Market Comment: Japanese stocks ended the day with double digit losses, though the Bank of Japan’s intervention and purchase of government bonds took the market 4% off the lows. Early morning quake fears were compounded by Kan saying …
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This publication is for professional clients and financial advisers in Continental Europe only. It is not intended for and should not be distributed to, or relied upon, by the public. All opinions and forecasts expressed are those of the authors as of 15/03/2011 and are subject to change without notice.
that the risk from radioactivity was rising. TEPCO ended lower for a 2nd day at ¥1221 and was 42% lower than where it was on Friday’s close. TOSHIBA also ended lower for a 2nd day as investors question the future of the nuclear power industry. All 20 Topix subsectors were in the red. Utilities, Steels and Real Estate were the worst hit while Insurance, Energy and Autos outperformed. MOTHERS suffered double digit losses again as retail investors sold off. They had become much more active leading up to this event.
Value Strategy: As long as the troubled nuclear plants stay safe and can avoid the worst scenario, we think today’s Tokyo stock price offers attractive investment opportunity from the long term viewpoint although corporate earnings would be depressed a bit in the near term.
Advantage Strategy: Regarding Advantage strategy, we do not make material changes to the portfolio at this stage as we maintain our conviction in the attractiveness within our holdings from the long term perspective in particular. Meanwhile we will obviously continue to scrutinize the impact from those incidents and will change the portfolio positioning if necessary.
Small/Mid Growth Strategy: As for Japan (Nippon) Small/Mid Cap Equity Fund, we will maintain our portfolio strategy that overweighting on stocks with clear growth driver. We are analyzing the impact from the earthquake on our holding stocks.
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This publication is for professional clients and financial advisers in Continental Europe only. It is not intended for and should not be distributed to, or relied upon, by the public. All opinions and forecasts expressed are those of the author(s) and are subject to change without notice. Data as at 15/03/2011, unless otherwise stated. This document does not form part of any prospectus. This document contains general information only and does not take into account individual objectives, taxation position or financial needs. Nor does this constitute a recommendation of the suitability of any investment strategy for a particular investor. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. There is potential for increased volatility in emerging stock markets, and only a modest proportion of investable wealth should be invested in them. Past performance is not an indication of future performance provides no guarantee for the future and is not constant over time. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Investing in funds focused on specific themes, particular areas of the market or small capitalisation companies may increase the risk associated with them due to the volatility and/or the concentrated nature of these investments. Investors should read the fund simplified and full prospectuses for specific risk factors and further information. This document is by way of information only. It is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of the fund(s) for the circumstances of any particular investor. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investment. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. www.invescoeurope.com This document is issued in: Austria by Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Wien. France by Invesco Asset Management S.A., 18, rue de Londres, F-75009 Paris, which is authorised and regulated by the Autorité des marchés financiers in France. Germany by Invesco Asset Management GmbH, An der Welle 5, 60322 Frankfurt am Main, which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht in Germany. Switzerland by Invesco Asset Management (Schweiz) AG, Stockerstrasse 14, CH-8002 Zürich.
Fonte: ETFWorld -Invesco
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