REG-Fidelity Japan Trust Plc: Half-year Report
10/09/2025 07:02
FIDELITY JAPAN TRUST PLC
Half-Yearly Results for the six months ended 30 June 2025 (unaudited)
Financial Highlights:
* During the six-months ended 30 June 2025, Fidelity Japan Trust PLC (the
“Company”) reported a net asset value (NAV) total return of +3.3% while
the Reference Index, the TOPIX Total Return Index (in sterling terms) rose by
+3.2%.
* Over the same period, the ordinary share price total return of the Company
was +10.6%.
* The key driver of performance was successful stock selection in the retail
and transportation equipment sectors.
Contacts
For further information, please contact:
George Bayer
Company Secretary
0207 961 4240
FIL Investments International
Chairman’s Statement
Very sadly, this will be the final report for the Fidelity Japan Trust PLC
(the “Company”) as, subject to shareholder approval, the Company will soon
be placed into voluntary liquidation. As explained below, with some
background, shareholders will be offered the choice of electing to receive
shares in the AVI Japan Opportunities Trust or cash in respect of their
holdings in the Company.
PERFORMANCE FOR HALF-YEAR TO 30 JUNE 2025
The main influence on the Japanese equity market in the six months to 30 June
has been the impact of the US government’s somewhat erratic tariff policy on
certain sectors of the Japanese economy. Initially, this caused a sharp
sell-off in the market followed by a strong rebound. Over the six months to 30
June the TOPIX Index rose by 3.2% in sterling terms. This compares to a rise
of 3.3% in the net asset value (NAV) of the Company and a rise in the share
price of 10.6% over that same period. The rise in the share price reflects the
narrowing in the discount at which the share price has traded from 13.1% at
the start of the year to end at 6.9%.
Since 30 June to 31 August 2025, the NAV of the Company has risen a further
5.0% and the share price a further 10.4%. This compares to a rise in the TOPIX
Index of 7.6%.
STRATEGIC REVIEW
After a period of significant underperformance of the Company over three and
five years and the announcement of Portfolio Manager, Nicholas Price’s,
retirement, it was clear from discussions held with the Company’s major
shareholders in March/April that they would vote against the continuation of
the Company. At the Annual General Meeting (AGM) held on 19 May 2025, 63.74%
of the Company’s shareholders voted; of these, only 18.17% voted in favour
of continuation of the Company. It was disappointing that many shareholders
were not more actively informed of the vote; this is particularly true of
those on two large platforms who, in aggregate, held over 10% of the issued
share capital of the Company.
A formal strategic review process was begun in anticipation of the failed
continuation vote. Proposals were received from a small number of London
listed investment companies focused on investing in Japan. The strong
preference of our institutional shareholders, who represented over 50% of the
Company’s share capital, was a combination of Fidelity Japan Trust with AVI
Japan Opportunities Trust (AJOT.)
The Company’s Board had hoped to offer a choice to shareholders,
particularly those for whom the Fidelity Japan Trust is their only exposure to
the Japanese market. The proposed choice was intended to have been between
AJOT, a highly concentrated portfolio of small-cap companies and the Fidelity
Japan Fund, a broadly invested Japanese OEIC of mainly large-cap stocks.
Unfortunately, Fidelity was unable to facilitate the latter option.
Accordingly, the Board concluded that a choice between electing for AJOT
pursuant to a scheme of reconstruction or an election for cash should be put
forward to the Company’s shareholders to approve at a meeting which is
likely to be held in October 2025.
Shareholders will, in due course, be receiving a detailed Circular setting out
the timetable, instructions and forms necessary to make your election. This
will also be available on the Company’s website
(http://www.fidelity.co.uk/japan) and sent directly to registered
shareholders. If you hold your shares through an investment platform,
communication regarding the proposals will come from them. We strongly
recommend that you contact your financial advisor if you are in any doubt as
to the decision to take. If you make no election, the default will be that you
will receive shares in AJOT.
DETAILS OF AVI JAPAN OPPORTUNITIES TRUST (AJOT)
AJOT is a £242m investment trust launched in October 2018. Its strategy is to
generate returns in excess of the MSCI Japan Small Cap Index by investing in a
concentrated, high-conviction portfolio of small to mid-cap companies in Japan
which are considered overcapitalised and under-valued. The AJOT team, led by
Joe Bauernfreund, seeks to unlock value through constructive and proactive
engagement with management teams, and by taking advantage of the increased
focus on corporate governance and shareholder returns developing in Japan.
The results of this investment process have been particularly strong in recent
years. The NAV performance of AJOT to end of June 2025 compared to its
Benchmark Index and compared to Fidelity Japan Trust has been as follows:
1 year 3 years 5 years Inception 1
AJOT
NAV (in sterling terms) +25.3% +65.6% +80.5% +89.7%
MSCI Japan Small Cap Index +13.4% +30.6% +26.4% +31.6%
======== ======== ======== ========
1 Being 23 October 2018, the date that Joe Bauernfreund was appointed as
portfolio manager of AJOT.
