Half-year Report
30/07/2024 07:00
FIDELITY JAPAN TRUST PLC
Half-Yearly Results for the six months ended 30 June 2024 (unaudited)
Financial Highlights:
* During the six-month period ended 30 June 2024, Fidelity Japan Trust PLC
reported a net asset value (NAV) return of -2.8% and ordinary share price
total return of -6.2%.
* The TOPIX Total Return Index (in sterling terms) returned +6.2% over the
same timeframe.
* The Portfolio Manager believes a broadening out of the Tokyo Stock Exchange
reforms is likely and expects to see a clear improvement in capital efficiency
and shareholder returns further down the market-cap scale.
* A peaking out of the interest rate cycle in the US is conducive to better
performance by growth stocks, an area of the market where the Portfolio
Manager sees a lot of undervaluation.
Contacts
For further information, please contact:
George Bayer
Company Secretary
0207 961 4240
FIL Investments International
Chairman’s Statement
The recovery in the Japanese equity market which started in 2023 has continued
in 2024 with the Nikkei Dow Jones 225 Index reaching levels last seen in the
1990s. However, it has not been a market that has suited the positioning of
Fidelity Japan Trust PLC (the Company) and we have seen it underperforming its
Reference Index, the TOPIX Total Return Index in sterling terms. Over the six
months to 30 June 2024, the net asset value (NAV) of the Company fell by 2.8%
in sterling terms while a widening of the discount over the period resulted in
the share price falling by 6.2%. This compared to a rise in the Reference
Index of 6.2%. The overall return was also dampened by the weakness of the yen
given the continued interest rate differential between Japan and the United
States. In yen terms, the NAV of the Company rose by 10.0% compared to the
Reference Index return of 20.1%.
The focus of the market performance has been concentrated in the large-cap
value area while your Company’s bias has been to growth orientated stocks,
including mid-sized and smaller companies. These have been largely overlooked
by investors in the past six months. It is striking that since the beginning
of the year, the Japanese Value Index has risen by 11.6% while the Japanese
Growth Index has risen by just 1.7%. This divergence has been even starker
since January 2023 since when the Japanese Value Index has risen by 31.8% and
the Japanese Growth Index by only 10.0%, all in sterling terms. (Indices
provided by Russell Nomura.)
Discount Management, Share Repurchases and Treasury Shares
The primary purpose of the Board’s discount management policy is to reduce
discount volatility. At the Annual General Meeting in May 2024, shareholders
approved the annual authority to repurchase up to 14.99% of the Company’s
shares, to be either cancelled or held in Treasury, as they have done each
year previously. The Company’s discount to NAV widened during the half year,
from 9.5% to 12.7%. This reflected the overall widening of discounts in the
investment trust sector and also the lack of demand for shares in the Company.
As part of the discount management policy, in the six months to 30 June 2024,
the Board authorised the repurchase 6,545,426 ordinary shares for holding in
Treasury, at a cost of £11,620,000. This represents 5.2% of the issued share
capital. Since the end of the period and up to the latest practicable date of
this report, a further 1,121,223 ordinary shares have been repurchased.
Gearing
The Board continues to believe that gearing is a distinct advantage of the
investment trust structure and will benefit the performance of the Company as
the market recovers. The Board remains satisfied that the use of long
Contracts for Difference (CFDs) provides more flexibility and at a lower cost
than traditional bank debt. Gearing has remained fairly constant in the six
months under review, beginning 2024 at 23.1% and standing at 24.0% at the end
of June.
Ongoing Charges
We do not provide an annualised ongoing charges figure at the interim stage.
However, it is worth noting that the Company’s variable management fee
arrangement allows for a partial refund of charges in the event of
underperformance on a rolling three-year basis. This has resulted in a credit
of £244,000 in the variable element of the management fee for the six months
to 30 June 2024.
Unlisted Companies
Unlisted investments currently make up 6.1% of the Company’s net assets.
While your Portfolio Manager has the authority to invest up to 20% in unlisted
companies, the Board believes that currently it is prudent to limit the
proportion held in such companies to a maximum of 10% at the time of any
further investment. Together with Kroll, as independent valuers, the Board has
recently reviewed the current valuation of each of the seven unlisted
investments.
Due Diligence Trip
The Board visited Japan in June this year and spent time with the Fidelity
investment team and analysts as well as a number of market commentators. The
trip underlined our confidence in the depth and quality of Fidelity’s
investment team as well as our belief that the Company will benefit when there
is a market rotation back into growth orientated stocks and some of the medium
and small-sized companies.
Board changes
As covered in the 2023 Annual Report, Dominic Ziegler stood down from the
Board at the May 2024 AGM after nine years of excellent service. Seiichi
Fukuyama joined the Board as a non-executive Director with effect from 1 March
2024 and is already making a positive contribution. Along with the other
Directors, Seiichi stood for election at the AGM.
Outlook
The recent underperformance of the Company against the Japanese stock market
and many peers has clearly been disappointing. However, the Company has
generated significant outperformance in the past and we have every reason to
believe that Nicholas Price and the Fidelity investment team will do so again
in the future with a rotation of the market into the growth sectors and the
stocks where the Company is most exposed.
For the past year, it is mainly the larger companies in Japan which have
responded to the reforms introduced by the Tokyo Stock Exchange (TSE) for
companies to focus on improving capital allocation, increased dividends and
buybacks, which have benefited their share price performance. The impact of
these reforms is now being seen more broadly with a number of companies held
in the portfolio responding to the TSE reforms and increasing their dividends
and buying back their shares. There is a strong likelihood that they will
garner investor interest, particularly as they are trading at lower valuations
to the broader market, but with stronger growth prospects.
The return to investors in sterling terms will also be enhanced by any
strengthening in the yen as we anticipate a steady narrowing of the interest
rate differential between Japan and the United States, with the period of
negative interest rates in Japan now ended, and the prospect of some easing of
interest rates in the United States.
