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RNS Number : 0592A JPMorgan Japanese Inv. Trust PLC 18 January 2024
JPMorgan Japanese Investment Trust - Update from QuotedData
17(th) January 2024
Are we there yet?
Optimism driven by rapidly developing corporate governance reforms, a
divergent economy cycle, and still-negative interest rates saw a dramatic
rally in benchmark Japanese indices over 2023, with the TOPIX index (the Tokyo
Stock Price Index) climbing to its highest level in more than 30 years.
With the rally driven by more value-focused sectors of the market, returns for
the JPMorgan Japanese Investment Trust (JFJ) failed to keep pace for much of
the year due to a portfolio more targeted towards high-quality growth stocks
(generally speaking, for JFJ, this means companies with strong franchises,
balance sheets and cash-flow generation, which have the potential to compound
earnings over the long term). While many of these companies have been out of
favour, we do not see that as a significant negative for investors given the
alignment of the portfolio towards a range of long-running themes.
Promisingly, in December, we began to see a turning point in many of these
sectors, with the JFJ portfolio up strongly.
Many of these companies continue to trade on increasingly attractive
valuations, and the managers are right to sacrifice some short-term
performance for the opportunity to achieve significant upside down the track.
Full Research:
https://quoteddata.com/research/jpmorgan-japanese-investment-trust-yet-qd/
(https://quoteddata.com/research/jpmorgan-japanese-investment-trust-yet-qd/)
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