05/06/2024 | Press release | Distributed by Public on 05/06/2024 11:03
Date of fiscal year end:
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February 29, 2024
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Date of reporting period:
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February 29, 2024
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Item 1. Report to Shareholders.
(a) | The Report to Shareholders is attached hereto. |
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1 Year
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5 Year
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10 Year
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Net Asset Value(a)
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21.2%
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3.4%
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7.4%
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Market Price(a)
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19.6%
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2.1%
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6.5%
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Russell/Nomura Small Cap™ Index
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15.4%
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3.1%
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5.7%
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(a)
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Reflects the percentage change in share price adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions.
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DISCLOSURES
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Sources: Nomura Asset Management U.S.A. Inc., Nomura Asset Management Co., Ltd., and Bloomberg L.P. Past performance is not indicative of future results. There is a risk of loss.
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The NAV price is adjusted for reinvestment of income dividends, ordinary income distributions, long-term capital gain distributions, and capital share transactions. The New York Stock Exchange's closing market price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions. The Fund's performance does not reflect sales commissions.
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This material contains the current opinions of the Fund's manager, which are subject to change without notice. This material should not be considered investment advice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term.
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Comparisons between changes in the Fund's net asset value or market price per share and changes in the Fund's Benchmark should be considered in light of the Fund's investment policy and objective, the characteristics and quality of the Fund's investments, the size of the Fund, and variations in the Yen/U.S. Dollar exchange rate. This report is for informational purposes only. Investment products offered are not FDIC insured, may lose value, and are not bank guaranteed.
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Indices are unmanaged. An index cannot be directly invested into.
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Certain information discussed in this report may constitute forward-looking statements within the meaning of the U.S. federal securities laws. The Fund believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and can give no assurance that the Fund's expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.
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Russell/Nomura Small Cap Index covers small cap stocks listed on Japanese stock exchanges. This index contains the bottom 15% of the Russell/Nomura Total Market Index in terms of adjusted market capitalization.
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SHAREHOLDERS ACCOUNT INFORMATION
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Shareholders whose accounts are held in their own name may contact the Fund's registrar, Computershare Trust Company, N.A., at 1-800-426-5523 for information concerning their accounts.
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PROXY VOTING
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A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; (2) on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov; and (3) on the website of the Fund at http://www.nomura-asset.com/investment-solutions/funds/closed-end-funds/jof. Information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the SEC's website at http://www.sec.gov.
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Additional information about the Fund's Board of Directors is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the website of the SEC at http://www.sec.govin the Fund's most recent proxy statement filing.
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AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS
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The Fund files a schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov.
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FUND CERTIFICATIONS
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In December 2023, the Fund filed its Principal Executive Officer Certification with the New York Stock Exchange pursuant to Section 303A.12(a) of the New York Stock Exchange Corporate Governance Listing Standards.
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The Fund's Principal Executive Officer and Principal Financial Officer Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 were filed with the Fund's Form N-CSR and are available on the SEC's website at http://www.sec.gov.
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SHARE REPURCHASES
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Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from time to time the Fund may repurchase shares of its common stock in the open market.
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INTERNET WEBSITE
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Nomura Asset Management U.S.A. Inc. has established an Internet website which highlights its history, investment philosophy, process and products, which include the Fund.
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The Internet web address is http://www.nomura-asset.com/investment-solutions/ funds/closed-end-funds/jof.
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KEY STATISTICS
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Net Assets
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$269,182,849
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Net Asset Value per Share
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$9.50
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Market Price
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$7.82
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Percentage Change in Net Asset Value per Share(a)(b)
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21.2%
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Percentage Change in Market Price(a)(b)
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19.6%
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MARKET INDICES
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Percentage change in market indices:(a)
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YEN
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U.S.$
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Russell/Nomura Small Cap™ Index
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25.6%
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15.4%
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Tokyo Price Index
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32.0%
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21.8%
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Nikkei Stock Average Index
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39.7%
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29.5%
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(a)
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From March 1, 2023 through February 29, 2024.
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(b)
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Reflects the percentage change in share price adjusted for reinvestment of income dividends and ordinary income distributions.
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% of Net Assets
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Chemicals
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14.0
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Wholesale Trade
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13.2
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Retail Trade
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9.3
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Transportation Equipment
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8.2
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Banks
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7.1
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Construction
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6.3
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Services
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5.2
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Other Products
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4.8
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Electric Appliances
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4.7
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Machinery
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4.3
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% of Net Assets
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Financing Business
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3.8
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Utilities
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3.1
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Iron and Steel
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3.0
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Food
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2.9
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Information and Communication
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2.8
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Precision Instruments
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2.1
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Glass and Ceramics Products
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1.2
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Pharmaceutical
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1.1
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Metal Products
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0.9
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Texiles and Apparel
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0.7
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Security
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% of
Net Assets
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Sakata Inx Corporation
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3.4
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Shikoku Electric Power Company
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3.1
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Rakuten Bank, Ltd.
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2.7
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Macnica Holdings, Inc.
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2.6
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Ryoden Corporation
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2.5
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EXEO Group, Inc.
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2.3
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Create SD Holdings Co., Ltd.
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2.3
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Adeka Corporation
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2.1
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Kanaden Corporation
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2.0
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Future Corporation
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1.9
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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To the Shareholders and the Board of Directors of Japan Smaller Capitalization Fund, Inc.
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Opinion on the Financial Statements
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We have audited the accompanying statement of assets and liabilities of Japan Smaller Capitalization Fund, Inc. (the "Fund"), including the schedule of investments, as of February 29, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at February 29, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
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Basis for Opinion
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These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
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We have served as the auditor of one or more Nomura investment companies since 2020.
