Title: 241734119.pdf URL Source: https://documentscdn.financialexpress.net/Literature/D6967A575DCD01C1F10158F58ABCDF6C/241734119.pdf Number of Pages: 2 Markdown Content: Key information as of 30 April 2026 Total Net Assets (m) £461.91 3 4 Total Net Asset Value per Share 236.25p 5 6 Share Price 230.00p 7 8 Discount -2.6% 9 10 Bloomberg Ticker NAVF LN 11 12 ## Performance 13 14 Performance Since 15 Total Return Month Inception Top 10 holdings as a percentage of net assets NAVF Share Price +0.4% +142.5% as of 30 April 2026 NAVF Net Asset Value -1.9% +153.3% 1 Eiken Chemical Co Ltd (Health Care) 10.2% 2 Meisei Industrial Co Ltd (Industrials) 7.8% Portfolio characteristics 3 ASKA Pharmaceutical Holdings Co Ltd (Health Care) 7.1% 4 Murakami Corp (Consumer Discretionary) 5.0% Equity Investments 87.2% 5 Teikoku Sen-I Co Ltd (Industrials) 4.8% 6 Bunka Shutter Co Ltd (Industrials) 4.7% Price / Book 1.3x 7 Ebara Jitsugyo Co Ltd (Industrials) 4.4% 8 Noritz Corp (Consumer Discretionary) 4.4% Price / Earnings 21.3x 9 EZaki Glico Co Ltd Ord (Consumer Staples) 3.6% 10 Sekisui Jushi Corp (Industrials) 3.6% EV / EBITDA 7.6x *Adjusted Cash / Market Cap 28.3% **Net Working Capital / Market Cap 36.2% # About NAVF Nippon Active Value Fund (“NAVF” or the "Fund") is an Investment Trust admitted on the Main Market of the London Stock Exchange. The Investment Adviser is Rising Sun Management Limited ("RSM"). NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of quoted small and mid cap Japanese equity investments. The Investment Adviser targets companies which are perceived by the Investment Adviser to be attractive, undervalued and have a substantial proportion of their market capitalisation held in cash and/or listed securities and/or realisable assets . Monthly Market Commentary Japanese stocks experienced a remarkable rally in April, with the Nikkei 225 surging 16.1% in yen terms, reaching record highs driven by AI -related technology stocks and hopes for an end to Middle East conflict . Despite initial volatility from regional geopolitical risks in late February/March, the market saw positive sentiment toward corporate governance reforms and AI growth. The TOPIX also i ncreased, 6.6% in yen terms, demonstrating broader market gains alongside the tech -heavy Nikkei. Foreign investors returned strongly, pouring over JPY 2 trillion into Japanese stocks in early April, while AI -related stocks prospered, with significant gains in companies like SoftBank Group, Advantest, and Tokyo Electron. Against this bullish background, NAVF's portfolio of smaller cap counters was relatively becalmed, even as our engagement with large portfolio holdings, such as Aska Pharma, Eiken Chemical and Bunka Shutter, continues. We have also accelerated the deployment into new and existing target companies of the large cash balances created by the resolution of the Hogy Medical MBO and sale of Fuji Media Holdings (FMH). Talking of FMH, in early April it announced the intention to solicit bids for Sankai Building Co - it was urging the sale of non -media related property business that has driven our (and other activists) engagement with the company from our first involvement. Finally, management is doing the right thing for all shareholders! A date for the diary: as last year, NAVF will be presenting at the Mello2026 retail conference. This event will be held on 3rd June at The Clayton Hotel & Conference Centre, 626 Chiswick High Road, London W4 5RY. We hope to see you there. # Sector breakdown 35.7% 1.3% 9.7% 1.0% 8.7% 12.3% 18.6% 12.7% Industrials Information Technology Materials Communication Services Consumer Staples Consumer Discretionary Health Care Cash (and other net current assets) # Factsheet / 30 April 2026 > Performance data sourced from Morningstar > *Adjusted Cash / Market Cap = (Cash + Cross Shareholdings -Debt ) / Market Cap > **Net Working Capital / Market Cap = (Cross Shareholdings + Total Current Assets –Total Liabilities ) / Market Cap as a percentage of net assets Eiken C Meisei ASKA Ph Murakam Teikoku Bunka S Ebara J Noritz EZaki G Sekisui Formula for Stock Source: Returns 44196 44561 44651 44742 44834 NAVF invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. NAVF can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by NAVF, the value of the investments may not be enough to cover the borrowing and interest costs, and NAVF will make a loss. If NAVF’s investments fall in value, any invested borrowings will increase the amount of this loss. NAVF can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares. Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price NAVF might receive upon their sale. NAVF can make use of derivatives which may impact on its performance. Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions. NAVF’s exposure to a single market and currency may increase risk. The aim of NAVF is to achieve capital growth. It does not target a specific yield and might not pay a dividend every year. NAVF is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. The numbers used in this factsheet are provisional and taken from Rising Sun Management Ltd’s Bloomberg feed. They are liable to change at short notice. This information has been issued and approved by Rising Sun Management Limited and does not in any way constitute investment advice. This factsheet does not constitute an offer or invitation to deal in securities. Nippon Active Value Fund (“NAVF”) is an investment trust, listed on the London Stock Exchange in the United Kingdom, and advised by Rising Sun Management Limited. The value of its shares, and any income from them, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the NAVF include: # Important notice # Factsheet / 30 April 2026 # Contact Broker Shore Capital Cassini House 57 St James’s Street London SW1A 1LD T: +44 (0) 207 408 4090 Further information can be found at: www.nipponactivevaluefund.com