The Nippon Active Value Fund (NAVF), the London-listed investment trust focused on small and mid-cap Japanese companies,  has delivered a modestly positive start to 2026 in NAV terms, with net asset value per share edging higher through the first quarter. Reported NAV stood at around 245.38p at the end of February.

In context, this points to low single-digit NAV growth in Q1 to date, reflecting steady underlying portfolio performance rather than any sharp re-rating. The trust has also continued to trade close to NAV, with only a narrow discount, suggesting investor confidence has remained intact alongside the gradual NAV progression.

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