TIDMSJG
RNS Number : 0652O
Schroder Japan Trust PLC
29 September 2023
REPORT AND ACCOUNTS
Schroder Japan Trust plc (the "Company") hereby submits its
Report and Accounts for the year ended 31 July 2023, as required by
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rule 4.1.
The Company's Report and Accounts for the year ended 31 July
2023 are also being published in hard copy format and an electronic
copy will shortly be available to download from the Company's
website www.schroders.com/japantrust . Please click on the
following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/0652O_1-2023-9-28.pdf
The Company has submitted its Report and Accounts to the
National Storage Mechanism and it will shortly be available for
inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Enquiries:
Schroder Investment Management Limited
Augustine Chipungu (Press) 020 7658 6000
Paula Lockwood (Company Secretary) 020 7658 6000
John Spedding 020 7658 6000
Schroder Japan Trust plc
Chairman's Statement
Performance
For my first annual statement as Chairman, I am pleased to
report that for the year under review our Manager's investment
strategy has again generated superior returns to the Japanese stock
market. During the year ended 31 July 2023, the Company's net asset
value ("NAV") produced a total return of 11.7%, outperforming its
benchmark index which ended the year with a total return of 9.4%.
Meanwhile, the Company's share price produced a total return of
18.7%, as its discount to NAV narrowed on the back of this
encouraging performance and improving sentiment towards the
Japanese stock market. The Company's discount averaged 11.5% over
the year, compared to 11% in the year ended 31 July 2022.
Our Portfolio Manager, Masaki Taketsume, has remained
disciplined within a rising market and has positioned the portfolio
to exploit opportunities in under-valued companies. The execution
of this investment strategy has now resulted in three years of
outperformance against the Company's benchmark.
Further details about the Company's investment strategy and
portfolio activity during the year can be found in the Portfolio
Manager's review.
During the year, the Company changed its name to Schroder Japan
Trust plc. The Board decided to remove 'Growth' from the Company's
name, to reflect more accurately the investment approach of the
Manager.
Continued action taken by the Board has begun to show signs of
bearing fruit. The Manager has produced excellent relative
performance over each of the last three financial years when market
conditions have remained challenging. He has achieved this by
adopting a clear, well defined investment strategy centred on his
disciplined bottom-up stock picking approach which utilises
Schroders' resources on the ground in Japan. At the same time,
Schroders has concentrated its promotional efforts on increasing
the Manager's profile and in helping to raise awareness of his
investment strategy and approach to a wider audience.
The Board supported the Company by introducing a conditional
tender offer mechanism three years ago and has continued to manage
an active buy-back programme, with the aim of assisting the
reduction of volatility in the discount. The sharp re-rating of the
share price during the year, which is reflected in an 18.7% total
return, is indicative of the progress that has been made.
Conditional Tender Offer
The Board continues to monitor the Company's performance against
its tender performance target each year. The Company has a target
to deliver net asset value total return performance of at least 2%
per annum above the Benchmark over a four-year period starting from
1 August 2020. Should this target not be met, the Board will put to
shareholders a proposal for a tender offer of 25% of the issued
share capital at a price equal to the prevailing net asset value
less costs. This would be contingent on the next continuation vote
of the Company at the AGM in 2024 being successful.
The Manager has continued to deliver strong outperformance
during the third year of the performance target, delivering a net
asset value total return of 2.3% above the benchmark. As a result,
over three years, the Company has now returned 12.4% on an
annualised basis, which compares favourably to the annualised 8.2%
return from the TOPIX Total Return Index.
Discount and purchase of shares for cancellation
The Board monitors the discount of the share price to net asset
value and, when necessary, implements a buyback programme. During
the year, the Company repurchased a total of 2,096,597 shares for
cancellation in line with this policy. The Board will continue to
monitor the discount and will buy back shares when required. It is
therefore seeking to renew the share buyback authority granted at
the Company's AGM in December 2022 to purchase up to 14.99% of the
Company's issued share capital for cancellation. Should permission
be granted, the Board will continue to use these buyback
powers.
Gearing
The Company continues to maintain both a term loan and revolving
credit facility. The gearing level was 11.1% at the start of the
period and ended at 9.5%, with an average gearing level of 11.6%.
Gearing had a positive effect on performance during the year. The
Company's gearing continues to operate well within its pre-agreed
limit of 25% of net asset value.
Proposed change to the Investment Policy to allow for the use of
Contracts for Difference
The Company is able to utilise traditional forms of bank debt to
finance investment but, in current conditions in the lending
markets, funding is more expensive to obtain. The Board believes
that it is in the best interests of Shareholders for the Company to
have the ability to employ alternative gearing through the use of
Contracts for Difference (CFDs). The cost of using CFDs to increase
investment exposure is currently lower than the cost of traditional
borrowing.
CFDs are defined as a contract between two parties which
stipulates that the buyer will receive from the seller, or the
seller will pay to the buyer, the difference between the value of
an asset at the time the parties enter into the contract and the
value at the time the contract is closed, depending on whether the
price of such asset increases or falls. The amount due under the
contract is held in cash within a collateral account, which is
updated on a daily basis. The Investment Manager already uses CFDs
for other accounts which it manages.
A resolution to amend the Company's investment policy to allow
for investment in CFDs will be included in the Notice of the Annual
General Meeting.
Revenue and dividend
Revenue during the year increased from 4.97p to 5.41p per share.
In line with its stated policy, the Board will continue to pay out
substantially all income to shareholders. The Board has therefore
declared a final dividend for the year ended 31 July 2023 of 5.40p
per share, representing an increase of 10% over the final dividend
paid in 2022. This dividend will be paid on 8 December 2023 to
shareholders on the register on 3 November 2023 subject to approval
by shareholders at the Annual General Meeting ("AGM") on 5 December
2023.
Ten years ago, the Board highlighted the growing contribution
from the yield paid by Japanese companies to the Company's own
total return. At that time, it took action to ensure that it could
pay out to its shareholders substantially all the income it
received for each financial year.
