIL 2024
Share Share Special Capital Revenue Total
capital
premium
reserve
reserve
reserve
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2023 1,348 98,067 64,671 63,122 7,910 235,118
Return on ordinary activities after taxation - - - 42,035 3,581 45,616
Dividends paid - - - - (5,052) (5,052)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 30 April 2024 1,348 98,067 64,671 105,157 6,439 275,682
========= ========= ========= ========= ========= =========
YEAR ENDED 31 OCTOBER 2024 (AUDITED)
Share Share Special Capital Revenue Total
capital
premium
reserve
reserve
reserve
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2023 1,348 98,067 64,671 63,122 7,910 235,118
Return on ordinary activities after taxation - - - 30,758 7,173 37,931
Dividends paid - - - - (7,208) (7,208)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 31 October 2024 1,348 28,067 64,671 93,880 7,875 265,841
========= ========= ========= ========= ========= =========
The Company's distributable reserves consist of the Special reserve, Revenue
reserve and Capital reserve attributable to realised profits.
The notes below form part of these Half-Year Financial Statements.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
SIX MONTHS TO 30 APRIL 2025
Six months to Six months to Year ended
30 April
30 April
31 October
2025
2024
2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Operating activities cash flows
Return on ordinary activities before finance costs and taxation(1) 8,382 46,213 39,190
Adjustment for:
Gains on equity investments (6,288) (32,469) (26,332)
Realised (gains)/losses on CFDs (1,159) 46 (122)
Movement in CFD transactions 185 (530) (11)
Increase in other debtors (139) (157) (73)
(Decrease)/Increase in other creditors (3) (36) (52)
Tax withheld on overseas income (444) (460) 928)
--------------- --------------- ---------------
Net cash flow from operating activities 534 12,607 11,672
========= ========= =========
Investing activities cash flows
Purchases of equity investments (62,882) (17,561) (63,521)
Proceeds from sales of equity investments 64,896 9,558 62,923
Realised gains/(losses) on CFDs 1,159 (46) 122
--------------- --------------- ---------------
Net cash flow from/(used in) investing activities 3,173 (8,049) (476)
========= ========= =========
Financing activities cash flows
Equity dividends paid (5,187) (5,052) (7,208)
Finance costs paid (210) (134) (322)
--------------- --------------- ---------------
Net cash used in financing activities (5,397) (5,186) (7,530)
========= ========= =========
(Decrease)/increase in cash and cash equivalents (1,690) (628) 3,666
Cash and cash equivalents at the beginning of the period 4,006 340 340
--------------- --------------- ---------------
Cash and cash equivalents at the end of the period 2,316 (288) 4,006
========= ========= =========
1 Inflow from dividends received was £3,828,000 (30 April 2024:
£3,996,000 and 31 October 2024: £8,314,000).
The notes below form part of these Half-Year Financial Statements.
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
1. GENERAL INFORMATION
CC Japan Income & Growth Trust plc (the "Company") was incorporated in
England and Wales on 28 October 2015 with registered number 9845783, as a
closed-ended investment company. The Company commenced its operations on 15
December 2015. The Company carries on business as an investment trust within
the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010.
The Company's investment objective is to provide shareholders with dividend
income combined with capital growth, mainly through investment in equities
listed or quoted in Japan.
The Company's Ordinary shares were admitted to the Official List of the
Financial Conduct Authority on 15 December 2015. On the same day, trading of
the ordinary shares commenced on the London Stock Exchange.
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.
The Company's registered office is 25 Southampton Buildings, London, WC2A 1AL.
2. ACCOUNTING POLICIES
The Half-Year Financial Statements have been prepared in accordance with FRS
104 Interim Financial Reporting and the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture Capital
Trusts" issued by the Association of Investment Companies in July 2022.