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New York, New York
April 29, 2024
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Shares
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Fair Value
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JAPANESE EQUITY SECURITIES
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Banks - 7.1%
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Daishi Hokuetsu Financial Group, Inc.
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146,400
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$4,208,103
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Rakuten Bank, Ltd.(a)
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372,300
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7,396,590
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SBI Sumishin Net Bank, Ltd.
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146,700
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1,906,821
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The Keiyo Bank, Ltd.
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500,900
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2,505,419
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The Musashino Bank, Ltd.
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151,100
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2,921,330
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18,938,263
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Chemicals - 14.0%
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Adeka Corporation
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268,300
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5,518,271
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C.I. Takiron Corporation
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289,400
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1,254,527
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Daicel Corporation
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197,600
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1,864,710
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Fujikura Kasei Co., Ltd.
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1,251,400
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3,939,183
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Fuso Chemical Co., Ltd.
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67,400
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2,175,571
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Moriroku Holdings Company, Ltd.
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38,700
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696,856
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Nichireki Co., Ltd.
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146,800
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2,342,808
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Nippon Soda Co., Ltd.
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112,300
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4,598,499
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Riken Technos Corporation
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171,600
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1,121,531
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Sakai Chemical Industry Co., Ltd.
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147,900
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1,969,764
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Sakata Inx Corporation
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959,500
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9,240,175
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Sekisui Jushi Corporation
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71,600
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1,222,422
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Soken Chemical & Engineering Co., Ltd.
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81,800
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1,808,443
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37,752,760
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Shares
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Fair Value
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Construction - 6.3%
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Dai-Dan Co., Ltd.
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54,600
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$676,196
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EXEO Group, Inc.
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300,100
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6,300,409
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MIRAIT ONE Corporation
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252,500
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3,143,094
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The Nippon Road Co., Ltd.
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46,400
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625,701
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Toenec Corporation
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37,000
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1,285,605
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Yondenko Corporation
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172,300
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4,929,588
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16,960,593
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Electric Appliances - 4.7%
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Idec Corporation
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131,700
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2,497,069
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I-PEX Inc.
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86,900
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1,048,978
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Koa Corporation
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163,400
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1,657,484
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Meiko Electronics Co., Ltd.
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129,700
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4,238,421
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Shibaura Mechatronics Corporation
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48,700
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2,130,595
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Shindengen Electric Manufacturing Co., Ltd.
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46,800
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965,994
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12,538,541
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Financing Business - 3.8%
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Credit Saison Co., Ltd.
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181,500
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3,524,812
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Mizuho Leasing Company, Limited
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98,100
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3,598,319
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Ricoh Leasing Company, Ltd.
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87,300
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3,004,222
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| | | |
10,127,353
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Food - 2.9%
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Nichirei Corporation
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123,100
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3,084,376
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S Foods, Inc.
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232,100
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4,837,190
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7,921,566
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Glass and Ceramics Products - 1.2%
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Asia Pile Holdings Corporation
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292,800
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1,525,071
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Nichiha Corporation
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73,300
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| |
1,698,740
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3,223,811
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Shares
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Fair Value
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Information and Communication - 2.8%
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Future Corporation
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460,900
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$5,170,121
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Otsuka Corporation
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52,300
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2,295,068
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7,465,189
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Iron and Steel - 3.0%
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Kyoei Steel Ltd.
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275,500
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4,462,900
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Nichia Steel Works, Ltd.
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1,577,900
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3,641,024
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8,103,924
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Machinery - 4.3%
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Miura Co., Ltd.
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172,500
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| |
3,669,846
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Nitto Kohki Co., Ltd.
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214,300
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| |
2,785,493
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Shibaura Machine Co., Ltd.
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| |
68,200
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| |
1,669,239
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Sodick Co., Ltd.
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| |
153,200
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| |
760,151
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Takeuchi Mfg. Co., Ltd.
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20,400
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| |
715,622
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TPR Co., Ltd.
|
| |
128,000
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| |
1,843,022
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11,443,373
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Metal Products - 0.9%
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Furukawa Electric Co., Ltd.
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54,500
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| |
1,077,497
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Maruzen Co., Ltd.
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67,800
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1,232,604
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| | | |
2,310,101
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Other Products - 4.8%
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Komatsu Wall Industry Co., Ltd.
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75,000
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| |
1,688,119
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Nishikawa Rubber Co., Ltd.
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| |
213,700
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| |
2,944,441
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Pigeon Corporation
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| |
225,200
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| |
2,291,875
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The Pack Corporation
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| |
167,100
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| |
3,906,002
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Yonex Co., Ltd.
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| |
271,900
|
| |
2,038,185
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| | | |
12,868,622
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Pharmaceutical - 1.1%
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Nippon Shinyaku Co., Ltd.
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| |
93,700
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| |
2,980,753
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| | | |
2,980,753
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Shares
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Fair Value
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Precision Instruments - 2.1%
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Nakanishi Inc.