1 year 3 years 5 years Covering same
period since
AJOT’s inception
on 23.10.2018
FJV
NAV (in sterling terms) +4.3% +26.1% +7.0% +29.3%
TOPIX Total Return Index +6.9% +37.0% +38.9% +49.1%
======== ======== ======== ========
In addition, AJOT has a strong discount control mechanism. As well as
committing to buying back shares if the discount widens beyond 5%, it also has
an option for shareholders to tender up to 100% of their shares on an annual
basis at a small discount to NAV.
DISCOUNT MANAGEMENT
The Board has an active approach to discount management, the primary purpose
of which is to reduce discount volatility. During the six month reporting
period, a total of 1,579,848 ordinary shares were repurchased for holding in
Treasury or for cancellation, at a cost of £2,772,000. This represented 1.2%
of the issued share capital of the Company as at 30 June 2025. All of these
shares were bought back in the first quarter of the year with no buybacks
taking place since 28 March 2025. Subsequent to the period end, the Company
has not repurchased any further shares.
GEARING
The level of gearing began the period under review at 24.0% and since May,
when the Company failed its continuation vote, has been steadily reduced to
14.0% as at 30 June. It has been reduced even further since then and was 9.5%
as at 31 August 2025. Against this, the Company holds 5% in cash.
UNLISTED COMPANIES
The Company has had the authority to invest up to 20% of its assets in
unlisted companies. However, the Board has limited the proportion of the
portfolio held in unlisted companies to a maximum of 10% while the IPO market
in Japan remains subdued.
As at 30 June 2025, unlisted companies made up 7.1% (2024: 6.6%) of the
Company’s net assets across a total of seven companies. Prior to the period
end, the Board, together with Kroll, the independent valuation specialists,
reviewed the valuation of each of the unlisted investments.
On 31 July 2025, the holding in Moneytree was sold for £2.96 million. This
represents a price 39% higher than its cost and 47% higher than the carrying
value in the Company’s portfolio as at 30 June.
Under the terms of the agreement with the Board of AJOT, the remaining six
unlisted holdings in FJV, subject to consents, will be transferred to AJOT at
their full carrying value as at 12 August 2025.
ONGOING CHARGES
We do not provide an annualised ongoing charges figure in the Half Year
Report. 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 £223,000 in the variable element of the management fee for the six months
to 30 June 2025.
MANAGEMENT OF THE COMPANY’S PORTFOLIO SINCE THE AGM
Since the AGM on 21 May 2025 when the Company failed its continuation vote,
the Portfolio Manager has continued to manage the portfolio consistently in
line with the mandate that the Board has given them. We have begun the process
of realising some of the less liquid positions in the portfolio, and, as noted
above, gearing has been pragmatically reduced to reflect both the Portfolio
Manager’s outlook and the liquidation of the Company in the near future.
OUTLOOK FOR THE JAPANESE MARKET
The outlook for the Japanese market remains positive with increasing
participation from both foreign and domestic investors. The impact of the
reforms of the Tokyo Stock Exchange continues to benefit share prices across
the whole market and is likely to be particularly supportive of the investment
strategy being pursued by AJOT for those shareholders of Fidelity Japan Trust
who elect to roll part or all of their holding into AJOT.
RECORD OF THANKS
When we reported ahead of the previous triennial continuation vote in 2022,
the Company’s NAV performance under Nicholas Price’s management was over
40% ahead of its Reference Index over both three and five years. Successful
styles can change, and sometimes rapidly, in the Japanese market. As we have
seen over the recent years, it is unfortunate that this style has been out of
favour and that the period of underperformance has persisted for so long.
Above all else, the Board would like to record their thanks to Nicholas Price
and the Fidelity teams in Tokyo, Hong Kong and London for the hard work in the
stewardship of the Company and to you, the shareholders in the Company, for
your support over many years.
DAVID GRAHAM
Chairman
9 September 2025
Portfolio Manager’s Review
MARKET REVIEW
The Japanese equity market navigated a volatile start to 2025, with a
pronounced correction and a sharp recovery reflecting both external headwinds
and domestic strengths. The US administration’s move to impose a 25% tariff
on imported vehicles and parts, followed by a 10% universal import tariff and
a specific 24% reciprocal rate targeting Japan precipitated a sell-off in risk
assets. Share prices partially recovered after a 90-day postponement of the
reciprocal tariff, but rising bond yields impeded markets, particularly the
banking and property sectors, following a sovereign rating downgrade of the
US. Equities subsequently rebounded, supported by improved trade sentiment and
strong gains in technology stocks, although heightened geopolitical tensions
in the Middle East caused fluctuations towards the end of the period.
At a sector level, domestic demand-oriented segments outperformed over the
period, led by software & services, media & entertainment and real estate.
Among key exporting industries, semiconductors outpaced the broader market.