This Half-Year Report is unaudited and does not include all the information
required for full annual financial statements. The Half-Year Report should be
read in conjunction with the Annual Report and Accounts of the Company for the
year ended 31 October 2024. The Annual Report and Accounts for the year ended
31 October 2024 were prepared in accordance with FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102")
and received an unqualified audit report. The financial information for the
year ended 31 October 2024 in this Half-Year Report has been extracted from
the audited Annual Report and Accounts for that year end. The accounting
policies in this Half-Year Report are consistent with those applied in the
Annual Report and Accounts for the year ended 31 October 2024.
The Half-Year Financial Statements have been presented in GBP Sterling (£).
3. INVESTMENTS
As at As at As at
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Investments listed on a recognised overseas investment exchange 263,325 272,259 258,478
--------------- --------------- ---------------
263,325 272,259 258,478
========= ========= =========
Fair Value Measurements of Financial Assets and Financial Liabilities
The financial assets and liabilities are either carried in the balance sheet
at their fair value, or the balance sheet amount is a reasonable approximation
of fair value (due from brokers, dividends receivable, accrued income, due to
brokers, accruals and cash and cash equivalents).
The valuation techniques for investments and derivatives used by the Company
are explained in the accounting policies notes 2 (b and c) in the Annual
Report and Accounts for the year ended 31 October 2024.
The table below sets out fair value measurements using fair value hierarchy.
30 April 2025 (Unaudited) Level 1 Level 2 Level 3 Total
£'000
£'000
£'000
£'000
Assets:
Equity investments 262,371 954 - 263,325
CFDs - Unrealised fair value gains - 7,974 - 7,974
Liabilities:
CFDs - Unrealised fair value losses - (1,567) - (1,567)
--------------- --------------- --------------- ---------------
Total 262,371 7,361 - 269,732
========= ========= ========= =========
30 April 2024 (Unaudited) Level 1 Level 2 Level 3 Total
£'000
£'000
£'000
£'000
Assets:
Equity investments 272,259 - - 272,259
CFDs - Unrealised fair value gains - 10,699 - 10,699
Liabilities:
CFDs - Unrealised fair value losses - (894) - (894)
--------------- --------------- --------------- ---------------
Total 272,259 9,805 - 282,064
========= ========= ========= =========
31 October 2024 (Audited) Level 1 Level 2 Level 3 Total
£'000
£'000
£'000
£'000
Assets:
Equity investments 255,765 2,713 - 258,478
CFDs - Unrealised fair value gains - 8,027 - 8,027
Liabilities:
CFDs - Unrealised fair value losses - (17) - (17)
--------------- --------------- --------------- ---------------
Total 255,765 10,723 - 266,488
========= ========= ========= =========
There were no transfers between levels during the period (2024: nil).
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the Fair Value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valued by reference to valuation techniques using observable inputs
including quoted prices.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data.
There were no Level 3 investments as at 30 April 2025 (2024: nil).
4. INCOME
Six months to Six months to Year ended
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Income from investments:
Overseas dividends 4,453 4,595 9,278
Deposit interest 18 64 79
Money market fund dividends 108 - -
--------------- --------------- ---------------
Total 4,579 4,659 9,357
========= ========= =========
Overseas dividend income is translated into Sterling on receipt.
5. FINANCE COSTS
Six months to Six months to Year ended
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000
£'000
Interest paid - 100% charged to revenue 13 8 39
CFD finance cost and structuring fee - 20% charged to revenue 40 25 57
Structuring fees - 20% charged to revenue - - 1
--------------- --------------- ---------------
53 33 97
========= ========= =========
CFD finance cost and structuring fee - 80% charged to capital 160 102 230
Structuring fees - 80% charged to capital 2 2 4
--------------- --------------- ---------------
162 104 234
========= ========= =========
Total finance costs 215 137 331
========= ========= =========
6. TAXATION
Six months to 30 April 2025 Six months to 30 April 2024
(Unaudited)
(Unaudited)
Revenue Capital Total Revenue Capital Total
£'000
£'000
£'000
£'000
£'000
£'000
Analysis of tax charge in the period:
Overseas withholding tax 444 - 444 460 - 460
--------------- --------------- --------------- --------------- --------------- ---------------
Total tax charge for the period 444 - 444 460 - 460
========= ========= ========= ========= ========= =========
Year ended 31 October 2024
(Audited)
Revenue Capital Total
£'000
£'000
£'000
Analysis of tax charge in the year:
Overseas withholding tax 928 - 928
--------------- --------------- ---------------
Total tax charge for the year 928 - 928
========= ========= =========
7. INTERIM DIVIDEND
During the six months ended 30 April 2025, the Company paid a dividend of
3.85p per Ordinary share in respect of the year ended 31 October 2024.
