REG - Nippon Active Value - Half-year Report
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RNS Number : 4014Z Nippon Active Value Fund PLC 16 September 2025
Nippon Active Value Fund plc
Half-yearly report
For the six months ended 30 June 2025
Investment Objective
The investment objective of Nippon Active Value Fund plc ("the Company" or
"NAVF" or "the Fund") is to provide Shareholders with attractive long-term
capital growth primarily through the active management of a focused portfolio
of quoted companies that have the majority of their operations in, or revenue
derived from, Japan, or a majority of whose consolidated net assets are held
in Japan, or that are included in the TOPIX, and that have been identified by
the Investment Adviser as being undervalued.
Financial Information
As at As at
30 June 2025 31 December 2024
Net assets - (£'millions) 386.8 365.4
Net asset value ("NAV") per Ordinary Share ("Share") - (pence)(1) 204.5 193.2
Share price - (pence) 200.0 187.5
Share price discount to NAV - (%)(2) 2.2 3.0
Ongoing charges - (annualised) - (%)(2) 1.16 1.18
Performance Summary
For the period to For the period to
30 June 2025(3) 30 June 2024(3)
% change % change
NAV total return per Share(2) +7.6 +6.9
Share price total return per Share(2) +8.5 +6.6
MSCI Japan Small Cap Index (sterling terms) +5.0 +0.1
1 This is measured on a cum income basis.
2 These are Alternative Performance Measures ("APMs"), which is a
financial measure of historic or future financial performance, financial
position, or cash other than a financial measure defined or specified in the
applicable financial reporting framework. Definition of these and other APMs
used in this report, together with how these APMs have been calculated are
disclosed in the report.
3 Total returns are stated using the GBP equivalents, including
dividends reinvested.
Chairman's Statement
Performance
I am pleased to present Nippon Active Value Fund's interim report, covering
the period from 1 January to 30 June 2025.
Over that period the Company's net asset value rose by +7.6% while the share
price rose by +8.5%. In comparison, the MSCI Japan Small Cap Index (total
return in sterling terms) rose by +5.0%. Since the launch of the Company in
February 2020, the Net Asset Value ("NAV") of the Company has increased by
+119.3% and the share price by +100.9%, compared to a return in the MSCI Japan
Small Cap Index of 32.7% (in sterling terms with dividends reinvested). Since
the end of the accounting period, the Company's NAV has returned 9.9%,
compared to a MSCI Japan Small Cap Index total return of 10.4%.
At the end of June, the discount was -2.2%, having ranged between a discount
of -10.1% and a premium of +1.5% over the first half of the year.
The Japanese market performed in a similar way to other developed markets over
the first half of the year, with a sharp sell-off in response to the US
President's announcement of "reciprocal tariffs" at the beginning of April. By
the end of June, both large and small cap Japanese indices had recovered, and
in July the broad Japanese index, TOPIX, reached a new high. Whilst there is
still significant uncertainty in the economic and policy environments, and
markets could sell off again in response to specific events, at the time of
writing investors seem confident that overall fundamentals are supportive.
Our strategy does not target any index or seek to reflect the Japanese market
as a whole. The focus remains on medium and small capitalised companies, where
we can build up significant stakes to enable productive engagement with their
management. The strategy focuses on improving the representation of
independent directors on boards, and targets companies with inefficient
capital management, usually trading on a low price to book ratio and with high
levels of cash reserves. This results in a relatively concentrated portfolio,
and returns can vary significantly from both the TOPIX and small cap indices,
depending on the results of our Advisers' engagement with the portfolio
holdings. Nonetheless, we expect the focus on balance sheet assets to provide
a margin of safety and to help support positive outcomes.
Our Investment Adviser's Report which follows, discusses some of the major
contributors to returns, as well as examples of engagement with target
companies.
Unlisted Investments
NAVF may hold up to 10% of its net asset value in unquoted investments,
allowing the Company to avail of potential return opportunities in companies
that might delist as a consequence of our engagement and related corporate
actions.
In September 2024, Bain & Co announced a tender offer for one of our
holdings, Trancom, which concluded on 31 October 2024. The Trancom shares
were delisted on 15 January 2025. NAVF, along with co-investors from
Dalton-related entities, acquired a stake in the delisted entity in April
2025, reinvesting some of the proceeds realised from tendering Trancom shares.
This is our second investment in an unlisted company (T&K Toka was the
first), both of which were previously held in the portfolio as publicly traded
shares. As of 30 June 2025, the cost price of T&K Toka was JPY 282,970,588
and in Trancom was JPY 300,863,043,with the two unlisted equity holdings
amounting to 0.76% of NAV. The Company has engaged Competant Inc, a Tokyo
based accountancy firm, to act as an independent valuer of our unlisted equity
holdings. Competant will provide valuations on at least a six monthly basis.
Corporate Governance Developments
The strategy is designed to benefit from the improvements in corporate
governance in Japan and the increasing engagement with Japanese corporations
by activist investors. Some of the key factors supporting activism include (i)
Japan Exchange Group's (JPX) requirement that listed entities pay attention to
their profitability and the liquidity of their shares, (ii) the Ministry of
Economy, Trade and Industry's (METI) measures to improve the transparency of
corporate actions, in particular take-over bids, (iii) increasing pressure
from Japanese regulators and (iv) institutional investors' continuing
unwinding of long-term cross shareholdings.
There was considerable coverage of activist engagement in the first half of
the year, including NAVF's campaign regarding with Fuji Media Holdings in
light of the reported sexual harassment scandal, which has been described in
detail in the Company's monthly factsheets and more fully in the Investment
Adviser's report.
There were other widely-reported actions involving large, capitalised
companies that NAVF or its affiliate Dalton were not active in; these had
outcomes that illustrate that incumbent management continue to resist the
trends and policies being implemented. In July 2025, Alimentation Couche-Tard,
the Canadian multinational operator of convenience stores, withdrew its bid
for Seven & I Holdings due to "a lack of constructive engagement" by the
latter. Rumours that Toyota Motors would buy-out the non-group shareholders of
Toyota Industries was positively received by the market. When the bid was
announced, however, it was at a discount to the prevailing market price; their
valuation for the bid was not required to adjust assets, including
shareholdings, to market prices. We firmly believe that the incentives to
consider activists' proposals are greater in the small and medium cap sectors,
whose companies are under greater pressure to comply with JPX's listing
requirements. That sector is, and will remain, the core focus of our
Investment Adviser's efforts.