Growth in yield has indeed been a feature of the market in
recent years and dividend income paid out to shareholders, while
still modest in terms of yield, has increased by 64.2% over the 10
years to 31 July 2023.
Outlook
I have been involved in the Japanese equity market for over
forty years and have seen many false dawns when market performance
has failed to match up to investor expectations. Over the last
year, foreign investors have shown growing interest in Japan and
the market has performed well. Inevitably, therefore, the question
arises whether this performance will continue. In other words, will
it be different this time?
My fellow Directors and I continue to be excited about the
Company's prospects, because we see two major developments which
should continue to drive equity performance over the medium to long
term. Firstly, corporate governance and stock market reforms in
recent years have stimulated a tectonic shift in the attitude of
many Japanese companies towards improving returns for shareholders.
Secondly, the reappearance of inflation could signal the end of the
deflationary spiral which has, for example, constrained consumer
spending in Japan over the last two decades. The country's central
bank, the Bank of Japan, has explicitly stated that its
accommodative monetary policy is being pursued to achieve
sustained, stable 2% inflation.
Against this macroeconomic background, there remain significant
opportunities for our high conviction, bottom-up strategy to
identify and exploit market opportunities and drive positive
relative performance.
AJ Bell Investment Awards winner
I am very pleased to announce that the Company has recently been
notified that it is the winner of the 2023 AJ Bell Investment
Awards in the Japan Equity - Active category. Recognition of the
Company by a major provider of platform services to retail clients
should help to further increase our profile within the retail
investor community.
The AGM and shareholder engagement
The AGM will be held at 1.00 pm on Tuesday, 5 December 2023.
Shareholders are asked to cast their votes by proxy. The Manager
will be presenting at a webinar separately from the AGM on 5
December 2023 at 1p.m. and all shareholders are encouraged to sign
up on the Company's website so that they can hear the portfolio
manager's view and ask questions. Shareholders can also sign up
using this link: https://www.schroders.events/sjg23 . The Board
would like shareholders to get in touch via the Company Secretary
with any questions or comments, so that the Board can address them
in advance of the AGM. To email, please use:
amcompanysecretary@schroders.com or write to us at the Company's
registered office address (Company Secretary, Schroder Japan Trust
plc, 1 London Wall Place, London EC2Y 5AU). For regular news about
the trust, shareholders are also encouraged to sign up to the
Manager's investment trusts update by visiting the Company's
website.
Philip Kay
Chairman
28 September 2023
Investment Manager's Review
For the financial year to 31 July 2023, the Company's net asset
value increased by 11.7%, while its benchmark rose by 9.4%.(1)
Before we delve more deeply into the drivers of performance, we
would like to explain the investment philosophy and approach that
sits behind our decision-making. This should provide some important
context to help you understand why the portfolio is positioned the
way it is, and what you should expect in terms of future
performance.
Our investment approach
We believe the Japanese equity market ultimately acts
efficiently in reflecting the intrinsic value of companies. In the
short to medium-term, however, considerable inefficiencies are
frequently evident in individual stocks. These inefficiencies
provide repeatable opportunities to identify and invest in
undervalued stocks, with the aim of delivering a better return than
the market as a whole on a rolling three-to-five year view.
Our investment resource is entirely devoted to this aim,
focusing on individual company fundamentals to understand the true
worth of a stock and investing in a portfolio of 60-70 of the
highest conviction ideas. These then tend to be held for the long
term, with value being realised as the market gradually reflects
their true value more efficiently.
Portfolio holdings tend to fall into three categories of
inefficiency:
1. Market misperception - companies with self-improving
credentials, with management initiatives to sustainably enhance
operational performance, being under-appreciated by other
investors.
2. Market oversight - undervalued companies, especially among
small and mid caps where research coverage is less widespread, with
strong and defendable business franchises in niche product
areas.
3. Short-term overreaction - ideas arising from abrupt but
transitory events which push valuations of quality companies
temporarily to unsustainably low levels.
Outside these three categories, the balance of the portfolio
represents "best in class" stocks with reasonable valuations. The
weighting given to each of these segments evolves over time, but a
reasonable exposure to each category ensures a good level of
diversification for the portfolio as a whole. Meanwhile, the
approach tends to result in a bias towards value stocks(2) and
smaller companies, as well as an overall focus on quality.
The portfolio tends to exhibit a high "active share", which
means that its constituents deviate significantly from the
benchmark index. Gearing (financial leverage) typically ranges
between 10% and 17.5%,3 allowing shareholders to potentially
benefit even more as the inefficiencies we have identified become
more appropriately priced by the market.
Portfolio strategy
So, what does this mean for current portfolio strategy and
positioning? Currently, the biggest category within the portfolio
is market misperception which accounts for almost 40% of assets.
This includes companies such as Hitachi, Seven & I and Toyota
Motors, where we see the prospect of sustainable improvements in
returns from management efforts that are not yet reflected in
valuations.
In the case of Toyota, the market views the business as a
"dinosaur" in an industry that is rapidly shifting towards electric
vehicles (EV). We believe this to be a market misperception,
however, because the market underestimates Toyota's capabilities in
EV. It has been accumulating knowledge and technologies in EV since
launching its first hybrid vehicle, the Prius, in 1997. It is
already profitable across its hybrid (HEV), plug-in (PHEV) and
battery (BEV) powered vehicle range and, as it continues to reveal
further details of its EV strategy, we expect investors gradually
to re-evaluate its competitive strengths in EV, which should
ultimately result in a deservedly higher market multiple.
Almost 30% of the portfolio is in market oversights, such as
Fukushima Galilei and Hosokawa Micron, where we find highly
competitive smaller businesses trading at a significant discount to
their large cap and global peers. As the leading global provider of
high-quality powder manufacturing machines, Hosokawa Micron is an
excellent example of the type of market oversights we are able to
find in Japan. It dominates its niche and is also benefiting from
growing demand for its high-quality powders, which are used in fast
growing product areas such as lithium-ion batteries. Nevertheless,
its shares trade at an unwarranted discount to the shares of
similar businesses elsewhere in the world.
