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On 21 August 2023, the Atlantis Japan Growth Fund (AJG) board announced it agreed heads of terms for a proposed combination of its assets with Nippon Active Value Fund (NAVF). AJG's current assets under management total approximately £78m. The proposal, which includes a cash realization option for AJG shareholders, is subject to approval from shareholders of both funds and is expected to be finalised in the first half of 2024, ahead of AJG's December 2023 continuation vote.
| Date | 21 Aug 2023 |
| Time | 07:15:01 |
| Category | Miscellaneous |
| ID | 8268J |
London, UK, 21 August 2023
Edison issues update on Atlantis Japan Growth Fund (AJG)
The Atlantis Japan Growth Fund (AJG) board has announced that it has agreed heads of terms for a proposed combination of its assets with those of Nippon Active Value Fund (NAVF). The proposal is intended to address AJG's relatively small size - current assets under management (AUM) total c £78m - and follows recent disappointing relative performance. The combination, which is subject to the approval of the shareholders of both AJG and NAVF, offers AJG shareholders ongoing exposure to the attractive investment opportunities available in the Japanese market, especially among cash-rich smaller companies. They may also benefit from the expertise of NAVF's managers. NAVF has been the top-performing Japanese fund since its inception in February 2020 and its managers have over 30 years' experience as active managers in this market. The proposal also includes the option for AJG's shareholders to realise a portion of their cash if desired. The enlarged NAVF will offer all shareholders greater liquidity, as well as a likely reduction in ongoing costs.
The proposal comes ahead of a continuation vote scheduled for AJG's AGM in December 2023 and is likely to be finalised in the first half of 2024.
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