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JPS Jpmorgan Japan Smaller Co Tst Plc

561.00
0.00 (0.00%)
25 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Japan Smaller Co Tst Plc LSE:JPS London Ordinary Share GB0003165817 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 561.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
556.00 566.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 561.00 GBX

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Date Time Title Posts
24/1/202111:15Investing in Japan - Japanese Smaller Companies50
19/2/201817:24JPS4
20/12/200416:26Fits in a PEP / ISA5

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Posted at 09/1/2020 16:26 by robow
from Investment Trust Insider

Ian Cowie: it’s time to add a new Japan trust as Shin Nippon goes off the boil



Ian Cowie: it’s time to add a new Japan trust as Shin Nippon goes off the boil
Do investment trusts with the word ‘income’ in their name bribe shareholders with our own money, turning today’s capital into tomorrow’s yield at the cost of lower total returns? Where can British investors seeking international diversification find good value after the longest bull run on record? What should long-term investors do when a favourite fund suffers short-term setbacks?

These are three of the questions I wrestled with before adding another investment trust to my portfolio. The first question has widest application for anyone who suspects the current dominance of ‘growth’ funds and shares - whose main aim is capital gain - over ‘value’ funds and shares - which usually pay decent dividends - cannot last forever.

Digital disruptors often offer low or no income but have shot the lights out with the highest total returns in recent years. By contrast, high dividend yields have often indicated value traps.

But a trend is only a trend until it stops. Dreams of capital gains can disappear in an instant - or a profits warning - but the discipline of dividends - or investing for income and being paid to be patient - can help us cope with with stock market shocks.

That’s why this DIY investor, who hopes to fund retirement, has tended to favour shares which pay some income. Until recently, that ruled out one of the largest economies in the world - which also happens to have missed most of the fun in the current bull run.

Japan’s best-known stock market index, the Nikkei 225, is still trading at not much more than half the peak it hit 30 years ago. Expressing share prices as a multiple of earnings per share is another way to assess whether a market is cheap or expensive.

That can be further refined to take account of recent valuations and produce a cyclically-adjusted price/earnings ratio or CAPE. On that basis, Japan’s CAPE of 22 looks good value compared to America’s 31, according to analysis by StarCapital.

Better still, partly in response to reforms introduced by Japan’s longest-serving prime minister, Shinzo Abe, many stocks traded in Tokyo have begun paying dividends. Sad to say, that has not been reflected in returns from my longest-held Japanese investment trust, Baillie Gifford Shin Nippon (BGS), which continues to shun the notion of delivering value to shareholders in the form of dividends.

I had better say straightaway this didn’t bother me when BGS delivered terrific total returns of 196% and 677% over the last five and 10-year periods, according to Morningstar via the Association of Investment Companies. But it did begin to niggle when returns fell to a more mediocre 7.2% last year.

That made me take a closer look at what is happening in this sector and I noticed that JPMorgan Japan Smaller Companies (JPS) not only delivered a dividend yield of 4.1% but an eye-stretching total return of 32% last year. So the jibe at the start of this piece is not necessarily true.

Alan Brierley at the stockbroker Investec Securities explained: ‘JPS adopted a new dividend policy in April, 2018, and aims to pay quarterly dividends equivalent to 1% of the company’s NAV on the last business day of each quarter, giving investors unique exposure to an exciting asset class.’

Against that, Emma Bird at the stockbroker Winterflood Securities pointed out: ‘Despite BGS having underperformed recently, we rate Baillie Gifford’s team very highly and would expect its benchmark-agnostic, growth-focused investment approach to continue to deliver very strong returns for shareholders over the long‐term.R17;

What to do? I have hedged my bets by retaining BGS as a top 10 holding by value in my ‘forever fund’ and, instead of topping it up, added JPS to the mix, buying at 431p per share.