14% of the portfolio is invested in short-term overreactions,
including out-of-favour technology opportunities such as Nomura
Research Institute (NRI) and Ibiden. These businesses are
beneficiaries of long-term structural tailwinds but their shares
were sold down aggressively - in our view, too aggressively - last
year. NRI is one of the highest quality IT service companies in
Japan. With its strong consulting capabilities, it is well
positioned to capture rising demand from Japanese companies that
are looking to digitally transform their business models. Its
growth prospects therefore continue to look positive, but its
valuation contracted significantly in 2022, during the widespread
sell-off in technology and "growth stocks" more generally. This
looks like a classic short-term overreaction to us, which we took
advantage of by adding the shares to the portfolio.
The remaining portfolio is invested in what we consider to be
best-in-class operators, such as Sumitomo Mitsui Financial Group,
Asahi Group Holdings, Orix, and NTT.
From a sector perspective, this results in a bias towards
Machinery, Glass & Ceramic Products, Other Financing Business,
and Information & Communication. As is typical, the portfolio
is also overweight towards small and mid cap stocks, where
valuations look particularly attractive as the domestic Japanese
economy recovers.
Recent performance drivers
Despite some weakness during the early months of the period
under review, the Japanese stock market has performed strongly
during 2023, reaching new 33-year highs in recent months. In
sterling terms, however, the market's return was reduced somewhat
by yen weakness. Value stocks outperformed growth stocks, but
smaller companies generally lagged against larger caps. Meanwhile,
there was a beneficial impact from the Company's gearing, and
helpful contributions to relative performance also came from a
range of individual stocks as we explain below. On balance, these
factors were helpful to performance during the period, as reflected
in the positive NAV return and the modest outperformance of the
benchmark. Over three years, the Company has now returned 12.4% on
an annualised basis, which compares favourably to the 8.2% return
from the TOPIX Total Return Index.(3)
The strongest market influence came from developments in
monetary policy, with resilient inflation data and stronger wage
growth allowing the Bank of Japan (BOJ) to commence a process of
"policy normalisation", which effectively marks the end of a
prolonged period of ultra-low interest rates and yield curve
control. This year's market rally has been driven by greater
interest from foreign investors, attracted by positive momentum in
the Japanese macroeconomy and ongoing expectations of corporate
governance reforms.
Financial stocks generally performed well in this environment,
with the portfolio's holdings in "mega bank" Sumitomo Mitsui
Financial Group and insurance company T&D Holdings contributing
positively. General trading companies also performed well, perhaps
buoyed by news that Warren Buffett was building stakes in them. The
portfolio holds a position in Mitsui & Co, which contributed
strongly to performance and is, in our view, the most attractive of
the general trading companies, thanks to its more favourable
shareholder remuneration policy.
The biggest positive contribution to performance, however, came
from a short-term overreaction stock. Ibiden is a mid cap
electronic component maker, which specialises in providing
foundational materials used in the construction of powerful central
and graphics processing units (CPUs and GPUs). These are heavily
used in cloud computing and artificial intelligence data centres.
The exponential growth in these markets has driven
stronger-than-expected results from Ibiden, leading to significant
share price growth and a full recovery from last year's weakness
which had allowed us to build a position in the shares.
Meanwhile, Disco Corporation, which sits within the market
oversight category, also added value. Disco has a dominant market
share in providing equipment for integrated circuit (IC) packaging,
which is a process of enclosing semiconductors in protective,
high-performance casements. The added value of IC packaging is
becoming increasingly apparent in the semiconductor industry and,
as a result, Disco is currently enjoying very significant volume
growth as well as commanding higher prices.
By contrast, Mitsui Fudosan, one of Japan's largest property
groups, disappointed amid concern about how the change in monetary
policy may impact the Japanese property market. Meanwhile, Kureha,
a small cap speciality chemicals company, and Aeon Financial
Services, a small cap non-bank financial, also detracted due to
weaker earnings progress.
(1) Source: Morningstar, cum-income NAV with dividends
reinvested, 31 July 2023 data, net of fees. Past performance is not
a guide to future performance and may not be repeated.
(2) The term "value stocks" refers to shares that appear to
trade at a lower price than justified by company fundamentals, such
as dividends, earnings, sales and book value.
(3) Source: Morningstar, cum-income NAV with dividends
reinvested, 31 July 2023 data, net of fees. Past performance is not
a guide to future performance and may not be repeated.
Attribution - stock selection
12 Months to 31 July 2023
Portfolio Benckmark(1) Portfolio Benchmark(1) Total
Top 5 contributors weight weight return return effect
------------------- --------- ------------ --------- ------------ -------
Ibiden Co Ltd 1.8 0.1 99.2 99.2 +1.14
------------------- --------- ------------ --------- ------------ -------
Mitsui & Co 2.8 1.1 75.4 75.4 +0.88
------------------- --------- ------------ --------- ------------ -------
Sumitomo Mitsui
Fg 3.7 1.3 52.7 52.7 +0.84
------------------- --------- ------------ --------- ------------ -------
Disco Corporation 1.0 0.2 125.2 125.2 +0.59
------------------- --------- ------------ --------- ------------ -------
T&D Holdings Inc 1.8 0.2 43.2 43.2 +0.48
------------------- --------- ------------ --------- ------------ -------
Portfolio Benckmark(1) Portfolio Benchmark(1) Total
Top 5 detractors weight weight return return effect
------------------- --------- ------------ --------- ------------ -------
Mitsubishi Corp 0.0 1.1 0.0 70.5 -0.57
------------------- --------- ------------ --------- ------------ -------
Mitsubishi Ufj Fin 0.0 1.8 0.0 42.8 -0.55
------------------- --------- ------------ --------- ------------ -------
Mitsui Fudosan Co 1.6 0.4 -10.3 -10.3 -0.47
------------------- --------- ------------ --------- ------------ -------
Kureha Corporation 1.2 0.0 -22.5 -22.5 -0.44
------------------- --------- ------------ --------- ------------ -------
Aeon Financial Ser 1.2 0.0 -18.5 -18.5 -0.39
------------------- --------- ------------ --------- ------------ -------
Past performance is not a guide to future performance and may
not be repeated. The value of investment can go down as well as up
and is not guaranteed.
