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Fund management company CC Japan Income & Growth Trust reported a fall in half-yearly net assets as the impact from the Covid-19 pandemic weighed on the global economy and financial markets.
For the six months to 30 April 2020, net asset value declined 16.7%. The Topix index total return fell 7.5% in sterling terms.
'The sell-off in value and yield stocks, combined with our structural gearing of 20%, hit us badly,' the company said.
'Hopefully, the extent of dislocation in global stock markets reached a nadir in March 2020, although economic recovery may be protracted given the extent of disruption,' it added.
At 9:49am: (LON:CCJI) CC Japan Income Growth Trust Plc share price was +3p at 123.5p