Interim Management Statement

RNS Number : 1084A

Atlantis Japan Growth Fund Ld

26 March 2012

 



ATLANTIS JAPAN GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT(UNAUDITED)

For the period to 29 February 2012

INVESTMENT OBJECTIVE AND POLICIES

The Company aims to achieve long term capital growth through investment wholly or mainly in listed Japanese equities. The Investment Manager follows a stock-driven investment approach. The Company's portfolio is invested in companies quoted on the Tokyo Stock Exchange, the regional stock markets of Fukuoka, Nagoya, Osaka and Sapporo and the Japanese over-the-counter market. The above include the Ambitious market (Sapporo), Mothers (Tokyo), Centrex (Nagoya), JASDAQ (Tokyo) and Q Board (Fukuoka). Investment may also be made in companies listed elsewhere but controlled from Japan or with a material exposure to the Japanese economy. The Company may also invest in securities which are neither listed nor traded on the Japanese over-the-counter market provided that immediately after any such investment is made the Company does not have more than 10 per cent of its Net Asset Value so invested. The Company may borrow money with a view to enhancing the capital returns. The Company may hedge its exposure to Japanese yen.

INVESTMENT MANAGER AND INVESTMENT ADVISER

Atlantis Fund Management (Guernsey) Limited is the Investment Manager of the Company. Tiburon Partners LLP acts as its Investment Adviser. Atlantis Investment Research Corporation, established in Tokyo, through Edwin Merner supported by Taeko Setaishi and Sean Lenihan, advises the Investment Adviser on the day-to-day conduct of the Company's investment business.

PERFORMANCE

	Oct 11	Feb 12
Net Asset Value (GBP)	0.8316	0.8878
Mid Share Price (GBP)	0.7825	0.8263
Premium/Discount (%)	-5.90	-6.93
Fund Size (US$m)	149	141

	4 months	1 year	3 years	5 years	10 years
Net Asset Value return (US$, %)	6.2	-3.3	60.7	-41.6	65.2
Mid Share Price return (GBP, %)	5.6	-0.1	68.2	-36.1	52.3

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Source for NAV and Fund size: Tiburon Partners LLP, Northern Trust

Source for share price and exchange rates: Bloomberg

For the period under review, the Fund's NAV was up 6.2%. This compares with an increase of 6.3% for the Topix TR index. Since inception, the Fund is up 42.5%, well ahead of the Topix TR, which is down 22.1% (all figures in US dollar terms).

At the end of the period under review, the Fund had Y1.65 billion in borrowings and about Y251 million in cash, which means the leverage is around 12.3% on a net basis.

The Fund has no foreign exchange hedges at this time and none are currently planned. The yen ended the period at Y80.590 against the dollar compared with Y78.170 at the end of October, weakening by 3.0%. A stronger yen has a positive impact on the dollar NAV of the Fund and vice versa.

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Source for AJGF NAV: Tiburon Partners, Northern Trust

Source for Topix TR Index and exchange rates: Bloomberg

TOP TEN HOLDINGS

Company	% of net assets
JSR Corporation	5.1
Toyota Motor	4.6
Toyota Tsusho	4.4
Hamakyorex	4.2
Monotaro	4.0
Sumitomo Mitsui Financial	3.9
Kintetsu World	3.4
Kohnan Shoji	3.1
Bit-Isle	3.0
Adeka	2.7
Total	38.4

ASSETS AND GEARING

	Oct 11	Feb 12
Total Assets (US$m)	148.8	141.4
Cash (US$m)	5.7	3.1
Borrowings (US$m)	23.8	20.5

BREAKDOWN BY MARKET

Market	% of Holdings
TSE1	83.3
TSE2	4.9
TSE REIT	4.2
OSE1	2.9
NGY1	0.5
Mothers	2.4
Jasdaq	14.1
Total	112.3

FUND DETAIL
No. shares outstanding: 100,030,443

Changes to share capital - the number of shares reduced following a redemption point.

PRICES AVAILABLE FROM:
Bloomberg - AJG LN

Lipper - 60000517

ISIN - GG00B61ND550

SEDOL - B61ND55

Financial Times - FT Managed Funds Services

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Source: Tiburon Partners LLP, Northern Trust

All figures in US$ as at 29 February 2012

Tiburon Partners LLP is authorised and regulated by the Financial Services Authority

 

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