JPMorgan Japanese Investment Trust · LSE:JFJ
JPMorgan Japanese Investment Trust — Investor Presentation (January 2026)
17 slides from JPMorgan Japanese Investment Trust's investor presentation, January 2026
Slide 1: JPMorgan Japanese Investment Trust plc
JPMorgan Japanese Investment Trust plc Invest in the heart of a changing Japan January 2026 Nicholas Weindling, Portfolio Manager This is a marketing communication. Please refer to the legal documents and the KID before making any final investment decisions. For Professional Clients and Qualified In
Slide 2: Focus on corporate earnings, not economic growth
Japan Focus on corporate earnings, not economic growth TOPIX EPS, S&P 500 EPS, Japan nominal GDP CY 2010 – CY 2027(forecast) (Index, CY 2010=100) 400 TOPIX S&P500 MSCI Europe Japan Nominal GDP 350 300 250 200 150 100 50 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 3: Our edge is thinking long term in an under-researched Japanese market
Our edge is thinking long term in an under-researched Japanese market Stock coverage by sell-side analysts 0 1-2 3+ 100% 90% 80% 41% 70% 58% 67% 60% 89% 93% 50% 100% 24% 40% 20% 30% 20% 29% 35% 10% 22% 8% 6% 0% 4% 4% 0% 1% Topix CDAX (Germany) FTSE All-Share (UK) SBF250 (France) S&P1500 (US) S&P500
Slide 4: Long runway for Japan's corporate governance improvement story
Japan Long runway for Japan’s corporate governance improvement story Governance ROE Margin Valuation High Quality Business Company Rationalization Balance Sheet ● Higher returns Improvement ● Focus on core business ● Strong moat ● Cost of capital management ● Optimize resources > Board Structure ● B
Slide 5: Tangible improvements seen in corporate governance
Japan Tangible improvements seen in corporate governance Annualized dividend growth since Announced buyback value (JPY tn) Number of TSE listed firms have been 2003 declining 1,100 CY2018 CY2019 CY2020 Change in number of total listed companies on Developed Markets the TSE CY2021 CY2022 CY2023 AC Eu
Slide 6: Greater evidence of a virtuous circle between prices and investments
Japan Greater evidence of a virtuous circle between prices and investments Japan Core inflation Individual Investors shifting from saving to investment 60 Cash & Deposit Equities & Investment trusts 5.0 Inflation ex Fresh Food and Energy y/y (%) 4.0 Household Financial Assets Flows (T JPY) 40 3.0 2.
Slide 7: One of the largest, dedicated Japanese equity teams, based on the ground
One of the largest, dedicated Japanese equity teams, based on the ground Portfolio managers Shoichi Mizusawa Head of Japanese Equities Team Exp: 32,28 Fundamental Growth Nicholas Weindling Naohiro Ozawa Miyako Urabe Michiko Sakai Xuming Tao Exp: 23,18 Exp: 19,7 Exp: 16,11 Exp: 15,11 Exp: 14,5 Core A
Slide 8: Investment process summary
Investment process summary Investable universe Is this a business we Strategic Classification EMAP Checklist want to invest in? Materiality Framework Is it at a price we are Expected Return willing to pay? Portfolio Design Portfolio ● Low turnover ● High level of active share ● Effective diversifica
Slide 9: Strategic classifications: Premium, Quality, Standard, Challenged
Strategic classifications: Premium, Quality, Standard, Challenged Understanding the business Economics Duration Governance Does the business create value Can this value creation How will governance impact for shareholders? be sustained? shareholder value? ● Sustainable return on capital ● Industry s
Slide 10: Performance
Performance JPMorgan Japanese Investment Trust plc. as of 30 September 2025 AUM JPMorgan Japanese Investment Trust plc GBP 1,205 m Annualised performance (%, GBP) 3 months YTD FYTD 1 Year 3 Years 5 Years 10 Years JPMorgan Japanese Investment Trust plc NAV * 8.53 18.41 25.05 25.05 18.82 3.88 11.41 JP
Slide 11: Performance
Performance JPMorgan Japanese Investment Trust plc. as of 31 December 2025 AUM JPMorgan Japanese Investment Trust plc GBP 1,182 m Annualised performance (%, GBP) 3 months 6 months FYTD 1 Year 3 Years 5 Years 10 Years JPMorgan Japanese Investment Trust plc NAV * -0.80 7.67 -0.80 17.47 16.95 1.65 9.84
Slide 12: Performance attribution - 1 year
Performance attribution - 1 year As of 31 December 2025 Stock: 5.17% | Sector: -2.19% Relative Stock Impact Relative Stock Impact Top contributors weight (%)1 Top detractors weight (%)1 return (%) (%) return (%) (%) IHI 4.67 95.44 2.89 Sanrio 1.87 -20.39 -0.80 Advantest 2.58 101.84 1.90 Tokyo Electr
Slide 13: Remain invested in structural growth opportunities while nimbly capturing emerging trends
Remain invested in structural growth opportunities while nimbly capturing emerging trends Current Key Investment Themes and Positioning as of 31 December 2025 16% 7% Defense Digital Innovation ● IHI ● Nomura Research Institute 15% Automation and Hardware Technology ● Keyence 27% ● Advantest Stock Sp
Slide 14: Illustration: IHI
Illustration: IHI Top Japanese aero engine manufacturer being restructured Strategic Classification: Standard Economics Date Corporate action Segment Acquirer ● Positive development on restructuring and focus on core business aiding improvement in profitability. 2016/11 Sell Construction Machinery K
Slide 15: JPMorgan Japanese Investment Trust plc
JPMorgan Japanese Investment Trust plc Morningstar Rating As of 31 December 2025 Outperformed the benchmark by 0.6% and ESG High conviction, Quality growth tilt 1.2% over 1 year and 10 concentrated years* # Morningstar® Sustainability Rating ** (*As of 31 December 2025) PM team based in Tokyo All ca
Slide 16: JPMorgan Japanese Investment Trust plc
JPMorgan Japanese Investment Trust plc Investment objective Aims to produce capital growth from Japanese investments. The Company will maintain a portfolio almost wholly invested in Japan and it emphasizes capital growth rather than income. Returns are principally determined by the performance of th
Slide 17: Important information
Important information 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
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