Half Year Report JPMorgan Japanese Investment Trust plc · 2017-02-03 · JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 2012 3 Investment Manager’sReport The

JPMorgan Japanese Investment Trust plc

Half Year Report & Accounts for the six months ended 31st March 2012

Half Year Report2012

Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement3 Investment Manager’s Report

Investment Review

5 List of Investments 7 Sector Analysis

Accounts

8 Income Statement9 Reconciliation of Movements in

Shareholders’ Funds10 Balance Sheet11 Cash Flow Statement12 Notes to the Accounts

Shareholder Information

14 Interim Management Report15 Glossary of Terms and Definitions17 Information about the Company

Objective

Capital growth from Japanese investments.

Investment Policy

- To maintain a portfolio almost wholly invested in Japan.

- To use gearing to increase potential returns to shareholders. The Company’s gearingpolicy is to operate within a range of 95% to 115% invested in normal marketconditions.

- To invest no more than 15% of its gross assets in any listed company (includinginvestment trusts).

Benchmark

The Tokyo Stock Exchange 1st Section Index (TOPIX) expressed in sterling terms.

Capital Structure

At 31st March 2012, the Company’s issued share capital comprised 161,318,078ordinary shares of 25p each.

Management Company

The Company employs JPMorgan Asset Management (UK) Limited (‘JPMAM’) tomanage its assets.

Half Year PerformanceTotal returns (includes dividends reinvested)

+5.6%Return to shareholders1

+2.1%Return on net assets2

+3.7%Benchmark return3

Financial Data31st March 30th September %

2012 2011 change

Shareholders’ funds (£’000) 315,041 314,124 +0.3

Number of shares in issue 161,318,078 161,318,078 0.0

Net asset value per share 195.3p 194.7p +0.3

Share price 172.5p 166.8p +3.4

Share price discount tonet asset value per share 11.7% 14.3%

Exchange rate £1 = ¥131.5 £1 = ¥120.1 –8.7

A dividend of 3.3p per share was paid in the period.

A glossary of terms and definitions is provided on page 15.

1Source: Morningstar.2Source: J.P. Morgan. 3Source: Datastream. The Company’s benchmark is the Tokyo Stock Exchange 1st Section Index (TOPIX) expressed insterling terms.

1JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 2012

Performance

Over the six months to 31st March 2012, our benchmark, the Tokyo Stock ExchangeFirst Section (TOPIX) Index, rose by 3.7% in sterling terms. The net assets of yourCompany increased by 2.1%, an underperformance of 1.6%. The return toshareholders (which includes dividends) was 5.6% as the discount to net asset valuenarrowed over the period.

After a good run of outperformance it is disappointing to report a setback in thisreport. We will continue to monitor performance extremely closely.

Further detail on the background against which the Company performed is discussedin the Investment Manager’s Report on pages 3 and 4.

Revenue and Dividends

As I emphasise each year in my Chairman’s Statement, dividend streams from Japanare unpredictable and dividends paid in previous years should not be taken as aguide to future payments. In the previous year, we paid an increased dividend of3.3p per share and this year it appears likely that the Company will be in a position tomaintain at least this level of payment, utilising revenues earned from the portfolio.

Discount Management

The Board has guidelines in place with regard to the management of anydiscount/premium that may develop between the Company’s share price and its netasset value per share. The Company has not repurchased any Ordinary Shares duringthe period under review.

Gearing

The Board of Directors sets the overall strategic gearing policy and guidelines andreviews these at each meeting. As at the date of this report, the Company was 8%geared, having ranged between 98% and 108% invested during the six months underreview.

Outlook

Japanese equity valuations are currently attractive compared with other Asianmarkets and we remain confident that the Investment Manager’s strategy will deliverpositive returns for shareholders over the long term.

Jeremy Paulson-EllisChairman 31st May 2012

JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 20122

Chairman’s Statement

JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 2012 3

Investment Manager’s Report

The benchmark TOPIX index rose 3.7% in sterling terms during the September 2011to March 2012 period with the Company’s NAV rising 2.1 %. Export and manufacturingsectors performed well, while steadier growth companies such as telecom andtechnology stocks performed poorly.