As an actively managed investment trust with a flexible mandate, shareholders
understandably expect the Company to add significant value over broad market
indices and to be competitive against peers. The Board remains focused on
ensuring the Company returns to delivering strong investment performance and
is confident that the Company is well placed to benefit from the positive
outlook for the Japanese market.
DAVID GRAHAM
Chairman
29 July 2024
Portfolio Manager’s Review
Market Review
Japanese equities got off to a strong start to the year with the Nikkei 225
Index reaching a record high for the first time since December 1989. The
market was driven primarily by central bank policy expectations centred on the
Bank of Japan (BoJ) and the US Federal Reserve (Fed) and accompanying yen
weakness, as well as strong gains in semiconductor-related stocks. Meanwhile,
upbeat earnings results, including from Index heavyweights accompanied by
share buyback announcements, served to galvanise market sentiment. However,
waning expectations of US Fed rate cuts combined with heightened geopolitical
risks, capped the upward momentum and key indices peaked in late March.
Japan’s currency remained under broad-based pressure amid sustained monetary
policy divergence with other major central banks and closed the period at a
post global financial crisis low of around ¥203 against sterling.
At a sector level, financials, led by Insurance and Banks, generated the
strongest returns, buoyed by higher interest rates and governance-related
developments. Shares in power utilities gained on reports of higher dividend
payouts, while commodity related segments outperformed. Conversely, domestic
oriented industries that are struggling with rising logistics and labour costs
underperformed. In terms of style, large-cap value stocks generated the
strongest returns over the period contrasting with the far more muted
performance of small-cap growth names despite a late rebound.
In economic news, real GDP contracted by 2.9% annualised in the first three
months of 2024 after showing modest growth of just 0.1% in the previous
quarter. Private consumption remained weak, declining for a fourth consecutive
quarter due to persistent price pressures and negative real incomes.
Meanwhile, the core Consumer Price Index (CPI) for May came in at +2.5%
year-on-year, with electricity prices contributing to an acceleration from
April’s reading of +2.2%. The core-core measure of inflation (excluding
fresh food and energy) stood at +2.1% and remained above the BoJ’s price
stability target. The summary of opinions from the BoJ’s June meeting
indicated that more board members had considered adjusting monetary policy in
response to upside risks to prices accompanying the recent weakness of the
yen. A Bloomberg survey conducted in late June found that 33% of economists
polled had expected the BoJ to raise interest rates in July, while those
expecting an October increase stood at 42%.
Although economic growth tailed off towards the end of last year, nominal GDP
expanded by 5% in fiscal year 2023, which is the strongest growth in more than
30 years. This marks a significant change for Japan as during the lost decades
nominal growth was effectively zero and the economy was reliant on price
declines to generate anaemic growth in real GDP. Furthermore, Japanese
companies are raising wages at the highest rate since the 1990s, reflecting a
combination of tight labour markets, balance sheet strength and political
pressure. With the more volatile elements of inflation moderating, a return to
positive real wage growth later in the year bodes well for consumer facing
industries. We are also seeing solid trends in corporate capex, supported by
cash-rich balance sheets, structural labour shortages, reflationary dynamics,
and geopolitical factors. Seeing greater contributions from these key pillars
of domestic demand are key for future economic growth.
Portfolio Review
In the six months to 30 June 2024, the Company’s net asset value (NAV)
declined by 2.8% in sterling terms, underperforming the Reference Index which
returned 6.2%. The share price return was -6.2% in the same period and the
discount of the share price to the NAV widened to 12.7% from 9.5% at the start
of the period.
The 13.1% fall in the value of the yen against sterling since the end of 2023
weighed on the sterling based returns of the Company’s NAV, its share price
and the Reference Index. This stems largely from the wide policy divergence
between the BoJ and the Bank of England.
The US bond yield cycle and accompanying currency trends continued to exert a
sizeable impact on style returns with strong gains in large-cap value stocks
contrasting with the far more muted performance of small-cap growth names.
These trends continued to generate headwinds for growth-oriented strategies,
particularly during periods of sharp rises in long-term interest rates. At a
time of limited market breadth and with returns concentrated in large-cap
value stocks, the Company’s exposure to mid/small-cap growth names
constrained relative performance.
In the Chemicals sector, the Company’s holding in NOF, a speciality
chemicals producer with strengths in raw materials for cosmetics and drug
delivery systems (DDS), was among the most significant detractors from
performance. Inventory corrections at specific customers clouded the immediate
outlook for sales of DDS materials, while an accelerated pace of strategic
investments through fiscal 2025 (12 months to March 2026) represent a
temporary headwind to profits.
Shares in Mitsui High-tec, a leading producer of xEV motor cores, lost ground
as its fiscal 2024 earnings guidance came in below market expectations due to
the impact of higher capital expenditure and depreciation costs. However, the
company’s upfront investment reflects strong demand for motor cores used in
hybrid vehicles and we expect profitability to improve as the business
expands.
Among domestic services companies, positions in KeePer Technical Laboratory
and Kosaido Holdings underperformed. Shares in KeePer Technical Laboratory, a
leading producer and retailer of automobile coating materials, fell sharply in
response to a near-term deceleration in earnings momentum. Monthly sales faced
high hurdle rates at the start of the year and rising costs from new store
openings and wage increases precipitated a negative revision to its full year
guidance. However, monthly sales growth has started to normalise and new store
openings are accelerating. Funeral services operator Kosaido Holdings was a
strong performer in 2023 but faced profit taking at the start of the current
year. Its share price came under further pressure following the resignation of
its President and CEO Hiroshi Kurosawa. Despite the change in management, we
expect the company’s efforts to expand capacity and maximise its existing
crematorium facilities to provide funeral services to remain supportive of
future earnings growth.
On a positive note, holdings in semiconductor related companies were among the
key contributors to performance. Shares in semiconductor production equipment
(SPE) maker Tokyo Electron set successive highs as investors factored in a
multi-year growth trajectory for the global semiconductor market amid growing
demand for generative artificial intelligence (AI). As a highly competitive
player in a structural growth market, Tokyo Electron is well positioned to
capture sustained semiconductor demand and drive technological advances in
chip making and benefit from government support amid rising geopolitical
tensions. Meanwhile, Rorze, a leading producer of semiconductor wafer transfer
and processing equipment, announced stronger-than-expected earnings guidance
for the fiscal year to February 2025, reflecting structural growth in
chip-related investments.
