Fidelity Japan trust seeks approval to double unlisted exposure

From 10% to 20%

The board of the £309.2m Fidelity Japan trust is seeking approval to double its unlisted exposure from 10% to 20% at its AGM on 17 May.

The announcement, made as part of the trust's annual report released on 28 March, noted that at the end of last year the trust was invested in six unlisted companies, which accounted for about 5% of the portfolio. "During the year, Coconala and Photosynth, two previously unlisted companies, both listed on the TSE Mothers market, while new investments were made in Business-to-Consumer online platforms in areas such as online travel services, personal finance and biotech," the chair said in his statement. Manager of the trust Nicholas Price said that he is "seeing a lot more entrepreneu...