NAVF submitted shareholder proposals at twelve Annual General Meetings in the
first half of 2025. Eiken Chemical agreed to appoint two of the directors
proposed by Dalton (on NAVF's and other Dalton funds' behalf) before the AGM.
Additionally, NAVF's proposed candidate for Hogy Medical was appointed to that
board. In all, including the two delisted holdings, NAVF has influenced board
representation on five of our holding companies during the period under
review.
Investment Policy Clarification
A minor inconsistency was identified between the Company's Investment Policy
and its Investment Restrictions. Following legal review, the Board approved a
small amendment to align the position and remove the contradiction. This
amendment does not alter our investment approach and does not require
regulatory or shareholder approval, it simply ensures that the stated
Investment Policy accurately reflects the Investment Restrictions already in
place.
Gearing
As I outlined in the annual report, the Company has a £70 million borrowing
facility with The Northern Trust Company, which can be drawn down on in
shorter term scenarios if required to support the Company's strategic
initiatives. £5 million was drawn down in February 2025, £1 million of
which was repaid in late June 2025, so that borrowing at the end of the
reporting period was £4m. The balance was repaid in July and currently the
facility is undrawn.
Share Issuance
In July and August 2025, the Company issued 1,513,282 Ordinary Shares via tap
issuance at an average price of 221 pence per Ordinary Share. This demand
reflects a continued and growing confidence, not only in the longer-term
prospects for the Japanese economy, but also in the abilities of the Company's
Investment Advisers to outperform. New shares were issued at a premium to the
prevailing NAV. As at 12 September 2025, the Company's issued ordinary share
capital comprises 190,654,986 Ordinary Shares, with none held in treasury, and
therefore, the total number of Ordinary Shares in the Company with voting
rights is 190,654,986. We look forward to continuing to grow the Company both
through performance and issuance to satisfy market demand.
Continuation Vote
I am pleased to report that, at the Company's Annual General Meeting ("AGM")
held in June 2025, Shareholders voted overwhelmingly in favour of the
continuation of the Company, with 99.99% of votes cast in favour of the
resolution. My fellow Board members and I thank Shareholders for their ongoing
support. The next continuation vote will be held in 2027.
Outlook
The Company's strategy is to invest in a relatively concentrated number of
deeply undervalued companies. To unlock that valuation discount, the strategy
targets companies where there is a strong potential for engagement with
management to improve returns to shareholders through, for example, higher
dividend payouts or share buybacks. Our Investment Advisers continue to
identify new opportunities in both the small and mid-cap sectors, and your
Board is satisfied that the opportunity set identified in the Company's
original prospectus remain valid. With the return on investment of listed
Japanese companies still significantly below those in the US and UK, the
Japanese financial regulators are increasingly vocal in calling for a greater
focus on profitability and shareholder returns. As this regulatory momentum
accelerates and policy frameworks continue to evolve in support of the
transition, the number of investment opportunities available, affirms that the
Company retains significant runway to execute a well-established and effective
strategy. The strategy is a highly selective, concentrated approach and we
expect the Company's returns to be relatively lowly correlated to the broader
Japan equities market. Even if investors' focus shifts to opportunities away
from Japan, or markets respond negatively to continued macroeconomic
uncertainty, we are confident that the activist approach will continue to
perform well.
Rosemary Morgan
Chairman
15 September 2025
Investment Adviser's Report
Investment results for the first half of the calendar year for the Nippon
Active Value Fund ("NAVF") were broadly satisfactory. The Company's growth in
asset value exceeded that of the relevant Japanese stock indices, despite the
yen's continuing weakness against sterling. Additionally, NAVF's publicly
quoted stock price closed the discount to NAV. Complete figures may be found
in the table below, as well as in the detailed commentary on the first and
second quarters, available on our website www.nipponactivevaluefund.com. A
table indicating the investments that contributed to or detracted meaningfully
from our results is also included.
NAV performance of the Company for 2020, 2021, 2022, 2023, 2024 and YTD:
Absolute (ex-inc)¹ Cumulative (ex-inc)¹
JPY GBP JPY GBP
Period % % % %
21 February 2020 to 31 December 2020 10.6 13.6 10.6 13.6
Year Ended 31 December 2021 35.0 22.3 49.3 38.9
Year Ended 31 December 2022 5.3 3.5 57.2 43.7
Year Ended 31 December 2023 39.6 23.1 119.5 76.9
Year Ended 31 December 2024 26.3 15.2 177.2 103.8
2025 Half-Year 8.0 7.6 199.4 119.3
21 February 2020 to 30 June 2025 22.4 15.6 199.4 119.3
(1)This is measured on an ex-income basis, excluding dividend reinvested.
Attribution
Contribution
AVG Weight Total Return %
H1 2025 NAVF % %
Top 5 Contributors Fuji Media Holdings, Inc. 9.0 93.0 5.8
Bunka Shutter Co., Ltd. 6.9 23.4 1.6
ASKA Pharmaceutical Holdings Co., Ltd. 7.1 17.4 1.2
Meisei Industrial Co., Ltd. 6.8 6.3 0.7
Teikoku Sen-I Co., Ltd. 4.7 14.0 0.7
Bottom 5 Detractors Teikoku Tsushin Kogyo Co., Ltd. 1.6 -9.6 -0.2
Ebara Jitsugyo Co., Ltd. 4.6 -5.4 -0.3
Sekisui Jushi Corporation 4.0 -6.1 -0.3
Stella Chemifa Corporation 3.0 -9.6 -0.3
Hogy Medical Co., Ltd. 11.5 -14.9 -2.0
We believe it is important for our Shareholders to maintain a long-term
perspective, and to that end we try very hard not to provide much "elevator
music" in our commentary. By that we mean an extensive discussion structured
around short-term share price movements. Rather, if you are an investor in
NAVF, you should think of yourself as a co-venturer on a great crusade to
bring economic rationality to undermanaged businesses in the Japanese market.