These Half-Year Financial Statements have been prepared in accordance with the
requirements of section 838 of the Companies Act 2006 and constitute the
Company's half-year accounts for the purpose of justifying the payment of an
interim dividend for the year ending 31 October 2025.
The Directors have declared an interim dividend for the six months ended 30
April 2025 of 1.65p (2024: 1.60p) per Ordinary share. The dividend will be
paid on 1 August 2025, to shareholders who appear on the register as at the
close of business on 4 July 2025. The Ordinary shares will go ex-dividend on 3
July 2025 and the dividend will be funded from the Company's Revenue reserve.
This dividend has not been accrued in the financial statements for the six
months to 30 April 2025.
8. SHARE CAPITAL
Share capital represents the nominal value of shares that have been issued.
The share premium includes any premium received on issue of share capital. Any
transaction costs associated with the issuing of shares are deducted from the
share premium.
As at 30 April 2025 As at 30 April 2024 As at 31 October 2024
(Unaudited)
(Unaudited)
(Audited)
No. of shares £'000 No. of shares £'000 No. of shares £'000
Allotted, issued & fully paid:
Ordinary shares of 1p
Opening balance 134,730,610 1,348 134,730,610 1,348 134,730,610 1,348
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Closing balance 134,730,610 1,348 134,730,610 1,348 134,730,610 1,348
========== ========== ========== ========== ========== ==========
Since the period end, the Company has not issued or repurchased any Ordinary
shares, with 134,730,610 Ordinary shares in issue as at date of publication of
this report.
9. FINANCIAL COMMITMENTS
As at 30 April 2025 there were no commitments in respect of unpaid calls and
underwritings (30 April 2024: nil and 31 October 2024: nil).
10. RETURN PER ORDINARY SHARE
Total return per Ordinary share is based on the return on ordinary activities,
including income, for the period after taxation of £7,723,000 (30 April 2024:
£45,616,000 and 31 October 2024: £37,931,000) and the weighted average
number of Ordinary shares in issue for the period to 30 April 2025 of
134,730,610 (30 April 2024: 134,730,610 and 31 October 2024: 134,730,610).
The returns per Ordinary share were as follows:
As at 30 April 2025 As at 30 April 2024 As at 31 October 2024
(Unaudited)
(Unaudited)
(Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return per Ordinary share 2.53p 3.20p 5.73p 2.66p 31.20p 33.86p 5.32p 22.83p 28.15p
========== ========== ========== ========== ========== ========== ========== ========== ==========
11. NET ASSET VALUE PER SHARE
Total shareholders' funds and the NAV per share attributable to the
shareholders at the period end calculated in accordance with the Articles of
Association were as follows:
NAV per Ordinary share
As at As at As at
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
Net Asset Value (£'000) 268,377 275,682 265,841
Ordinary shares in issue 134,730,610 134,730,610 134,730,610
----------------- ----------------- -----------------
NAV per Ordinary share 199.20p 204.62p 197.31p
========== ========== ==========
12. RELATED PARTY TRANSACTIONS
Transactions with the Investment Manager
The Company provides additional information concerning its relationship with
the Investment Manager, Chikara Investments LLP ("Chikara"). Chikara also
served as Alternative Investment Fund Manager ("AIFM") until 31 December 2024,
after which Frostrow Capital LLP was appointed, with effect from 1 January
2025, as AIFM for the Company. Investment Management fees for the six month
period ended 30 April 2025 were £1,026,000 (six month period ended 30 April
2024: £980,000 and one year period ended 31 October 2024: £1,999,000). The
Investment Management fees outstanding at the period ended 30 April 2025 were
£179,000 (30 April 2024: £172,000 and 31 October 2024: £151,000).
