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TABLE OF CONTENTS

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JFJ
JPMORGAN JAPANESE INVESTMENT TRUST PLC– ORD

* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
593.67p
Discount / premium
As of 07/03/2024
-8.03%
Share price
As of 07/03/2024
546.00p
Total assets
As of 07/03/2024
GBP 968.21 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

JFJ
JPMorgan Japanese Investment Trust plc– ORD

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

KEY INFORMATION

Total dividend for last financial year 6.50p
Potential gearing range-5% to 20%
Actual gearing
As of 07/03/202411.81%
Company Broker(s)Investec Bank Plc
SEDOL0174002
ISINGB0001740025
BloombergJFJ LN
ReutersJFJ.L
Asset classEquity
RegionPacific
Share class currencyGBP
Share class inception02/08/1927
BenchmarkTOPIX (Total Return Net)
ESG Approach ESG Integrated

JPMORGAN JAPANESE INVESTMENT TRUST PLC

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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Nicholas Weindling, Portfolio Manager, provides an insight into the JPMorgan
Japanese Investment Trust. Watch the video to learn more about the trust and
investments in Japanese equities.

REAL CHANGE ON THE GROUND

JPMorgan Japanese Investment Trust seeks to tap into the long-term story of
Japan’s structural economic transformation. The Company’s portfolio managers say
this could be the most exciting time in the Japanese market for past 20 years.

Read the article

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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Nicholas Weindling, Portfolio Manager, provides an insight into the JPMorgan
Japanese Investment Trust. Watch the video to learn more about the trust and
investments in Japanese equities.

WHY INVEST IN THIS TRUST?

Be at the Heart of Change in Japan

The Company seeks to tap into the long-term story of Japan’s structural economic
transformation by investing in high-quality innovative companies in sectors such
as robotics, materials, healthcare, e-commerce and business services, as well as
companies transitioning to more capital efficient business models.

Local Insight, Global Strength

The Company, one of the largest and oldest closed-end funds focused on Japanese
equities, is managed locally and supported by a team of over 25 specialist
investment professionals in Tokyo. This significant on-the-ground presence
provides the essential insight needed to discover new opportunities in an
under-researched market. The Investment Managers also draw on JPMorgan Asset
Management’s (‘JPMAM’) global team of analysts.

High Quality Growth Companies held for the Long Term

The Company is managed with an unconstrained investment approach to deliver a
high conviction, high-quality and growth-focused portfolio, investing in
companies of all sizes. The Investment Managers back innovative Japanese
companies that are, or may become, world-leading in high-growth industries,
including robotics, e-commerce, fintech and computer gaming. The Investment
Managers seek out companies with strong franchises, balance sheets and cash-flow
generation, which have the potential to compound earnings over the long term.

Attractive Results over the Long Term

The Company provides investors a portfolio of Japanese companies that the
Investment Managers believe offer the most attractive opportunities for
excellent long-term performance.

Marketing communications email sign up >

INVESTMENT OBJECTIVE

The Company seeks capital growth from a portfolio of investments in Japanese
companies. As the emphasis is on capital growth rather than income, shareholders
should expect the dividend to vary from year to year. The Company has the
ability to use gearing to increase potential returns to shareholders. The
gearing policy is to operate within the range of 5% net cash to 20% geared, in
normal market conditions. Gearing may magnify gains or losses experienced by the
Company.

ANNUAL GENERAL MEETING PRESENTATION

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Watch our latest Annual General Meeting fund manager presentation

PORTFOLIO MANAGERS

Nicholas Weindling

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

Miyako Urabe

16 YEARS
In the industry
11 YEARS
With J.P. Morgan
4 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 and income 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 may also invest 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 announcedMay
Final results announcedNovember
Annual general meetingDecember
Financial year-end date30 September
Dividends payableDecember

BOARD OF DIRECTORS

Stephen Cohen
Sally Macdonald
George Olcott
Anna Dingley
Sally Duckworth
Lord Jonathan Kestenbaum

KEY INFORMATION

PERFORMANCE

Benchmark
TOPIX (Total Return Net)
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
price23.62%60.92%-8.30%-30.50%9.03%NAV26.24%45.25%-5.91%-27.89%12.32%Benchmark14.21%9.14%1.69%-4.54%12.83%

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price2.75%14.80%6.32%-24.69%42.03%144.56%NAV3.15%14.97%9.36%-17.60%42.94%138.31%Benchmark4.09%11.92%13.45%15.87%38.77%127.85%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price-9.02%7.27%9.36%NAV-6.25%7.41%9.07%Benchmark5.03%6.77%8.58%

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.
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.
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.
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.
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 and in line
with consensus. The BoJ has maintained its commitment to stabilising
inflation with an increased optimism on achieving the target.
* The portfolio underperformed the benchmark over the month, with stock
selection detracting, which was offset by a slight contribution from sector
allocation.
* Overweight positions in OBIC (enterprise software company) and Shin-Etsu
Chemical (chemicals and semiconductor wafer) were among the top detractors.
OBIC fell as order data was slightly weaker than consensus. However, the
company reported business results in line with consensus on most parameters
and announced an increase in dividend payments. Shin-Etsu Chemical fell on
profit booking after a period of recent outperformance.
* On the other hand, overweight positions in Itochu (a major trading company)
and Hitachi (industrials) were among the top contributors. While the share
price of Itochu rose on no particular newsflow, the share price of Tokio
Marine rose in line with other rate-sensitive names in the market, as well as
expectations of a non-significant impact on the company from the Fair Trade
Commission.

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 and should help end Japan’s long
period of damaging and seemingly intractable deflation while having a
positive impact on consumption and the overall economy. The BoJ is expected
to welcome these developments, as by its estimates, Japan is only in the
early stages of wage-driven inflation.
* 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 remained 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)
0.74%
Annual management fee
0.65% Net Assets to £465m,0.485% Net Assets between £465m and £930m, 0.40% Net
Assets above £930m
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)5.00p5.10p5.30p6.20p6.50p

GROWTH OF HYPOTHETICAL INVESTMENT

Date range
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Last 1 year
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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
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2017
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To

January
February
March
April
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November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
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Initial amount

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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 Annual Report
* 2023 Half Year Report
* 2022 Annual Report
* 2022 Half Year Report
* 2021 Annual Report
* 2021 Half Year Report
* 2020 Annual Report
* 2020 Half Year Report

* 2019 Annual Report
* 2019 Half Year Report
* 2018 Annual Report
* 2018 Half Year Report
* 2017 Annual Report
* 2017 Half Year Report
* 2016 Annual Report
* 2016 Half Year Report

* 2015 Annual Report
* 2014 Annual Report
* 2014/15 Half Year Report
* 2013 Annual Report
* 2012 Annual Report
* 2012/13 Half Year Report
* 2012 Half Year Report
* 2011 Annual Report

* 2011 Half Year Report
* 2010 Annual Report
* 2010 Half Year Report
* 2009 Annual Report
* 2009 Half Year Report

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - Japanese Investment Trust

* PRIIP KID - JPM Japanese IT - Ordinary

Annual General Meeting and General / Class meeting
* AGM Presentation 2024

* AGM Result of Poll 11th January 2024

Trust information
* Factsheet
* Complete NAV summary (updated monthly)
* AIFMD Remuneration Disclosure

* Shareholder Circular
* Change of Auditors Letter

Committee terms of reference
* Audit Committee
* Nomination Committee

* Remuneration Committee
* Management Engagement Committee

Research
* Kepler Investment Research

* Quoted Data

This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
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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