Economy and Politics

Inevitably, Prime Minister Noda’s popularity has fallen. However, it is worth notingtwo areas of progress. First, despite significant domestic opposition he has declaredthat Japan will enter Trans-Pacific Partnership (TPP) negotiations, a multilateralfree-trade agreement with countries including the United States and Australia.Membership of the TPP could be positive for many Japanese exporters as importtariffs would be gradually eliminated. He has also made an international commitmentto raise the consumption tax over the next few years – a doubling to 10% by themid-2010s.

In February the Bank of Japan announced that it would have a ‘goal’ of 1% inflation.It also announced an extension of its Japanese government bond purchaseprogramme. The stock market rallied and the yen weakened in response to thesemoves. It remains to be seen if this represents a long-term fundamental change inpolicy from the authorities.

There continues to be uncertainty over Japan’s long-term energy policy. At the timeof writing all of Japan’s 54 nuclear reactors are off-line. This is not just an issue forTokyo. Indeed, 46% of the Osaka region’s and 40% of Kyushu’s electricity supply usedto come from nuclear. We do not expect an imminent restart to those reactors thatare shut down and it is likely that there will be power saving measures in the summerof 2012. We continue to view Liquid Natural Gas as the long-term beneficiary of amove away from atomic energy.

Market and Portfolio

The Japanese stock market trades on a price to earnings ratio of 13 times based onforecasts for 2012 profits. This is comparable to global markets with the S&P 500 inthe United States trading on 13 times and MSCI Asia excluding Japan trading on11 times. The book valuation of the Japanese market continues to trade at asignificant discount to global levels. Over the next year profit momentum shouldbe relatively good as one-time factors such as the March 2011 earthquake and Thaifloods last autumn drop out.

The core themes of the portfolio remain largely unchanged. We believe that Japan,by geographic chance, is fortunate to be located in the rapidly growing Asian region.In export sectors we hold stocks that will benefit from the growth of emerging marketeconomies and companies such as Honda Motor which has the number one positionin motorbike markets including Indonesia and Brazil. We also believe that as wagesrise factories will increasingly automate – a key area of Japanese competitiveadvantage. Growth in this area underpins our investment thesis in companies suchas factory automation specialist, Fanuc.


We hold a range of domestic stocks that benefit from structural trends in Japan. Onesuch trend is the rapidly aging population and an example of our exposure in thisarea is Message, a recent new purchase for the Company and an operator ofsheltered housing. We also find many attractive ideas in the retail sector. There aretwo key trends here – the shift to more purchases being made online and industryconsolidation as mom and pops stores slowly but steadily disappear.

We continue to believe there is a major change in the way people play computergames as they shift from consoles to smartphones and, eventually, download directlyto their televisions. Stocks in this area, such as Gree, have not performed well recentlyas the market has been concerned about increasing regulation by the governmentbut we do not believe that the investment case has changed.

We have also maintained our bias towards high quality companies with leadingmarket shares, strong balance sheets and improving shareholder returns. Thisstrategy did not serve us well from January to March 2012 as high quality companiesand defensive stocks struggled in the rising market. However, we still expect globalgrowth to be subdued for a protracted period and that only the strongest companiescan succeed in this challenging environment. This confidence is reflected in the levelof gearing which was increased from a net cash position at the previous year end to8% at the end of March.

Outlook

There are many long-term trends in Japan, both positive and negative. We believethat the differences between those companies that will succeed and those that willnot are set to become ever greater. Our local presence on the ground in Tokyo is astrong competitive advantage in identifying long-term country, sector and stockspecific themes. Although there are many macro-economic headwinds we arepositive on the outlook for the Company’s holdings in the long-term view. Valuationsremain compelling with the market still trading at the low end of historical rangesdespite notable improvements in corporate governance, dramatically higherexposure to growing Asian markets and a more aggressive pursuit of profit than hasbeen the case in the past. Through continued focus on these beneficiaries of powerfulsecular trends, at a cheap valuation, we believe that the outlook for our holdingsremains attractive.