Research purchasing agreement
The Markets in Financial Instruments Directive II ("MiFID II") treats
investment research provided by brokers and independent research providers as
a form of "inducement" to investment managers and requires research to be paid
separately from execution costs. In the past, the costs of broker research
were primarily borne by the Company as part of execution costs through dealing
commissions paid to brokers. With effect from 3 January 2018, this practice
has changed, as brokers subject to MiFID II are now required to price, and
charge for, research separately from execution costs. Equally, the rules
require the Investment Manager, as an investment Manager, to ensure that the
research costs borne by the Company are paid for through a designated Research
Payment Account ("RPA") funded by direct research charges to the Investment
Manager's clients, including the Company.
The research charge for the year 1 January 2025 to 31 December 2025, as agreed
between the Investment Manager and the Company, is US $31,000 (31 December
2024: US $31,000).
Directors' fees and shareholdings
Directors' fees are payable at the rate of £30,000 per annum for each
Director other than the Chairman, who is entitled to receive £45,000. The
Chairman of the Audit and Risk Committee is entitled to an additional fee of
£6,500 per annum and the Senior Independent Director ("SID") is entitled to
an additional fee of £1,000 per annum.
The Directors hold the following Ordinary shares in the Company, all of which
were beneficially owned.
Ordinary shares Ordinary shares Ordinary shares
as at
as at
as at
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
June Aitken 43,652 42,409 42,774
Kate Cornish-Bowden 50,000 50,000 50,000
Craig Cleland 45,000 40,000 45,000
John Charlton-Jones 29,715 22,403 22,403
========== ========== ==========
13. POST BALANCE SHEET EVENTS
There are no post balance sheet events other than as disclosed in this
Half-Year Report.
14. STATUS OF THIS REPORT
These Half-Year Financial Statements are unaudited and not the Company's
statutory accounts for the purposes of section 434 of the Companies Act 2006.
The Half-Year Report will be made available to the public at the registered
office of the Company. The report will also be available on the Company's
website www.ccjapanincomeandgrowthtrust.com
(http://www.ccjapanincomeandgrowthtrust.com)
The information for the year ended 31 October 2024 has been extracted from the
last published audited financial statements, unless otherwise stated. The
audited financial statements have been delivered to the Registrar of
Companies. The Auditor reported on those accounts and their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under sections 498(2) or 498(3) of the Companies Act
2006.
GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES ("APM")
Absolute exposure The absolute difference between the Company's long positions and short
positions.
AIC Association of Investment Companies.
Alternative Investment Fund or "AIF" An investment vehicle under AIFMD. Under AIFMD (see below) the Company is
classified as an AIF.
Alternative Investment Fund Managers' Directive or "AIFMD" The UK version of a European Union Directive which came into force on 22 July
2013 and which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018, as amended by The Alternative Investment Fund Managers (Amendment
etc.) (EU Exit) Regulations 2019.
Alternative Performance Measure or "APM" A financial measure of historical or future financial performance, financial
position, or cash flows, other than a financial measure defined or specified
in the applicable financial reporting framework.
Annual General Meeting or "AGM" A meeting held once a year, which shareholders are entitled to attend, and
where they can vote on resolutions to be put forward at the meeting and ask
Directors questions about the Company.
Contract for Difference or "CFD" A financial instrument, which provides exposure to an underlying equity with
the provider financing the cost to the buyer with the buyer receiving the
difference of any gain or paying for any loss.
Cum Dividend A dividend that has been declared but not yet paid out.
Custodian An entity that is appointed to safeguard a company's assets.
