Nippon Active Value Fund makes steady debut in London

Nippon Active Value Fund PLC (LON:NAVF) made a steady start on debut on London’s main market this morning, with the shares rising to 103p against a listing price of 100p.

The investment trust wants to take advantage of the changing mood towards corporate governance in Japan by accessing the billions in cash and other assets sitting in company balance sheets there.

Around twenty companies will form a highly concentrated portfolio that will comprise domestic-focused Japanese small and mid-caps worth between £100mln and £800mln.

Nippon Active raised £103mln ahead of the listing with clients of the fund’s manager Rosenwald Associates holding 40.3% of the share capital.