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The report outlines its objective of delivering capital growth via a diversified exposure to Japanese listed companies, details gearing, dividend, capital structure, and share issuance/buyback authority, and explains listing, benchmark measurement against TOPIX, and foreign exchange risk. It also highlights key features and awards 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is the company’s investment objective in this report?","Question",{"text":109,"@type":110},"The objective is to deliver capital growth to shareholders by investing in Japanese companies and related instruments that provide exposure to Japan.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does the report describe the gearing policy?",{"text":114,"@type":110},"The Board sets a gearing range of 5% net cash to 20% geared under normal market conditions, using long-term borrowings and potentially CFDs to increase returns.",{"name":116,"@type":107,"acceptedAnswer":117},"Which benchmark does the report use to measure performance?",{"text":118,"@type":110},"Performance is measured against the Tokyo Stock Exchange Index (TOPIX), with net dividends reinvested and results expressed in sterling terms.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},563740,1792011649,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":60,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},8796093062539,"JPMorgan Japanese Investment Trust plc  \nInvest in the Heart of a Changing Japan  \nAnnual Report and Financial Statements for the year ended 30th September 2025  \nContents  \nJPMorgan Japanese Investment Trust plc (‘JFJ’ or the ‘Company’) Annual Report & Financial Statements for the year ended 30th September 2025  \nKey Features 3  \nMeet the Portfolio Managers 5  \nFinancial Highlights 6  \n\n| Strategic Report |  |\n| --- | --- |\n| Chairman’s Statement | 9 |\n| Investment Manager’s Report | 12 |\n| Manager’s Investment Process | 19 |\n| Manager’s Approach to ESG | 21 |\n| Ten Largest Investments | 24 |\n| Portfolio Information | 26 |\n| Ten-Year Record | 29 |\n| Business Review | 31 |\n| Duty to Promote the Success of the Company | 34 |\n| Principal and Emerging Risks | 40 |\n| Long-Term Viability | 43 |\n| Governance |  |\n| Board of Directors | 45 |\n| Directors’ Report | 48 |\n| Directors’ Remuneration Report | 51 |\n| Corporate Governance Statement | 54 |\n| Audit & Risk Committee Report | 62 |\n| Statement of Directors’ Responsibilities | 64 |\n| Independent Auditor’s Report | 66 |\n| Financial Statements |  |\n| Statement of Comprehensive Income | 75 |\n| Statement of Changes in Equity | 76 |\n| Statement of Financial Position | 77 |\n| Statement of Cash Flows | 78 |\n| Notes to the Financial Statements | 79 |\n| Regulatory Disclosures (Unaudited) |  |\n| Alternative Investment Fund Managers Directive (‘AIFMD’)\u003Cbr>Disclosures (Unaudited) | 101 |\n| Securities Financing Transactions Regulation (‘SFTR’)\u003Cbr>Disclosure (Unaudited) | 102 |\n| Shareholder Information |  |\n| Notice of Annual General Meeting | 105 |\n| Glossary of Terms and Alternative Performance Measures (Unaudited) | 109 |\n| How to invest in JPMorgan Japanese Investment Trust plc | 113 |\n| Share Fraud Warning | 114 |\n| Information About the Company | 115 |\n\n2025 Financial Calendar  \nFinancial year end  \nHalf year end  \nFinal results announced Annual General Meeting Final dividend paid  \nHalf year results announced  \n30th Sep 31st Mar  \nDec  \nJan  \nFeb  \nJune  \n\n| Website\u003Cbr>[Visit](Visit www.jpmjapanese.co.uk for useful)[ ](Visit www.jpmjapanese.co.uk for useful)[www.jpmjapanese.co.uk](Visit www.jpmjapanese.co.uk for useful)[ for useful](Visit www.jpmjapanese.co.uk for useful)[ ](Visit www.jpmjapanese.co.uk for useful)information such as daily prices, factsheets and current and historic half year and annual reports. |\n| --- |\n| Stay informed: receive the latest JFJ newsletter\u003Cbr>Sign up to receive regular email updates and relevant news and views directly to your inbox. Scan the QR code below on your smartphone or tablet camera or opt in via [https://web.gim.jpmorgan.com/emea_](https://web.gim.jpmorgan.com/emea_) |\n| investment_trust_subscription/welcom |\n| e?targetFund=JFJ\u003Cbr>|\n| Contact JFJ\u003Cbr>General enquiries about JFJ should be directed to the Company Secretary at [jpmam.investment.trusts@jpmorgan.com](jpmam.investment.trusts@jpmorgan.com) |\n\n2 JPMorgan Japanese Investment Trust plc – Annual Report & Financial Statements 2025  \nKey Features  \nIntroduction  \nThe Company was formed in 1927 as The Capital & National Trust Limited. It was a general investment trust until 1982, when its shareholders approved a change of name to The Fleming Japanese Investment Trust plc and the adoption of a policy of specialising in investment in Japan. The Company adopted its current name in December 2006. It is a constituent of the FTSE 250 Index.  \nInvestment Policy and Objective  \nThe Company’s objective is to deliver capital growth to shareholders through investment in Japanese companies. To achieve this goal and manage risk, the Company invests in a diversified portfolio of listed Japanese companies or insecurities that offer exposure to Japan.  \nGearing Policy  \nThe Board determines the Company’s capital structure and gearing policy withinput from the Manager. The Board’s gearing policy is that the Company will remain invested in the range of 5% net cash to 20% geared, under normal market conditions. T","cbCait8VYXkgoSKE","https://ap.wps.com/l/cbCait8VYXkgoSKE","pdf",4650114,117,"English","# Key Features\n## Introduction\n## Investment Policy and Objective\n## Gearing Policy\n## Dividend Policy\n## Capital Structure\n## Listing and Benchmark\n## Share Issuance and Buyback Policy\n## Recognition and Awards – 2025","[{\"question\":\"What is the company’s investment objective in this report?\",\"answer\":\"The objective is to deliver capital growth to shareholders by investing in Japanese companies and related instruments that provide exposure to Japan.\"},{\"question\":\"How does the report describe the gearing policy?\",\"answer\":\"The Board sets a gearing range of 5% net cash to 20% geared under normal market conditions, using long-term borrowings and potentially CFDs to increase returns.\"},{\"question\":\"Which benchmark does the report use to measure performance?\",\"answer\":\"Performance is measured against the Tokyo Stock Exchange Index (TOPIX), with net dividends reinvested and results expressed in sterling terms.\"}]","JPMorgan Japanese Investment Trust plc - Annual Report and Financial Statements 2025 | PDF",1791838048,41]