Fund Research

CC Japan Income & Growth

Last update 05 September 2018

CC Japan Income & Growth owns a concentrated portfolio of 30 to 40 Japanese stocks aiming to provide both capital growth and income, with a growing dividend. The income focus is relatively rare for a Japan fund and has led the trust to trade on a premium most of time since launch in December 2015.

The trust is yielding 2.2% when trading at par, which while not high by international standards is 150% of the yield on the Topix. As well as diversifying income investors’ portfolios geographically, it also derives its dividends from different sectors to the average UK or global equity income product.

The strategy aims to take advantage of a secular shift towards shareholder-friendly policies, including dividends and buybacks, which has been accelerated by the ‘Abenomics’ reforms.

The trust has structural gearing worth 20% of NAV thanks to a portfolio of contracts for difference (CFDs) and a bias to small and mid caps. The board is committed to growing the trust further through share issuance.

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