The return may increase or decrease as a result of currency
fluctuations.
Source: FactSet, GBP, Gross. 1. Stocks mentioned are shown for
illustrative purposes only and should not be viewed as a
recommendation to buy/sell.
Portfolio activity
Our research team has continued to focus on individual stock
ideas where we can identify positive, company-specific drivers for
future performance. During the period, there were a number of
changes to the portfolio that reflect our ongoing efforts to
maintain an appropriate portfolio balance that provides exposure to
our highest conviction ideas.
One new idea that was introduced to the portfolio during the
year is Kyoritsu Maintenance, a small cap service company that
operates reasonably-priced hotels under the Dormy Inn brand. We
view the company as a key beneficiary of economic reopening and the
return of inbound tourists to Japan. This bodes well for volume
increases and potential price rises. The Dormy Inn brand has a
strong competitive position and the company is maintaining higher
occupancy and utilisation ratios in its hotels. We do not believe
the market fully acknowledges the company's existing strengths, nor
does it appreciate its growth prospects. Consequently, we initiated
a position in June as a new market oversight idea.
We also initiated a position in Mitsui Chemicals, a mid cap
diversified chemical company. For some time now, Mitsui Chemicals
has been engaged in the process of transforming its business model
and portfolio with the aim of improving profitability and better
insulating its financial performance from the impact of the
commodity cycle. We believe the company's strategy is sensible and
comprehensive, and it is now beginning to realise the benefits of
this transformation. During the current cyclical slowdown in its
end markets, Mitsui's earnings have been much more resilient when
compared to both history and its peers. Nevertheless, the shares
remain considerably undervalued. A single digit price-earnings
ratio and a price-to-book ratio of less than one suggest the market
has not yet reflected the company's positive transformation, making
this a new market misperception idea.
In terms of exits, we decided to take profits in Itochu and
shift the portfolio towards stocks that we view as more
attractively valued. Itochu has performed well for the portfolio,
in part perhaps thanks to the news that Warren Buffet had added to
his position in the shares.
We also sold out of East Japan Railway. We continue to view it
as a best-in-class stock in the Transportation & Logistics
sector, which is well-positioned to benefit from the reopening of
the domestic economy. However, the pace of its earnings recovery
has been held back by cost increases and regulatory headwinds. In
combination with a relatively solid share price performance, we
have concluded that its near-term earnings recovery prospects are
already reflected in the share price. Meanwhile, we have several
other positions that are more directly exposed to the domestic
reopening theme, so we decided to reallocate capital towards those
other positions in which we have stronger conviction.
Outlook
We believe that the Japanese equity market currently provides
one of the most attractive opportunities, particularly for
long-term investors. Several developments that are unique to Japan
should combine to support sustained corporate earnings growth and
increasing valuation multiples in the years ahead.
From an economic perspective, we should see a continued cyclical
recovery following the lifting of Covid restrictions. More
importantly, after more than two decades of deflationary pressure,
the emergence of "positive" inflation, led by wage growth, is
immensely encouraging. Not all inflation can be viewed as positive,
but Japan is experiencing lower rates of inflation than in many
other parts of the world. This suggests that the re-emergence of
inflation in Japan can be viewed as an opportunity rather than a
threat.
Indeed, the implications of this positive inflation should not
be under-estimated for corporate Japan. This is an environment in
which Japanese companies can regain pricing power (the ability to
raise prices in response to inflation) which, when coupled with
improved consumer purchasing power through wage increases, should
drive healthy levels of corporate earnings growth. An element of
these higher profits can then be recycled back into the economy
through further wage increases, driving a positive cycle of broader
economic progress that has been largely absent from Japan for a
generation.
Meanwhile, corporate governance reforms are likely to remain a
structural driver of the Japanese equity market in the years ahead.
Historically, the structure of corporate Japan has been dominated
by the keiretsu system of cross-shareholdings and close
relationships between customers, suppliers, their banks and
competitors. This system has been increasingly criticised from a
governance perspective because it can lead to inefficient capital
allocation and poor decision-making. In recent years, however, we
have begun to see meaningful change, with companies, investors and
regulators such as the Tokyo Stock Exchange, working together to
raise corporate governance standards, with the aim of improving
returns and growth prospects. The success of these initiatives is
reflected in the level of dividends and share buybacks from
Japanese companies. These have been rising steadily in recent years
and currently stand at record levels, but there remains scope for
considerable further positive progress as the corporate governance
revolution unfolds.
The Japanese stock market has reached multi-decade highs in
recent months in response to these positive domestic developments.
Nevertheless, the equity market as a whole looks attractively
valued when compared to other regions' markets and in the context
of history. Many listed Japanese companies continue to trade below
their book value despite the ongoing corporate governance movement.
This suggests the market is not yet fully reflecting the progress
that many businesses are making to improve returns. We are
confident we can continue to find selective opportunities for
businesses to transform both their growth prospects and their
market rating through better capital allocation and by considering
the needs of all their stakeholders, shareholders included. These
opportunities remain concentrated at the lower end of the market
cap spectrum, where valuations are also even more attractive,
despite the high quality of many businesses and their superior
growth potential.
To conclude, there are many reasons to believe that we may be
entering a period of sustained outperformance from the Japanese
stock market. We are seeing renewed appetite for Japanese equity
from global investors and this demand should continue to grow as
the positive domestic story becomes better understood. This
represents a fertile environment for active, high conviction stock
pickers, and we are excited at the opportunity that lies ahead for
investors in the company.
