Overview

Schroder Japan Growth’s interims for the six months ended 31 January 2015 show the company’s NAV produced a total return of 12.1%, outperforming the Benchmark Index, which produced a total return of 8.9%. The share price produced a total return of 11.3% during the period.

Andrew Rose’s manager’s report says the sharp fall in the oil price dominated sector performance with beneficiaries such as airlines and tyre manufacturers performing best, and upstream commodity producers such as oil and trading companies the worst. Within the portfolio, stock selection in telecoms (being overweight KDDI and not owning Softbank) made the most positive contribution to relative performance. Stock selection within financials and technology (Disco and TDK) was also positive. Exposure to commodity price sensitive sectors (trading companies and plant engineer JGC) was a drag, partly offset by owning Bridgestone and Japan Airlines.

SJG : Schroder Japan Growth doing well

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