Nicholas WeindlingInvestment Manager 31st May 2012

Investment Manager’s Reportcontinued


List of Investmentsat 31st March 2012

Valuation PercentageCompany Sector1 £’000 %

Nippon Telegraph and Telephone Communication 15,948 4.7Rakuten Services 13,769 4.1Canon Electric Appliances 13,354 3.9Sumitomo Mitsui Financial Banks 11,752 3.5Honda Motor Transportation Equipment 10,316 3.0Nissan Motor Transportation Equipment 10,165 3.0Japan Tobacco Foods 9,725 2.9Mitsubishi UFJ Banks 9,713 2.9Mitsubishi Electric Electric Appliances 9,496 2.8Konami Communication 9,343 2.7Sumitomo Electric Nonferrous Metals 9,087 2.7Orix Other Financing Business 9,004 2.7Sumitomo Corporation Wholesale 8,425 2.5Familymart Retail Trade 8,088 2.4JS Metal Products 7,522 2.2Namco Bandai Other Products 6,592 1.9Itochu Wholesale 6,413 1.9Marubeni Wholesale 6,387 1.9Suzuki Motor Transportation Equipment 6,133 1.8Tokyo Electron Electric Appliances 6,016 1.8Don Quijote Retail Trade 5,878 1.7Sumitomo Realty & Development Real Estate 5,572 1.6Kansai Paint Chemicals 5,537 1.6CyberAgent Services 5,301 1.6Fanuc Electric Appliances 5,248 1.5JGC Construction 5,103 1.5NTT Docomo Communication 5,061 1.5Nissin Kogyo Transportation Equipment 4,906 1.4Makita Machinery 4,861 1.4Komatsu Machinery 4,587 1.4Mitsui & Co Wholesale 4,119 1.2Unicharm Chemicals 3,762 1.1Gree Communication 3,724 1.1NSK Machinery 3,633 1.1Nidec Electric Appliances 3,337 1.0Musashi Seimitsu Transportation Equipment 3,254 1.0Kubota Machinery 3,213 0.9Toyo Suisan Foods 3,181 0.9Murata Manufacturing Electric Appliances 3,164 0.9Asahi Foods 3,159 0.9Tokio Marine Insurance 3,141 0.9


List of Investments continuedat 31st March 2012

Valuation PercentageCompany Sector1 £’000 %

Hitachi Electric Appliances 3,124 0.9Sugi Retail Trade 3,121 0.9Keyence Electric Appliances 3,118 0.9Capcom Communication 3,015 0.9THK Machinery 3,005 0.9Dena Services 2,958 0.9Daihatsu Motor Transportation Equipment 2,944 0.9Softbank Communication 2,939 0.9Itochu Techno-Solutions Communication 2,923 0.9M3 Services 2,878 0.8Industrial & Infrastructure Fund Other Financing Business 2,813 0.8Nihon Parkerizing Chemicals 2,811 0.8Nitori Retail Trade 2,721 0.8Kakaku.com Services 2,688 0.8Sanrio Wholesale 2,618 0.8Daido Metal Transportation Equipment 2,558 0.8Message Other Products 2,218 0.7Sankyo Machinery 2,193 0.6Benesse Services 1,816 0.5Nifco Chemicals 1,762 0.5Anritsu Electric Appliances 1,759 0.5Cosmos Pharmaceuticals Retail Trade 1,641 0.5Astellas Pharma Pharmaceutical 1,627 0.5Net One Systems Communication 1,601 0.5Omron Electric Appliances 1,557 0.5

Total Portfolio 339,397 100.0

1Tokyo Stock Exchange classifications.


at 31st March 2012 at 30th September 2011Portfolio Benchmark Portfolio Benchmark

% % % %

Processing 65.7 46.3 65.3 44.5Electric Appliances 14.7 13.7 10.2 13.3Communication 13.2 6.1 15.8 6.3Transportation Equipment 11.9 10.7 13.0 9.5Services 8.7 1.9 9.8 2.0Wholesale 8.3 5.7 10.0 5.3Machinery 6.3 5.2 5.1 4.8Other Products 2.6 1.6 1.4 1.7Precision Instruments — 1.4 — 1.6Consumer 15.0 13.6 13.3 13.9Retail Trade 6.3 4.4 5.4 4.3Other Consumer 5.2 8.4 5.3 8.8Other Financing Business 3.5 0.8 2.6 0.8Basic 8.9 15.1 13.0 16.0Financial 7.3 13.0 5.6 13.1Assets 3.1 8.9 2.8 9.1Real Estate 1.6 2.4 1.5 2.3Other Assets 1.5 6.5 1.3 6.8Utilities — 3.1 — 3.4

100.0 100.0 100.0 100.0

Based on the total portfolio of investments of £339.4m (2011: £312.2m).

