To provide shareholders with capital growth in excess of the MSCI Japan Small Cap Index, through the active management of a focussed portfolio of equity investments listed or quoted in Japan.
Asset Value Investors
The Directors intend to offer shareholders the opportunity to exit the company at close to NAV in Oct 2022 and every two years thereafter (the Exit Opportunity). The mechanism will be dependent on various factors including the number of shareholders seeking to participate in the Exit Opportunity, the liquidity of the underlying market at the time of the Exit Opportunity and/or the demand for shares from other investors at the time of the Exit Opportunity. The Directors will consider the most efficient and cost-effective mechanism for providing the Exit Opportunity. Mechanisms may include, but are not limited to, share buy backs, tender offers (which may include realisation pools) or the liquidation of the company. The Board and the Joint Placing Agents will canvass opinion from shareholders in the months leading up to October 2022 (and at each appropriate interval thereafter) when making any decision in respect of any potential Exit Opportunity.
The Investment Manager will invest 25 per cent. of the monthly management fee in Ordinary Shares. The Shares will be purchased in the secondary market or, if this is not possible, through the issue of Ordinary Shares by the Company. The Investment Manager will be required to hold the Ordinary Shares for a period of two years. Discount Control Policy .- if the 4 month moving average discount is greater than 5%, the Board will endeavour to reduce the discount by buying back shares.
Dividends declared in last 12 months
Number of shares
Traded volumes (number of shares)
Traded values (m)
Data as at : 31/12/2021
||% of total assets
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Data provided by Morningstar.
Company documents provided by FE fundinfo.