Our companies have started to report post-COVID earnings, a hugely important quarter which we hope will prove to the market the quality of our portfolio and continue the V-shaped earnings recovery. So far so good. At the time of writing 13 companies announced results, with 9 seeing not only profits returning to pre-COVID levels but growing.
Alps Logistics was the standout performer, both in terms of contribution and earnings performance. Despite starting the period with a relatively small 2.5% weight, Alps Logistics contributed 55bps to performance, following a +24% share price return. Alps Logistics’ share price benefitted from an upgrade to the 1st section of the Tokyo Stock Exchange and strong results, with YoY sales and profits growing +8% and +44%, following an uptick in electronic part shipments and continued growth in its ecommerce delivery business.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’