Power utility Kyushu Electric Power announced above consensus annual results
and met its commitment to increase dividends one year ahead of schedule. With
all four nuclear reactors online, it enjoys a steadier energy production mix
compared with many other Japanese utilities. As the largest provider of
electricity to the Kyushu region, it is well positioned to benefit from an
influx of investments related to semiconductor production facilities and data
centres.
Positioning
The Company remains overweight in the Chemicals, Services and Electric
Appliances sectors. At the opposite end of the scale, Pharmaceuticals and
Transportation Equipment remain underweight. The level of gearing was little
changed at 24.0% and is, as always, dependent on bottom-up conviction in the
investment opportunities available and accompanying valuations.
Given the BoJ’s dovish tone and limited immediate scope for yen
strengthening, export oriented companies look attractive amid signs of a
recovery in the global manufacturing Purchasing Managers’ Index (PMI). We
favour exposure to industrial cyclicality through technology and factory
automation-related names. MISUMI Group, Harmonic Drive Systems and Tokyo
Electron remain among the Company’s key active positions. There are also
opportunities in automobile related companies that are committed to addressing
below 1x price-to-book ratios through better balance sheet management and
increasing shareholder returns.
Although the Company remains underweight in Financials as a broad grouping, we
have selectively added to or increased positions in Real Estate, Insurance and
Banks. Stock selection decisions were underpinned by a combination of
favourable fundamentals, supportive policy developments and stronger
commitments to capital efficiency and shareholder returns. At the end of the
reporting period, key active positions included mega bank Mizuho Financial
Group, consumer finance company Credit Saison and insurer Sompo Holdings.
A new position that features among the Company’s top ten holdings is
industrial conglomerate Mitsubishi Electric. Factory automation related
orders, a key driver of the stock, have bottomed out and restructuring
measures, notably at its automobile business, are leading to an improvement in
profitability.
Valuations are historically cheap and we expect the stock to rerate as the
market discounts its growth prospects.
Conversely, a combination of profit taking and targeted reductions in high
valuation names resulted in a lower allocation to the Retail sector. We took
some profits in Ryohin Keikaku, operator of the Muji brand of general
merchandise stores, and sold Uniqlo owner Fast Retailing as upside appeared
limited with valuations at historical highs. Among other strong performers,
the Company’s positions in financial services group ORIX and power company
Kansai Electric Power were sold.
At the end of the review period, seven unlisted names were held, representing
6.1% of the net assets. We continue to evaluate new opportunities, while
maintaining a disciplined approach towards valuations.
Mid/Small-Caps: An Underappreciated Opportunity
The market rally in Japan has been driven predominantly by large-caps. Since
the start of 2023, the TOPIX Core 30 Index has returned around 30% in sterling
terms versus far more muted returns for mid and small-cap indices.
Mid/small-cap growth stocks have notably faced significant style headwinds
given the US Fed’s hiking cycle.
As the US Fed moves closer to interest rate cuts, the outlook for Japanese
mid/small-caps should start to improve. From a valuation perspective, Japanese
mid-caps are trading at a steep price-to-book discount to larger-cap indices
and have lost the price-to-earnings premium that was a constant feature of the
past decade or so, as can be seen from the charts in the Half-Yearly Report.
Although mid/small-caps account for around 90% of the TOPIX universe, they are
often overlooked or under researched. Almost all smaller companies have little
or no street coverage and around 60% of mid-caps have limited coverage. This
level of market inefficiency can create extreme mispricings and as an active
manager on the ground who meets a lot of companies, this creates a wealth of
untapped and differentiated investment opportunities among both domestic and
export oriented firms.
Osaka Soda is a good example of an under researched small-cap stock. It is
transforming from a basic chemicals company to a supplier of value-added
functional and health care materials. In mid-2022, the company had a market
cap of below £500 million and was only covered by local brokers that catered
to individual investors. The lack of street coverage belies the fact that
Osaka Soda is the monopoly supplier of high-grade silica gel which is a
high-margin purification material that is key to the production of GLP-1 and
insulin drugs. With GLP-1 drugs expanding into obesity treatments, it is well
positioned to meet the rapid growth in demand from global pharmaceuticals
companies. Since mid-2022, Osaka Soda’s market cap has more than doubled and
its net cash balance sheet offers scope for higher shareholder returns.
TSE Reforms Unlocking Value
In March 2023, the Tokyo Stock Exchange (TSE) requested that all companies
listed on the Prime and Standard markets (c.3,200 names) disclose measures to
enhance their capital allocation and tackle low valuations. From January 2024,
the TSE started publishing a list of companies that have disclosed information
fulfilling its request and thereby encouraging corporates to be more
proactive.
So far, the highest disclosure rates have been concentrated in large-cap, low
price-to-book companies in sectors including Banks, Shipping, Utilities and
Commodities. However, the TSE led reforms are broadening out across the
market. Through our engagements, we are seeing growth and mid-cap companies
become more active in their shareholder returns. Given that mid/small- caps
have a large presence both in absolute numbers and the proportion that trade
below book value, there are grounds for optimism.
Companies that are committed to balance sheet change by optimising their
capital structures, enhancing cash allocation and payout policies and
eliminating idle assets and cross shareholdings, offer attractive
opportunities for investors. The recently concluded fiscal 2023 reporting
season delivered many governance-related announcements, including a notable
jump in share buybacks. As a result of these actions and as illustrated in the
chart in the Half-Yearly Report, we have seen a significant increase in total
shareholder return yields for selected firms held by the Company.
engagement
In the first six months of 2024, the Engagement team in Tokyo conducted 59
engagement meetings (in addition to our fundamental research meetings),
covering 15 names held by the Company. Themes that formed part of these
environmental, social and corporate governance (ESG) engagements included
long- term strategy and capital allocation, climate change and environmental
issues, and human resource development and gender diversity.