If we are successful in this endeavour, we believe superior investment results
will follow.
We cannot control individual stock prices, which are set every day in the
marketplace by thousands of investors making individual decisions, but in the
longer run we believe company stock prices will gravitate toward their
intrinsic investment values.
Corporate Japan has under-managed its assets for several decades. The
entrenched behaviour of a generation scarred by a long bear market in stocks
and a devastating collapse in real estate prices has caused company
managements to adopt a bunker mentality, huddling together for comfort in
excess capital and assets. The Japanese stock market has over-corrected for
this mismanagement, driving the stock prices of many companies to levels
substantially below their intrinsic value. In most developed markets, such
mispricing would not exist for long. Sharp-eyed investors, followed by private
equity funds, would snap up the shares and drive the stock price toward fair
value, either through aggressive purchases or by an outright acquisition of
the entire company. But such behaviour is unusual in Japan.
Therein lies the opportunity: our goal is to help Japan accelerate change in
corporate behaviour to ensure that stock prices properly reflect underlying
economic reality. We think of ourselves as both a voice and a force for
economic rationality.
NAVF distinguishes itself not only through its stock-picking acumen but also
through its hands-on approach to corporate engagement. The Company actively
challenges underperforming or poorly governed Japanese companies, leveraging
shareholder proposals, public campaigns, and private negotiations to drive
meaningful change. Our engagement is led by a dedicated team of investment and
legal professionals in Tokyo. They are all Japanese nationals and thus, NAVF
has local insights, context and presence in the Japanese market. Below is a
detailed exploration of NAVF's engagement with four key portfolio companies
during the first half of 2025, illustrating the Company's strategy, tactics,
and outcomes.
Fuji Media Holdings: Dismantling the Old Guard
Fuji Media Holdings ("FMH") became a focal point of NAVF's activism in early
2025, following years of frustration with the company's entrenched management
and governance failures. The catalyst was a high-profile sexual harassment
scandal that exposed deep-seated issues within the company's leadership. NAVF
launched a public campaign, publishing five open letters to FMH's board and
creating a media storm in Japan. The letters called for the resignation of
long-serving executive Hisashi Hieda, dubbed the "Emperor" for his four-decade
reign, and a breakup of the company's inefficient conglomerate structure.
The pressure escalated in February 2025, as NAVF criticised the reappointment
of five directors from the so-called "Old Boys' Club" just days before the
release of an independent governance report. When the report was published on
31 March, it vindicated NAVF's concerns, revealing systemic mismanagement. The
market reacted immediately; FMH's stock surged 8.7% on the day of the report's
release, even as broader indices declined due to external macroeconomic
pressures.
NAVF's campaign culminated at FMH's AGM in June 2025. Following the
resignation of the entire board in April, we proposed a slate of twelve
independent directors to replace them. While none of NAVF's nominees were
elected, the company subsequently unveiled a sweeping "Reform Action Plan",
which included:
• A commitment to achieve an 8% return on equity
("ROE");
• The divestiture of ¥100 billion in strategic
shareholdings within three years;
• A ¥250 billion investment plan over five years,
focused on content creation and IP monetisation;
• The abolition of the Executive Managing Adviser
system, effectively removing Hieda and his allies;
• Mandatory retirement ages and term limits for
directors.
Although NAVF's director candidates were not elected, the AGM marked a turning
point. The new board, installed by FMH, adopted most of the reforms NAVF had
demanded. The stock rallied 30.4% in the second quarter, reflecting investor
confidence in the company's new direction. NAVF continues to monitor FMH
closely, ready to re-engage if progress stalls.
Hogy Medical: Pushing for Privatisation
Hogy Medical presented a different challenge. The company's full-year earnings
revision in March 2025, revealed not only disappointing sales of new medical
kits but also a loss of more than one billion yen on investment securities and
aggressive inventory write-downs. While these accounting moves did not impact
cash flow, they signalled deeper operational issues. NAVF, which had been in
private discussions with management about the company's future as a listed
entity, saw an opportunity to accelerate change.
At the Hogy Medical AGM in June, NAVF submitted a shareholder proposal to
appoint three of its representatives, including CIO, James Rosenwald to the
board. The proposal was partially successful; Rosenwald was elected as an
outside director, giving NAVF a direct voice in the company's strategic
decisions. His appointment was a strategic coup, as it positioned NAVF to
advocate for a management buyout ("MBO") or privatisation from within.
The engagement with Hogy Medical underscores NAVF's willingness to use both
public pressure and behind-the-scenes negotiation. The company's stock
declined 17.4% in the second quarter due to weak earnings, but NAVF's board
presence ensures the company can now influence decisions on capital
allocation, cost management, and potential delisting, a process that we
believe could unlock significant value for shareholders.
Eiken Chemical: Boardroom Reform for Long-Term Value
Eiken Chemical, a global leader in diagnostic reagents, faced criticism for
its lacklustre financial performance and conservative growth targets. NAVF's
analysts believed the company's technology, particularly in faecal
immunochemical testing, was undervalued due to weak governance. In response,
NAVF submitted a shareholder proposal ahead of the AGM, recommending six
independent directors to strengthen the board's oversight and strategic
acumen.
The company accepted two of NAVF's nominees, marking a rare instance of a
Japanese firm voluntarily adopting activist-recommended directors. This
concession was significant; for the first time, Eiken's board included members
with deep capital markets experience, capable of evaluating strategic options
beyond organic growth. NAVF's engagement here was less about immediate
financial engineering and more about ensuring the board could objectively
assess opportunities such as divestitures, partnerships, or even a sale of the
entire company.
While Eiken's stock declined 6% in the second quarter due to disappointing
full-year results, we remain optimistic. The Company believes the revised
board will improve transparency, enhance shareholder dialogue, and ultimately
drive better capital allocation decisions.
Meisei Industrial: Accumulating Influence
Meisei Industrial, a manufacturer of industrial components, experienced
significant share price volatility in early 2025. NAVF and its affiliates
responded by aggressively accumulating shares, building a stake of more than
9.5% of the company's free float. This accumulation was a deliberate strategy
to gain influence and push for operational improvements.