Depositary Certain AIFs must appoint depositaries under the requirements of AIFMD. A
depositary's duties include, inter alia, safekeeping of the Company's assets
and cash monitoring. Under AIFMD the depositary is appointed under a strict
liability regime. The Company's Depositary is Northern Trust Investor Services
Limited.
Dividend Income receivable from an investment in shares.
Discount (APM) The amount, expressed as a percentage, by which the share price is less than
the NAV per Ordinary share.
As at 30 April 2025
NAV per Ordinary share (in pence) a 199.20
Share price (in pence) b 182.50
----------------- -----------------
Discount (b÷a)-1 8.4%
========== ==========
Ex-dividend date The date from which you are not entitled to receive a dividend which has been
declared and is due to be paid to shareholders.
Financial Conduct Authority or "FCA" The independent body that regulates the financial services industry in the UK.
Gearing (APM) A way to magnify income and capital returns, but which can also magnify
losses. The Company may be geared through the CFDs and if utilised, the
overdraft facility, with The Northern Trust Company.
As at 30 April 2025 £'000
CFD Notional Market Value(1) a 52,470
NAV b 268,377
----------------- -----------------
Gearing (net) (a÷b) 19.6%
========== ==========
1 CFD positions in underlying asset value.
Gross assets (APM) The Company's total assets including any leverage amount.
Gross market exposure The Company's total exposure investment value in the financial market prices.
Gross underlying notional exposure The Company's total exposure value on the underlying asset of its derivatives.
Index A basket of stocks which is considered to replicate a particular stock market
or sector.
Investment company A company formed to invest in a diversified portfolio of assets.
Investment trust A closed end investment company which is based in the United Kingdom ("UK")
and which meets certain tax conditions which enables it to be exempt from UK
corporation tax on its capital gains. This Company is an investment trust.
Leverage (APM) Under the Alternative Investment Fund Managers Directive ("AIFMD"), leverage
is any method by which the exposure of an Alternative Investment Fund ("AIF")
is increased through borrowing of cash or securities or leverage embedded in
derivative positions.
Under AIFMD, leverage is broadly similar to gearing, but is expressed as a
ratio between the assets (excluding borrowings) and the net assets (after
taking account of borrowing). Under the gross method, exposure represents the
sum of the Company's positions after deduction of cash balances, without
taking account of any hedging or netting arrangements. Under the commitment
method, exposure is calculated without the deduction of cash balances and
after certain hedging and netting positions are offset against each other.
Under both methods the AIFM has set current maximum limits of leverage for the
Company of 200%.
As at 30 April 2025 Gross Commitment
£'000
£'000
Security market value a 263,325 263,325
CFD Notional market value b 52,470 52,470
Cash and cash equivalents(1) c 4,860 4,691
NAV d 268,377 268,377
----------------- ----------------- -----------------
Leverage (a+b+c)/d 119% 119%
========== ========== ==========
1 Cash and cash equivalents represent gross
overdraft and net overdraft with Northern Trust.
Market liquidity The extent to which investments can be bought or sold at short notice.
Net assets An investment company's assets less its liabilities.
Net Asset Value or "NAV" per Ordinary share Net assets divided by the number of Ordinary shares in issue (excluding any
shares held in treasury).
Net exposure The difference between the Company's long positions and short positions.
Ordinary shares Ordinary shares of £0.01 each in the capital of the Company.
Ongoing charges (APM) A measure, expressed as a percentage of average NAV, of the regular, recurring
annualised costs of running an investment company.
Period ended 30 April 2025
Average NAV a 272,195,255
Annualised expenses b 2,986,000
----------------- -----------------
Ongoing charges (b÷a) 1.10%
========== ==========
Portfolio A collection of different investments constructed and held in order to deliver
returns to shareholders and to spread risk.
Share Premium to Net Asset Value (APM) The amount, expressed as a percentage, by which the share price is more than
the NAV per share.
Share buyback A purchase of a company's own shares. Shares can either be bought back for
cancellation or held in treasury.