Conversely, automobiles, health care equipment and technology hardware,
sectors that are susceptible to US tariffs, were among the notable laggards.
In terms of style mid/small-cap growth stocks generated the strongest returns,
whereas large-cap value names were relative laggards.
Domestically, Japanese companies reported a fourth consecutive year of record
earnings and, while conservative guidance for fiscal 2025 reflected ongoing
trade uncertainties, they continued to enhance shareholder returns. At a time
of shifting allocations, particularly with regards to the US, this commitment
to corporate reforms attracted renewed inflows from overseas investors, who
were net buyers of Japanese stocks for three straight months to the end of
June 2025.
In economic news, Japan’s real GDP shrank by 0.2% annualised in the first
three months of 2025, marking a first decline in four quarters. Nominal GDP
grew strongly at +3.6% annualised, highlighting the impact of inflation. The
main driver in Q1 was a sharp deterioration in net exports, reflecting a
rebound in imports, likely due to front-loading ahead of US tariffs, and a
decline in services exports (excluding inbound consumption). In contrast,
business capital expenditure maintained a steady upward trend, underpinned by
structural investments in technology and software as firms adapt to labour
shortages and digitalisation. Private consumption remained flat, with weakness
in goods spending amid rising inflation (especially foods) offsetting gains in
services.
Nationwide inflation data for May 2025 highlighted entrenched pricing
momentum, with the core Consumer Price Index (excluding fresh food) rising by
3.7% from a year ago and the core-core measure (excluding both fresh food and
energy) accelerating to +3.3%. While the Bank of Japan (BoJ) maintained a
wait-and-see stance, keeping its policy rate at 0.5%, rising wage costs and a
shift in corporate pricing behaviour indicate a growing likelihood that
inflation will remain structurally above its 2% target.
PORTFOLIO REVIEW
Over the six months to 30 June 2025, the Company recorded a net asset value
(NAV) and share price returns of 3.3% and 10.6% respectively, compared to 3.2%
for the Reference Index. The key driver of performance was successful stock
selection in the retail and transportation equipment sectors, which helped to
offset the overweight exposure to laggard sectors such as services and
precision instruments.
In the retail sector, the position in Ryohin Keikaku, operator of the MUJI
brand of general merchandise stores, continued to outperform. Its share price
has been buoyed by a sharp recovery in profitability, underpinned by growth in
domestic same-store sales, the robust performance of its overseas operations
(particularly in East Asia) and disciplined cost controls. Strategic shifts
under new leadership, including a revamped store format and tighter
procurement, have reinforced its earnings trajectory.
In the transportation equipment sector, Toyota Industries, a leading producer
of forklift trucks and automotive components, was a key contributor to
performance. Its share price appreciated sharply on news that its parent
company, Toyota Motor, would launch a takeover bid. At the same time, not
holding Toyota Motor, which faced tariff headwinds, supported relative
returns.
Elsewhere, sporting equipment maker Yonex performed strongly, driven by
sustained double-digit sales growth in key markets like Japan and China, where
effective regional marketing efforts and long-term initiatives, including
grass-roots projects and athlete endorsements, are bolstering brand equity.
IHI Corporation, a new addition to the portfolio, also outperformed. The heavy
industry conglomerate is benefiting from increasing defence spending in Japan
and is turning around its legacy aeroengine business.
The positive performance of these and other positions was partially negated by
the underperformance of Recruit Holdings. The global media and staffing
company faced heightened uncertainty around the direction of US job openings
and valuation compression among major technology firms adversely affected its
share price. However, the increased adoption of AI-driven tools is continuing
to support monetisation, despite macroeconomic headwinds.
In the precision instruments sector, Riken Keiki faced higher personnel costs
aimed at strategic expansion in Japan and overseas, as well as delays in some
semiconductor plant construction projects. Nevertheless, its growth outlook
remains positive, supported by strong fixed-type gas detector orders, ongoing
semiconductor fab projects in Japan, and anticipated US market breakthroughs.
Shares in Olympus fell on reports that the US Food and Drug Administration
(FDA) had published an Import Alert, blocking imports of endoscopes and
related products produced by the company in Japan. The position was sold.
Finally, shares in MISUMI Group, a supplier of machinery and automation parts,
lost ground due to concerns about the indirect impact from US tariffs, and its
apparent decision to target growth investments over buybacks. Nevertheless, we
still anticipate resilient growth based on company-specific strategies,
especially in China and Asia more broadly.
POSITIONING
As noted in our last annual report, our focus is on growth at a reasonable
price and holding companies that are trading at or close to market multiples
even as they offer consistent or superior medium-term growth potential. Many
of the Japanese companies that we are looking at trade at a discount versus
their overseas peers, and there are a lot of opportunities where improvements
in corporate governance are driving higher returns on equity.