By the end of the first half, Meisei's stock had rebounded nearly 16%, erasing
its earlier losses. NAVF's growing ownership stake has positioned the Company
as a key voice in Meisei's future. While no formal proposals have been tabled
yet, the Company's presence has already prompted management to engage in
discussions about cost efficiency, capital returns, and potential strategic
alternatives. NAVF's approach with Meisei demonstrates its patience and
willingness to build influence gradually, using ownership as a lever for
change.
The Broader Impact of NAVF's Engagement
NAVF's activism is not only about individual companies; it reflects our belief
in a broader, ongoing shift in Japan's corporate culture. The Company's
campaigns have contributed to a record number of going-private transactions.
In Q1 2025 alone, 32 Japanese firms announced delisting plans, more than
double the number from the same period in 2024. This trend is partly driven by
NAVF and other activists, who highlight the costs of public listing,
regulatory compliance, shareholder demands, and short-term pressure, against
the benefits of private ownership.
The Company's success also reflects the growing influence of the Tokyo Stock
Exchange ("TSE") and regulators, who are pushing for higher returns on equity,
better disclosure, and stronger shareholder rights. NAVF's engagements with
Fuji Media, Hogy Medical, Eiken Chemical, and Meisei Industrial are case
studies in how activist investors can catalyse change in a market historically
resistant to outside influence.
NAVF's engagement strategy combines public advocacy, shareholder proposals,
and board-level intervention to drive governance reforms and operational
improvements. The Company's willingness to take on entrenched management, its
ability to mobilise other shareholders, and its focus on long-term value
creation set it apart in the Japanese market. As the Company continues to
expand its influence, its actions are likely to inspire further reforms,
benefiting not only its own investors but also the broader ecosystem of
Japanese equities.
Paul ffolkes Davis
Rising Sun Management Limited
15 September 2025
Portfolio
As at 30 June 2025
Top ten holdings as a percentage of net assets
Value % of net
Company Sector (£'000) assets
Fuji Media Holdings, Inc. Communication Services 42,151 10.9
Hogy Medical Co., Ltd. Healthcare 39,360 10.2
Eiken Chemical Co., Ltd. Healthcare 34,731 9.0
Meisei Industrial Co., Ltd. Industrials 30,511 7.9
Bunka Shutter Co., Ltd. Industrials 29,907 7.7
ASKA Pharmaceutical Holdings Co., Ltd. Healthcare 29,465 7.6
Murakami Corporation Consumer Discretionary 22,360 5.8
Teikoku Sen-I Co., Ltd. Industrials 20,360 5.3
Ebara Jitsugyo Co., Ltd. Industrials 16,926 4.4
Sekisui Jushi Corporation Industrials 14,966 3.9
Portfolio characteristics
Equity Investments 98.6%
Price/Book 1.1x
Price/Earnings 5.3x
EV/EBITDA 7.5x
Adjusted Cash/Market Cap* 33.8%
Net Working Capital/Market Cap** 42.4%
* Adjusted Cash / Market Cap = (Cash + Cross Shareholdings - Debt)
/Market Cap
** Net Working Capital / Market Cap = (Cross Shareholdings + Total
Current Assets - Total Liabilities) / Market Cap
Interim Management Report
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authority ("FCA") Disclosure Guidance
and Transparency Rules ("DTR"), and consider the Chairman's Statement and the
Investment Adviser's Report in this half-yearly report to provide details of
the important events which have occurred during the period and their impact on
the financial statements. The following statements on Related Party
Transactions, Going Concern and the Directors' Responsibility Statement,
together constitute the Interim Management Report of the Company for the
period ended 30 June 2025. The outlook for the Company for the remaining six
months of the year ending 31 December 2025 is discussed in the Chairman's
Statement and the Investment Adviser's Report.
Risks and uncertainties
The principal and emerging risks, together with a summary of the processes and
internal controls used to manage and mitigate risks where possible, are
outlined in the Annual Report for the year ended 31 December 2024. The Board
is responsible for the management of risks and uncertainties faced by the
Company. However, it relies on the Investment Adviser and the Alternative
Investment Fund Manager ("AIFM"), who seek to mitigate these risks through
active asset management initiatives, and by carrying out due diligence work on
potential targets before entering into any investments.
The risks, as outlined in the 2024 Annual Report, remain largely unchanged.
However, since the release of the 2024 Annual Report, the Board has observed
increased market volatility driven by geopolitical shifts, rising inflation
and interest rate pressures, evolving global regulatory frameworks, and
escalating regional conflict, all of which continue to weigh on investor
sentiment and confidence. The Board and AIFM closely monitor and assess these
continued uncertainties as to how they could impact and affect the Company's
trading position, portfolio and Shareholders, and, where appropriate,
endeavour to mitigate the risk. The Board is of the opinion that these
principal and emerging risks and uncertainties remain, and are applicable to
the remaining six months of the Company's financial year.
Going concern
The Directors have adopted the going concern basis in preparing the financial
statements. The Board has a reasonable expectation that the Company has
adequate resources to continue in operational existence for at least the
following twelve-month period from the date of this report.
The Directors do not foresee any immediate material risk to the Company's
investment portfolio; however, a prolonged and deep market decline could lead
to falling values in the underlying business or interruptions to cash flow.
The Company currently has more than sufficient liquidity available to meet any
future obligations. The Company's net assets at 30 June 2025, were
£386,822,000 (30 June 2024: £339,142,000; 31 December 2024: £365,442,000).
As at 30 June 2025, the Company held £8,079,000 (30 June 2024: £21,580,000;
31 December 2024: £19,889,000) in cash. The total expenses for the period
ended 30 June 2025, were £2,258,000 (30 June 2024: £2,241,000; 31 December
2024: £6,197,000). The ongoing charges ratio represented approximately 1.16%
(30 June 2024: 1.21%; 31 December 2024: 1.18%) of average net assets during
the period. At the date of approval of this document, based on the aggregate
of investments and cash held, the Company has substantial operating expenses
cover.
As part of their assessment, the Board has fully considered and assessed the
Company's portfolio of investments, cash position, income and expense flows,
giving careful consideration to the consequences for the Company of continuing
uncertainties in the global economy.
