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JSGI
JPMORGAN JAPAN SMALL CAP GROWTH & INCOME PLC– ORD

* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
359.36p
Discount / premium
As of 07/03/2024
-12.07%
Share price
As of 07/03/2024
316.00p
Total assets
As of 07/03/2024
GBP 212.18 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

JSGI
JPMorgan Japan Small Cap Growth & Income plc– ORD

* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

KEY INFORMATION

Total dividend for last financial year 14.20p
Potential gearing range-10% to 25%
Actual gearing
As of 07/03/20245.33%
Company Broker(s)Cavendish
SEDOL0316581
ISINGB0003165817
BloombergJSGI LN
ReutersJSGI.L
Asset classEquity
RegionPacific
Share class currencyGBP
Share class inception11/04/2000
BenchmarkMSCI JAPAN SMALL CAP Net Return in GBP
ESG Approach ESG Integrated

TARGETING INCOME WITHOUT COMPROMISING ON JAPANESE GROWTH OPPORTUNITIES

INVESTING IN JAPAN: TIME TO RESET EXPECTATIONS

Expectations are on the rise for Japan’s economy and its companies. Investor
allocations and equity could be next.

Read the article

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Miyako Urabe, Portfolio Manager, provides an insight into the JPMorgan Small Cap
Growth & Income investment trust. Watch the video to learn more about the trust
and investment in small and medium cap Japanese equities.

INVESTING IN JAPAN: TIME TO RESET EXPECTATIONS

Expectations are on the rise for Japan’s economy and its companies. Investor
allocations and equity could be next.

Read the article

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OVERVIEW

Targeting income without compromising on Japanese growth opportunities JPMorgan
Japan Small Cap Growth & Income plc gives investors access to a diverse and
fast growing sector managed by local managers. The Trust also offers a regular
quarterly income without compromising on Japanese growth opportunities, by
paying a higher dividend funded part by capital reserves as well as revenue
returns.

Key points

* Expertise:

- Managed by a local team offering on-the-ground expertise and in-depth
knowledge of local markets in what is a very under-researched market.

- Approximately 2,000 Japanese company visits made each year by the local
team.

* Portfolio:

- Smaller companies in Japan is a diverse sector with strong growth
potential, serving both local and global market needs.

- Team focuses on good quality businesses with improved governance
structures and opportunity for re-rating.

* Results: Access to a fast growing under researched market, with focus on
businesses that reinvest to provide higher growth potential.

Why invest in this trust

JPMorgan Japan Small Cap Growth & Income plc provides access to the innovative
and fast growing smaller stocks that are at the core of the Japanese economy.
Investors benefit from a stock selection process based on extensive experience
and local knowledge.

Marketing communications email sign up >

INVESTMENT OBJECTIVE

The Company aims to achieve long-term capital growth through investment in small
and medium-sized Japanese companies. Investment is permitted in Japanese quoted
companies other than the largest 200 measured by market capitalisation, Japanese
domiciled unquoted companies, Japanese domiciled companies quoted on a
non-Japanese stock exchange and non-Japanese domiciled companies which have at
least 75% of their revenues derived from Japan. Investment is also permitted in
UK and Japanese government bonds. The Company has the ability to use borrowing
to gear the portfolio and its current policy is to operate within the range of
5% net cash to 15% geared in normal market conditions. Gearing may magnify gains
or losses experienced by the Company. The Company pays quarterly dividends
equivalent to 1% of its net asset value, set on the last business day of each
financial quarter.

ANNUAL GENERAL MEETING 2023 PRESENTATION

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Watch our latest Annual General Meeting fund manager presentation

PORTFOLIO MANAGERS

Miyako Urabe

16 YEARS
In the industry
11 YEARS
With J.P. Morgan
2 YEARS
Managing this fund

Xuming Tao

11 YEARS
In the industry
5 YEARS
With J.P. Morgan
2 YEARS
Managing this fund

Naohiro Ozawa

18 YEARS
In the industry
16 YEARS
With J.P. Morgan
5 YEARS
Managing this fund

HOW TO INVEST

The following are third party providers that you can use to invest in our range
of products.
You can invest via third party providers or by contacting a professional
advisor. You should, of course, only consider investments that are right for
you. If you are in any doubt about the suitability of an investment, please
speak to an independent financial advisor.