In this vein, we initiated several positions in the semiconductor space,
drawing on the input from our tech analyst who has a positive view on the
outlook for AI investments and related capex given broadening applications and
demand. Semiconductor production equipment maker Tokyo Electron is positioned
to benefit significantly from its continued market share expansion in critical
semiconductor processes, driven by technological advancements. Rorze, a
leading wafer handling equipment maker, is well positioned to benefit from
wafer volume and process increases, as well as advanced packaging.
Furthermore, a recent share buyback programme and its robust profitability
metrics (over 20% return on equity) reinforce the company’s attractive
valuation relative to peers.
On the other hand, we took profits in strong performers, including Ryohin
Keikaku, Toyota Industries and Ajinomoto, and reduced the level of gearing to
114% by the end of June. In terms of the unlisted securities, we have some
progress to report on our investment in Moneytree. Sumitomo Mitsui Banking
Corp. (SMBC) put in an agreed bid for the company and the investment was
revalued upwards. Looking forward, the Company will continue to be managed in
the best interests of its shareholders as the Board navigates the tender and
anticipated merger proposal.
ENGAGEMENT
In the first six months of 2025, the sustainable investing team in Tokyo, led
by our Head of Engagement, conducted 64 engagement meetings (in addition to
our fundamental research meetings), covering 13 names held by the Company.
Themes include long-term strategy and capital allocation, climate change and
environmental issues, and human resource development and gender diversity.
In terms of specific engagements with investee companies, we worked with Riken
Keiki to reassess its capital policy following feedback from the Tokyo Stock
Exchange concerning excess cash on its balance sheet. Historically, the
company’s primary KPI was sales volume, driven by its stable market
dominance domestically. However, recent shifts in the management’s awareness
towards return on equity (RoE) and price-to-book ratio (PBR) have led to
targeted actions, including a share buyback and efforts to reduce
cross-shareholdings. Recognising that continued cash accumulation would impede
achieving a future RoE target of 10%, its management is carefully evaluating
capital allocation strategies, balancing investments in capital and human
resources with improved shareholder returns.
CONSTRUCTIVE OUTLOOK FOR JAPAN
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
recent underperformance relative to the Index remains a significant source of
disappointment.
However, I strongly believe that the structural changes underway in Japan are
supportive of the mid-to-long-term outlook for the asset class and that
mid/small-caps continue to offer an underappreciated source of alpha.
DOMESTIC REFLATION
At the macro level, Japan is experiencing a structural shift toward moderate
inflation. Labour shortages, demographic shifts and stricter overtime
regulations have given rise to meaningful wage pressures that appear
increasingly entrenched. Employers are granting the most substantial pay rises
in three decades. The 2025 spring labour negotiations delivered a second
straight year of more than 5% wage growth.
This wage-led inflation dynamic is changing corporate behaviour: managements
once rewarded for hoarding cash are now incentivised to invest in
productivity-enhancing automation and software, or to return surplus capital
to shareholders. Meanwhile, the BoJ projects inflation to average around
2–2.5% in the coming years, marking a definitive break from Japan’s
deflationary past. This is materially positive for nominal GDP, corporate
earnings and tax revenues.
CORPORATE GOVERNANCE TRANSFORMATION
The Tokyo Stock Exchange’s cost-of-capital initiative forced companies with
sub-par PBRs to articulate credible plans for improvement. Japanese corporate
behaviour is now changing more broadly, with a heightened focus on capital
allocation and shareholder value across the market.
Against this backdrop, we are seeing a notable increase in shareholder
returns. Japanese listed companies have significantly increased their share
buybacks, reaching a record ¥12 trillion in the first five months of this
year. Dividends are rising in parallel, resulting in a total shareholder yield
of around 4%.
Beyond distributions, strategic reforms such as the unwinding of inefficient
parent-subsidiary listings, reductions in strategic cross-shareholdings and
greater focus on core businesses, are improving capital allocation efficiency.
Such governance reforms not only enhance transparency and investor confidence
but also lay the groundwork for sustainably higher RoE, a critical factor for
attracting long-term investment.
INVESTOR SENTIMENT AND MARKET PARTICIPATION
From a valuation perspective, Japan remains attractive. The TOPIX trades at
around 14x forward earnings, near its historical average, and looks cheap at
1.4x. However, RoE is rising, driven not by leverage or currency effects, but
genuine improvements in profitability and capital allocation.
Moreover, the case for Japanese mid/small-caps looks compelling from both a
valuation and fundamental perspective. This segment of the market is trading
at a steep price-to-book discount to the larger-cap indices and no longer
commands the price-to-earnings (P/E) premium it enjoyed over the past decade.
Furthermore, earnings forecasts into 2026 are higher for mid and small caps,
which tend to be more domestic-oriented and offer resilience in the face of
external macro and geopolitical uncertainties.
Broader sentiment towards Japanese equities has also improved, driven by
increasing engagement from both foreign and domestic investors. We are seeing
renewed buying among overseas investors, many of whom view Japan as a
potential diversifier to the US. Domestically, historically conservative
investors are becoming increasingly involved in equity markets, encouraged by
higher inflation expectations and supportive financial policies such as the
expansion of tax-exempt investment accounts (NISA). This shift could establish
a strong structural demand base for the market.