Related party transactions
The Company's Investment Adviser is Rising Sun Management ("Rising Sun") and
the Company's AIFM is FundRock Management Company (Guernsey) Limited
("FundRock"). The Company, the AIFM and the Investment Adviser entered into
the Investment Advisory Agreement on 7 January 2020, pursuant to which Rising
Sun provide investment advisory services to FundRock and the Company, and are
entitled to receive an annual fee of 0.85% of the Company's net assets
(exclusive of VAT), in respect of the services provided under the Investment
Advisory Agreement.
Rising Sun is considered a related party under the UK Listing Rules. The total
Investment Adviser and AIFM fees for the period to 30 June 2025 are shown in
the Statement of Comprehensive Income. There have been no changes to the
related party transactions that could have a material effect on the financial
position or performance of the Company since the year ended 31 December 2024.
Further information can be found in note 10 to the financial statements.
Directors' statement of responsibility for the half-yearly report
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 International
Accounting Standard 34, "Interim Financial Reporting" as required by DTR
4.2.4R.
· The Interim Management Report includes a fair review of the
information required by the FCA's Disclosure Guidance and Transparency Rules
("DTR"):
(a) DTR 4.2.7R, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R, being related to party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the Company during that
period; and any changes in the related party transactions described in the
last Annual Report that could do so.
This half-yearly financial report has not been audited or reviewed by the
Company's auditor.
Signed on behalf of the Board of Directors
Rosemary Morgan
Chairman
15 September 2025
Condensed Unaudited Statement of Comprehensive Income
For the six months ended 30 June 2025
For the period to For the period to For the year ended
30 June 2025
30 June 2024
31 December 2024*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 23,969 23,969 - 20,363 20,363 - 46,508 46,508
Income 4 6,181 - 6,181 4,546 - 4,546 9,132 - 9,132
Foreign exchange gains/(losses) - 209 209 - 15 15 - (1,834) (1,834)
Investment Adviser fees (314) (1,255) (1,569) (278) (1,111) (1,389) (583) (2,334) (2,917)
Other operational expenses (641) - (641) (852) - (852) (1,446) - (1,446)
Profit before finance costs and taxation 5,226 22,923 28,149 3,416 19,267 22,683 7,103 42,340 49,443
Finance costs (48) - (48) - - - - - -
Profit before taxation 5,178 22,923 28,101 3,416 19,267 22,683 7,103 42,340 49,443
Taxation 5 (574) - (574) (454) - (454) (913) - (913)
Profit and comprehensive income for the period 4,604 22,923 27,527 2,962 19,267 22,229 6,190 42,340 48,530
Earnings per Ordinary Share - basic and diluted 8 2.43p 12.12p 14.55p 1.57p 10.19p 11.76p 3.27p 22.39p 25.66p
* Audited
There is no other comprehensive income and therefore the "Profit and
comprehensive income for the period" is the total comprehensive income for the
period.
The total column of the above statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations.
The supplementary revenue and capital columns, including the earnings per
Ordinary Share, are prepared in accordance with the Statement of Recommended
Practice ("SORP") issued by the Association of Investment Companies.
The notes form an integral part of these financial statements.
Condensed Unaudited Statement of Changes in Equity
For the six months ended 30 June 2025
Share
Share premium Capital Revenue
capital account reserve reserve Total
For the six months ended 30 June 2025 Note £'000 £'000 £'000 £'000 £'000
Opening balance as at 1 January 2025 1,891 231,834 125,050 6,667 365,442
Profit and comprehensive income for the period - - 22,923 4,604 27,527
Dividends paid 6 - - - (6,147) (6,147)
Closing balance as at 30 June 2025 1,891 231,834 147,973 5,124 386,822
Share
Share premium Capital Revenue
capital account reserve reserve Total
For the six months ended 30 June 2024 Note £'000 £'000 £'000 £'000 £'000
Opening balance as at 1 January 2024 1,891 231,834 82,710 3,503 319,938
Profit and comprehensive income for the period - - 19,268 2,962 22,230
Dividends paid 6 - - - (3,026) (3,026)
Closing balance as at 30 June 2024 1,891 231,834 101,978 3,439 339,142
Share
Share premium Capital Revenue
capital account reserve reserve Total
Year ended 31 December 2024* Note £'000 £'000 £'000 £'000 £'000
Opening balance as at 1 January 2024 1,891 231,834 82,710 3,503 319,938
Profit and comprehensive income for the year - - 42,340 6,190 48,530
Dividends paid 6 - - - (3,026) (3,026)
Closing balance as at 31 December 2024 1,891 231,834 125,050 6,667 365,442
* Audited
The revenue reserve and realised element of the capital reserve represents the
amount of the Company's retained and distributable reserves.
The notes form an integral part of these financial statements.
Condensed Unaudited Statement of Financial Position
As at 30 June 2025
As at As at As at
30 June 30 June 31 December
2025 2024 2024*
Note £'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 3 381,613 319,232 345,593
Current assets
Cash and cash equivalents 8,079 21,580 19,889
Trade and other receivables 1,264 2,677 1,270
9,343 24,257 21,159
390,956 343,489 366,752
Current liabilities
Purchases for future settlement (169) (4,168) (1,186)
Other payables (167) (179) (124)
Non-current liabilities
Loans payable (3,798) - -
Total liabilities (4,134) (4,347) (1,310)
Net assets 386,822 339,142 365,442
Equity
Share capital 7 1,891 1,891 1,891
Share premium 231,834 231,834 231,834
Capital reserve 147,973 101,978 125,050
Revenue reserve 5,124 3,439 6,667
Total equity 386,822 339,142 365,442
Net asset value per Ordinary Share 9 204.51p 179.31p 193.21p
* Audited
Approved by the Board of Directors on 15 September 2025 and signed on their
behalf by:
Rosemary Morgan
Chairman
Nippon Active Value Fund plc is incorporated in England and Wales with
registration number 12275668.
The notes form an integral part of these financial statements.
