JFJ Jpmorgan Japanese Investment Trust Plc

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN JAPANESE INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS

ENDED 31ST MARCH 2024

Legal Entity Identifier: 549300JZW3TSSO464R15

Information disclosed in accordance with DTR 4.2.2

JPMorgan Japanese Investment Trust plc, the FTSE 250 trust investing in Japanese companies, announces its interim results for the six-month period ended 31st March 2024 (the "Reporting Period").

Financial highlights for the Reporting Period include:

·      During the six months ended 31st March 2024 the Company made a return of 19.3% in net asset value (NAV) terms, outperforming the benchmark return of 14.6%. Over ten years, the Company returned +10.7% on an annualised basis, ahead of the benchmark annualised return of +9.6%.

·      As of 31st March 2024, the share price discount to NAV with debt at fair value was 8.9%, compared to 8.8% at the end of 30th September 2023.

·      During the Reporting Period, the Company repurchased 4,565,000 shares at an average discount of 9.0% and at a cost of £22.2 million.

Operational highlights for the Reporting Period include:

·      Corporate governance reforms, including business reorganisations, are increasing the number of companies that may, in future, deem to be Premium or Quality rated, and this has created many more opportunities to invest in the kind of businesses favoured by the Investment Managers. New stocks added to the portfolio include Softbank Group, Suzuki Motor and Niterra.

Outlook:

·      The most important positive influence on the outlook for Japanese equities remains the ongoing reform of the corporate sector. There has been significant progress to date, and, with the encouragement of the government, regulators, and shareholders, Japanese companies are adopting ever higher standards of independence and transparency and implementing best practices in their capital allocation decisions.

·      Shareholder returns are benefiting from share buybacks and higher dividends, and the Investment Managers expect dividend payout ratios to continue to rise.

·      The combination of improving economic fundamentals, structural transformation, and corporate governance reforms, should help sustain and encourage investors' appetite for Japan stocks after their long absence from this market.

Stephen Cohen, Chairman, commented:

"Reform in Japan's corporate governance practices continues apace, which is very positive for Japanese equities in general, and for your Company's holdings, as it should ensure continued improvement in shareholder returns, and valuations, over the medium term."

CHAIRMAN'S STATEMENT

Investment Performance

This is my first opportunity to report to shareholders since taking on the role of Company Chairman in January 2024, so I am especially pleased to report that our Company during the six months ended 31st March 2024 made a return of 19.3% in net asset value (NAV) in GBP terms, outperforming its benchmark return of 14.6% by approximately five percentage points. Since the period end, the Company returned -5.2% to 27th May 2024, while the TOPIX index returned -4.6% over the same period.

The Investment Managers' Report below discusses performance, the investment rationale behind recent portfolio activity and the outlook in more detail.

Gearing

The Board of Directors believes that gearing can be beneficial to performance. It sets the overall strategic gearing policy and guidelines and reviews these at each Board meeting. The Investment Managers then manage the gearing within the agreed limits of 5% net cash to 20% geared in normal market conditions. During the review period, gearing ranged from 10.5% to 15.3%, with an average of 13.2%. As at 31st March 2024, gearing was equivalent to 10.5% of net assets. At the time of writing this report, the gearing increased to 13.2%.

After the period end, it was decided not to renew the existing Mizuho Loan and this was repaid by the Company. Along with the short-term revolving facility of JPY 10,000,000,000 with Industrial and Commercial Bank of China Limited, London Branch, the Company also has long-term fixed rate debt in place. The Company is also exploring other options, so as always to be able to deploy the level of gearing it wishes.

Revenue and Dividends

Japanese companies often have stronger balance sheets than many of their international counterparts. Both dividend pay-out ratios and dividends have been rising strongly over the last few years and have continued to do so in the latest results announcements. This is in good measure a function of Japan's improving corporate governance practices and is one of several reasons why investors might consider Japan a relatively attractive equity market. Nonetheless, it cannot be assumed that dividends will be maintained, and prior year dividend payments made by your company should not therefore be taken as a guide to future payments.

For the year ended 30th September 2023, the Company paid a dividend of 6.5p per share on 5th February 2024, reflecting the available revenue for distribution. Consistent with previous years, the Company will not be declaring an interim dividend.

Discount Management/Share Repurchases

The Board monitors the discount to NAV at which the Company's shares trade. The directors believe that for the Company's shares to trade close to NAV over the long term, the focus must remain on consistent, strong investment performance over the key one-, three- and five-year timeframes. The effective marketing and promotion of the Company also has a key role to play in keeping its shares trading close to par.