The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line
with Financial Conduct Authority (FCA) rules set out in the Consumer Duty
regulation. The Assessment focuses on the nature of the product, including
benefits received and its quality, limitations that are part of the product,
expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the
trust (against both benchmark and peers), total fees (including management fees
and entry and exit fees as applicable to the Trust), and also considers whether
vulnerable consumers are able to receive fair value from the product.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.
The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.

RISK PROFILE

* Exchange rate movements between the pricing currency of the underlying
overseas investments held by the Company and sterling (the base currency of
the Company) can cause the Company’s NAV (in sterling terms) to go up as well
as down. For example, if sterling appreciates relative to Japanese yen, the
value of the NAV in sterling terms will be negatively impacted; if sterling
depreciates, the value of the NAV in sterling terms will be positively
impacted.
* External factors may cause an entire asset class to decline in value. Prices
and values of all shares or all bonds could decline at the same time, or
fluctuate in response to the performance of individual companies and general
market conditions.
* This Company may utilise gearing (borrowing) which will exaggerate market
movements both up and down.
* This Company invests in smaller companies which may increase its risk
profile.
* The share price may trade at a discount to the Net Asset Value of the
Company.
* The single market in which the Company primarily invests, in this case Japan,
may be subject to particular political and economic risks and, as a result,
the Company may be more volatile than more broadly diversified companies.

FINANCIAL CALENDAR

Interim results announcedNovember
Final results announcedJune
Annual general meetingJuly/August
Financial year-end date31 March
Dividends payableFebruary, June, August and November

BOARD OF DIRECTORS

Alexa Henderson
Thomas Walker
Deborah Guthrie
Martin Shenfield

KEY INFORMATION

PERFORMANCE

Benchmark
MSCI JAPAN SMALL CAP Net Return in GBP
Quarterly rolling 12 months
As of 31/12/2023
Cumulative
As of 31/01/2024
Annualised
As of 31/01/2024

PERFORMANCE - QUARTERLY ROLLING

2018/20192019/20202020/20212021/20222022/2023Share
price35.79%43.45%-16.63%-29.48%1.58%NAV26.59%29.38%-11.49%-25.29%4.60%Benchmark14.19%1.59%-2.28%-0.97%6.94%

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price1.99%7.65%1.20%-32.76%13.32%111.38%NAV0.70%9.23%2.72%-28.25%10.49%102.35%Benchmark0.59%7.27%5.90%6.14%19.15%108.16%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price-12.39%2.53%7.77%NAV-10.48%2.01%7.30%Benchmark2.00%3.57%7.61%