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| |
181,800
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| |
$2,905,017
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Seiko Group Corporation
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| |
113,700
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| |
2,642,599
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| | | |
5,547,616
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Retail Trade - 9.3%
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| | | |||
ASKUL Corporation
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| |
215,800
|
| |
3,028,064
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Create SD Holdings Co., Ltd.
|
| |
287,000
|
| |
6,297,176
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Geo Holdings Co., Inc.
|
| |
267,200
|
| |
3,451,708
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JM Holdings Co., Ltd.
|
| |
213,600
|
| |
3,713,730
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Seria Co., Ltd.
|
| |
58,200
|
| |
1,174,131
|
Takashimaya Co., Ltd.
|
| |
292,000
|
| |
4,389,396
|
Treasure Factory Co., Ltd.
|
| |
340,100
|
| |
3,347,812
|
| | | |
25,402,017
|
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| | | | |||
Services - 5.2%
|
| | | | ||
Integrated Design & Engineering Holdings Co., Ltd.(a)
|
| |
21,600
|
| |
530,835
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Nishio Holdings Co., Ltd.
|
| |
191,700
|
| |
4,966,851
|
Relo Group, Inc.
|
| |
256,700
|
| |
2,062,913
|
Step Co., Ltd.
|
| |
174,700
|
| |
2,383,782
|
TRYT Inc.(a)
|
| |
865,400
|
| |
3,941,900
|
| | | |
13,886,281
|
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| | | | |||
Textiles and Apparel - 0.7%
|
| | | | ||
Sanyo Shokai Ltd.
|
| |
115,200
|
| |
1,951,436
|
| | | |
1,951,436
|
| |
Shares
|
| |
Fair Value
|
|
| | | | |||
Transportation Equipment - 8.2%
|
| | | | ||
Hi-Lex Corporation
|
| |
326,000
|
| |
$3,698,196
|
Kyokuto Kaihatsu Kogyo Co., Ltd.
|
| |
195,800
|
| |
3,252,778
|
Morita Holdings Corporation
|
| |
326,400
|
| |
3,450,225
|
Nichirin Co., Ltd.
|
| |
81,100
|
| |
2,030,948
|
Nippon Seiki Co., Ltd.
|
| |
423,500
|
| |
4,363,650
|
NOK Corporation
|
| |
308,100
|
| |
4,357,105
|
Tokai Rika Co., Ltd.
|
| |
49,000
|
| |
801,280
|
| | | |
21,954,182
|
||
| | | | |||
Utilities - 3.1%
|
| | | | ||
Shikoku Electric Power Company
|
| |
1,161,900
|
| |
8,438,488
|
| | | |
8,438,488
|
||
| | | | |||
Wholesale Trade - 13.2%
|
| | | | ||
Central Automotive Products, Ltd.
|
| |
74,600
|
| |
2,791,063
|
Kanaden Corporation
|
| |
507,300
|
| |
5,359,053
|
Kohsoku Corporation
|
| |
36,500
|
| |
610,017
|
Macnica Holdings, Inc.
|
| |
128,800
|
| |
7,093,470
|
Paltac Corporation
|
| |
25,500
|
| |
712,221
|
Restar Holdings Corporation
|
| |
197,600
|
| |
4,006,162
|
Ryoden Corporation
|
| |
385,200
|
| |
6,735,766
|
Sangetsu Corporation
|
| |
151,900
|
| |
3,570,959
|
Sugimoto & Co., Ltd.
|
| |
125,900
|
| |
1,916,901
|
Tachibana Eletech Co., Ltd.
|
| |
143,500
|
| |
3,033,746
|
| | | |
35,829,358
|
||
| | | | |||
TOTAL INVESTMENTS - 98.7% (cost $242,453,808)
|
| |
$265,644,227
|
|||
TOTAL FOREIGN CURRENCY - 0.7% (cost $1,836,354)(b)
|
| |
$1,841,336
|
|||
TOTAL INVESTMENTS AND FOREIGN CURRENCY - 99.4%
(cost $244,290,162) |
| |
$267,485,563
|
|||
TOTAL OTHER ASSETS AND LIABILITIES - (0.6%)
|
| |
$1,697,286
|
|||
TOTAL NET ASSETS - 100.0%
|
| |
$269,182,849
|
ASSETS:
|
| | |
Investments in Japanese equity securities, at fair value (cost-$242,453,808)
|
| |
$265,644,227
|
Foreign currency, at fair value (cost-$1,836,354)
|
| |
1,841,336
|
Receivable for investments sold
|
| |
1,603,316
|
Receivable for dividends
|
| |
636,152
|
Cash
|
| |
482,776
|
Prepaid expenses
|
| |
14,617
|
Total Assets
|
| |
270,222,424
|
| | ||
LIABILITIES:
|
| | |
Payable for investments purchased
|
| |
655,756
|
Accrued management fee
|
| |
185,129
|
Accrued audit and tax fees
|
| |
119,904
|
Accrued directors' fees and expenses
|
| |
8,530
|
Other accrued expenses
|
| |
70,256
|
Total Liabilities
|
| |
1,039,575
|
| | ||
NET ASSETS:
|
| | |
Capital stock (28,333,893 shares of capital stock outstanding,
100,000,000 shares authorized, par value $0.10 each)
|
| |
2,833,389
|
Paid-in capital
|
| |
286,055,217
|
Total distributable loss
|
| |
(19,705,757)
|
Net Assets
|
| |
$269,182,849
|
Net asset value per share
|
| |
$9.50
|
INCOME:
|
| | |
Dividend income (net of $697,042 withholding taxes)
|
| |
