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Iimia invests £4m in Japanese trust

Fund of fund specialist Iimia has made a £4m investment into the new Japan income investment trust from Morant Wright Management, the London-based boutique specialising in Japan.

The Guernsey-domiciled trust, which has a target yield of 4 per cent, was launched ear- lier this month and raised £142m during its offer period.

Morant Wright’s value bias fits with Iimia’s focus on Japanese companies that distribute high levels of income through the payment of dividends.

According to Iimia, payout ratios are around 20 per cent in Japan, which is low compared with 50 per cent in the UK, giving ample scope for growth.

Iimia says it is difficult to find a good quality Japanese investment trust that invests in large caps and it was logical to invest in a trust from a manager with a strong track record.

Despite the fact that the Morant Wright trust’s main objective is income, Iimia is holding the trust to provide growth and will reinvest all dividends.

Iimia chief investment officer Nick Greenwood says: “The income is a happy accident, we are investing for growth. Japanese retail investors get dividend yields by buying Italian corp- orate bonds and corporate Japan is under pressure to provide higher dividends. The trigger to get Japan growing again is to bring in domestic investors.”

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