JPMorgan Japan Small Cap Growth & Income

JPMorgan Japan Small Cap Growth & Income

JSGI offers access to high-growth companies and is trading at a significant discount to NAV…

JPMorgan Japan Small Cap Growth & Income

JPMorgan Japan Small Cap Growth and Income (JSGI) uses some of the key advantages of the investment trust structure to offer the seldom found combination of a high dividend with exposure to exciting small-cap growth opportunities in Japan.

The Land of the Falling Yen

A cheaper currency is unlikely to change long-term trends in Japan...

Don’t fear the reaper

With market direction hard to call, we consider the case for taking a long- term view in the investment trust sector...

Board games

One of the key attractions of closed-ended funds is – in our biased view – the role of the board. Investment trust boards wield the power to overhaul the investment strategy, hire and fire investment managers, and negotiate commercial terms with these managers. It is fair to say the environment for active managers is becoming more competitive, with the rise of passive funds, of actively managed/specialist ETFs and easier access to open-ended funds via online platforms. This week's announcement o

JPMorgan Japan Small Cap Growth & Income - Overview

JPMorgan Japan Small Cap Growth & Income (JSGI) offers its investors a way to access the structural growth opportunities within Japan’s small- and mid-cap equity market. JSGI is run by a three-strong team based locally in Tokyo, who are in turn supported by a substantial team of 25 equity investment specialists. The team aim to capitalise on a number of trends which they believe are driving the modern Japanese economy, purchasing the highest-quality growth-focussed stocks that are able to capita

JPMorgan Japan Small Cap Growth & Income - Overview

JPMorgan Japan Small Cap Growth and Income (JSGI) offers exposure to the high growth potential in small and mid-cap Japanese equities as well as a significant income pay-out, in part from capital. The JSGI team is composed of three experienced managers based locally in Tokyo, with the broader Japan team making over 4,000 company visits a year. The JSGI team uses a multi-faceted investment process to identify what the team believe are the highest quality companies within Japan’s mid and small-cap

Can you teach an old dog new tricks?

Growth has outperformed value in Japan this year, as it has for quite some time. However, there are distinctive qualities to growth and value in Japan which mean they each offer something different to a portfolio. In particular, value investing in Japan offers a potentially more exciting opportunity set with a catalyst for recovery that doesn’t rely on a global shift of interest rate regime or economic environment.

JPMorgan Japan Smaller Companies - Overview

JPMorgan Japan Smaller Companies Trust (JPS) looks to deliver capital growth through investment in small- and mid-cap Japanese companies, excluding the largest 200 Japanese companies by market capitalisation. The investment managers, Eiji Saito, Naohiro Ozawa and Michiko Sakai, seek to identify the best growth opportunities in high-quality companies within the Japanese market. The board has adopted a policy since April 2018 of distributing dividends totalling 1% of NAV (as measured at the end of

JPMorgan Japan Smaller Companies - Overview

JPMorgan Japan Smaller Companies Trust (JPS) looks to deliver capital growth through investment in small and mid-cap Japanese companies, excluding the largest 200 Japanese companies by market capitalisation. The investment managers, Eiji Saito, Naohiro Ozawa and Michiko Sakai, seek to identify the best growth opportunities in high-quality companies within the Japanese market. Since April 2018, it has been a policy of the trust’s board to distribute dividends totalling 1% of NAV (as measured at

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2