$6,273,378
|
Interest income
|
| |
23,417
|
Total Income
|
| |
$6,296,795
|
| | ||
EXPENSES:
|
| | |
Management fee
|
| |
2,223,441
|
Custodian fee
|
| |
240,410
|
Legal fees
|
| |
239,195
|
Directors' fees and expenses
|
| |
229,101
|
Other expenses
|
| |
248,868
|
Total Expenses
|
| |
3,181,015
|
INVESTMENT INCOME-NET
|
| |
3,115,780
|
| | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
|||
Realized loss on investments and foreign currency transactions:
|
| | |
Net realized loss on investments
|
| |
(18,210,914)
|
Net realized loss on foreign currency transactions
|
| |
(265,014)
|
Net realized loss on investments and foreign currency transactions
|
| |
(18,475,928)
|
Net change in unrealized appreciation on investments
|
| |
55,928,664
|
Net change in unrealized appreciation on foreign currency transactions and translation
|
| |
6,186,278
|
Net realized and unrealized gain on investments and foreign currency transactions and translation
|
| |
43,639,014
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
| |
$46,754,794
|
| |
For the Year
Ended
February 29, 2024
|
| |
For the Year
Ended
February 28, 2023
|
|
FROM OPERATIONS:
|
| | | | ||
Net investment income
|
| |
$3,115,780
|
| |
$2,847,201
|
Net realized loss on investments
|
| |
(18,210,914)
|
| |
(14,212,792)
|
Net realized loss on foreign currency transactions
|
| |
(265,014)
|
| |
(358,787)
|
Net change in unrealized appreciation on investments
|
| |
55,928,664
|
| |
10,360,133
|
Net change in unrealized appreciation (depreciation) on foreign currency transactions and translation
|
| |
6,186,278
|
| |
(22,025,439)
|
Net increase (decrease) in net assets resulting from operations
|
| |
46,754,794
|
| |
(23,389,684)
|
| | | | |||
FROM DISTRIBUTIONS TO SHAREHOLDERS:
|
| | ||||
Distributions to shareholders
|
| |
(7,522,649)
|
| |
(1,306,192)
|
Decrease in net assets derived from distributions to shareholders
|
| |
(7,522,649)
|
| |
(1,306,192)
|
| | | | |||
NET ASSETS:
|
| | | | ||
Beginning of year
|
| |
229,950,704
|
| |
254,646,580
|
End of year
|
| |
$269,182,849
|
| |
$229,950,704
|
1.
|
Significant Accounting Policies
|
2.
|
Management Agreement and Transactions With Affiliated Persons
|
3.
|
Purchases and Sales of Investments
|
4.
|
Federal Income Tax
|
5.
|
Fair Value Measurements
|
•
|
Level 1 - quoted prices in active markets for identical investments
|
•
|
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
|
•
|
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
|
6.
|
Subsequent Events
|
| |
For the Year Ended
|
|||||||||||||
| |
February 29
|
| |
February 28
|
| |
February 29
|
|||||||
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Net asset value, beginning of year:
|
| |
$8.12
|
| |
$8.99
|
| |
$10.23
|
| |
$8.85
|
| |
$10.17
|
Investment Operations:
|
| | | | | | | | | | |||||
Net investment income(1)
|
| |
0.11
|
| |
0.10
|
| |
0.11
|
| |
0.10
|
| |
0.11
|
Net realized and unrealized gain (loss) on investments and foreign currency
|
| |
1.54
|
| |
(0.92)
|
| |
(0.74)
|
| |
1.63
|
| |
(0.69)
|
Total from investment operations
|
| |
1.65
|
| |
(0.82)
|
| |
(0.63)
|
| |
1.73
|
| |
(0.58)
|
Less Distributions:
|
| | | | | | | | | | |||||
Distributions from ordinary income
|
| |
(0.27)
|
| |
(0.05)
|
| |
(0.21)
|
| |
(0.13)
|
| |
(0.27)
|
Distributions from capital gains
|
| |
-
|
| |
-
|
| |
(0.40)
|
| |
(0.22)
|
| |
(0.47)
|
Total from distributions
|
| |
(0.27)
|
| |
(0.50)
|
| |
(0.61)
|
| |
(0.35)
|
| |
(0.74)
|
Net asset value, end of year
|
| |
$9.50
|
| |
$8.12
|
| |
$8.99
|
| |
$10.23
|
| |
$8.85
|
Market value, end of year
|
| |
$7.82
|
| |
$6.77
|
| |
$7.63
|
| |
$8.99
|
| |
$8.03
|
Total investment return(2)
|
| |
19.6%
|
| |
(10.6%)
|
| |
(8.6%)
|
| |
16.3%
|
| |
(2.6%)
|
Ratio/Supplemental Data:
|
| | | | | | | | | | |||||
Net assets, end of year (000)
|
| |
$269,183
|
| |
$229,951
|
| |
$254,647
|
| |
$289,762
|
| |
$250,887
|
Ratio of expenses to average net assets
|
| |
1.28%
|
| |
1.47%
|
| |
1.20%
|
| |
1.23%
|
| |
1.21%
|
Ratio of net income to average net assets
|
| |
1.25%
|
| |
1.29%
|
| |
1.07%
|
| |
0.99%
|
| |
1.09%
|
Portfolio turnover rate
|
| |
53%
|
| |
46%
|
| |
27%
|
| |
38%
|
| |
30%
|
(1)
|
Based on average shares outstanding.
|
(2)
|
Based on market value per share, adjusted for reinvestment of income dividends, ordinary income distributions, long-term capital gain distributions, and capital share transactions. Total return does not reflect sales commissions.