Condensed Unaudited Statement of Cash Flows
For the six months ended 30 June 2025
For the For the For the
period to
period to
year ended
30 June 30 June 31 December
2025 2024 2024*
Note £'000 £'000 £'000
Operating activities cash flows
Profit before finance costs and taxation 28,149 22,683 49,443
Adjustment for:
Gains on investments (23,969) (20,363) (46,508)
Decrease/(increase) in receivables 6 (18) (177)
Increase/(decrease) in payables 43 (1) (56)
Tax withheld on overseas income 5 (574) (454) (913)
Net cash flow from/(used in) operating activities 3,655 1,847 1,789
Investing activities cash flows
Purchase of investments (33,984) (97,591) (163,798)
Sale of investments 20,916 98,093 162,667
Capital distributions received - -
Net cash flow used in investing activities (13,068) 502 (1,131)
Financing activities cash flow
Dividends paid 6 (6,147) (3,026) (3,026)
Bank loans drawn 4,957 - -
Bank loans repaid (1,022) - -
Loan interest and other charges paid (48) - -
Effect of foreign exchange movement (137) - -
Net cash flow from financing activities (2,397) (3,026) (3,026)
Decrease in cash and cash equivalents (11,810) (677) (2,368)
Cash and cash equivalents at start of period 19,889 22,257 22,257
Cash and cash equivalents at end of period 8,079 21,580 19,889
* Audited
The notes form an integral part of these financial statements.
Notes to the Condensed Unaudited Financial Statements
1. GENERAL INFORMATION
The Company is a closed-ended investment company incorporated on 22 October
2019 in England and Wales with registered number 12275668 and registered as an
investment company under Section 833 of Companies Act 2006, as amended from
time to time. On 21 February 2020, the Company's shares were admitted to the
Specialist Fund Segment of the Main Market of the London Stock Exchange. On
the same day, trading of the Ordinary Shares commenced on the London Stock
Exchange. On 11 October 2023, the Company's Ordinary Shares were admitted to
the Official List of the FCA and trading on the main market for listed
securities of the London Stock Exchange.
The investment objective of the Company is to provide Shareholders with
attractive long-term capital growth primarily through the active management of
a focused portfolio of quoted companies that have the majority of their
operations in, or revenue derived from, Japan, or a majority of whose
consolidated net assets are held in Japan, or that are included in the TOPIX,
and that have been identified by the Investment Adviser as being undervalued.
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.
FundRock Management Company (Guernsey) Limited acts as the Company's
Alternative Investment Fund Manager (the "AIFM") for the purposes of the UK's
implementation of Directive 2011/61/EU of the European Parliament and of the
Council of 8 June 2011 on Alternative Investment Fund Managers, together with
Commission Delegated Regulation (EU) No. 231/2013 which forms part of UK law
by virtue of the European Union (Withdrawal) Act 2018, and any transposing
legislation incorporating the same into UK law (including, but not limited to,
the UK Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773),
as amended by The Alternative Investment Fund Managers (Amendment etc.) (EU
Exit) Regulations 2019), all as may be amended or supplemented from time to
time.
The Company's Investment Adviser is Rising Sun Management Limited.
NSM Funds (UK) Limited, the Company's appointed Administrator, (the
"Administrator") provides administrative and company secretarial services to
the Company under the terms of an administration agreement between the Company
and the Administrator.
The Company's registered office is 4th floor, 46-48 James Street, London W1U
1EZ.
2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
Statement of compliance
The Company's condensed unaudited half-yearly financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting and the
Disclosure Guidance and Transparency Rules ("DTRs") of the UK's Financial
Conduct Authority. When presentational guidance set out in the Statement of
Recommended Practice ("SORP") for Investment Companies issued by the
Association of Investment Companies ("AIC") in July 2022 is consistent with
the requirements of IFRS, the Directors have sought to prepare the financial
statements on a basis compliant with the recommendations of the SORP.
The financial statements were approved and authorised for issue by the Board
on 15 September 2025. This half-yearly report will be made available to the
public at the Company's registered office. It will also be made available on
the Company's website: www.nipponactivevaluefund.com
Going Concern
The Directors have adopted the going concern basis in preparing the financial
statements. The Board has a reasonable expectation that the Company has
adequate resources to continue in operational existence for at least the
following twelve-month period from the date of this report. The Directors do
not foresee any immediate material risk to the Company's investment portfolio,
however, a prolonged and deep market decline could lead to falling values in
the underlying business or interruptions to cash flow. Further details on the
Directors' considerations of Going Concern can be found in the Interim Report.
Use of estimates and judgements
The preparation of the financial statements and the manner in which they are
presented requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these
estimates. See below paragraph for judgement around determination of the
functional and presentation currency.
Estimates and underlying assumptions are reviewed on an on-going basis.
Revisions to accounting estimates are recognised in the year in which the
estimates are revised and in any future periods affected. There have been no
estimates, judgements or assumptions which have had a significant impact on
the financial statements for the year.
Basis of measurement
The financial statements have been prepared on the historical cost basis
except for financial instruments at fair value through profit or loss, which
are measured at fair value.
Functional and presentation currency
The financial statements are presented in sterling, which is the Company's
functional currency. The Company's investments are denominated in Japanese
yen. However, the Company's Shares are issued in sterling. In addition, a
substantial majority of the Company's expenses are paid in sterling. It is
also expected that the Company's dividend shall be declared and paid in
sterling. All financial information presented in sterling has been rounded to
the nearest thousand pounds.
The Company is required to identify its functional currency, being the
currency of the primary economic environment in which the Company operates.
The Board, having regard to the currency of the Company's share capital and
the predominant currency in which its Shareholders operate, has determined
that sterling is the functional currency. Sterling is also the currency in
which the financial statements are presented.
Accounting Policies
The accounting policies used by the Company in preparing these half-yearly
unaudited financial statements are the same as those applied by the Company in
its financial statements as at and for the year ended 31 December 2024.
3. INVESTMENT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
Investments held at fair value through profit or loss:
As at As at As at
30 June 30 June 31 December
2025 2024 2024
Investment at fair value through profit or loss £'000 £'000 £'000
Listed on a recognised overseas exchange 378,656 319,232 345,593
Unquoted investments 2,957 - -
Total 381,613 319,232 345,593
Fair Value Measurements of Financial Assets and Financial Liabilities
The financial assets and liabilities are either carried at their fair value,
or the amount is a reasonable approximation of fair value (due from brokers,
dividends receivable, accrued income, due to brokers, expense accruals and
cash and cash equivalents).
