TIDMJSGI
JPMorgan Japan Small Cap G&I PLC
15 December 2021
JPMorgan Japan Small Cap Growth and Income (JSGI)
15/12/2021
Results analysis from Kepler Trust Intelligence
JPMorgan Japan Small Cap Growth and Income (JSGI) has reported
its half year results, for the year ending 30 September 2021. Over
the period JSGI has generated a NAV total return of 7.2% and a
share price return of 9.1%, outperforming the 4.9% delivered by its
benchmark, the MSCI Japan Small Cap Index. The trust now has a
strong track record of outperformance of the benchmark, which it
has beaten over three, five, and ten years, as of 13/12/2021.
A key element of JSGI's strategy is its dividend profile,
whereby the trust pays a quarterly dividend equal to 1% of the
quarter end NAV, with the trust having paid a total dividend per
share of 11p so far this financial year. This represents a 10%
increase on the 10p dividend that was paid in the first six months
of the previous financial year. JSGI has a current dividend yield
of 4.4%, as of 13/12/2021.
Kepler View
JSGI is a good example of a trust using the unique structural
advantages at its disposal to offer something different to
investors; in this case the payment of a c. 4% dividend combined
with a portfolio of growth-focused Japanese small-cap stocks.
JSGI's managers, Eiji Saito, Naohiro Ozawa, and Michiko Sakai,
follow an investment process that aims to identify the highest
quality growth opportunities, by assessing a company's 'Economics',
'Duration', and 'Governance'. While JSGI has all the
characteristics of a growth portfolio, thanks to the team's
philosophy it also demonstrates much better quality metrics than
its benchmark.
We believe that JSGI offers an attractive solution for both
income and growth investors, something that cannot often be said
for many strategies. The trust offers investors exposure to the
structural growth opportunities which can be found among Japanese
smaller companies as well as a solid yield, and could be an
interesting diversifier for those seeking to broaden the sources of
income within their portfolio. We note that the current 8% discount
(as of 13/12/2021) is wide relative to JSGI's average historical
discount, and wide relative to its peers.
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