The discount on Nippon Active Value Fund’s (LON: NAVF) shares has tightened sharply this year, reflecting renewed investor confidence in the trust’s activist approach and continued outperformance against Japan’s equity benchmarks.
In the Q1 2025 update below, Gifford Coombs and Paul ffolkes Davis update investors on progress made in Q1 with a particular focus on events at Fuji Media Holdings
The London-listed investment trust, which targets undervalued Japanese small and mid-cap companies, has seen its discount to net asset value (NAV) narrow from roughly 10% at the start of 2025 to around 3% in its latest update, according to data from Fidelity. At times over the summer, the shares briefly traded at a premium to NAV, marking one of the tightest valuations since the fund’s launch in 2020.