Bright long-term future

JPMorgan Japanese Investment Trust (JFJ) had an impressive run of both absolute and relative (to its benchmark index and to competing trusts) performance going into and during the worst of the pandemic. However, once vaccines became a reality, the share prices of businesses that had struggled during lockdowns surged. These were often the types of company that the managers would not consider for JFJ’s growth- and quality-focused portfolio. Consequently, over the past 12 months, JFJ has produced d...