Past performance is not a reliable indicator of current and future results.
Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance
(NAV) data has been calculated on a NAV to NAV basis, including ongoing charges
and any applicable fees, with any income reinvested, in GBP.
NAV is the cum income NAV with debt at fair value, diluted for treasury and/or
subscription shares if applicable, with any income reinvested. Share price
performance figures are calculated on a mid market basis in GBP with income
reinvested on the ex-dividend date. The performance of the company's portfolio,
or NAV performance, is not the same as share price performance and shareholders
may not realise returns which are the same as NAV performance.
Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related
to compiling, computing or creating the MSCI data makes any express or implied
warranties or representations with respect to such data (or the results to be
obtained by the use thereof), and all such parties hereby expressly disclaim all
warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any
of the foregoing, in no event shall MSCI, any of its affiliates or any third
party involved, in or related to compiling, computing, or creating the data have
any liability for any direct, indirect, special, punitive, consequential or any
other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is
permitted without MSCI's express written consent.
Comparison of the Company's performance is made with the benchmark. The
benchmark is a recognised index of stocks which should not be taken as wholly
representative of the Company's investment universe. The Company's investment
strategy does not follow or track this index and therefore there may be a degree
of divergence between its performance and that of the Company.
Prior to 01/04/21 the benchmark was S&P Japan Small Cap Net Return Index.
Indices do not include fees or operating expenses and you cannot invest in them.
Past performance is not a reliable indicator of current and future results.
Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance
(NAV) data has been calculated on a NAV to NAV basis, including ongoing charges
and any applicable fees, with any income reinvested, in GBP.
NAV is the cum income NAV with debt at fair value, diluted for treasury and/or
subscription shares if applicable, with any income reinvested. Share price
performance figures are calculated on a mid market basis in GBP with income
reinvested on the ex-dividend date. The performance of the company's portfolio,
or NAV performance, is not the same as share price performance and shareholders
may not realise returns which are the same as NAV performance.
Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related
to compiling, computing or creating the MSCI data makes any express or implied
warranties or representations with respect to such data (or the results to be
obtained by the use thereof), and all such parties hereby expressly disclaim all
warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any
of the foregoing, in no event shall MSCI, any of its affiliates or any third
party involved, in or related to compiling, computing, or creating the data have
any liability for any direct, indirect, special, punitive, consequential or any
other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is
permitted without MSCI's express written consent.
Comparison of the Company's performance is made with the benchmark. The
benchmark is a recognised index of stocks which should not be taken as wholly
representative of the Company's investment universe. The Company's investment
strategy does not follow or track this index and therefore there may be a degree
of divergence between its performance and that of the Company.
Prior to 01/04/21 the benchmark was S&P Japan Small Cap Net Return Index.
Indices do not include fees or operating expenses and you cannot invest in them.

MONTH IN REVIEW

As of 31/01/2024
* News of strong data in the US decreased the likelihood of rate cuts by the US
Federal Reserve, which led the TOPIX Index to rally by 7.8% in Japanese yen
terms. In terms of style tilts, value outperformed growth. At its January
meeting, the Bank of Japan (BoJ) kept the policy rates unchanged in line with
consensus. The BoJ has maintained its commitment to stabilise inflation with
an increased optimism on achieving the target. Shunto wage hike negotiations
started over the month, with negotiators pushing for positive real wage
growth and increases to be persistent.
* The trust performed in line with the benchmark over the month, with both
sector allocation and stock selection contributing mildly to performance. At
the stock level, overweight positions in Lifedrink (nonalcoholic beverages)
and Genky Drugstores (convenience stores) were among the top contributors to
performance. The share price of Lifedrink rose on results, which were ahead
of expectations. The share price of Genky Drugstores rose on expectations
that the aggressively priced products of the company would help performance
in an inflationary environment.
* On the other hand, overweight positions in Warabeya Nichiyo (packaged meals)
and Infomart Corporation (business process software) were among the top
detractors. The share price of Warabeya Nichiyo fell due to increasing
competition from larger peers having an impact on the outlook for the
business. The share price of Infomart Corporation fell on concerns of a
potential slowdown in their invoicing business after a strong performance
over the previous year.

LOOKING AHEAD

As of 31/01/2024
* A structurally tight labour market is expected to support the nascent
positive trends in wage growth. Wage growth, currently driven primarily by
large corporates, is expected to persist. This should help end Japan’s long
period of damaging and seemingly intractable deflation and have a positive
impact on consumption and the overall economy.
* Structural improvements in corporate governance and balance sheet management
witnessed over 2023, are expected to continue providing a solid tailwind for
stock selectors identifying companies starting to change. The Tokyo Stock
Exchange, which has been encouraging Japanese companies to improve their
capital allocation, recently released a list of companies, accounting for 40%
of the Prime section, who have created plans to improve their capital
efficiency.
* We believe it is more important than ever to focus on companies with solid
balance sheets that have the flexibility to cope with any macroeconomic
environment and where earnings are structurally growing.
* In our view, the combination of structural changes taking place in the
Japanese corporate sector, combined with the country’s political stability,
offers attractive investment opportunities for investors. As of the end of
January, valuations in Japan remain reasonable, trading at 15.8x price to
1-year forward earnings and 1.4x price-to-book ratio.

FEES

Ongoing charge (including the annual management fee detailed below)
1.19%
Annual management fee
1.00% on Net Assets up to £150m and 0.75% on Net Assets above £150m
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.