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the Fair Value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valued by reference to valuation techniques using observable inputs
including quoted prices.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data.
The table below sets out fair value measurements using the Fair Value
Hierarchy.
Level 1 Level 2 Level 3 Total
As at 30 June 2025 £'000 £'000 £'000 £'000
Assets:
Equity investments 375,699 - 2,957 378,656
Total 375,699 - 2,957 378,656
Level 1 Level 2 Level 3 Total
As at 30 June 2024 £'000 £'000 £'000 £'000
Assets:
Equity investments 319,232 - - 319,232
Total 319,232 - - 319,232
Level 1 Level 2 Level 3 Total
As at 31 December 2024 £'000 £'000 £'000 £'000
Assets:
Equity investments 344,150 - 1,443 345,593
Total 344,150 - 1,443 345,593
The movement on the Level 3 unquoted investments during the year is shown
below:
As at As at As at
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Opening balance 1,443 - -
Additions during the year 1,553 - 1,443
Disposals during the year - - -
Unrealised gains/(losses) on investments (39) - -
Total 2,957 - 1,443
There were no transfers between the levels during the period (30 June 2024:
none; 31 December 2024: none).
4. INCOME
For the For the For the
period to
period to
year ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Income from investments:
Overseas dividends 6,180 4,541 9,125
Other income:
Bank interest income 1 5 7
Total income 6,181 4,546 9,132
5. TAXATION
Analysis of tax charge in the period:
For the period to For the period to For the year ended
30 June 2025
30 June 2024
31 December 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Overseas withholding tax 574 - 574 454 - 454 913 - 913
Total tax charge for the period 574 - 574 454 - 454 913 - 913
6. DIVIDEND
Dividends paid during the year
The Company does not have a specific dividend policy. Any distributions will
be made at the discretion of the Board, taking into consideration the
requirement to ensure the Company continues to be approved as an investment
trust in accordance with s1158 and 1159 of the Corporation Tax Act 2010. The
Board has not declared a dividend for the half year ended 30 June 2025 (2024:
Nil).
Dividends paid during the respective periods are detailed in the below table:
For the period to For the period to For the year ended
30 June 2025
30 June 2024
31 December 2024*
Pence per £'000 Pence per £'000 Pence per £'000
Share Share Share
Interim dividend - paid 23 May 2025 3.25 6,147 - - - -
Interim dividend - paid 24 May 2024 - - 1.6 3,026 1.6 3,026
Total 3.25 6,147 1.6 3,026 1.6 3,026
* Audited
7. SHARE CAPITAL
Share capital represents the nominal value of shares that have been issued.
The share premium includes any premiums received on issue of share capital.
Any transaction costs associated with the issuing of shares are deducted from
share premium.
For the period to For the period to For the period to
30 June 2025
30 June 2024
31 December 2024
No. of shares £'000 No. of shares £'000 No. of shares £'000
Allotted, issued and fully paid:
Opening balance 189,141,704 1,891 189,141,704 1,891 189,141,704 1,891
Ordinary Shares of 1p each ("Ordinary Shares") issued - - - - - -
Total 189,141,704 1,891 189,141,704 1,891 189,141,704 1,891
There were no share issues or buybacks during the period to 30 June 2025
(2024: nil).
Since the period end, the Company has issued 1,513,282 Ordinary shares for
aggregate gross proceeds of £3,347,500.
Rights attaching to the Ordinary Shares
Dividend rights: All Ordinary Shares are entitled to a distribution of
dividends, in the event that the Directors resolve to make such a distribution
to Shareholders, in the same proportions as capital is attributable to them.
Rights as respect to capital: On a winding-up or a return of capital, in the
event that the Directors resolve to make a distribution to Shareholders, all
Ordinary Shares are entitled to a distribution of capital in the same
proportions as capital is attributable to them.
Voting rights: Every Shareholder shall have one vote for each Ordinary Share
held.
8. EARNINGS PER ORDINARY SHARE
Total return per Ordinary Share is based on the return on ordinary activities,
including income, for the period after taxation of £27,527,000 (30 June 2024:
profit £22,229,000 and 31 December 2024: profit £48,530,000).
Based on the weighted average number of Ordinary Shares in issue for the
period to 30 June 2025 of 189,141,704 (30 June 2024: 189,141,704 and 31
December 2024: 189,141,704), the returns per share were as follows:
For the period to For the period to For the year ended
30 June 2025
30 June 2024
31 December 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
(Loss)/Profit for the period (£'000) 4,604 22,923 27,527 2,962 19,267 22,229 6,190 42,340 48,530
Return per Ordinary Share 2.43p 12.12p 14.55p 1.57p 10.19p 11.76p 3.27p 22.39p 25.66p
The Company does not have any dilutive securities, therefore basic and diluted
earnings per share are the same.
9. NET ASSET VALUE PER SHARE
Total equity and the NAV per share attributable to the Ordinary Shareholders
at the period end calculated in accordance with the Articles of Association
were as follows:
As at As at As at
30 June 30 June 31 December
2025 2024 2024
Net Asset Value (£) 386,822,000 339,142,000 365,442,000
Ordinary Shares in issue 189,141,704 189,141,704 189,141,704
NAV per Ordinary Share 204.51p 179.31p 193.21p
10. RELATED PARTY TRANSACTIONS
Transactions with the Investment Adviser
Total Investment Adviser and AIFM fees for the period to 30 June 2025 are
shown in the Statement of Comprehensive Income. As at 30 June 2025, £11,000
of AIFM fees were outstanding.
A key member of the RSM team is a major shareholder of Rosenwald Capital
Management, Inc. As at 30 June 2025, Rosenwald Capital Management, Inc. had
notified the Company of its shareholding which remains unchanged as disclosed
in the 2024 Annual Report.
Directors' fees and shareholdings
Directors' fees are payable at the rate of £31,700 per annum for each
Director other than the Chair, who is entitled to receive £47,000 and the
Chair of the Audit Committee who was entitled to an additional fee of £6,300
per annum.
The Directors had the following shareholdings in the Company, all of which
were beneficially owned.