While external challenges remain a near-term headwind, I believe that domestic
structural drivers - reflation, robust corporate governance reforms, monetary
policy stability and increasing domestic investor engagement - create a
constructive medium to long-term outlook for the Japanese equity market.
It has been a great privilege to manage Fidelity Japan Trust PLC and to
interact and debate with individual and institutional shareholders of the
Company over the past ten years.
NICHOLAS PRICE
Portfolio Manager
9 September 2025
Thirty Largest Holdings as at 30 June 2025
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
Ryohin Keikaku (shares and long CFD) Retail Trade 3,454 14,406 6.1
Recruit Holdings (shares and long CFD) Services 6,942 10,528 4.5
Osaka Soda Chemicals 10,292 10,292 4.4
Tokyo Electron Electric Appliances 9,446 9,446 4.0
Hitachi Electric Appliances 8,752 8,752 3.7
Keyence (long CFD) Electric Appliances 264 8,677 3.7
Yonex Other Products 7,844 7,844 3.3
Rorze Machinery 7,060 7,060 3.0
MISUMI Group (shares and long CFD) Wholesale Trade 2,500 6,925 2.9
Riken Keiki Precision Instruments 6,887 6,887 2.9
Disco Machinery 6,804 6,804 2.9
IHI Corporation Machinery 6,783 6,783 2.9
Mizuho Financial Group Banks 6,442 6,442 2.7
Asoview Unlisted 6,094 6,094 2.6
Sony Group Electric Appliances 5,850 5,850 2.6
NOF (long CFD) Chemicals 129 4,998 2.1
Credit Saison Other Financing Business 4,836 4,836 2.1
Mitsubishi Electric (shares and long CFD) Electric Appliances 157 4,522 1.9
Giftee Information & Communication 4,459 4,459 1.9
C. Uyemura Chemicals 3,870 3,870 1.6
Kosaido Holdings Other Products 3,823 3,823 1.6
Hoya Precision Instruments 3,721 3,721 1.6
Sanrio Wholesale Trade 3,615 3,615 1.5
Raksul Information & Communication 3,593 3,593 1.5
Suzuki Motor Transportation Equipment 3,372 3,372 1.4
Visional Information & Communication 3,332 3,332 1.4
Concordia Financial Group Banks 3,283 3,283 1.4
Central Automotive Products Wholesale Trade 3,230 3,230 1.4
Tokio Marine Holdings Insurance 3,167 3,167 1.3
Go Inc Unlisted 3,166 3,166 1.3
--------------- --------------- ---------------
Thirty largest exposures 143,167 179,777 76.2
Other exposures (53 holdings) 86,411 88,952 37.8
--------------- --------------- ---------------
Total Portfolio (including long CFDs) 229,578 268,729 114.0
========= ========= =========
Fair Value and Portfolio Exposure of Investments as at 30 June 2025
Fair Value Portfolio Exposure
£’000 £’000 % 1
Investments 228,474 228,474 96.9
Derivative instrument assets – long CFDs 1,104 40,255 17.1
--------------- --------------- ---------------
Total Portfolio (including long CFDs) 229,578 268,729 114.0
========= ========= =========
Shareholders’ Funds 235,761
=========
Gearing 2 14.0%
=========
1 Portfolio Exposure is expressed as a percentage of Shareholders’ Funds.
2 Gearing is the amount by which the Portfolio Exposure exceeds
Shareholders’ Funds expressed as a 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;
investment performance and gearing risks; natural disaster risk; market,
economic and currency risks; competition risks and marketplace threats;
discount control and demand risks; key person risk; legislation, taxation and
regulatory risks; business continuity risk; cybercrime and information
security risks; and environmental, social and governance (ESG) risks.
Information on each of these risks is given in the Strategic Report section of
the Annual Report for the year ended 31 December 2024 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 substantially 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.
The Board are monitoring the specific risks arising from the reconstruction of
the Company, described in the Chairman’s statement above. These risks will
be described in detail as part of the Shareholder Circular.
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 a changing pattern of weather events. 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 into the Company’s investment process. The Board will
continue to monitor how this may impact the Company as a risk on investment
valuations and potentially affect shareholder returns.
The Board and the Manager continued to monitor the emerging risks and rewards
posed by the rapid advancement of artificial intelligence (AI) and technology
and how this may threaten the Company’s activities and its potential impact
on the portfolio and investee companies. AI can provide asset managers with
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.
Market fluctuations will impact the value of shares in the Company. 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.
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
At the Annual General Meeting on 21 May 2025, the ordinary resolution in
relation to the continuation of the Company did not pass. As a result, the
Financial Statements of the Company have not been prepared on a going concern
basis but on a realised basis.