Sector Analysis

Income Statementfor the six months ended 31st March 2012

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st March 2012 31st March 2011 30th September 2011

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments heldat fair value through profit or loss — 2,614 2,614 — 20,285 20,285 — 11,029 11,029

Net foreign currency gains/(losses) — 1,515 1,515 — 204 204 — (1,260) (1,260)Income from investments 3,817 — 3,817 3,714 — 3,714 7,321 — 7,321Other interest receivable

and similar income — — — 1 — 1 2 — 2

Gross return 3,817 4,129 7,946 3,715 20,489 24,204 7,323 9,769 17,092Management fee (206) (825) (1,031) (217) (866) (1,083) (449) (1,795) (2,244)Other administrative expenses (228) — (228) (263) — (263) (522) — (522)

Net return on ordinary activities before finance costs and taxation 3,383 3,304 6,687 3,235 19,623 22,858 6,352 7,974 14,326

Finance costs (36) (144) (180) (69) (277) (346) (210) (840) (1,050)

Net return on ordinary activities before taxation 3,347 3,160 6,507 3,166 19,346 22,512 6,142 7,134 13,276

Taxation (267) — (267) (260) — (260) (512) — (512)

Net return on ordinary activities after taxation 3,080 3,160 6,240 2,906 19,346 22,252 5,630 7,134 12,764

Return per share (note 3) 1.91p 1.96p 3.87p 1.80p 11.99p 13.79p 3.49p 4.42p 7.91p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired ordiscontinued in the period.

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columnsrepresent supplementary information prepared under guidance issued by the Association of Investment Companies. The Totalcolumn represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses(‘STRGL’). For this reason a STRGL has not been presented.

8 JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 2012

Reconciliation of Movements inShareholders’ Funds

Called up CapitalSix months ended share Other redemption Capital Revenue31st March 2012 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 30th September 2011 40,330 166,791 8,632 91,291 7,080 314,124Net return on ordinary activities — — — 3,160 3,080 6,240Dividends appropriated in the period — — — — (5,323) (5,323)

At 31st March 2012 40,330 166,791 8,632 94,451 4,837 315,041

Called up CapitalSix months ended share Other redemption Capital Revenue31st March 2011 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 30th September 2010 40,365 166,791 8,597 84,386 5,967 306,106Repurchase and cancellation of the

Company’s own shares (35) — 35 (229) — (229)Net return on ordinary activities — — — 19,346 2,906 22,252Dividends appropriated in the period — — — — (4,517) (4,517)

At 31st March 2011 40,330 166,791 8,632 103,503 4,356 323,612

Called up CapitalYear ended share Other redemption Capital Revenue30th September 2011 capital reserve reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000 £’000

At 30th September 2010 40,365 166,791 8,597 84,386 5,967 306,106Repurchase and cancellation of the

Company’s own shares (35) — 35 (229) — (229)Net return on ordinary activities — — — 7,134 5,630 12,764Dividends appropriated in the year — — — — (4,517) (4,517)

At 30th September 2011 40,330 166,791 8,632 91,291 7,080 314,124


Balance Sheetat 31st March 2012

(Unaudited) (Unaudited) (Audited)31st March 2012 31st March 2011 30th September 2011

£’000 £’000 £’000

Fixed assetsInvestments held at fair value through profit or loss 339,397 339,049 312,150

Current assetsDebtors 7,436 3,229 5,727Cash and short term deposits 1,817 19,241 11,329

9,253 22,470 17,056

Creditors: amounts falling due within one year (33,609) (37,907) (2,590)

Net current (liabilities)/assets (24,356) (15,437) 14,466

Total assets less current liabilities 315,041 323,612 326,616

Creditors: amounts falling after more than one year — — (12,492)

Net assets 315,041 323,612 314,124

Capital and reservesCalled up share capital 40,330 40,330 40,330Other reserve 166,791 166,791 166,791Capital redemption reserve 8,632 8,632 8,632Capital reserves 94,451 103,503 91,291Revenue reserve 4,837 4,356 7,080