|
| |
Shares
Voted For
|
| |
Shares
Voted
Withhold
Authority
|
| |
Votes
Abstained
|
|
Rodney A. Buck
|
| |
18,984,666
|
| |
6,587,501
|
| |
107,658
|
David B. Chemidlin
|
| |
18,957,971
|
| |
6,625,754
|
| |
96,100
|
Marcia L. MacHarg
|
| |
18,919,744
|
| |
6,658,196
|
| |
101,885
|
Yuichi Nomoto
|
| |
18,991,297
|
| |
6,598,669
|
| |
89,859
|
Paige P. Ouimet
|
| |
23,414,066
|
| |
2,176,785
|
| |
88,974
|
| |
Votes For
|
| |
Votes
Against
|
| |
Votes
Abstained
|
|
| |
12,957,196
|
| |
9,566,907
|
| |
39,508
|
Name, Age, Position(s) Held with the Fund, Length of Service, Other Directorships Held by Director, Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Director
|
| |
Principal Occupation(s) During Past 5 Years:
|
| | ||
Rodney A. Buck (76)
Director and Chairman of the Board
Director since: 2006
Chairman of the Board since: 2010
Director of one fund in the Fund Complex
|
| |
Owner, Buck Capital Management (private investment management firm) since 2005; Chairman of the Dartmouth-Hitchcock Health Care Investment Committee since 2011.
|
| | ||
David B. Chemidlin (67)
Director and Chairman of the Audit Committee
Director and Chairman of the Audit Committee since: 2006
Director of one fund in the Fund Complex
|
| |
Owner and President of AbidesWorks LLC (accounting and business support services) since 2016; Corporate Controller, Advance Magazine Publishers, Inc. (d/b/a Conde Nast) from 1995-2016.
|
| | ||
Marcia L. MacHarg (75)
Director
Director since: 2013
Director of one fund in the Fund Complex
|
| |
Partner, Debevoise & Plimpton LLP (an international firm) from 1987-2012; Of Counsel, Debevoise & Plimpton LLP from 2013-2016; Retired Partner of Debevoise & Plimpton since 2017; Trustee, Board of Trustees of Smith College from 2014-2022 and Chair of the Audit Committee of the Board of Trustees from 2016-2022; Member of the Executive Committee of the Friends of Smith College Libraries from 2013-2015.
|
| | ||
Paige P. Ouimet (48)
Director
Director since: 2021
Director of one fund in the Fund Complex
|
| |
Kenan-Flagler Business School Professor at the University of North Carolina at Chapel Hill since 2021; Associate Dean of the PhD Program since 2022; Executive Director of the Kenan Institute of Private Enterprise since 2023; Associate Professor from 2016-2020; Assistant Professor from 2008-2015.
|
Name, Age, Position(s) Held with the Fund, Length of Service, Other Directorships Held by Director, Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Director
|
| |
Principal Occupation(s) During Past 5 Years:
|
| | ||
Yuichi Nomoto (51)*
President and Director
President and Director since: 2019
Director of one fund in the Fund complex
|
| |
President and Chief Executive Officer of NAM-U.S.A. since 2019; Head of Global Business Strategy Department of NAM from April 2022 to March 2023; Managing Director of NAM-U.S.A. since 2018; Head of Client Services and Marketing of NAM-U.S.A. from 2016-2020; Executive Director of NAM-U.S.A. from 2016-2018.
|
*
|
Mr. Nomoto is an "interested person," as defined in the Investment Company Act, of the Fund based on his positions with NAM-U.S.A. and NAM.
|
Name, Address*, Age, Position(s) Held with the Fund, Term of Office ** and Length of Time Served
|
| |
Principal Occupation(s) During Past 5 Years:
|
| | ||
Yuichi Nomoto (51)
President and Director
President and Director since: 2019
Director of one fund in the Fund complex
|
| |
President and Chief Executive Officer of NAM-U.S.A since 2019; Head of Global Business Strategy Department of NAM from April 2022 to March 2023; Managing Director of NAM-U.S.A. since 2018; Head of Client Services and Marketing of NAM-U.S.A. from 2016-2020; Executive Director of NAM-U.S.A. from 2016-2018.
|
| | ||
Shinichi Masuda (53)
Vice President
Vice President since: 2022
|
| |
Chief Administrative Officer of NAM-U.S.A. since September 2022; Chief Project Manager, Asset Management Research Center of NAM from 2020 to 2022; Managing Director of the Product Planning and Development Department of NAM from 2018 to 2020; General Manager/Deputy General Manager of Nomura Bank (Luxembourg) S.A. from 2012 to 2018.
|
| | ||
Michael A. Morrongiello (64)
Vice President
Vice President since: 2021
|
| |
Executive Director of NAM-U.S.A. since 2007; Head of Operations of NAM-U.S.A. since 1998.
|
| | ||
Maria R. Premole (62)
Vice President
Vice President since: 2013
|
| |
Head of the Closed End Fund Business Development since November 2023; Vice President of NAM-U.S.A. since 2013.
|
| | ||
Neil A. Daniele (63)
Secretary and Chief Compliance Officer
Secretary since: 2002
Chief Compliance Officer since: 2005
|
| |
Chief Compliance Officer of NAM-U.S.A. since 2005 and Managing Director of NAM-U.S.A. since 2007; Chief Compliance Officer of Nomura Corporate Research and Asset Management Inc. since 2009; Corporate Secretary of NAM-U.S.A. since 2013.
|
| | ||
Amy J. Robles (46)
Treasurer
Treasurer since: 2013
Assistant Treasurer from 2011-2013
|
| |
Executive Director of NAM-U.S.A. since 2015; Controller and Treasurer of NAM-U.S.A. since 2013; Vice President of NAM-U.S.A. from 2009-2015.
|
*
|
The address of each officer listed above is Worldwide Plaza, 309 West 49th Street, New York, New York 10019.
|
**
|
Elected and appointed by the Board of Directors and hold office until they resign, are removed or are otherwise disqualified to serve.
|
Name, Address*, Age, Position(s) Held with the Fund, Term of Office ** and Length of Time Served
|
| |
Principal Occupation(s) During Past 5 Years:
|
| | ||
Yi She (48)
Assistant Treasurer
Assistant Treasurer since August 2023
|
| |
Vice President of NAM-U.S.A. since August 2023; Associate at Goldman Sachs from 2005-2023.