In anticipation of the continuation vote not passing, the Board announced on
17 April 2025 that it had started a formal review process to consider the
future of the Company. The Board requested its Broker and Financial Adviser,
Stifel Nicolaus Europe Limited (“Stifel”) to invite
formal proposals to be made privately to the Board. Following this, the Board
has received formal written non-binding proposals from a small number of
London listed investment companies focused on investing in Japan.
Subsequently, the Board announced on 12 August 2025 that it has entered into a
set of non-binding heads of terms for the proposed combination of the Company
with AVI Japan Opportunity Trust (AJOT), pursuant to a scheme of
reconstruction of the Company under section 110 of the Insolvency Act 1986,
with a cash exit alternative for shareholders (the “Scheme”).
It is expected that the Scheme will be effective no later than the end of
November 2025. Completion of the Scheme will be conditional upon, inter alia,
approval from the shareholders of both companies, tax clearance and Financial
Conduct Authority approval in relation to the publication of the AJOT
prospectus.
BY ORDER OF THE BOARD
FIL INVESTMENTS INTERNATIONAL
9 September 2025
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 and 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 9 September 2025 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 2025
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
unaudited unaudited audited
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Gains/(losses) on investments – 3,402 3,402 – (14,701) (14,701) – (11,906) (11,906)
Gains on derivative instruments – 3,263 3,263 – 5,340 5,340 – 3,028 3,028
Income 4 2,344 – 2,344 2,428 – 2,428 4,095 – 4,095
Investment management fees 5 (156) (401) (557) (171) (438) (609) (330) (847) (1,177)
Other expenses (435) (4) (439) (417) (13) (430) (764) (13) (777)
Foreign exchange losses – (515) (515) – (265) (265) – (233) (233)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before finance costs and taxation 1,753 5,745 7,498 1,840 (10,077) (8,237) 3,001 (9,971) (6,970)
Finance costs 6 (35) (138) (173) (16) (63) (79) (39) (158) (197)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before taxation 1,718 5,607 7,325 1,824 (10,140) (8,316) 2,962 (10,129) (7,167)
Taxation on return/(loss) on ordinary activities 7 (205) – (205) (218) – (218) (356) – (356)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net return/(loss) on ordinary activities before taxation 1,513 5,607 7,120 1,606 (10,140) (8,534) 2,606 (10,129) (7,523)
========= ========= ========= ========= ========= ========= ========= ========= =========
Return/(loss) per ordinary share 8 1.33p 4.91p 6.24p 1.31p (8.25p) (6.94p) 2.17p (8.43p) (6.26p)
========= ========= ========= ========= ========= ========= ========= ========= =========
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 2025
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 2025 (unaudited)
Total shareholders’ funds at 31 December 2024 34,041 20,722 2,767 21,525 155,287 (2,929) 231,413
Repurchase of ordinary shares into Treasury 10 – – – (908) – – (908)
Repurchase of ordinary shares for cancellation 10 (264) – 264 (1,864) – – (1,864)
Net return on ordinary activities after taxation for the period – – – – (5,607) 1,513 7,120
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 30 June 2025 33,777 20,722 3,031 18,753 160,894 (1,416) 235,760
========= ========= ========= ========= ========= ========= =========
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 into Treasury 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
========= ========= ========= ========= ========= ========= =========
Year ended 31 December 2024 (audited)
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 into Treasury 10 – – – (18,857) – – (18,857)
Net (loss)/return on ordinary activities after taxation for the year – – – – (10,129) 2,606 (7,523)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 31 December 2024 34,041 20,722 2,767 21,525 155,287 (2,929) 231,413
========= ========= ========= ========= ========= ========= =========
Balance Sheet as at 30 June 2025
Company Number 2885584
Notes 30.06.25 31.12.24 30.06.24
unaudited audited unaudited
£’000 £’000 £’000
Fixed assets
Investments 9 228,474 228,344 236,215
--------------- --------------- ---------------
Current assets
Derivative instruments 9 1,104 1,457 814
Debtors 2,937 669 3,474
Cash collateral held with brokers – 223 –
Cash at bank 5,889 1,897 500
--------------- --------------- ---------------
9,930 4,246 4,788
========= ========= =========
Current liabilities
Bank overdraft (7) – –
Derivative instruments 9 – (142) (74)
Other creditors (2,636) (1,035) (3,290)
--------------- --------------- ---------------
(2,643) (1,177) (3,364)
========= ========= =========
Net current assets 7,287 3,069 1,424
========= ========= =========
Net assets 235,761 231,413 237,639
========= ========= =========
Capital and reserves
Share capital 10 33,777 34,041 34,041
Share premium account 20,722 20,722 20,722
Capital redemption reserve 3,031 2,767 2,767
Other reserve 18,753 21,525 28,762
Capital reserve 160,894 155,287 155,276
Revenue reserve (1,416) (2,929) (3,929)
--------------- --------------- ---------------
Total shareholders’ funds 235,761 231,413 237,639
========= ========= =========
Net asset value per ordinary share 11 207.39p 200.78p 198.79p
========= ========= =========
Notes to the Financial Statements
1 Principal Activity
Fidelity Japan Trust PLC is an Investment Company incorporated in England and
Wales that is listed 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 2024 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 basis other than going
concern 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 2024.