The Board recognises that a widening of, and volatility in, the Company's discount is seen by some investors as a disadvantage of investments trusts. The Board has restated its commitment to seek a stable discount or premium over the long run, commensurate with investors' appetite for Japanese equities and the Company's various attractions, not least the quality of the investment team and the investment process, and the strong long-term performance these have delivered. Since 2020, this commitment has resulted in increased expenditure on marketing and a series of targeted buybacks.

As of 31st March 2024, the share price discount to NAV with debt at fair value was 8.9%, compared to 8.8% at the end of 30th September 2023. Over the six-month period to 31st March 2024, the Company's share price discount to net asset value ranged from 6.4% to 10.3% (average: 8.7%) and the Company repurchased 4,565,000 shares at an average discount of 9.0% and at a cost of £22.2 million.

Since 31st March 2024, the Company has repurchased a further 855,000 shares at an average discount of 9.0%, at a cost of £4.5 million.

Shares are only repurchased at a discount to the prevailing net asset value, which increases the Company's net asset value per share, and may either be cancelled or held in Treasury for possible reissue at a premium to net asset value.

Environmental, Social and Governance ('ESG')

As detailed in the Investment Managers' ESG Report (included in the full Half Year Report), ESG considerations are integrated into their investment process. The Board shares the Investment Managers' view of the importance of financially material ESG factors when making investments for the long term and the necessity of continued engagement with investee companies over the duration of the investment.

Further information on JPMorgan's ESG process and engagement is set out in the ESG Report in the JPMorgan Asset Management 2023 Investment Stewardship Report, which can be accessed at https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/sustainable-investing/investment-stewardship-report.pdf

The Board

At the end of the Company's Annual General Meeting, held earlier this year, Chris Samuel retired as the Chairman of the Company, after serving the Company for nine years and I took over as Chairman. I would like to take this opportunity to thank Chris for the very significant contribution he made to the Company during his tenure. Sally Duckworth took over the role of the Chair of Audit & Risk Committee, my previous role, from the conclusion of the AGM.

As previously reported in the Company's 2023 Annual Report, George Olcott will be retiring from the Board following the 2025 Annual General Meeting. The Board has started the recruitment process to appoint a new Non-Executive Director. Further updates will be provided in due course.

Change of Registrar

As part of the review of its key service providers, the Company, through its Manager, undertook a review of its registrar. After a request for proposals and a thorough due diligence process by the Manager, and after careful consideration, the Board has resolved to appoint Computershare as the Company's registrar. The Board believes this to be in the best interest of the shareholders. The Manager and the new registrar will ensure a smooth transition of the Company's shareholder register during the year.

A notification letter from Computershare will be sent to all registered shareholders advising of this change. The letter will also include an invitation to create an account for online access to details on your shareholdings.

Stay Informed

The Company delivers email updates with regular news and views, as well as the latest performance. If you have not already signed up to receive these communications and you wish to do so, you can opt in via https://web.gim.jpmorgan.com/emea_investment_trust_subscription/welcome?targetFund=JFJ or by scanning the QR code on this page.

Outlook

Reform in Japan's corporate governance practices continues apace, which is very positive for Japanese equities in general, and for your Company's holdings, as it should ensure continued improvement in shareholder returns, and valuations, over the medium term.

Recent developments have been having a favourable impact on market sentiment towards Japanese stocks and global investors have begun to recognise the opportunities. As most began with an underweight position in Japan, foreign investor inflows have provided a strong impetus to the market, and this is expected to continue. That said, investors should remember that the Company continues to emphasise investment in 'growth' companies, so that, if the market has a period when 'deep value' companies do better, then the Company may underperform for a period.

We are confident that, overall, the Company, and its shareholders, will benefit from the many changes afoot in Japan, and I look forward to reporting on the Company's further progress as these exciting developments play out.

On behalf of the Board, I would like to thank you for your ongoing support.

Stephen Cohen

Chairman                                                                                                                                             

INVESTMENT MANAGERS' REPORT

Performance

During the six months ended 31st March 2024, the Company made a return of +19.3% in net asset value with debt at fair value (NAV) terms, outperforming its benchmark return of +14.6%, by +4.7 percentage points. While our portfolio focuses on quality and growth stocks, which we believe help us achieve the best performance over the long term, this performance was nevertheless achieved during a period when Japanese value stocks - unlike their US counterparts - continued to perform well, relative to the growth and quality names we prefer.