|
*
|
The address of each officer listed above is Worldwide Plaza, 309 West 49th Street, New York, New York 10019.
|
**
|
Elected and appointed by the Board of Directors and hold office until they resign, are removed or are otherwise disqualified to serve.
|
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) and (b) | As of February 29, 2024, the Registrant had adopted a Code of Ethics that applies to the Registrant's Principal Executive Officer and Principal Financial Officer. The Registrant's Principal Financial Officer also serves as the Principal Accounting Officer. |
(c) | During the fiscal year ended February 29, 2024, there were no amendments to a provision of the Code of Ethics that applies to the Registrant's Principal Executive Officer or Principal Financial Officer or that relates to any element of code of ethics definition enumerated in paragraph (b) of this Item. |
(d) | Not applicable. |
(e) | Not applicable. |
(f) | A copy of the Code of Ethics will be provided, without charge, upon request to the Registrant by calling toll-free 1-800-833-0018 or by emailing [email protected]. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrant's Board of Directors has determined that there is one member serving on the Registrant's Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." | |
(a)(2) | The name of the audit committee financial expert is David B. Chemidlin. Mr. Chemidlin has been deemed to be "independent" as that term is defined in Item 3(a)(2) of Form N-CSR. |
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
The aggregate audit fees billed for each of the last two fiscal years for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with statutory and regulatory filings or engagements for those fiscal years were $107,635 for February 29, 2024 and $104,500 for February 28, 2023.
(b) | Audit-Related Fees |
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the Registrant's principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $0 for February 29, 2024 and $0 for February 28, 2023.
(c) | Tax Fees |
The aggregate fees billed in each of the last two fiscal years for tax compliance, tax advice, and tax planning services by the Registrant's principal accountant were $26,551 for February 29, 2024 and $26,016 for February 28, 2023. The amount represents aggregate fees paid for tax compliance, tax advice and tax planning services, which include the filing of federal, state and local income tax returns, registered investment company qualification review, assistance with determination of Passive Foreign Investment Companies, and tax distribution and analysis planning.
(d) | All Other Fees |
There were no other services performed for each of the last two fiscal years by the Registrant's principal accountant other than the services reported in paragraphs (a) through (c) of this Item.
(e)(1) | The Charter for the Audit Committee of the Registrant requires the Audit Committee (a) to pre-approve all auditing services to be provided to the Registrant by the Registrant's independent accountants; (b) to pre-approve all non-audit services, including tax services, to be provided to the Registrant by the Registrant's independent accountants in accordance with the Securities Exchange Act of 1934, as amended (the "1934 Act"); provided, however, that the pre-approval requirement with respect to the provision of non-audit services to the Registrant by the Registrant's independent accountants may be waived by the Audit Committee under the circumstances described in the 1934 Act; and (c) to pre-approve non-audit services to be provided to the Registrant's investment adviser (and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant) if the engagement relates directly to the operations and financial reporting of the Registrant. |
(e)(2) | Not applicable. |
(f) | Not applicable. |
(g) | Non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant in each of the last two fiscal years were $26,511 for February 29, 2024 and $26,016 for February 28, 2023. The amount represents aggregate fees paid for tax compliance, tax advice and tax planning services, which include the filing of federal, state and local income tax returns, registered investment company qualification review, assistance with determination of Passive Foreign Investment Companies, and tax distribution and analysis planning. |
Non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant's Manager and any entity controlling, controlled by, or under common control with the Registrant's Manager that provides ongoing services to the Registrant ("Service Affiliates") in each of the last two fiscal years were $2.0 million for March 31, 2024 and $6.1 million for March 31, 2023. These amounts represent aggregate fees paid for audit related services, tax compliance, tax advice and tax planning services and other advisory services concerning risk management and regulatory matters rendered by the Registrant's principal accountant to Service Affiliates.
(h) | The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered by the Registrant's principal accountant to Service Affiliates during the Registrant's most recent fiscal year which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Registrant's principal accountant's independence. All services provided by the Registrant's principal accountant to the Registrant or to Service Affiliates which were required to be pre-approved were pre-approved as required. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants
(a) | The Registrant's Board of Directors has a standing Audit Committee, which consists of the Directors who are not "interested persons" of the Registrant within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, Rodney A. Buck, David B. Chemidlin, Marcia L. MacHarg, and Paige P. Ouimet are members of the Audit Committee. |
(b) |
Not applicable. |
Item 6. Investments.
(a) | The Registrant's investments in securities of unaffiliated issuers as of February 29, 2024 are included in the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | Not applicable. |
(b) | Not applicable. |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable. |
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable. |
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. |
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable. |
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
1.
|
Policy for Proxy Voting
|
2.
|
Proxy Voting Guidelines
|
3.
|
Positions on Specific Issues
|
•
|
The accounting auditor has an interest in the company and lacks independence.
|
•
|
Excessive non-audit remuneration has been paid to the accounting auditor by the company.
|
•
|
The accounting auditor has expressed inaccurate opinions on the company's financial conditions.
|
1.
|
Election of Directors
|
①
|
The number of directors is 5 or more, but less than 20;
|
②
|
Outside directors account for the majority of the board of directors;
|
③
|
A statutory or voluntary nomination/remuneration committee chaired by an outside director has been established, and outside directors account for the majority of it;
|
④
|
Female directors account for at least 10% of directors;
|
⑤
|
The company has not introduced an anti-takeover measure;
|
⑥
|
The company does not hold an excessive amount of strategically held stocks (Note);
|
⑦
|
In the case of a company with a board of auditors, the term of office of a director is one year; and
|
⑧
|
If there is a controlling shareholder, the board of directors is chaired by an outside director.