Following the fiscal 2023 reporting season, many Japanese companies released
their medium-term plans, including business strategies for fiscal 2024 and
beyond. In line with the TSE’s request, companies are clearly placing
greater focus on capital allocation and the effective use of assets. For
example, we have seen progress in the unwinding of strategic shareholdings,
the proceeds of which in the majority of cases, are being directed towards
shareholder returns and growth investments.
Sompo Holdings, a non-life insurer held by the Company, announced its new
medium-term plan in May. This included specific profitability targets, a
commitment to reduce its cross shareholdings by at least a third within three
years and to utilise the funds to increase shareholder returns. Capital
allocation will remain a key theme in the Japanese equity market and we
believe this will drive further improvements in corporate value and help to
protect the rights of minority shareholders.
In terms of specific engagements with investee companies, we worked with Riken
Keiki to develop its capital strategy and tackle its low price-to-book ratio.
In response to a request from Tokyo Electron, we met with an executive
director to discuss the company’s board structure, executive remuneration
and the unwinding of cross shareholdings ahead of this year’s annual general
meeting. In the case of Kansai Paint, we discussed management’s awareness of
the cost of capital and share price levels, and the need to improve
shareholder returns. It was gratifying to see the company subsequently commit
to paying 100% of free cash flow (excluding mergers and acquisitions) to
shareholders through progressive dividend hikes and continuous buybacks.
Constructive Outlook for Japan
We believe that Japan’s economic shift to moderate inflation and its impact
on spending and investment decisions by households and corporates, combined
with steady progress in governance reforms, represent multi-year structural
trends.
Japanese equities traded on a forward price-to-earnings multiple north of 50x
during the bubble period in the 1990s, so the current multiple of around 15x
is not expensive historically nor relative to other markets, especially
considering the current low interest rates in Japan. Moreover, a sustained
improvement in returns on equity would support a higher price-to-book multiple
and the economic trend towards moderate inflation supports higher earnings
based valuations.
Although we have seen renewed buying of Japanese stocks by overseas investors
since March 2023, cumulative net inflows remain well below the 2015 peak
during the era of ‘Abenomics’ (economic policies advocated by the then
Prime Minister Shinzo Abe) and global active funds remain underweight Japanese
equities. Japanese households are also relatively underweight equities in
their mix of financial assets.
This structural under-allocation in investor portfolios suggests there is
ample room for inflows into Japanese markets. If the corporate sector, guided
by more shareholder friendly policymaking, can continue to build on its
success in recent years in boosting returns, then inflows could persist.
Any signs of weakness in China’s recovery and the risk of a US recession
represent potential headwinds that could prompt a near-term adjustment in the
Japanese market, primarily in external demand oriented stocks and sectors.
However, the underlying positive drivers should support the mid to long-term
outlook for the Japanese market.
PERFORMANCE OUTLOOK
The performance of the Company has remained challenging in an environment
where high interest rates have favoured value stocks and worked against my
natural tilt towards higher growth and mid/small cap companies. The extent of
the underperformance compared to the Reference Index, over the past three
years in particular, is disappointing for me and doubtless for shareholders
too.
The fundamental investment approach, centred on identifying companies with
good growth prospects through our proprietary bottom-up research, remains
firmly in place and I continue to look for differentiated and under-researched
stocks across a wide range of sectors in the Japanese market. At the same
time, I am finding opportunities in typical large-cap sectors where companies
are moving from value to growth, and signs of improvement in the global
manufacturing cycle are supportive of technology and factory automation stocks
that have struggled in recent years. I am encouraged by a broadening out of
the TSE reforms and expect to see a clear improvement in capital efficiency
and shareholder returns (a trend that was initially led by large-cap value
companies) further down the market-cap scale. Finally, a peaking out of the
interest rate cycle in the US is conducive to better performance by growth
stocks, an area of the market where we are seeing a lot of undervaluation.
NICHOLAS PRICE
Portfolio Manager
29 July 2024
Thirty Largest Holdings as at 30 June 2024
The Portfolio Exposures shown below measure exposure to market price movements
as a result of owning shares and derivative instruments. The Fair Value is the
realisable value of the portfolio as reported in the Balance Sheet. Where a
Contract for Difference (CFD) is held, the Fair Value reflects the profit or
loss on the contract since it was opened and is based on how much the share
price of the underlying share has moved. Where the Company only holds shares,
the Fair Value and the Portfolio Exposure will be the same.
