It was a good month for performance, with a NAV return of 5.5%, aided modestly by a 0.9% strengthening of the Yen. Over the month our companies finished reporting results for the quarter ending June 2021. On a trailing twelve-month basis, profits are now +6% above where they were pre-COVID, while those of the MSCI Japan Small Cap index are -4% lower. Profits for the last quarter alone grew +53% YoY, albeit with an easy comparison – solidifying the strong recovery.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’