|
①
|
Recurring profit (if no recurring profit is reported, pretax profit; hereinafter the same applies) for the last fiscal year or the net profit has increased compared with the previous fiscal year.
|
②
|
Recurring profit for the last fiscal year or the net profit has increased compared with 3 fiscal years ago.
|
i)
|
Provision of advice on business policies and business improvement based on their knowledge and experience with the aim to promote sustainable corporate growth and increase corporate value over the mid- to long-term;
|
ii)
|
Monitoring of management through important decision-making at the board including the appointment and dismissal of senior management;
|
iii)
|
Monitoring of conflicts of interest between the company and management or the controlling shareholders; and
|
iv)
|
Appropriately representing the views of minority shareholders and other stakeholders in the boardroom from a standpoint independent of the management and controlling shareholders.
|
①
|
The accounting firm has an interest in the company and lacks independence.
|
②
|
Excessive non-audit remuneration has been paid to the accounting firm by the company.
|
③
|
The accounting firm has expressed inaccurate opinions on the company's financial conditions.
|
4.
|
Executive Remuneration
|
①
|
The cumulative share dilution ratio to the total number of issued shares will exceed 10%. If the calculation period of the cumulative share dilution ratio is unknown, it is assumed to be 10 years:
|
②
|
If the period until a person who receives company stocks is no longer restricted to sell them (in the case of stock options, the period from the granting of stock options until the person who are granted them is no longer restricted to sell stocks that have been acquired by exercising the stock options) is less than two years; and
|
③
|
If the persons eligible for receiving company stocks include the following persons:
|
(i)
|
If the board of directors is a monitoring board and such remuneration is not subject to performance achievement conditions, statutory auditors or any external parties who are found to be inappropriate to receive the stock incentive. However, even if company stocks are offered to external parties, we will vote for the resolution, if explanation is provided in an appropriate manner and it is found that the offering of company stocks as remuneration to the external parties contributes to the improvement of shareholder value; and
|
(ii)
|
In cases other than those referred to above, outside directors, directors who are audit committee members or directors who are audit and supervisory committee members, statutory auditors, or any external parties who are found to be inappropriate to receive the stock incentive. However, even if company stocks are offered to external parties, we will vote for the resolution, if explanation is provided in an appropriate manner and it is found that the offering of company stocks as remuneration to the external parties contributes to the improvement of shareholder value.
|
5.
|
Retirement Bonus for Directors and Auditors
|
6.
|
Allocation of Dividends and Profits
|
①
|
Shareholders' equity ratio > 50%
|
②
|
Net financial assets / Sales > 30%
|
③
|
Net financial assets / Total assets > 30%
|
7.
|
Acquisition of the Company's Own Stock
|
8.
|
Change in Number of Authorized Shares
|
9.
|
Issuance of Preferred and Other Classes of Shares
|
10.
|
Corporate Restructuring and Capital Policy (Mergers, Acquisitions, Sale/Transfer of Business, Corporate Separation, Capital Increase, etc.)
|
11.
|
Anti-Takeover Measures
|
12.
|
Amendment of Articles
|
①
|
To make the requirements for the dismissal of directors stricter
|
②
|
To make the requirements for a resolution on organizational restructuring stricter or to establish additional requirements for a resolution on organizational restructuring
|
③
|
To relax quorum requirements of the shareholders' meeting
|
④
|
To reduce or exempt the responsibilities of an accounting auditor
|
⑤
|
To set the maximum number of directors at 20 or above
|
⑥
|
To set a substantial limit on the number of outside directors or highly-independent outside directors
|
①
|
To formulate the basic policy for initiatives concerning ESG issues or to disclose risks and business opportunities concerning ESG issues (for example, disclosure in accordance with the TCFD Final Report)
|
②
|
To enhance the diversity of the board of directors
|
③
|
To propose the "separation between the chair of the board of directors and the chief executive officer (CEO)"
|
④
|
To proceed with the abolition of advisory positions such as "Sodanyaku" or "Komon" or any other similar position to be assumed by a person who is not a director
|
⑤
|
To determine that the director's term of office is one year in a company with a board of auditors
|
⑥
|
To establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an audit and supervisory committee
|
⑦
|
To make a company that has a listed subsidiary engage in initiatives to ensure the effectiveness of the governance system of such listed subsidiary
|
⑧
|
To enable the convocation of a virtual-only shareholders' meeting.
|
13.
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Shareholder Resolution
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①
|
The resolution is not made from the perspective of shareholder value, and the purpose of the resolution is to make a social or political statement.
|
②
|
A resolution on amendments to the articles of incorporation, when the amendments include any content related to individual and specific business execution.
|
③
|
The contents of the resolution are ambiguous and lacking concrete information, and the resolution does not satisfy the requirements for a resolution.