Although performance over the three years to 31st March 2024 lagged the benchmark - the Company recorded an annualised return of -2.5%, compared to the average annual benchmark return of +6.3% - long term absolute and relative performance remains strong. Over ten years, the Company returned +10.7% on an annualised basis, better than the benchmark return of +9.6%.

Performance attribution

Six months ended 31st March 2024

Source: JPMAM and Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark.

^A     Alternative Performance Measure ('APM').

A glossary of terms and APMs is provided on pages 32 and 33 of the Half Year Report.

Economic and market background

After a long period of being unloved and under-owned by international investors, the past year has seen the Japanese market return to the limelight. The Trust's benchmark, the TOPIX, delivered a total return of 23% during calendar 2023 and has continued to rise since. In February 2024, Japan's bellwether Nikkei Index hit a new all-time high, for the first time since 1989. The main reason for this is investors' positive reaction to corporate governance reforms currently underway in Japan. This includes, most recently, action by the Financial Services Authority to urge non-life insurers to sell their strategic shareholdings - as part of the regulator's efforts to reduce anti-competitive behaviour in the sector.

Investors have also welcomed signs of improvement in Japan's domestic economy, after years of stagnation and deflation. The Spring wage negotiations, known as the shunto, agreed a 5.3% wage increase, the highest in 33 years and substantially ahead of the rate of inflation, which is currently 2.8% pa. This rise in real wages should boost consumer sentiment and support domestic demand, especially as prices are now rising, albeit modestly, providing some incentive to buy now, rather than save for tomorrow.

The Bank of Japan (BoJ) recently announced a shift in monetary policy announcing the first interest rate hike for 17 years in response to improving economic conditions, in particular the aforementioned wage growth. Policy is still loose, however, in order to support the economic recovering amidst lingering uncertainties. The central bank thus remains committed to bolstering liquidity and stimulating growth, which should be positive for the market in the near term.

Japanese exporters are being assisted by continued yen weakness - the result, in part, of the divergence in interest rates between Japan and the US and other major economies, which remains significant even after the BoJ's recent hike. Against sterling, the yen declined by 4.5% over the review period and at the time of writing, the yen is at its weakest level against the USD since 1990. Within the corporate sector, management buyouts hit a record high in 2023, suggesting that private equity investors are finally beginning to recognise value in Japanese businesses. One portfolio holding, Benefit One, a provider of staffing and employment services and benefits, was subject to a hostile takeover, a highly unusual occurrence in Japan.

Significant contributors and detractors from performance

The largest contributors to returns over the six months ended 31st March 2024 were all rated (by us) as Quality companies and included Tokyo Electron, where demand for semiconductor production equipment led to strong earnings. Shin-Etsu Chemical, the world's leader producer of silicon wafers and PVC, was another key contributor. Its good share price performance was driven by improving shareholder returns, although the company's balance sheet remains over-capitalised. ASICS, a leading brand of running shoes, has seen a major turnaround over recent years thanks to new management, and this has been reflected in rising earnings. Hitachi, a conglomerate that is a major supply of cabling for power grids amongst other businesses, has also seen earnings improve due to substantial changes within the company, including an increased focus on profitability and cash flow. We upgraded Hitachi's strategic classification from Standard to Quality over the period. Japan Exchange, a financial exchange operator, has benefited from the renewed investor interest in the Japanese market, which has lifted trading volumes.

The main detractors from performance over the review period included Nakanishi, the leading maker of dental equipment. This Quality-rated business has struggled following a recent acquisition. OBIC, a Quality-rated IT services business languished due to a lack of positive news flow. Our decision not to hold the carmaker, Toyota, a Standard-rated company, also hurt returns as the stock did well during the period. Earnings have been strong, driven by robust demand for its products, particularly hybrid vehicles, while yen weakness has boosted the yen value of foreign sales. However, we have avoided this stock as we think the valuation is high relative to other international vehicle manufacturers.

Portfolio activity

Corporate governance reforms, including business reorganisations, are increasing the number of companies we may, in future, deem to be Premium or Quality rated, and this has created many more opportunities for us to invest in the kind of businesses we favour. During the review period, we added five new stocks to the portfolio:

-     Softbank Group - The Group listed its Quality-rated subsidiary ARM, a chipmaker, in the US last year. This has greatly improved visibility regarding the value of the whole group, which in our assessment is trading at a wide, and appealing, discount to NAV;

-     Suzuki Motor - The company owns close to 60% of Quality-rated Maruti Suzuki, which occupies a very dominant position in India's car market. The discount to the value of this stake is wide. Additionally, the company is reviewing its shareholder return policy; and

-     Niterra -This business is the world's number one maker of spark plugs, which gives it excellent pricing power. Recurring revenues are also robust due to demand for replacements.