Total equity shareholders’ funds 315,041 323,612 314,124

Net asset value per share (note 4) 195.3p 200.6p 194.7p


Cash Flow Statementfor the six months ended 31st March 2012


£’000 £’000 £’000

Net cash inflow from operating activities (note 5) 1,806 1,524 3,729Net cash outflow from returns on investments

and servicing of finance (186) (324) (1,033)Net cash outflow from capital expenditure and

financial investment (25,256) (18,311) (1,110)Dividend paid (5,323) (4,517) (4,517)Net cash inflow from financing 20,587 37,646 9,227

(Decrease)/increase in cash for the period (8,372) 16,018 6,296

Reconciliation of net cash flow to movement in net debtNet cash movement (8,372) 16,018 6,296Loans drawn down in the period (20,587) (38,009) (9,456)Exchange movements 1,518 337 (1,262)

Movement in net funds/debt in the period (27,441) (21,654) (4,422)

Net (debt)/funds at the beginning of the period (1,163) 3,259 3,259

Net debt at the end of the period (28,604) (18,395) (1,163)

Represented by:Cash and short term deposits 1,817 19,241 11,329Debt falling due within one year (30,421) (37,636) (12,492)

Net debt at the end of the period (28,604) (18,395) (1,163)


Notes to the Accountsfor the six months ended 31st March 2012

1. Financial statements

The information contained within the financial accounts in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 30th September 2011 are extracted from the latest publishedaccounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to theRegistrar of Companies and included the report of the auditors which was unqualified and did not contain a statement undereither Section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’)and with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture CapitalTrusts’ issued in January 2009.

All of the Company’s operations are of a continuing nature.

The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the yearended 30th September 2011.

3. Return per share


£’000 £’000 £’000

Return per share is based on the following:Revenue return 3,080 2,906 5,630Capital return 3,160 19,346 7,134

Total return 6,240 22,252 12,764

Weighted average number of shares in issue 161,318,078 161,350,386 161,334,188Revenue return per share 1.91p 1.80p 3.49pCapital return per share 1.96p 11.99p 4.42p

Total return per share 3.87p 13.79p 7.91p

4. Net asset value per share

Net asset value per share is calculated by dividing the funds attributable to ordinary shareholders by the number of ordinaryshares in issue at 31st March 2012 of 161,318,078 (31st March 2011: 161,318,078 and 30th September 2011: 161,318,078),


5. Reconciliation of total net return on ordinary activities before finance costs and taxation to net cash inflow from operating activities


£’000 £’000 £’000

Total net return on ordinary activities before finance costs and taxation 6,687 22,858 14,326

Less capital return before finance costs and taxation (3,304) (19,623) (7,974)Increase in net debtors and accrued income (485) (585) (316)Overseas withholding taxation (267) (260) (512)Management fee charged to capital (825) (866) (1,795)

Net cash inflow from operating activities 1,806 1,524 3,729


Interim Management Report

The Company is required to make the following disclosures inits half year report.

Principal Risks andUncertainties

The principal risks and uncertainties faced by the Companyfall into the following broad categories: investment andstrategy; market risk; accounting, legal and regulatory;corporate governance and shareholder relations; operationaland financial. Information on each of these areas is given in theBusiness Review within the Annual Report and Accounts forthe year ended 30th September 2011.

Related Parties Transactions

During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performanceof the Company during the period.

Going Concern

The Directors believe, having considered the Company’sinvestment objectives, risk management policies, capitalmanagement policies and procedures, nature of the portfolioand expenditure projections, that the Company has adequateresources, an appropriate financial structure and suitable

management arrangements in place to continue in operationalexistence for the foreseeable future. For these reasons, theyconsider there is reasonable evidence to continue to adopt thegoing concern basis in preparing the accounts.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of itsknowledge:

(i) the condensed set of financial statements containedwithin the half yearly financial report has beenprepared in accordance with the Accounting StandardsBoard’s Statement ‘Half Yearly Financial Reports’; and

(ii) the half year management report includes a fair reviewof the information required by 4.2.7R and 4.2.8R of theUK Listing Authority Disclosure and TransparencyRules.

For and on behalf of the Board

Jeremy Paulson-EllisChairman

31st May 2012


Glossary of Terms and Definitions

Return to shareholders

Total return to the investor, on a mid-market price tomid-market price basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the shares ofthe Company at the time the shares were quoted ex-dividend.

