London, UK, 4 March 2021
Edison issues review on Fidelity Japan Trust (FJV)
Fidelity Japan Trust (FJV) targets long-term capital growth, via investment in Japanese companies. Manager Nicholas Price adopts a bottom-up stock -picking approach aimed at identifying, ahead of other investors, the next generation of great growth companies in Japan. He believes the Japanese market offers many investment opportunities, especially among mid- and small-cap companies that are often not covered by other analysts. The trust has performed strongly in absolute and relative terms since the Q120 sell-off and has outperformed its index, the TOPIX, and the average of its peers, over one, three, five and 10 years.
FJV's share price discount to cum-income NAV narrowed in late 2020, supported by the board's active management. This extended a long-term trend of reduction. The trust is presently trading at a discount of 6.6% and the discount has scope to continue narrowing if performance remains strong and/or investor interest in the Japanese market increases.
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