We also made smaller acquisitions of Sanrio, the owner of the Hello Kitty brand as well as other popular characters, and Megachips, a supplier to Nintendo that we bought on valuation grounds.

These purchases were funded by the sale of eleven stocks. The most significant of these disposals were Nippon Telegraph, a telecommunications company, T&D Holdings, an insurance company and Unicharm, a supplier of personal and household products. We used the proceeds of our sale of Nippon Telegraph, where earnings have been somewhat lacklustre, to fund the purchase of Softbank. We sold T&D Holdings as the investment case had, in our view, run its course once the company announced an improved capital allocation plan. We exited Unicharm due to intensifying competition in China and South-East Asia. As mentioned above, we sold Benefit One as it was subject to a takeover offer.

The net effect of these transactions was that turnover during the six-month period under review was 26% on an annualised basis, in line with its long-term average. On a geared basis, the portfolio's active share was 88% at the end of the review period, while gearing stood at 10.5%, as compared to 13.7% at the end of September 2023.

Outlook

After a strong performance in 2023, recent encouraging news flow about the economy and further corporate governance reforms, the global investment community's view on Japan is starting to change for the better. Several factors justify this more optimistic assessment and bode well for the market's medium to longer term prospects.

Firstly, global investors remain mostly underweight Japanese equities, so there is still significant scope for improved market sentiment to translate into foreign investor inflows, especially since the market, while not cheap, still offers relatively good value. At the end of February 2024, it was priced at 16.1x earnings on a forward price to earnings basis and at 1.5x book value (in trailing price to book terms). Japanese investors are also showing greater interest in their domestic market.

For foreign investors, the currency is a key consideration. The yen continues to weaken, and it is difficult to know when this trend will reverse. However, the currency is approaching its lowest level against the pound in nine years; it is at a 34-year low versus the USD; and with the BoJ beginning to raise rates, it is possible the currency may begin to stabilise soon. Any reversal would clearly be beneficial for GBP-based investors.

A much more profound transformation is also underway across the Japanese economy, generating exciting investment opportunities capable of flourishing regardless of the near-term economic environment. Japan is at a very early stage of digitalisation compared to the rest of the world, and this, combined with the trend towards industrial automation, has the potential to help drive significant growth and/or productivity gains over the medium term. Demographic changes, developments in medical technology and the transition to renewable energy are also contributing to rapid structural change - an ideal environment for the dynamic, quality businesses we want to own.

There are also signs of change in Japan's labour market. Increasing wages is one indicator of the extremely tight conditions in this market, and the supply of labour is set to contract further as the country's aging workforce retires. However, this situation has one major potential upside. Traditionally, Japan's labour market has been characterised by a rigid and stultifying 'jobs for life' mentality. But there are now signs that the high demand for labour is making workers bolder in their employment choices, with many more inclined to change jobs in pursuit of higher income. If this trend gains further traction, the resulting improvement in labour market flexibility would have a favourable effect on overall productivity and the long-term future of Japan's corporate sector.

However, in our view, the most important positive influence on the outlook for Japanese equities remains the ongoing reform of the corporate sector. There has been significant progress to date, and, with the encouragement of the government, regulators, and shareholders, Japanese companies are adopting ever higher standards of independence and transparency and implementing best practices in their capital allocation decisions. Shareholder returns are benefiting from share buybacks and higher dividends, and we expect dividend payout ratios to continue to rise. As we discussed in the Company's Annual Report, we see potential for these developments to lift the whole market, including the Company's holdings, to a higher valuation.

This combination of improving economic fundamentals, structural transformation, and corporate governance reforms, should help sustain and encourage investors' appetite for Japan stocks after their long absence from this market. These developments also form the basis of our optimism regarding the market and leave us confident about the long-term prospects of the portfolio's holdings and its ability to deliver capital growth to shareholders over the long term.

Thank you for your ongoing support.

Nicholas Weindling

Miyako Urabe

Investment Managers                                                                                                                          

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half year report.