DIVIDEND HISTORY

20192020202120222023Total dividend per share (p)18.00p17.70p21.90p20.30p14.20p

GROWTH OF HYPOTHETICAL INVESTMENT

Date range
Last 5 years
Last 1 year
Last 3 years
Last 5 years
Last 10 years
Last 15 years
Custom date range
From

Performance inception: June, 2008
January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
To

January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Initial amount

Regular savings amount

Frequency
Monthly
Quarterly
GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000GBP 20,000GBP
22,000Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24
GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000GBP 20,000GBP
22,000Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24

NAV

Share Price

Benchmark
DOWNLOAD CHART DATA
Approximate value of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate percent of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.

MONTH IN REVIEW

LOOKING AHEAD

DOCUMENTS

Reports and accounts
* 2023 Half Year Report
* 2023 Annual Report
* 2022 Half Year Report
* 2022 Annual Report
* 2021 Half Year Report
* 2021 Annual Report
* 2020 Half Year Report
* 2020 Annual Report

* 2017 Half Year Report
* 2019 Annual Report
* 2018 Annual Report
* 2011 Annual Report
* 2018 Half Year Report
* 2014 Annual Report
* 2010 Half Year Report
* 2017 Annual Report

* 2016 Annual Report
* 2012 Half Year Report
* 2015 Half Year Report
* 2013/14 Half Year Report
* 2011 Half Year Report
* 2016 Half Year Report
* 2009 Half Year Report
* 2009 Annual Report

* 2019 Half Year Report
* 2015 Annual Report
* 2013 Annual Report
* 2010 Annual Report
* 2012 Annual Report
* 2014/15 Half Year Report

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - Japan Small Cap Growth & Income

* PRIIP KID - Japan Small Cap Growth & Income plc - Ordinary Shares

Annual General Meeting and General / Class meeting
* AGM Presentation 2023
* AGM Poll Result 2023

* AGM Poll Result - 27 July 2022

Trust information
* Factsheet
* Complete NAV summary (updated monthly)
* Prospectus Announcement - Bonus Issue of Subscription Shares

* AIFMD Remuneration Disclosure
* Change of Auditors Letter

Committee terms of reference
* Audit Committee

* Nomination Committee

ESG Information
* UK TCFD Product Report

* ESG Fund Report

This is a marketing communication and as such the views contained herein do not
form part of an offer, nor are they to be taken as advice or a recommendation,
to buy or sell any investment or interest thereto. Reliance upon information in
this material is at the sole discretion of the reader. Any research in this
document has been obtained and may have been acted upon by J.P. Morgan Asset
Management for its own purpose. The results of such research are being made
available as additional information and do not necessarily reflect the views of
J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of
financial market trends or investment techniques and strategies expressed are
unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this
document. They are considered to be reliable at the time of writing, may not
necessarily be all inclusive and are not guaranteed as to accuracy. They may be
subject to change without reference or notification to you. It should be noted
that the value of investments and the income from them may fluctuate in
accordance with market conditions and taxation agreements and investors may not
get back the full amount invested. Changes in exchange rates may have an adverse
effect on the value, price or income of the products or underlying overseas
investments. Past performance and yield are not reliable indicators of current
and future results. There is no guarantee that any forecast made will come to
pass. Furthermore, whilst it is the intention to achieve the investment
objective of the investment products, there can be no assurance that those
objectives will be met. J.P. Morgan Asset Management is the brand name for the
asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
To the extent permitted by applicable law, we may record telephone calls and
monitor electronic communications to comply with our legal and regulatory
obligations and internal policies. Personal data will be collected, stored and
processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy
Policy.
Investment is subject to documentation. The Annual Reports and Financial
Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key
Information Document can be obtained free of charge in English from JPMorgan
Funds Limited or at www.jpmam.co.uk/investmenttrust.
This communication is issued by JPMorgan Asset Management (UK) Limited, which is
authorised and regulated in the UK by the Financial Conduct Authority.
Registered in England No: 01161446. Registered address: 25 Bank Street, Canary
Wharf, London E14 5JP.

J.P. Morgan Asset Management

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