The Japan Equity Fund and Aberdeen Asset Management Asia jointly announced that the Fund’s Board of Directors has voted unanimously to approve and to recommend that stockholders of the Fund approve an Investment Management Agreement between the Fund and Aberdeen Asset Management Asia.
The Proposed Agreement, if approved by stockholders, will replace the Fund’s existing Investment Management Agreement pursuant to which the Fund’s current investment manager, Daiwa SB Investments (USA), manages the investment of the Fund’s assets.
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Under the Proposed Agreement, the total management fees paid by the Fund would be a monthly fee at an annual rate of (1) 0.60% of the Fund’s average weekly net assets for the first US$20 million, (2) 0.40% of the Fund’s average weekly net assets for the next US$30 million and (3) 0.20% of the Fund’s average weekly net assets in excess of US$50 million.
These fees are the same as the fees paid to Daiwa SB under the existing investment management agreement.
The Fund’s investment objective is to seek long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in listed equity securities of Japanese companies.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost.
Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.
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