Principal and Emerging Risks and Uncertainties

The Directors confirm that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of JPMF, the Audit & Risk Committee has drawn up a risk matrix, which identifies the key risks to the Company. These are reviewed and noted by the Board. The Board believes that the principal and emerging risks and uncertainties faced by the Company fall into the following broad categories:

•      Market and Economic Risks - including currency; global inflation and global recession.

•      Trust Specific Risks - including underperformance; widening discount; loss of investment team or investment manager; outsourcing; cyber crime; loss of investment trust status; statutory and regulatory compliance.

•      Geopolitical Risks - including climate change; natural disasters; social dislocation & conflict.

As part of the review, the Board believes that the risk related to Geopolitical uncertainty has increased and the risk related to inflation has decreased. Information on each of these areas is given on pages 41 to 44 of the Strategic Report within the Annual Report and Financial Statements for the year ended 30th September 2023.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

Going Concern

In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern.

The Board has, in particular, considered the impact of heightened market volatility since the Russian invasion of Ukraine, the persistent inflationary environment, rising interest rates and other geopolitical risks, and does not believe the Company's going concern status is affected. The Company's assets, the vast majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly under all stress test scenarios reviewed by the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. Furthermore, the Company's key third party suppliers, including its Manager are not experiencing any operational difficulties which would adversely affect their services to the Company.

Accordingly, having assessed the principal and emerging risks and other matters, the Directors believe that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half yearly financial report.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i)    the condensed set of financial statements contained within the interim financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of the affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st March 2024, as required by the UK Listing Authority Disclosure Guidance and Transparency Rule ('DTR') 4.2.4R; and

(ii)   the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

•      select suitable accounting policies and then apply them consistently;

•      make judgements and accounting estimates that are reasonable and prudent;

•      state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•      prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;

and the Directors confirm that they have done so.

For and on behalf of the Board

Stephen Cohen

Chairman                                                                                                                                             

Condensed Statement of Comprehensive Income

¹     Includes foreign currency gains or losses on investments.

²     Foreign currency gains are due to Yen denominated loan notes and bank loans.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.

The net return after taxation represents the profit for the period and also the total comprehensive income.

CONDENSED STATEMENT OF CHANGES IN EQUITY

¹     In accordance with the Company's Articles of Association and with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006, the Capital reserves may be used as distributable profits for all purposes and, in particular, the repurchase by the Company of its ordinary shares and for payments of dividends.

      As at 31st March 2024, the £632,644,000 Capital reserves are made up of net gains on the sale of investments of £341,519,000, a gain on the revaluation of investments still held of £256,036,000 and an exchange gain on the foreign currency loans of £35,089,000. The £35,089,000 of Capital reserves, arising on the exchange gain on the foreign currency loan, is not distributable. The remaining amount of Capital reserves totalling £597,555,000 is subject to fair value movements, may not be readily realisable at short notice and as such may not be entirely distributable.

      The Capital redemption reserve is not distributable under the Companies Act 2006.

      The Other reserve of £166,791,000 was created during the year ended 30th September 1999, following a cancellation of the share premium account, and forms part of the Company's distributable reserves.

      The investments are subject to financial risks, as such Capital reserves (arising on investments sold) and Revenue reserve may not be entirely distributable if a loss occurred during the realisation of these investments.

CONDENSED STATEMENT OF FINANCIAL POSITION

CONDENSED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st March 2024

1.       Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditor.

The information contained within the financial statements in this half year report does not constitute statutory accounts as defined by sections 434 and 436 of the Companies Act 2006 and has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 30th September 2023 are extracted from the latest published financial statements of the Company. The financial statements for the year ended 30th September 2023 have been delivered to the Registrar of Companies including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2.       Accounting policies

The condensed financial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') including 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.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st March 2024.

All of the Company's operations are of a continuing nature.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th September 2023.

3.       Return per share

4.       Dividends paid

All dividends paid in the period have been funded from the revenue reserve (2023: same).

No interim dividend has been declared in respect of the six months ended 31st March 2024 (2023: nil).

5.            Net asset value per share

6.       Fair valuation of instruments

The fair value hierarchy disclosures required by FRS 102 are given below:

7.       Analysis of Changes in Net Debt

JPMORGAN FUNDS LIMITED

30 May 2024

For further information, please contact:

Priyanka Vijay Anand

For and on behalf of

JPMorgan Funds Limited -0 Company Secretary

020 7742 4000

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

ENDS

A copy of the 2024 Half Year Report will be submitted to the National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The 2024 Half Year Report will also be available shortly on the Company's website at www.jpmjapanese.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.