As at As at As at
30 June 30 June 31 December
2025 2024 2024
Rosemary Morgan 41,450 41,450 41,450
Chetan Ghosh 40,000 40,000 40,000
Rachel Hill 115,791 115,791 115,791
Alicia Ogawa 25,000 25,000 25,000
Ayako Weissman 50,000 50,000 50,000
Claire Boyle nil nil nil
11. PRINCIPAL RISKS AND CAPITAL MANAGEMENT
Risk management policies and procedures
As an investment trust the Company invests in equities for the long-term in
order to achieve its investment objective stated in the Interim Report. In
pursuing its investment objective, the Company is exposed to a variety of
risks that could result in either a reduction in the Company's net assets or a
reduction of the profits available for dividends.
These risks, include market risk (comprising currency risk, interest rate
risk, and other price risk), liquidity risk, credit risk, and the Directors'
objectives, policies and processes for managing the risks and the methods used
to measure the risks, are set out below.
Market Risk
Economic conditions
Changes in economic conditions in Japan (for example, interest rates and rates
of inflation, industry conditions, competition, political and diplomatic
events and other factors) and in the countries in which the Company's investee
companies operate, could substantially and adversely affect the Company's
prospects.
Sectoral diversification
The Company is not subject to restrictions on the amount it may invest in any
particular sector. Although the portfolio is expected to be diversified in
terms of sector exposures, the Company may have significant exposure to
portfolio companies from certain sectors from time to time. As there is no
hard limit on the amount the Company may invest in any sector, the entire
Portfolio may, at certain times, be invested solely in one sector. Greater
concentration of investments in any one sector may result in greater
volatility in the value of the Company's investments and consequently its NAV
and may materially and adversely affect the performance of the Company and
returns to Shareholders.
Management of market risks
The Company is invested in a diversified portfolio of investments.
The Board will not set any limits on sector weightings or stock selection
within the portfolio. The Board will apply the following restrictions on the
size of its investments:
· not more than 20 per cent. of the Gross Asset Value at the time
of investment will be invested in the securities of a single issuer; and
· the value of the four largest investments at the time of
investment will not constitute more than 75 per cent. of the Gross Asset
Value.
(a) Currency risks
The majority of the Company's assets will be denominated in a currency other
than sterling (predominantly in Japanese yen) and changes in the exchange rate
between sterling and Japanese yen may lead to a depreciation of the value of
the Company's assets as expressed in sterling and may reduce the returns to
the Company from its investments and, therefore, negatively impact the level
of dividends paid to Shareholders.
Management of currency risks
The Company does not currently intend to enter into any arrangements to hedge
its underlying currency exposure to investment denominated in Japanese yen,
although the Investment Adviser and the Board may review this from time to
time.
(b) Interest rate risks
The Company is exposed to interest rate risk specifically through its cash
holdings. Interest rate movements may affect the level of income receivable
from any cash at bank and on deposits. The effect of interest rate changes on
the earnings of the companies held within the portfolio may have a significant
impact on the valuation of the Company's investments.
Management of interest rate risks
Prevailing interest rates are taken into account when deciding on borrowings.
(c) Price risks
Price risk includes changes in market prices, other than those arising from
interest rate risk or currency risk, which may affect the value of equity
investments.
Management of price risk
The Company's Investment Adviser has responsibility for monitoring the
portfolio, which is selected in accordance with the Company's investment
objective and seeks to ensure that individual stocks meet an acceptable
risk/reward profile.
(d) Liquidity risks
The securities of small-to-medium-sized (by market capitalisation) companies
may have a more limited secondary market than the securities of larger
companies. Accordingly, it may be more difficult to effect sales of such
securities at an advantageous time or without a substantial drop in price than
securities of a company with a large market capitalisation and broad trading
market. In addition, securities of small-to-medium-sized companies may have
greater price volatility as they can be more vulnerable to adverse market
factors such as unfavourable economic reports.
Management of liquidity risks
The Company's Investment Adviser monitors the liquidity of the Company's
portfolio on a regular basis.
Liquidity risk is minimised by holding sufficient liquid investments which can
be readily realised to meet liquidity demands. The Company's liquidity risk is
managed on a daily basis by the Investment Adviser in accordance with
established policies and procedures in place. Liquidity risk is not
significant as the majority of the Company's assets are investments in quoted
equities that are expected to be readily realisable under normal conditions.
(e) Credit risks
Cash and other assets held by the custodian
Cash and other assets that are required to be held in custody will be held by
the custodian or its sub-custodians. Cash and other assets may not be treated
as segregated assets and will therefore not be segregated from any custodian's
own assets in the event of the insolvency of a custodian.
Cash held with any custodian will not be treated as client money subject to
the rules of the FCA and may be used by a custodian in the course of its own
business. The Company will therefore be subject to the creditworthiness of its
custodians. In the event of the insolvency of a custodian, the Company will
rank as a general creditor in relation thereto and may not be able to recover
such cash in full, or at all.
Management of credit risks
The Company has appointed The Northern Trust Company as its custodian. The
credit rating of Northern Trust was reviewed at the time of appointment and is
reviewed on a regular basis by the Investment Adviser and/or the Board.
The Investment Adviser monitors the Company's exposure to its counterparties
on a regular basis, and the position is reviewed by the Directors at Board
meetings.
12. POST PERIOD-END EVENTS
Other than those included in these Financial Statements, there have been no
significant events since the period end which would require revision of the
figures or disclosure in the Financial Statements.
13. STATUS OF THIS REPORT
These interim financial statements are not the Company's statutory accounts
for the purposes of section 434 of the Companies Act 2006. They are unaudited.
The unaudited half-yearly report will be made available to the public at the
registered office of the Company. The report will also be available in
electronic format on the Company's website. The information for the year ended
31 December 2024 has been extracted from the last published audited financial
statements, unless otherwise stated. The audited financial statements have
been delivered to the Registrar of Companies. The Company's Auditor reported
on those accounts, and their report was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement under sections
498(2) or 498(3) of the Companies Act 2006. The half-yearly report was
approved by the Board of Directors on 15 September 2025.
Contact information:
Brian Smith/Ciara McKillop 020 3327 9720
NSM Funds (UK) Limited
The half-yearly report will be submitted to the National Storage Mechanism and
will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
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