Company Sector Fair Value Portfolio Exposure
£’000 £’000 % 1
Exposures – shares unless otherwise stated
Osaka Soda Chemicals 13,972 13,972 5.9
MISUMI Group (shares and long CFD) Wholesale Trade 5,551 13,173 5.5
Ryohin Keikaku (long CFD) Retail Trade 65 11,264 4.7
Mizuho Financial Group Banks 10,859 10,859 4.6
Keyence (long CFD) Electric Appliances 100 10,641 4.5
Tokyo Electron (long CFD) Electric Appliances (25) 9,786 4.1
Riken Keiki Precision Instruments 8,853 8,853 3.7
Mitsubishi Electric (shares and long CFD) Electric Appliances 3,671 8,686 3.7
Harmonic Drive Systems Machinery 8,232 8,232 3.5
NOF (long CFD) Chemicals 206 7,212 3.0
Honda Motor Transportation Equipment 6,750 6,750 2.8
Recruit Holdings Services 6,701 6,701 2.8
Yonex Other Products 6,647 6,647 2.8
Oriental Land (long CFD) Services (27) 6,401 2.7
Mitsui High-tec Electric Appliances 6,301 6,301 2.7
Sony Electric Appliances 5,767 5,767 2.4
Sumitomo Mitsui Financial Group Banks 5,619 5,619 2.4
Asoview Unlisted 5,423 5,423 2.3
Toyota Industries Transportation Equipment 4,793 4,793 2.0
Shin-Etsu Chemical Chemicals 4,723 4,723 2.0
C. Uyemura Chemicals 4,527 4,527 1.9
Kosaido Holdings Other Products 4,485 4,485 1.9
Central Automotive Products Wholesale Trade 4,151 4,151 1.7
Sompo Holdings Insurance 4,076 4,076 1.7
Kotobuki Spirits Foods 3,971 3,971 1.7
Credit Saison Other Financing Business 3,940 3,940 1.7
Renesas Electronics Electric Appliances 3,554 3,554 1.5
Inforich Services 3,301 3,301 1.4
Maruwa Ceramic Glass & Ceramics Products 3,253 3,253 1.4
Descente Textiles & Apparels 3,175 3,175 1.3
--------------- --------------- ---------------
Thirty largest exposures 142,614 200,236 84.3
Other exposures (72 holdings) 94,341 94,341 39.7
--------------- --------------- ---------------
Total Portfolio (including long CFDs) 236,955 294,577 124.0
========= ========= =========
Fair Value and Portfolio Exposure of Investments as at 30 June 2024
Fair Value Portfolio Exposure
£’000
£’000 % 1
Investments 236,215 236,215 99.4
Derivative instrument assets – long CFDs 814 40,707 17.2
Derivative instrument liabilities – long CFDs (74) 17,655 7.4
--------------- --------------- ---------------
Total Portfolio (including long CFDs) 236,955 294,577 124.0
========= ========= =========
Shareholders’ Funds 237,639
=========
Gearing 2 24.0%
=========
1 Portfolio Exposure is expressed as a percentage of Shareholders’ Funds.
2 Gearing is the amount by which the Portfolio Exposure exceeds
Shareholders’ Funds.
Interim Management Report
Principal Risks and Uncertainties
The Board, with the assistance of the Manager (FIL Investment Services (UK)
Limited), has developed a risk matrix which, as part of the risk management
and internal controls process, identifies the key existing and emerging risks
and uncertainties faced by the Company.
The Board considers that the principal risks and uncertainties faced by the
Company continue to fall into the following categories: geopolitical risk;
natural disaster risk; market, economic and currency risks; investment
performance and gearing risks; discount control and demand risks; key person
risk; environmental, social and governance (ESG) risks; business continuity
risk; cybercrime and information security risks; and tax and regulatory risks.
Information on each of these risks is given in the Strategic Report section of
the Annual Report for the year ended 31 December 2023 which can be found on
the Company’s pages of the Manager’s website at www.fidelity.co.uk/japan.
The principal risks and uncertainties remain the same as those at the last
year end. There continues to be geopolitical tensions and economic and market
events, including continued tensions such as those between the United States
and China over trade and the future of Taiwan, the potential of North Korean
aggression and its impact on the Asia region. There continues to be increased
global economic uncertainty from the ongoing conflicts in Ukraine and the
Middle East. The Board remains vigilant in monitoring such risks.
Climate change continues to be a key principal risk confronting asset managers
and their investors. Globally, climate change effects are already being
experienced in the form of changing weather patterns. Climate change can
potentially impact the operations of investee companies, their supply chains
and their customers. Additional risks may also arise from increased
regulations, costs and net-zero programmes which can all impact investment
returns. The Board notes that the Manager has integrated ESG considerations,
including climate change, into the Company’s investment process. The Board
will continue to monitor how this may impact the Company as a risk, the main
risk being the impact on investment valuations and potentially shareholder
returns.
The Board and the Manager are also monitoring the emerging risks posed by the
rapid advancement of artificial intelligence (AI) and technology and how it
may threaten the Company’s activities and its potential impact on the
portfolio and investee companies. AI can provide asset managers powerful
tools, such as enhancing data analysis risk management, trading strategies,
operational efficiency and client servicing, all of which can lead to better
investment outcomes and more efficient operations. However, with these
advances in computer power that will impact society, there are risks from its
increasing use and manipulation with the potential to harm, including a
heightened threat to cybersecurity.
Investors should be prepared for market fluctuations and remember that holding
shares in the Company should be considered to be a long-term investment. Risks
are mitigated by the investment trust structure of the Company which means
that the Portfolio Manager is not required to trade to meet investor
redemptions. Therefore, investments in the Company’s portfolio can be held
over a longer-time horizon.
The Manager has appropriate business continuity and operational resilience
plans in place to ensure the continued provision of services. This includes
investment team key activities, including those of portfolio managers,
analysts and trading/support functions. The Manager reviews its operational
resilience strategies on an ongoing basis and continues to take all reasonable
steps in meeting its regulatory obligations, assess its ability to continue
operating and the steps it needs to take to serve and support its clients,
including the Board.
The Company’s other third-party service providers also have similar measures
in place to ensure that business disruption is kept to a minimum.
Transactions with the Manager and Related Parties
The Manager has delegated the Company’s portfolio management and company
secretariat services to FIL Investments International. Transactions with the
Manager and related party transactions with the Directors are disclosed in
Note 12 to the Financial Statements below.
Going Concern Statement
The Directors have considered the Company’s investment objective, risk
management policies, liquidity risk, credit risk, capital management policies
and procedures, the nature of its portfolio and its expenditure and cash flow
projections. The Directors, having considered the liquidity of the Company’s
portfolio of investments (being mainly securities which are readily
realisable) and the projected income and expenditure, are satisfied that the
Company is financially sound and has adequate resources to meet all of its
liabilities and ongoing expenses and can continue in operational existence for
a period of at least twelve months from the date of this Half-Yearly Report.
This conclusion also takes into account the Board’s assessment of the
ongoing risks as outlined above.
Accordingly, the Financial Statements of the Company have been prepared on a
going concern basis.
Continuation votes are held every three years and the next continuation vote
will be put to shareholders at the Annual General Meeting in 2025.
BY ORDER OF THE BOARD
FIL INVESTMENTS INTERNATIONAL
29 July 2024
Directors’ Responsibility Statement
The Disclosure 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 condensed set of Financial Statements contained within the Half-Yearly
Report has been prepared in accordance with the Financial Reporting
Council’s Standard FRS 104: Interim Financial Reporting; and
· the Chairman’s Statement, the Portfolio Manager’s Review and the
Interim Management Report above include a fair review of the information
required by DTR 4.2.7R and 4.2.8R.