|
(3)
|
We will in principle vote for a shareholder resolution on amendments to the articles of incorporation which fall under any of the following items, but do not correspond to any items in the existing articles of incorporation and do not fall under (2)① or ③. A resolution requesting amendments:
|
①
|
to formulate the basic policy for initiatives concerning ESG issues and to require the disclosure thereof in accordance with the TCFD Final Report;
|
②
|
to disclose important information concerning a resolution for the election of directors and auditors;
|
③
|
to seek the number of outside directors that is not fewer than the minimum level prescribed in "1. Election of Directors (7)";
|
④
|
to seek an outside director to serve as the chair of the board of directors;
|
⑤
|
to prohibit or remove the chief executive officer from serving as the chair of the board of directors;
|
⑥
|
to elect one or more female directors;
|
⑦
|
to abolish the position of "Sodanyaku" or "Komon" to be assumed by a person who is not a director;
|
⑧
|
to disclose remuneration for an individual director or auditor or an individual who is not a director, but holds the position of "Komon" or "Sodanyaku" or any other similar position;
|
⑨
|
to established guidelines on shareholdings by directors
|
⑩
|
to abolish the provisions of the articles of incorporation which prohibit the payment of dividends by resolution of the shareholders' meeting (if the company's appropriation of surpluses for the most recent fiscal year is inappropriate or if the number of outside directors is fewer than the minimum level prescribed in "1. Election of Directors (7)"), or to abolish the provisions of the articles of incorporation which authorize the board of directors to make a decision on the payment of dividends;
|
⑪
|
to sell stocks held by the company that are deemed to be problematic in light of the improvement of corporate value and sustainable growth;
|
⑫
|
to formulate or disclose the basic policy on the exercise of voting rights related to strategically held stocks, and to disclose the results of the exercise of voting rights;
|
⑬
|
to determine that the director's term of office is one year in a company with a board of auditors;
|
⑭
|
to establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an audit and supervisory committee;
|
⑮
|
to make a company that has a listed subsidiary engage in initiatives to ensure the effectiveness of the governance system of such listed subsidiary; or
|
⑯
|
to enable the convocation of a virtual-only shareholders' meeting.
|
14.
|
Other
|
15.
|
Waiver of Rights
|
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a) (1) As of February 29, 2024, Mr. Atsushi Katayama acts as the Registrant's lead portfolio manager. Mr. Katayama is Head of the Japan Small Cap team in Nomura Asset Management Co., Ltd. ("NAM Tokyo"), the Registrant's Investment Adviser. He started his equity investment career in 2006 at NAM Tokyo, where he provided fundamental research on Japanese small to mid-cap stocks. In 2008, Mr. Katayama joined TPG-Axon as an equity analyst covering Retail, Capital Goods, Financials, and Internet sectors. He worked at Point 72 Asia from 2014 to 2019 and at Dymon Asia Capital from 2019 to 2021, where he was a portfolio manager managing long-short Japan equity products and returned to NAM Tokyo as a senior portfolio manager in 2021. Mr. Katayama earned a Master of Science degree from Kyoto University in 2001 and his MBA from the University of Chicago in 2006. The portfolio manager is primarily responsible for the day-to-day portfolio management for the Registrant. He oversees investment decisions and activities and reviews research analysis.
(2) As of February 29, 2024, the portfolio manager was primarily responsible for the day-to-day portfolio management for the Registrant and for one other pooled investment vehicle that is not a registered investment company under the 1940 Act (with total assets of $80 million as of April 1, 2024). None of the investment advisory fees with respect to these accounts is based on the performance of the account. Real, potential or apparent conflicts of interest may arise where a portfolio manager has day-to-day responsibilities with respect to more than one account. These conflicts include the following: (i) the process for allocation of investments among multiple accounts for which a particular investment may be appropriate, (ii) allocation of a portfolio manager's time and attention among relevant accounts, (iii) circumstances where the Registrant's investment adviser has an incentive fee arrangement or other interest with respect to one account that does not exist with respect to other accounts and (iv) personal interests and related party interests. The Registrant's Manager and/or Investment Adviser have policies and procedures reasonably designed to address these conflicts.
(3) As of February 29, 2024, the portfolio manager receives a combination of base compensation and discretionary compensation. The methodology used to determine the portfolio manager's compensation is applied across all accounts managed by the portfolio manager. Generally, the portfolio manager receives fixed salary compensation based on his duties and performance. The amount of base salary is reviewed annually after completion of the formal performance appraisal process. In order to appraise the portfolio manager's performance, certain measures are used, such as a review of his specialties and expertise, a review of his capabilities to achieve assigned duties and a review of his management and communication skills. In addition to base compensation, the portfolio manager may receive discretionary compensation in the form of a cash bonus. The bonus, which is paid annually, is based on both quantitative and qualitative scores. The quantitative score is determined based on the outperformance of portfolio accounts measured against their specific benchmark. The qualitative score is determined by analyzing the portfolio manager's performance and contributions to the investment organization. There is more emphasis on the quantitative score and Portfolio Manager performance is assessed over multiple years, in principle over one, three and five years.
(4) As of February 29, 2024, the portfolio manager did not own beneficially any securities issued by the Registrant.
(b) | Not applicable. |
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
During the period covered by this report, no purchases were made by or on behalf of the Registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the Registrant's equity securities that is registered by the Registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Item 15. Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors made or implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.
Item 16. Controls and Procedures.
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
(b) | There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | Not applicable. |
(b) | Not applicable. |
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable. |
Item 19. Exhibits.
(a) (1) | See Item 2. |
(a) (2) | Not applicable. |
(a) (3) |
Certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). See EX 99.CERT attached hereto. |
(b) | Certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). See EX-99.906 CERT attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Japan Smaller Capitalization Fund, Inc. | ||
By: | /s/ Yuichi Nomoto | |
Yuichi Nomoto | ||
Principal Executive Officer | ||
Date: May 6, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Yuichi Nomoto | |
Yuichi Nomoto | ||
Principal Executive Officer | ||
Date: May 6, 2024 | ||
By: | /s/ Amy J. Robles | |
Amy J. Robles | ||
Principal Financial Officer | ||
Date: May 6, 2024 |