Strategic Report
Principal risks and uncertainties
The Board is responsible for the Company's system of risk
management and internal control and for reviewing its
effectiveness. The Board has adopted a detailed matrix of principal
risks affecting the Company's business as an investment trust and
has established associated policies and processes designed to
manage and, where possible, mitigate those risks, which are
monitored by the audit and risk committee on an ongoing basis. This
system assists the Board in determining the nature and extent of
the risks it is willing to take in achieving the Company's
strategic objectives. Both the principal risks and the monitoring
system are also subject to robust assessment at least annually. The
last assessment took place in September 2023.
Although the Board believes that it has a robust framework of
internal control in place this can provide only reasonable, and not
absolute, assurance against material financial misstatement or loss
and is designed to manage, not eliminate, risk.
Actions taken by the Board and, where appropriate, its
committees, to manage and mitigate the Company's principal risks
and uncertainties are set out in the table below.
Emerging risks and uncertainties
During the year, the Board also discussed and monitored a number
of risks that could potentially impact the Company's ability to
meet its strategic objectives. These were political risk and
climate change risk. The Board has determined they are not
currently, as detailed below, sufficiently material for the Company
to be categorised as independent principal risks. The Board
receives updates from the Manager, Company Secretary and other
service providers on other potential risks that could affect the
Company. The Board were mindful of emerging risks during the year
including the escalation or expansion of the conflict in Ukraine,
rising inflation, the threat of a global recession and energy
prices although they are not factors which explicitly impacted the
Company's performance.
Political risk includes the impact of geopolitical risk,
regional tensions, trade wars and sanctions against companies.
Currency rates and borrowings drawn down by the Company, as well as
markets generally, may be affected by geopolitical developments.
Currency rate and borrowings drawn down by the Company may be
affected by geopolitical developments particularly in relation to
movements in sterling versus the yen. Note 20 of the financial
statements provides more information on the effect of currency and
market price movements.
Climate change risk includes how climate change could affect the
Company's investments, and potentially shareholder returns. The
Board notes the Manager has integrated ESG considerations,
including climate change, into the investment process as detailed
in the Strategic Report. The Board will continue to monitor
this.
*The "Change" column on the right highlights at a glance the
Board's assessment of any increases or decreases in risk during the
year after mitigation and management. The arrows show if the risks
increased, decreased or remained the same.
Risk Mitigation and management Change
Strategic è
The Company's investment The appropriateness of the
objectives may become out Company's investment remit
of line with the requirements is periodically reviewed and
of investors, resulting in the success of the Company
a wide discount of the share in meeting its stated objectives
price to underlying NAV per is monitored.
share.
The share price relative to
NAV per share is monitored
and the use of buy back authorities
is considered on a regular
basis.
The marketing and distribution
activity is actively reviewed.
Proactive engagement with
shareholders.
--------------------------------------- -------
The Company's cost base could The ongoing competitiveness è
become uncompetitive, particularly of all service provider fees
in light of open-ended alternatives. is subject to periodic benchmarking
against their competitors.
Annual consideration of management
fee levels.
--------------------------------------- -------
Investment management è
The Manager's investment Review of the Manager's compliance
strategy, if inappropriate, with its agreed investment
may result in the Company restrictions, investment performance
underperforming the market and risk against investment
and/or peer group companies, objectives and strategy; relative
leading to the Company and performance; the portfolio's
its objectives becoming unattractive risk profile; and whether
to investors. appropriate strategies are
employed to mitigate any negative
impact
of substantial changes in
markets.
Annual review of the ongoing
suitability of the Manager
is undertaken.
--------------------------------------- -------
Financial and currency è
The Company is exposed to The risk profile of the portfolio
the effect of market fluctuations considered appropriate strategies
due to the nature of its business. to mitigate any negative impact
A significant fall in Japanese of substantial changes in
equity markets could have markets discussed with the
an adverse impact on the market Manager.
value of the Company's underlying The Board considers overall
investments and, as the Company hedging policy on a regular
invests predominantly in assets basis.
which are denominated in yen,
its exposure to changes in
the exchange rate between
sterling and yen has the potential
to have a significant impact
on returns.
--------------------------------------- -------
Custody è
Safe custody of the Company's The depositary reports on
assets may be compromised safe custody of the Company's
through control failures by assets, including cash, and
the Depositary. portfolio holdings independently
reconciled with the Manager's
records.
The review of audited internal
controls reports covering
custodial arrangements is
undertaken.
Regular reports from the depositary
on its activities, including
matters arising from custody
operations is received.
--------------------------------------- -------
Gearing and leverage è
The Company utilises credit Gearing is monitored daily
facilities. These arrangements and strict restrictions on
increase the funds available borrowings are imposed: gearing
for investment through borrowing. continues to operate within
While this has the potential pre-agreed limits so as not
to enhance investment returns to exceed 25% of shareholders'
in rising markets, in falling funds.
markets the impact could be
detrimental to performance.
--------------------------------------- -------
Accounting, legal and regulatory è
In order to continue to qualify The confirmation of compliance
as an investment trust, the with relevant laws and regulations
Company must comply with the by key service providers is
requirements of Section 1158 reviewed.
of the Corporation Tax Act
2010. Shareholder documents and
announcements, including the
Breaches of the UK Listing Company's published annual
Rules, the Companies Act or report, are subject to stringent
other regulations with which review processes.
the Company is required to
comply, could lead to a number Procedures are established
of detrimental outcomes. to safeguard against the disclosure
of inside information.
--------------------------------------- -------
Service provider è
The Company has no employees Service providers are appointed
and has delegated certain subject to due diligence processes
functions to a number of service and with clearly-documented
providers, principally the contractual arrangements detailing
Manager, Depositary and Registrar. service expectations.
Failure of controls, and poor
performance of any service Regular reporting is provided
provider could lead to disruption, by key service providers and
reputational damage or loss. monitoring of the quality
of their services provided.
The Directors also receive
presentations from the Manager,
depositary and custodian,
and the registrar on an annual
basis.
Review of annual audited internal
controls reports from key
service providers, including
confirmation of business continuity
arrangements and IT controls,
and follow up of remedial
actions as required.