In line with previous years, the Half-Yearly Report has not been audited or
reviewed by the Company’s Independent Auditor.
The Half-Yearly Report was approved by the Board on 29 July 2024 and the above
responsibility statement was signed on its behalf by David Graham, Chairman.
Financial Statements
Income Statement for the six months ended 30 June 2024
Six months ended 30 June 2024 Six months ended 30 June 2023 Year ended 31 December 2023
unaudited unaudited audited
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
(Losses)/gains on investments – (14,701) (14,701) – 3,951 3,951 – 12,376 12,376
Gains on derivative instruments – 5,340 5,340 – 8,271 8,271 – 14,299 14,299
Income 4 2,428 – 2,428 2,226 – 2,226 4,218 – 4,218
Investment management fees 5 (171) (438) (609) (173) (578) (751) (344) (1,018) (1,362)
Other expenses (417) (13) (430) (376) – (376) (708) (4) (712)
Foreign exchange losses – (265) (265) – (664) (664) – (642) (642)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before finance costs and taxation 1,840 (10,077) (8,237) 1,677 10,980 12,657 3,166 25,011 28,177
Finance costs 6 (16) (63) (79) (13) (54) (67) (27) (106) (133)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before taxation 1,824 (10,140) (8,316) 1,664 10,926 12,590 3,139 24,905 28,044
Taxation on return/(loss) on ordinary activities 7 (218) – (218) (181) – (181) (347) – (347)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before taxation 1,606 (10,140) (8,534) 1,483 10,926 12,409 2,792 24,905 27,697
========= ========= ========= ========= ========= ========= ========= ========= =========
Return/(loss) per ordinary share 8 1.31p (8.25p) (6.94p) 1.14p 8.45p 9.59p 2.17p 19.33p 21.50p
========= ========= ========= ========= ========= ========= ========= ========= =========
The Company does not have any other comprehensive income. Accordingly, the net
return/(loss) on ordinary activities after taxation for the period is also the
total comprehensive income for the period and no separate Statement of
Comprehensive Income has been presented.
The total column of this statement represents the Income Statement of the
Company. The revenue and capital columns are supplementary and presented for
information purposes as recommended by the Statement of Recommended Practice
issued by the AIC.
No operations were acquired or discontinued in the period and all items in the
above statement derive from continuing operations.
Statement of Changes in Equity for the six months ended 30 June 2024
Note Share Share Capital Other Capital Revenue Total
capital premium redemption reserve reserve reserve shareholders’
£’000 account reserve £’000 £’000 £’000 funds
£’000 £’000 £’000
Six months ended 30 June 2024 (unaudited)
Total shareholders’ funds at 31 December 2023 34,041 20,722 2,767 40,382 165,416 (5,535) 257,793
Repurchase of ordinary shares 10 – – – (11,620) – – (11,620)
Net (loss)/return on ordinary activities after taxation for the period – – – – (10,140) 1,606 (8,534)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 30 June 2024 34,041 20,722 2,767 28,762 155,276 (3,929) 237,639
========= ========= ========= ========= ========= ========= =========
Six months ended 30 June 2023 (unaudited)
Total shareholders’ funds at 31 December 2022 34,041 20,722 2,767 46,658 140,511 (8,327) 236,372
Repurchase of ordinary shares 10 – – – (1,029) – – (1,029)
Net return on ordinary activities after taxation for the period – – – – 10,926 1,483 12,409
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 30 June 2023 34,041 20,722 2,767 45,629 151,437 (6,844) 247,752
========= ========= ========= ========= ========= ========= =========
Year ended 31 December 2023 (audited)
Total shareholders’ funds at 31 December 2022 34,041 20,722 2,767 46,658 140,511 (8,327) 236,372
Repurchase of ordinary shares 10 – – – (6,276) – – (6,276)
Net return on ordinary activities after taxation for the year – – – – 24,905 2,792 27,697
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 31 December 2023 34,041 20,722 2,767 40,382 165,416 (5,535) 257,793
========= ========= ========= ========= ========= ========= =========
Balance Sheet as at 30 June 2024
Company Number 2885584
Notes 30.06.24 31.12.23 30.06.23
unaudited audited unaudited
£’000 £’000 £’000
Fixed assets
Investments 9 236,215 253,843 242,990
--------------- --------------- ---------------
Current assets
Derivative instruments 9 814 1,216 1,382
Debtors 3,474 708 1,021
Cash collateral held with brokers – – 256
Cash at bank 500 3,073 4,136
--------------- --------------- ---------------
4,788 4,997 6,795
========= ========= =========
Current liabilities
Derivative instruments 9 (74) (53) (584)
Other creditors (3,290) (994) (1,449)
--------------- --------------- ---------------
(3,364) (1,047) (2,033)
========= ========= =========
Net current assets 1,424 3,950 4,762
========= ========= =========
Net assets 237,639 257,793 247,752
========= ========= =========
Capital and reserves
Share capital 10 34,041 34,041 34,041
Share premium account 20,722 20,722 20,722
Capital redemption reserve 2,767 2,767 2,767
Other reserve 28,762 40,382 45,629
Capital reserve 155,276 165,416 151,437
Revenue reserve (3,929) (5,535) (6,844)
--------------- --------------- ---------------
Total shareholders’ funds 237,639 257,793 247,752
========= ========= =========
Net asset value per ordinary share 11 198.79p 204.46p 191.89p
========= ========= =========
Notes to the Financial Statements
1 Principal Activity
Fidelity Japan Trust PLC is an Investment Company incorporated in England and
Wales with a premium listing on the London Stock Exchange. The Company’s
registration number is 2885584, and its registered office is Beech Gate,
Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. The Company has
been approved by HM Revenue & Customs as an Investment Trust under Section
1158 of the Corporation Tax Act 2010 and intends to conduct its affairs so as
to continue to be approved.