(ii) Non-Going Concern
At the Company’s Annual General Meeting held on 21 May 2025, the ordinary
resolution in relation to the continuation of the Company was not passed
(Resolution 13).
The Board had held discussions with representatives of a number of the
Company’s largest shareholders and, following those discussions, in
anticipation of Resolution 13 not passing, the Board announced on 17 April
that it had started a formal review process to consider the future of the
Company.
Subsequently, the Board announced on 12 August 2025 that it has entered into a
set of non-binding heads of terms for the proposed combination of the Company
with AVI Japan Opportunity Trust (AJOT), pursuant to a scheme of
reconstruction of the Company under section 110 of the Insolvency Act 1986,
with a cash exit alternative for shareholders (the “Scheme”). It is
expected that the Scheme will be effective no later than the end of November
2025 and is conditional upon, inter alia, approval from the shareholders of
both companies, tax clearance and Financial Conduct Authority approval in
relation to the publication of the AJOT prospectus.
4 Income
Six months Six months Year
ended ended ended
30.06.25 30.06.24 31.12.24
unaudited unaudited audited
£’000 £’000 £’000
Investment income
Overseas dividends 2,052 2,182 3,563
Derivative income
Dividends received on long CFDs 288 246 530
Other interest
Interest received on bank deposits 4 – 2
--------------- --------------- ---------------
Total income 2,344 2,428 4,095
========= ========= =========
No special dividends have been recognised in capital during the period (six
months ended 30 June 2024 and year ended 31 December 2024: £nil).
5 Investment Management Fees
Revenue Capital Total
£’000 £’000 £’000
Six months ended 30 June 2025 (unaudited)
Investment management fees – base 156 624 780
Investment management fees – variable 1 – (223) (223)
--------------- --------------- ---------------
156 401 557
========= ========= =========
Six months ended 30 June 2024 (unaudited)
Investment management fees – base 171 682 853
Investment management fees – variable 1 – (244) (244)
--------------- --------------- ---------------
171 438 609
========= ========= =========
Year ended 31 December 2024 (audited)
Investment management fees – base 330 1,318 1,648
Investment management fees – variable 1 – (471) (471)
--------------- --------------- ---------------
330 847 1,177
========= ========= =========
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 2025 (unaudited)
Interest paid on long CFDs 34 134 168
Interest paid on bank deposits and collateral 1 1 4 5
--------------- --------------- ---------------
35 138 173
========= ========= =========
Six months ended 30 June 2024 (unaudited)
Interest paid on long CFDs 15 59 74
Interest paid on bank deposits and collateral 1 1 4 5
--------------- --------------- ---------------
16 63 79
========= ========= =========
Year ended 31 December 2024 (audited)
Interest paid on long CFDs 37 150 187
Interest paid on bank deposits and collateral 1 2 8 10
--------------- --------------- ---------------
39 158 197
========= ========= =========
1 Due to negative interest rates in the prior year, 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
30.06.25 30.06.24 31.12.24
unaudited unaudited audited
£’000 £’000 £’000
Overseas taxation 205 218 356
========= ========= =========
8 Return/(Loss) per Ordinary Share
Six months Six months Year
ended ended ended
30.06.25 30.06.24 31.12.24
unaudited unaudited audited
Revenue return per ordinary share 1.33p 1.31p 2.17p
Capital return/(loss) per ordinary share 4.91p (8.25p) (8.43p)
--------------- --------------- ---------------
Total return/(loss) per ordinary share 6.24p (6.94p) (6.26p)
========= ========= =========
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 1,513 1,606 2,606
Net capital return/(loss) on ordinary activities after taxation 5,607 (10,140) (10,129)
--------------- --------------- ---------------
Net total return/(loss) on ordinary activities after taxation 7,120 (8,534) (7,523)
========= ========= =========
Number Number Number
Weighted average number of ordinary shares held outside of Treasury during the period 114,031,314 122,901,516 120,169,404
========= ========= =========
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 2024
(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 2025 (unaudited) Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Investments 212,101 – 16,373 228,474
Derivative instrument assets – 1,104 – 1,104
--------------- --------------- --------------- ---------------
212,101 1,104 16,373 229,578
========= ========= ========= =========
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – – – –
========= ========= ========= =========
31 December 2024 (audited) Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Investments 213,026 – 15,318 228,344
Derivative instrument assets – 1,457 – 1,457
--------------- --------------- --------------- ---------------
213,026 1,457 15,318 229,801
========= ========= ========= =========
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – (142) – (142)
========= ========= ========= =========
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)