--------------------------------------- -------
Cyber é
The Company's service providers Service providers report
are all exposed to the risk on cyber risk mitigation and
of cyber attacks. Cyber attacks management at least annually,
could lead to loss of personal which includes confirmation
or confidential information of business continuity capability
or disrupt operations. in the event of a cyber attack.
In addition, the Board received
presentations from the Manager,
depositary and custodian,
and the registrar on cyber
risk.
The Board noted that following
the invasion of Ukraine by
Russia, cyber risk was assessed
to be higher, and the Board
sought further assurance from
its service providers that
they were able to manage the
heightened threat.
--------------------------------------- -------
Risk assessment and internal controls review by the board
Risk assessment includes consideration of the scope and quality
of the systems of internal control operating within key service
providers, and ensures regular communication of the results of
monitoring by such providers to the audit and risk committee,
including the incidence of significant control failings or
weaknesses that have been identified at any time and the extent to
which they have resulted in unforeseen outcomes or contingencies
that may have a material impact on the Company's performance or
condition.
No significant control failings or weaknesses were identified
from the audit and risk committee's ongoing risk assessment which
has been in place throughout the financial year and up to the date
of this report. The Board is satisfied that it has undertaken a
detailed review of the risks facing the Company and that an
appropriate controls framework is in place.
A full analysis of the financial risks facing the Company is set
out in note 20 to the accounts on pages 57 to 61 of the 2023 report
and accounts.
Viability statement
The Directors have assessed the viability of the Company over a
five-year period, taking into account the Company's position at 31
July 2023 and the potential impacts of the principal risks and
uncertainties it faces for the review period. The Directors have
assessed the Company's operational resilience and they are
satisfied that the Company's outsourced service providers will
continue to operate effectively, following the implementation of
their business continuity plans.
A period of five years has been chosen as the Board believes
that this reflects a suitable time horizon for strategic planning,
taking into account the investment policy, liquidity of
investments, potential impact of economic cycles, nature of
operating costs, dividends and availability of funding.
In its assessment of the viability of the Company, the Directors
have considered each of the Company's principal risks and
uncertainties detailed on pages 23 and 24 of the 2023 report and
accounts and in particular the impact of a significant fall in
Japanese equity markets on the value of the Company's investment
portfolio. The Directors also considered the beneficial tax
treatment the Company is eligible for as an investment trust. If
changes to these taxation arrangements were to be made it would
affect the viability of the Company to act as an effective
investment vehicle.
Whilst the Company's articles of association require that a
proposal for the continuation of the Company be put forward at the
AGM in 2024, the Directors have no reason to believe such a
resolution will not be passed by shareholders.
The Directors have considered the Company's income and
expenditure projections and the fact that the Company's investments
comprise of readily realisable securities which can be sold to meet
funding requirements if necessary and on that basis consider that
five years is an appropriate time period.
The Directors also considered a stress test in which the
Company's NAV dropped by 50% and noted that, based on the
assumptions in the test, the Company would continue to be viable
over a five year period.
Based on the Company's processes for monitoring operating costs,
the Board's view that the Manager has the appropriate depth and
quality of resource to achieve superior returns in the longer term,
the portfolio risk profile, limits imposed on gearing, counterparty
exposure, liquidity risk and financial controls, the Directors have
concluded that there is a reasonable expectation that the Company
will be able to continue in operation and meet its liabilities as
they fall due over the five year period of their assessment.
Going concern
The Directors have assessed the principal risks, the impact of
the emerging risks and uncertainties and the matters referred to in
the viability statement. Based on the work the Directors have
performed, they have not identified any material uncertainties
relating to events or conditions that, individually or
collectively, may cast significant doubt on the Company's ability
to continue as a going concern for the period assessed by the
Directors, being the period to 31 October 2024 which is at least 12
months from the date the financial statements were authorised for
issue.
By order of the Board
Schroder Investment Management Limited
Company Secretary
28 September 2023
Statement of Directors' Responsibilities
The Directors are responsible for preparing the annual report
and the financial statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102 "The Financial Reporting
Standard applicable in the UK and Republic of Ireland", and
applicable law). Under company law the Directors must not approve
the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of
the profit or loss of the Company for that period. In preparing the
financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable United Kingdom Accounting Standards,
comprising FRS 102, have been followed, subject to any material
departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements and the Directors' Remuneration Report
comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Manager is responsible for the maintenance and integrity of
the webpage dedicated to the Company. Legislation in the United
Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
The Directors consider that the annual report and accounts,
taken as a whole, are fair, balanced and understandable and
provides the information necessary for shareholders to assess the
Company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed in
the Board of Directors on pages 26 and 27 of the 2023 report and
accounts confirm that, to the best of their knowledge:
- the Company financial statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102
"The Financial Reporting Standard applicable in the UK and Republic
of Ireland", and applicable law), give a true and fair view of the
assets, liabilities, financial position and profit of the Company;
and
- the Strategic Report includes a fair review of the development
and performance of the business and the position of the Company,
together with a description of the principal risks and
uncertainties that it faces.