With luck, this might give me income and growth. Put another way, when I can’t decide, I can always diversify. Or, as journalists sometimes say, the editor’s indecision is final.
Posted at 02/2/2018 12:52 by chopsy
I created this thread to have the news, esp the NAVs easily accessible.
So the NAV is up 7 today and the price goes down by 2p!
Posted at 09/4/2015 12:47 by chrisdonohue
Reaching for the skies.
JPSS profitable on a 6% increase in JPS in 18 months - a good buy.
Posted at 23/1/2015 10:51 by davemake
I've been a holder for some time now - no 'real' movement in the price of JPS in proportion to actual share prices....

Can anyone explain to me why buy JPS for Abenomics reasons, when, at the same time, the GBYJPY exch rate has gone from circa 120 to 190 (60% increase?. Thereby de-valuing the underlying Japanese share prices in proportion.

Yes, Japanese share prices have increased, but exch rate has suppressed any real increase in JPS value

Am I wrong?

The same will happen with Dragi's QE?
Posted at 09/1/2015 12:51 by woodcutter
Recently built quite a hefty holding here but 243p for the subscription share exercise price seems some way off. It will be interesting to see how this goes this year i expect abenomics, the oil price drop and yen weakness aiding exports to be very favourable.

woody
Posted at 22/7/2007 23:15 by knowing
Is this what you are looking for ?
Posted at 19/6/2007 18:13 by kiwi2007
LEX, in the FT, was quite negative regarding Japanese shares this a.m.

Foreigners buy Japan
Published: June 18 2007 12:51 | Last updated: June 18 2007 23:01

The triumph of hope over experience looms large over the Japanese stock market. The market is still less than half its 1989 peak and during the past 12 months has lagged behind the US, Europe, the UK and Hong Kong. Undeterred, foreigners keep lapping up Japanese shares, accumulating a record 28 per cent slice of the market by the end of March 2007. That pits foreigners – along with the Japanese government – against other investors, from domestic retail to banks, who saw their share of the market shrink.

Who is reading the market correctly? Locals were badly burnt when the market collapsed and are now more comfortable buying up high-yielding overseas currencies. Goldman Sachs' dealings with investors suggest Europeans are the most pessimistic foreigners on Japan – not surprisingly, since the yen's depreciation against the euro has further undermined year-to-date performance – while US and Asian investors are more gung-ho.

The rest of this article is for FT.com subscribers only
Posted at 19/6/2007 01:03 by tacky
GB904150

Just checked out your link to Trustnet. The latest "discount" is -8.4 , so
my understanding of that is, the share price is at a PREMIUM of 8.4% to the
asset v/share. The pros ( and particularly cons ) of that, are for another
day !


T
Posted at 19/6/2007 00:46 by tacky
GB904150

'JPS' is an 'Investment Trust' fund, so, unlike Unit Trusts, is traded like
conventional ( single company ) shares. The equivalent of the initial ( unit
trust type ) charge is, of course, the dealing bid/offer spread.

FWIW, I would be more inclined to focus on factors like the price discount
( or premium )to the asset value per share, and the potentially high returns
( and losses ) from this Sector/country, than to be overly concerned with
the charges. This is, undoubtedly, a high risk/high reward vehicle.

One other point; an at least moderately able fund manager SHOULD be capable
of outperforming any related tracker,( and hence, ETF, should there be any.)
Any higher charges/costs incurred, would then, surely, be worth paying.

Hope this helps; oh ---- and good luck.

tacky
Posted at 17/6/2007 22:25 by gb904150
I like the look of investing in JPS (or another fund for Japanese SMEs) but am finding it difficult to find enough information about the charges - i see from the header there is a 1.25% annual fee - but what about initial fees?



Is it bought just like a normal share using ticker JPS? If there are initial charges is this taken out when I make my purchase? i.e. I buy £1k and get charged £50 immediately if it's 5%?

Any suggestions as to whether there are better performers out there?

thanks
GB
Jpmorgan Japan Smaller C... share price data is direct from the London Stock Exchange

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