Return on net assets

Total return on net asset value (‘NAV’) per share, on a bidvalue to bid value basis, assuming that all dividends paidout by the Company were reinvested into the shares of theCompany at the NAV per share at the time the shares werequoted ex-dividend.

Benchmark return

Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the shares ofthe underlying companies at time the shares were quotedex-dividend.

The benchmark is a recognised index of stocks which shouldnot be taken as wholly representative of the Company’sinvestment universe. The Company’s investment strategy doesnot ‘track’ this index and consequently, there may be somedivergence between the Company’s performance and that ofthe benchmark.

Share price discount/premium to net asset value

If the share price of an investment trust is lower than the netasset value (‘NAV’) per share, the shares are said to be tradingat a discount. The discount is shown as a percentage of the NAVper share. The opposite of a discount is a premium. It ismore common for an investment trust’s shares to trade at adiscount than at a premium.


History

The Company was formed in 1927 as The Capital & National TrustLimited. It was a general investment trust until 1982, when itsshareholders approved a change of name to The Fleming JapaneseInvestment Trust plc and the adoption of a policy of specialising ininvestment in Japan. It is the largest UK investment trust specialisingin Japan. The Company adopted its current name in December 2006.

Directors

Jeremy Paulson-Ellis (Chairman) Alan BarberAndrew FlemingDavid PearsonKeith Percy

Company Numbers

Company registration number: 223583London Stock Exchange ISIN code: 0174002 Bloomberg code: JFJ LNReuters code: JFJ.L

Market Information

The Company’s unaudited net asset value (‘NAV’) per share is publisheddaily, via the London Stock Exchange.

The Company’s shares are listed on the London Stock Exchange. Themarket price is shown daily in the Financial Times, The Times, The DailyTelegraph, The Scotsman, The Independent and on the JPMorganwebsite at www.jpmjapanese.co.uk, where the share price is updatedevery fifteen minutes during trading hours.

Website

www.jpmjapanese.co.uk

Share Transactions

The Company’s shares may be dealt in directly through a stockbrokeror professional adviser acting on an investor’s behalf. They may alsobe purchased and held through the J.P. Morgan Investment Account,J.P. Morgan ISA and J.P. Morgan SIPP. These products are all availableon the online wealth manager service, J.P. Morgan WealthManager+available at www.jpmorganwealthmanagerplus.co.uk

Manager and Company Secretary

JPMorgan Asset Management (UK) Limited

Company’s Registered Office

Finsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 0207 742 4000

For company secretarial and administrative matters please contactJonathan Latter at the above address.

CustodianJPMorgan Chase Bank, N.A.125 London WallLondon EC2M 5AJ

Registrars

Equiniti LimitedReference 1090Aspect HouseSpencer RoadLancingWest Sussex BN99 6DATelephone number: 0871 384 2317

Notifications of changes of address and enquiries regarding sharecertificates or dividend cheques should be made in writing to theRegistrar quoting reference 1090. Registered shareholders can obtainfurther details on their holdings on the internet by visitingwww.shareview.co.uk.

Independent Auditors

Begbies Chettle AgarChartered Accountants and Statutory AuditorsEpworth House25 City RoadLondon EC1Y 1AR

Brokers

Collins Stewart Europe Limited88 Wood StreetLondon EC2V 7QR

Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account, J.P. Morgan ISAand J.P. Morgan SIPP, call the JPMorgan Helpline on Freephone0800 20 40 20 or +44 (0)20 7742 9995.

Information about the Company

Financial CalendarFinancial year end 30th SeptemberFinal results announced NovemberHalf year end 31st MarchHalf year results announced MayHalf year Management Statements announced January and JulyDividend on shares paid DecemberAnnual General Meeting December

A member of the AIC


J.P. Morgan HelplineFreephone 0800 20 40 20 or +44 (0)20 7742 9995

Your telephone call may be recorded for your security

www.jpmjapanese.co.uk

Documents

Half Year Report JPMorgan Japanese Investment Trust plc · 2017-02-03 · JPMorgan Japanese Investment Trust plc. Half Year Report & Accounts 2012 3 Investment Manager’sReport The