On behalf of the Board
Philip Kay
Chairman
28 September 2023
Income Statement for the year ended 31 July 2023
2023 2022
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on investments
held at fair value through
profit or loss 2 - 22,484 22,484 - (3,439) (3,439)
Net foreign currency gains - 3,920 3,920 - 2,076 2,076
Income from investments 3 8,766 - 8,766 8,208 - 8,208
Other interest receivable
and similar income 3 20 - 20 3 - 3
------------------------------ ---- ------- ------- ------- ------- ------- -------
Gross return/(loss) 8,786 26,404 35,190 8,211 (1,363) 6,848
Investment management fee 4 (607) (1,416) (2,023) (599) (1,399) (1,998)
Administrative expenses 5 (653) - (653) (637) - (637)
------------------------------ ---- ------- ------- ------- ------- ------- -------
Net return/(loss) before
finance costs and taxation 7,526 24,988 32,514 6,975 (2,762) 4,213
Finance costs 6 (86) (200) (286) (81) (189) (270)
------------------------------ ---- ------- ------- ------- ------- ------- -------
Net return/(loss) before
taxation 7,440 24,788 32,228 6,894 (2,951) 3,943
Taxation 7 (877) - (877) (821) - (821)
------------------------------ ---- ------- ------- ------- ------- ------- -------
Net return/(loss) after
taxation 6,563 24,788 31,351 6,073 (2,951) 3,122
------------------------------ ---- ------- ------- ------- ------- ------- -------
Return/(loss) per share 8 5.41p 20.45p 25.86p 4.97p (2.42)p 2.55p
The "Total" column of this statement is the profit and loss
account of the Company. The "Revenue" and "Capital" columns
represent supplementary information prepared under guidance issued
by The Association of Investment Companies. The Company has no
other items of other comprehensive income and therefore the net
return/(loss) after taxation is also the total comprehensive income
for the year.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the year.
The notes on pages 49 to 62 of the 2023 report and accounts form
an integral part of these accounts.
Statement of Changes in Equity for the year ended 31 July
2023
Called-up Capital Warrant Share
share Share redemption exercise purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 July 2021 12,214 7 287 3 91,540 173,298 6,510 283,859
Repurchase of
the Company's
own shares for
cancellation (14) - 14 - (303) - - (303)
Net (loss)/return
after taxation - - - - - (2,951) 6,073 3,122
Dividend paid
in the year 9 - - - - - - (5,249) (5,249)
At 31 July 2022 12,200 7 301 3 91,237 170,347 7,334 281,429
Repurchase of
the Company's
own shares for
cancellation (210) - 210 - (4,359) - - (4,359)
Net return after
taxation - - - - - 24,788 6,563 31,351
Dividend paid
in the year 9 - - - - - - (5,961) (5,961)
------------------ ---- --------- ------- ---------- -------- -------- -------- ------- -------
At 31 July 2023 11,990 7 511 3 86,878 195,135 7,936 302,460
------------------ ---- --------- ------- ---------- -------- -------- -------- ------- -------
The notes on pages 49 to 62 of the 2023 report and accounts form
an integral part of these accounts.
Statement of Financial Position at 31 July 2023
2023 2022
Note GBP'000 GBP'000
Fixed assets
Investments held at fair value through profit
or loss 10 331,756 313,454
Current assets
Debtors 11 1,113 1,113
Cash at bank and in hand 4,081 5,626
---------------------------------------------- ---- -------- --------
5,194 6,739
---------------------------------------------- ---- -------- --------
Current liabilities
Creditors: amounts falling due within one
year 12 (1,669) (1,872)
---------------------------------------------- ---- -------- --------
Net current assets 3,525 4,867
---------------------------------------------- ---- -------- --------
Total assets less current liabilities 335,281 318,321
Creditors: amounts falling due after more
than one year 13 (32,821) (36,892)
---------------------------------------------- ---- -------- --------
Net assets 302,460 281,429
---------------------------------------------- ---- -------- --------
Capital and reserves
Called-up share capital 14 11,990 12,200
Share premium 15 7 7
Capital redemption reserve 15 511 301
Warrant exercise reserve 15 3 3
Share purchase reserve 15 86,878 91,237
Capital reserves 15 195,135 170,347
Revenue reserve 15 7,936 7,334
---------------------------------------------- ---- -------- --------
Total equity shareholders' funds 302,460 281,429
---------------------------------------------- ---- -------- --------
Net asset value per share 16 252.25p 230.68p
---------------------------------------------- ---- -------- --------
These accounts were approved and authorised for issue by the
Board of Directors on 28 September 2023 and signed on its behalf
by:
Philip Kay
Chairman
The notes on pages 49 to 62 of the 2023 report and accounts form
an integral part of these accounts.
Registered in England and Wales
Company registration number: 02930057
Notes to the Accounts
1. Accounting Policies
The accounts are prepared in accordance with the Companies Act
2006, United Kingdom Generally Accepted Accounting Practice ("UK
GAAP"), in particular in accordance with Financial Reporting
Standard (FRS) 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland", and with the Statement of
Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" (the "SORP") issued by the
Association of Investment Companies in July 2022. All of the
Company's operations are of a continuing nature.
2. Income
2023 2022
GBP'000 GBP'000
Income from investments:
Overseas dividends 8,766 8,208
Other interest receivable and similar income
Deposit interest 20 3
--------------------------------------------- ------- -------
Total income 8,786 8,211
--------------------------------------------- ------- -------
3. Investment management fee
2023 2022
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Management fee 607 1,416 2,023 599 1,399 1,998
--------------- ------- ------- ------- ------- ------- -------
The basis for calculating the investment management fee is set
out in the Report of the Directors on page 28 of the 2023 report
and accounts and details of all amounts payable to the Manager are
given in note 17 on page 56 of the 2023 report and accounts.
4. Return/(loss) per share
2023 2022
GBP'000 GBP'000
Revenue return 6,563 6,073
Capital return/(loss) 24,788 (2,951)
---------------------------------------------- ----------- -----------
Total return 31,351 3,122
---------------------------------------------- ----------- -----------
Weighted average number of ordinary shares in
issue during the year 121,214,425 122,078,782
Revenue return per share 5.41p 4.97p
Capital return/(loss) per share 20.45p (2.42)p
---------------------------------------------- ----------- -----------
Total return per share 25.86p 2.55p
---------------------------------------------- ----------- -----------
5. Dividends
Dividend paid and proposed
2023 2022
GBP'000 GBP'000
2022 final dividend of 4.90p (2021: 4.30p) paid
out of revenue profits 5,961(1) 5,249
---------------------------------------------------- -------- -------
2023 2022
GBP'000 GBP'000
2023 final dividend proposed of 5.40p (2022: 4.90p)
to be paid out
of revenue profits 6,475 5,978
---------------------------------------------------- -------- -------
(1) The 2022 final dividend amounted to GBP5,978,000. However
the amount actually paid was GBP5,961,000 as shares were
repurchased and cancelled, after the accounting date, but prior to
the dividend Record Date.