2 Publication of Non-statutory Accounts
The Financial Statements in this Half-Yearly Report have not been audited by
the Company’s Independent Auditor and do not constitute statutory accounts
as defined in section 434 of the Companies Act 2006 (the Act). The financial
information for the year ended 31 December 2023 is extracted from the latest
published Financial Statements of the Company. Those Financial Statements were
delivered to the Registrar of Companies and included the Independent
Auditor’s Report which was unqualified and did not contain a statement under
either section 498(2) or 498(3) of the Act.
3 ACCOUNTING POLICIES
(i) Basis of Preparation
The Company has prepared its Financial Statements on a going concern basis and
in accordance with UK Generally Accepted Accounting Practice (UK GAAP) and FRS
102: The Financial Reporting Standard applicable in the UK and Republic of
Ireland, issued by the Financial Reporting Council. The Financial Statements
are also prepared in accordance with the Statement of Recommended Practice:
Financial Statements of Investment Trust Companies and Venture Capital Trusts
(SORP) issued by the Association of Investment Companies (AIC) in July 2022.
FRS 104: Interim Financial Reporting has also been applied in preparing this
condensed set of Financial Statements. The accounting policies followed are
consistent with those disclosed in the Company’s Annual Report and Financial
Statements for the year ended 31 December 2023.
(ii) Going Concern
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for a period of at least twelve
months from the date of approval of these Financial Statements. Accordingly,
the Directors consider it appropriate to adopt the going concern basis of
accounting in preparing these Financial Statements. This conclusion also takes
into account the Directors’ assessment of the risks faced by the Company as
detailed in the Interim Management Report above.
4 Income
Six months Six months Year
ended ended ended
30.06.24 30.06.23 31.12.23
unaudited unaudited audited
£’000 £’000 £’000
Investment income
Overseas dividends 2,182 1,812 3,475
Derivative income
Dividends received on long CFDs 246 414 743
--------------- --------------- ---------------
Total income 2,428 2,226 4,218
========= ========= =========
No special dividends have been recognised in capital during the period (six
months ended 30 June 2023 and year ended 31 December 2023: £nil).
5 Investment Management Fees
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 June 2024 (unaudited)
Investment management fees – base 171 682 853
Investment management fees – variable 1 – (244) (244)
--------------- --------------- ---------------
171 438 609
========= ========= =========
Six months ended 30 June 2023 (unaudited)
Investment management fees – base 173 693 866
Investment management fees – variable 1 – (115) (115)
--------------- --------------- ---------------
173 578 751
========= ========= =========
Year ended 31 December 2023 (audited)
Investment management fees – base 344 1,377 1,721
Investment management fees – variable 1 – (359) (359)
--------------- --------------- ---------------
344 1,018 1,362
========= ========= =========
1 For the calculation of the variable management fee element, the Company’s
NAV return was compared to the Reference Index return on a daily basis. The
period used to assess the performance is on a rolling three year basis.
FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management to FIL Investments
International (FII). Both companies are Fidelity group companies.
FII charges base investment management fees at an annual rate of 0.70% of net
assets. In addition, there is a +/- 0.20% variation fee based on performance
relative to the Reference Index. Fees are payable monthly in arrears and are
calculated on a daily basis.
The base investment management fees have been allocated 80% to capital reserve
in accordance with the Company’s accounting policies.
6 Finance Costs
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 June 2024 (unaudited)
Interest paid on long CFDs 15 59 74
Interest paid on collateral and deposits 1 1 4 5
--------------- --------------- ---------------
16 63 79
========= ========= =========
Six months ended 30 June 2023 (unaudited)
Interest paid on long CFDs 12 47 59
Interest paid on collateral and deposits 1 1 7 8
--------------- --------------- ---------------
13 54 67
========= ========= =========
Year ended 31 December 2023 (audited)
Interest paid on long CFDs 24 94 118
Interest paid on collateral and deposits 1 3 12 15
--------------- --------------- ---------------
27 106 133
========= ========= =========
1 Due to negative interest rates during the current and prior periods, the
Company paid interest on its collateral and deposits.
Finance costs have been allocated 80% to capital reserve in accordance with
the Company’s accounting policies.
7 Taxation on Return/(Loss) on Ordinary Activities
Six months Six months Year
ended ended ended
30.06.24 30.06.23 31.12.23
unaudited unaudited audited
£’000 £’000 £’000
Overseas taxation 218 181 347
========= ========= =========
8 Return/(Loss) per Ordinary Share
Six months Six months Year
ended ended ended
30.06.24 30.06.23 31.12.23
unaudited unaudited audited
Revenue return per ordinary share 1.31p 1.14p 2.17p
Capital (loss)/return per ordinary share (8.25p) 8.45p 19.33p
--------------- --------------- ---------------
Total (loss)/return per ordinary share (6.94p) 9.59p 21.50p
========= ========= =========
The return/(loss) per ordinary share is based on the net return/(loss) on
ordinary activities after taxation for the period divided by the weighted
average number of ordinary shares held outside of Treasury during the period,
as shown below:
£’000 £’000 £’000
Net revenue return on ordinary activities after taxation 1,606 1,483 2,792
Net capital (loss)/return on ordinary activities after taxation (10,140) 10,926 24,905
--------------- --------------- ---------------
Net total (loss)/return on ordinary activities after taxation (8,534) 12,409 27,697
========= ========= =========
Number Number Number
Weighted average number of ordinary shares held outside of Treasury during the period 122,901,516 129,357,741 128,843,583
========= ========= =========
9 Fair Value Hierarchy
The Company is required to disclose the fair value hierarchy that classifies
its financial instruments measured at fair value at one of three levels,
according to the relative reliability of the inputs used to estimate the fair
values.
Classification Input
Level 1 Valued using quoted prices in active markets for identical assets.
Level 2 Valued by reference to inputs other than quoted prices included in level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data.
