Interim Management Statement

RNS Number : 5487G

Baillie Gifford Japan Trust PLC

07 June 2013

 

The Baillie Gifford Japan Trust PLC

Interim Management Statement - 3 Months to 31 May 2013

The Baillie Gifford Japan Trust aims to achieve long term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth, although it invests in larger companies when considered appropriate.

Review of the Period		¾  Over the three months to 31 May 2013, the Company's net asset value (at fair value) rose by 19.4% compared to a rise in the benchmark of 7.4%*. The share price rose by 11.4%. All figures are in sterling terms. ¾  Softbank and Yaskawa Electric moved into the Top Ten Equity Holdings following purchases increasing the holdings. Other changes in the Top Ten were attributable to market movements.    ¾  The Company issued 3,096,750 ordinary shares at a premium to net asset value during the period.
Top Ten Equity Holdings			% of total assets at 31/05/13	% of total assets at 28/02/13
		Fuji Heavy Industries	4.4	3.5
		Itochu	3.5	3.9
		Don Quijote	2.7	2.9
		Sysmex	2.6	2.5
		KDDI	2.6	2.6
		Japan Exchange Group	2.4	2.4
		Yaskawa Electric	2.4	1.9
		Japan Tobacco	2.4	2.7
		Toyo Tire & Rubber	2.4	2.1
		Softbank	2.3	1.3
		Total	27.7	25.8

Sector Analysis of Total Assets			% of total assets at 31/05/13		% of total assets at 28/02/13
		Commerce and services	20.0	21.7
		Manufacturing and machinery	18.2	18.1
		Information, communication and utilities	13.2	12.8
		Electricals and electronics	12.9	12.7
		Financials	10.0	9.2
		Chemicals and other materials	7.8	6.7
		Retail	5.8	6.0
		Real estate and construction	5.7	6.7
		Pharmaceuticals and food	4.1	5.0
		Net liquid assets	2.3	1.1
		Total	100.0	100.0

Performance			%
			3 months	1 year		3 years		5 years
		Share Price	11.4	56.4		70.5		59.6
		NAV (at fair)	19.4	52.5		54.3		57.4
		Benchmark*	7.4	27.3		19.2		10.3
		Source: Morningstar/Thomson Reuters Datastream/Baillie Gifford & Co *Benchmark - On 1 September 2009, the Company changed its benchmark to TOPIX total return (in sterling terms) from TOPIX capital return (in sterling terms).  For the purposes of the above table, the returns on both benchmarks for their respective periods have been linked to form a single benchmark. Past performance is not a guide to future performance
General Information					31/05/13		28/02/13
		Share Price			298.0p		267.5p
		Total assets (before deduction of bank loans)			£233.2m		£192.9m
		Total borrowings (loans at fair)			£23.3m		£25.5m
		Net asset value per share (at fair)*			322.7p		270.2p
		Discount of share price to net asset value (at fair)			7.7%		1.0%
		Potential Gearing (at fair)			11.1%		15.3%
		Actual Gearing (at fair)			8.9%		14.4%
		Total borrowings (loans at par)			£23.2m		£25.3m
		Net asset value per share (at par)*			322.9p		270.5p
		Discount of share price to net asset value (at par)			7.7%		1.1%
		Potential Gearing (at par)			11.0%		15.1%
		Actual Gearing (at par)			8.8%		14.2%
		* These figures have been calculated using the AIC cum income basis (includes current financial year net income).
		This interim management statement and up to date NAV and share price information is available on the Managers' website: www.japantrustplc.co.uk‡. ‡Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information contact:  Anzelm Cydzik on 0131 275 3276

 

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