The proposed dividend amounting to GBP6,475,000 (2022:
GBP5,978,000) is the amount used for the basis of determining
whether the Company has satisfied the distribution requirements of
Section 1158 of the Corporation Tax Act 2010. The revenue available
for distribution by way of dividend for the year is GBP6,563,000
(2022; GBP6,073,000).
6. Creditors: amounts falling due within one year
2023 2022
GBP'000 GBP'000
Securities purchased awaiting settlement 951 1,177
Other creditors and accruals 718 695
----------------------------------------- ------- -------
1,669 1,872
----------------------------------------- ------- -------
7. Creditors: amounts falling due after more than one year
2023 2022
GBP'000 GBP'000
Bank loan 32,821 36,892
---------- ------- -------
The bank loan is a yen 6.0 billion three-year term loan from
SMBC Bank International plc (formerly Sumitomo Mitsui Banking
Corporation Europe Limited), expiring in January 2025 and carrying
a floating interest rate, calculated at the daily Compounded Risk
Free Rate, plus a margin. The loan is unsecured, but is subject to
certain undertakings and restrictions, all of which have been
complied with. The Directors consider that the carrying amount of
the loan approximates to its fair value.
In addition to the term loan detailed above, the Company has a
yen 2.0 billion credit facility available from Sumitomo Mitsui
Banking Corporation, London Branch, which was undrawn at the year
end (2022: undrawn). Further details of the facility are given in
note 20 on page 59 of the 2023 report and accounts.
8. Called-up share capital
2023 2022
GBP'000 GBP'000
Ordinary shares allotted, called-up and fully paid:
Opening balance of 122,000,562 (2022: 122,143,262)
ordinary shares of 10p each 12,200 12,214
Repurchase and cancellation of 2,096,597 (2022:
142,700) shares (210) (14)
---------------------------------------------------- ------- -------
Closing balance of 119,903,965 (2022: 122,000,562)
shares 11,990 12,200
---------------------------------------------------- ------- -------
During the year, the Company purchased 2,096,597 of its own
shares, nominal value GBP209,660, for cancellation, for a total
consideration of GBP4,359,000, representing 1.72% of the shares
outstanding at the beginning of the year. The reason for these
share repurchases was to seek to manage the volatility of the share
price discount to net asset value per share.
9. Net asset value per share
2023 2022
Net assets attributable to shareholders (GBP'000) 302,460 281,429
Shares in issue at the year end 119,903,965 122,000,562
-------------------------------------------------- ----------- -----------
Net asset value per share 252.25p 230.68p
-------------------------------------------------- ----------- -----------
10. Transactions with the Manager
Under the terms of the AlFM Agreement, the Manager is entitled
to receive a management fee, a marketing support fee and a company
secretarial fee. Details of the AIFM agreement are given in the
Report of the Directors on page 28 of the 2023 report and accounts.
Any investments in funds managed or advised by the Manager or any
of its associated companies are excluded from the assets used for
the purpose of the management fee calculation and therefore incur
no fee.
The management fee payable in respect of the year ended 31 July
2023 amounted to GBP2,023,000 (2022: GBP1,998,000), of which
GBP535,000 (2022: GBP502,000) was outstanding at the year end. The
marketing support fee payable to the Manager amounted to GBP50,000
(2022: GBP50,000) of which GBP13,000 (2022: GBP13,000) was
outstanding at the year end. The company secretarial fee payable to
the Manager amounted to GBP90,000 (2022: GBP90,000) of which
GBP23,000 (2022: GBP23,000) was outstanding at the year end.
Outstanding amounts to the Manager are short-term in nature, these
amounts are unsecured and not subject to interest charges.
11. Disclosures regarding financial instruments measured at fair value
The Company's financial instruments within the scope of FRS 102
that are held at fair value comprise its investment portfolio. The
Company currently holds no derivative financial instruments.
FRS 102 requires financial instruments to be categorised into a
hierarchy consisting of the three levels below.
Level 1 - valued using unadjusted quoted prices in active
markets for identical assets.
Level 2 - valued using observable inputs other than quoted
prices included within Level 1.
Level 3 - valued using inputs that are unobservable.
Details of the valuation techniques used by the Company are
given in note 1(b) on page 49 of the 2023 report and accounts.
At 31 July 2023, all investments in the Company's portfolio are
categorised as Level 1 (2022: same).
At 31 July 2021, all investments in the Company's portfolio are
categorised as Level 1 (2020: same).
The following table sets out the fair value measurements using
the FRS 102 hierarchy at 31 July:
2023
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial instruments held at fair
value through profit or loss
Equity investments 331,756 - - 331,756
----------------------------------- ------- ------- ------- -------
2022
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial instruments held at fair
value through profit or loss
Equity investments 313,454 - - 313,454
----------------------------------- ------- ------- ------- -------
Status of announcement
2022 Financial Information
The figures and financial information for 2022 are extracted
from the published Annual Report and Accounts for the period ended
31 July 2022 and do not constitute the statutory accounts for that
year. The 2022 Annual Report and Accounts have been delivered to
the Registrar of Companies and included the Report of the
Independent Auditors which was unqualified and did not contain a
statement under either section 498(2) or section 498(3) of the
Companies Act 2006.
2023 Financial Information
The figures and financial information for 2023 are extracted
from the Annual Report and Accounts for the year ended 31 July 2023
and do not constitute the statutory accounts for the year. The 2023
Annual Report and Accounts include the Report of the Independent
Auditors which is unqualified and does not contain a statement
under either section 498(2) or section 498(3) of the Companies Act
2006. The 2023 Annual Report and Accounts will be delivered to the
Registrar of Companies in due course.
Neither the contents of the Company's webpages nor the contents
of any website accessible from hyperlinks on the Company's webpages
(or any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
FR SESFMAEDSEEU
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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