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. The valuation techniques used by the Company are as disclosed
in the Company’s Annual Report for the year ended 31 December 2023
(Accounting Policies Notes 2 (j) and 2 (k) on pages 63 and 64). The table
below sets out the Company’s fair value hierarchy:
30 June 2024 (unaudited) Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Investments 221,837 – 14,378 236,215
Derivative instrument assets – 814 – 814
--------------- --------------- --------------- ---------------
221,837 814 14,378 237,029
========= ========= ========= =========
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – (74) – (74)
========= ========= ========= =========
31 December 2023 (audited) Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Investments 237,440 – 16,403 253,843
Derivative instrument assets – 1,216 – 1,216
--------------- --------------- --------------- ---------------
237,440 1,216 16,403 255,059
========= ========= ========= =========
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – (53) – (53)
========= ========= ========= =========
30 June 2023 (unaudited) Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Investments 227,433 – 15,557 242,990
Derivative instrument assets – 1,382 – 1,382
--------------- --------------- --------------- ---------------
227,433 1,382 15,557 244,372
========= ========= ========= =========
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – (584) – (584)
========= ========= ========= =========
Level 3 Investments (unlisted) 30.06.24 31.12.23 30.06.23
unaudited audited unaudited
£’000 £’000 £’000
Asoview 5,423 5,740 5,872
GO Inc 2,586 2,487 –
Studyplus 1,974 2,110 2,042
iYell 1,589 2,189 1,941
Moneytree 1,063 1,832 2,269
Spiber 1,034 1,011 1,306
Yoriso 709 1,034 2,127
--------------- --------------- ---------------
14,378 16,403 15,557
========= ========= =========
10 SHARE CAPITAL
30 June 2024 31 December 2023 30 June 2023
unaudited audited unaudited
Number of £’000 Number of £’000 Number of £’000
shares shares shares
Issued, allotted and fully paid
Ordinary shares of 25 pence each held outside of Treasury
Beginning of the period 126,086,249 31,521 129,701,893 32,425 129,701,893 32,425
Ordinary shares repurchased into Treasury (6,545,426) (1,636) (3,615,644) (904) (587,834) (147)
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
End of the period 119,540,823 29,885 126,086,249 31,521 129,114,059 32,278
========== ========== ========== ========== ========== ==========
Ordinary shares of 25 pence each held in Treasury*
Beginning of the period 10,075,446 2,520 6,459,802 1,616 6,459,802 1,616
Ordinary shares repurchased into Treasury 6,545,426 1,636 3,615,644 904 587,834 147
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
End of the period 16,620,872 4,156 10,075,446 2,520 7,047,636 1,763
========== ========== ========== ========== ========== ==========
Total share capital 34,041 34,041 34,041
========== ========== ==========
* Ordinary shares held in Treasury carry no rights to vote, to receive a
dividend or to participate in a winding up of the Company.
The Company repurchased 6,545,426 ordinary shares for the six months to 30
June 2024 (year ended 31 December 2023: 3,615,644 shares and six months ended
30 June 2023: 587,834 shares) and held them in Treasury. The £11,620,000
(year ended 31 December 2023: £6,276,000 and six months ended 30 June 2023:
£1,029,000) cost of repurchase was charged to the Other reserve.
11 NET ASSET VALUE PER ORDINARY SHARE
The calculation of the net asset value per ordinary share is based on the
total shareholders’ funds divided by the number of ordinary shares held
outside of Treasury.
30.06.24 31.12.23 30.06.23
unaudited audited unaudited
Total shareholders’ funds £237,639,000 £257,793,000 £247,752,000
Ordinary shares held outside of Treasury at the period end 119,540,823 126,086,249 129,114,059
Net asset value per ordinary share 198.79p 204.46p 191.89p
========= ========= =========
It is the Company’s policy that shares held in Treasury will only be
reissued at net asset value per ordinary share or at a premium to net asset
value per ordinary share and, therefore, shares held in Treasury have no
dilutive effect.
12 TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management and the role of company
secretary to FIL Investments International, the Investment Manager. Both
companies are Fidelity group companies. Details of the fee arrangements are
given in Note 5 above.
During the period, fees for portfolio management services of £609,000 (six
months ended 30 June 2023: £751,000 and year ended 31 December 2023:
£1,362,000) and secretarial and administration fees of £25,000 (six months
ended 30 June 2023: £25,000 and year ended 31 December 2023: £50,000) were
payable to FII. At the Balance Sheet date, net fees for portfolio management
services of £97,000 (31 December 2023: £106,000 and 30 June 2023: £104,000)
and secretarial and administration fees of £13,000 (31 December 2023:
£13,000 and 30 June 2023: £13,000) were accrued and included in other
creditors. FII also provides the Company with marketing services. The total
amount payable for these services during the period was £93,000 (six months
ended 30 June 2023: £101,000 and year ended 31 December 2023: £166,000). At
the Balance Sheet date, fees for marketing services of £63,000 (31 December
2023: £18,000 and 30 June 2023: £nil) were accrued and included in other
creditors.
As at 30 June 2024, the Board consisted of five non-executive Directors (shown
in the Directory in the Half-Yearly Report), all of whom are considered to be
independent by the Board. None of the Directors have a service contract with
the Company. The Chairman receives an annual fee of £43,000, the Audit
Committee Chairman an annual fee of £36,000 and each other Director an annual
fee of £30,500. The following members of the Board hold ordinary shares in
the Company: David Graham 78,489 shares, David Barron 19,366 shares, Sarah
MacAulay 181,340 shares, Myra Chan nil shares and Seiichi Fukuyama 11,000
shares.
The financial information contained in this Half-Yearly Results Announcement
does not constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The financial information for the six months ended 30 June
2024 and 30 June 2023 has not been audited or reviewed by the Company’s
Independent Auditor.
The information for the year ended 31 December 2023 has been extracted from
the latest published audited financial statements, which have been filed with
the Registrar of Companies, unless otherwise stated. The report of the Auditor
on those financial statements contained no qualification or statement under
sections 498(2) or (3) of the Companies Act 2006.
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.
A copy of the Half-Yearly Report will shortly be submitted to the National
Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM
The Half-Yearly Report will also be available on the Company's website at
www.fidelity.co.uk/japan where up to date information on the Company,
including daily NAV and share prices, factsheets and other information can
also be found.
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