Share Price The price of a share as determined by buyers and sellers on the relevant stock
exchange.
Treasury shares A company's own shares held in Treasury by the Company, but which are
available to be resold in the market.
Total return (APM) A measure of performance that includes both income and capital returns. This
takes into account capital gains and reinvestment of dividends paid out by the
Company into its Ordinary shares on the ex-dividend date.
Period ended 30 April 2025 Share price NAV
Opening at 1 November 2024 (in pence) a 178.8 197.3
Closing at 30 April 2025 (in pence) b 182.5 199.2
Price movement (b÷a)-1 c 2.1% 1.0%
Dividend reinvestment(1) d 2.2% 1.9%
----------------- ----------------- -----------------
Total return (c+d) 4.3% 2.9%
========== ========== ==========
(1) The dividend reinvestment is calculated on the assumption that
dividends paid out by the Company are reinvested into the shares of the
Company at NAV at the ex-dividend date.
Volatility A measure of how much a share moves up and down in price over a period of
time.
COMPANY INFORMATION
DIRECTORS, INVESTMENT MANAGER AND ADVISERS
DIRECTORS
June Aitken (Chairman)
Kate Cornish-Bowden (Audit & Risk Committee Chairman)
Craig Cleland (Senior Independent Director and Nomination Committee Chairman)
John Charlton-Jones
BROKER
Peel Hunt LLP
100 Liverpool Street
London
EC2M 2AT
DEPOSITARY AND CUSTODIAN
Northern Trust Investor Services Limited
50 Bank Street
London
E14 5NT
REGISTRAR
MUFG Corporate Markets (Previously Link Group)
Central Square
29 Wellington Street
Leeds
LS1 4DL
LEGAL ADVISER
Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH
INVESTMENT MANAGER
Chikara Investments LLP (formerly Coupland Cardiff Asset Management LLP)
31-32 St James's Street
London
SW1A 1HD
Website - www.chikarainvestments.com (http://www.chikarainvestments.com)
REGISTERED OFFICE
25 Southampton Buildings
London
WC2A 1AL
AIFM, ADMINISTRATOR and COMPANY SECRETARY (With effect from 1 January 2025)
Frostrow Capital LLP
25 Southampton Buildings
London
WC2A 1AL
Website - www.frostrow.com (http://www.frostrow.com)
AUDITOR
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
COMPANY SECURITY INFORMATION AND IDENTIFICATION CODES
WEBSITE
www.ccjapanincomeandgrowthtrust.com
(http://www.ccjapanincomeandgrowthtrust.com)
ISIN
GB00BYSRMH16
SEDOL
BYSRMH1
BLOOMBERG TICKER CCJI LDN
LEGAL ENTITY IDENTIFIER (LEI) 549 300 FZANMYIORK 1K98
GLOBAL INTERMEDIARY 6 HEK HT - 99 999
-SL - 826
IDENTIFICATION NUMBER (GIIN)
RECENT COMPANY PRESENTATIONS / RESEARCH
Investor Update Webinar - 22 January 2025 -
https://www.youtube.com/watch?v=MmbViKRnsdA
(https://www.youtube.com/watch?v=MmbViKRnsdA)
Kepler Note - May 2025 -
https://www.trustintelligence.co.uk/investor/funds/cc-japan-income-growth
(https://www.trustintelligence.co.uk/investor/funds/cc-japan-income-growth)
London Investment Seminar - 14 May 2025 -
https://www.youtube.com/watch?v=VcVErs9OUN8
(https://www.youtube.com/watch?v=VcVErs9OUN8)
Investor Meet Company Webinar -17 June 2025 -
https://www.investormeetcompany.com/meetings/investor-presentation-829
(https://www.investormeetcompany.com/meetings/investor-presentation-829)
* Registered in England and Wales with registration number 9845783.
- ENDS -
For further information please contact:
Frostrow Capital LLP
Company Secretary
020 3709 2481
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into or forms part of this announcement.
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