========= ========= ========= =========
Level 3 Investments (unlisted) 30.06.25 31.12.24 30.06.24
unaudited audited unaudited
£’000 £’000 £’000
Asoview 6,094 6,114 5,423
GO Inc 3,166 2,905 2,586
Moneytree 2,018 1,042 1,063
Studyplus 1,942 1,960 1,974
iYell 1,740 1,652 1,589
Spiber 843 1,014 1,034
Yoriso 570 631 709
--------------- --------------- ---------------
16,373 15,318 14,378
========= ========= =========
10 Share Capital
30 June 2025 31 December 2024 30 June 2024
unaudited audited unaudited
Number of Nominal Number of Nominal Number of Nominal
shares value shares value shares value
£’000 £’000 £’000
Issued, allotted and fully paid
Ordinary shares of 25 pence each held outside of Treasury
Beginning of the period 115,257,714 28,814 126,086,249 31,521 126,086,249 31,521
Ordinary shares repurchased into Treasury (525,744) (131) (10,828,535) (2,707) (6,545,426) (1,636)
Ordinary shares repurchased for cancellation (1,054,104) (264) – – – –
--------------- --------------- --------------- --------------- --------------- ---------------
End of the period 113,677,866 28,419 115,257,714 28,814 119,540,823 29,885
========= ========= ========= ========= ========= =========
Ordinary shares of 25 pence each held in Treasury 1
Beginning of the period 20,903,981 5,227 10,075,446 2,520 10,075,446 2,520
Ordinary shares repurchased into Treasury 525,744 131 10,828,535 2,707 6,545,426 1,636
--------------- --------------- --------------- --------------- --------------- ---------------
End of the period 21,429,725 5,358 20,903,981 5,227 16,620,872 4,156
========= ========= ========= ========= ========= =========
Total share capital 33,777 34,041 34,041
========= ========= =========
1 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 525,744 ordinary shares for the six months to 30 June
2025 (year ended 31 December 2024: 10,828,535 shares and six months ended 30
June 2024: 6,545,426 shares) and held them in Treasury. The £908,000 (year
ended 31 December 2024: £18,857,000 and six months ended 30 June 2024:
£11,620,000) cost of repurchase was charged to the Other reserve.
The Company also repurchased 1,054,104 ordinary shares for the six months to
30 June 2025 (year ended 31 December 2024: nil and six months ended 30 June
2024: nil) for cancellation. The £1,864,000 (year ended 31 December 2024:
£nil and six months ended 30 June 2024: £nil) 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.
30.06.25 31.12.24 30.06.24
unaudited audited unaudited
Total shareholders’ funds £235,761,000 £231,413,000 £237,639,000
Ordinary shares held outside of Treasury at the period end 113,677,866 115,257,714 119,540,823
Net asset value per ordinary share 207.39p 200.78p 198.79p
========= ========= =========
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, the Company had the following transactions payable to FII.
Six months Six months Year
ended ended ended
30.06.25 30.06.24 31.12.24
unaudited unaudited audited
£’000 £’000 £’000
Portfolio management services 557 609 1,177
Secretarial and administration fees 25 25 50
Marketing services 147 93 175
========= ========= =========
At the Balance Sheet date, the following balances payable to FII were accrued
and included in other creditors:
Six months Year Six months
ended ended ended
30.06.25 31.12.24 30.06.24
unaudited audited unaudited
£’000 £’000 £’000
Portfolio management services 98 97 97
Secretarial and administration fees 25 13 13
Marketing services 13 87 63
========= ========= =========
As at 30 June 2025, 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 annual fee structure from 1 January 2025 is as follows:
1 January
2025
£
Chairman 44,250
Senior Independent Director 34,000
Chairman of the Audit Committee 37,000
Director 31,500
=========
As at 30 June 2025, the Directors and their connected persons, held the
following ordinary shares in the Company:
Six months
ended
30.06.25
unaudited
David Barron 19,366
Myra Chan –
Seiichi Fukuyama 11,000
David Graham 78,489
Sarah MacAulay 228,340
=========
13 POST BALANCE SHEET EVENTS
As mentioned in the Chairman’s Statement, on 31 July 2025, the Company sold
its unlisted holding in Moneytree at a transaction price of JPY 678.43 per
share (GBP equivalent 3.42 per share). Proceeds from the sale were £2.96
million which represents a 47% uplift on the 30 June 2025 valuation. If this
increase had been applied at 30 June 2025, the net assets of the Company would
have increased by 0.4%.
Following the recent announcement of the proposed combination with AJOT, the
approximate costs associated with the transaction have been determined. The
Board estimates the fixed advisory costs and expenses in respect of the recent
review process and the Scheme will be no greater than approximately £800,000
including VAT. These costs will be borne by the Company. This estimate
excludes the liquidator's retention, any portfolio realisation costs, and the
termination costs.
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
2025 and 30 June 2024 has not been audited or reviewed by the Company’s
Independent Auditor.
The information for the year ended 31 December 2024 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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