Interim Management Statement

RNS Number : 3001F

Baillie Gifford Japan Trust PLC

13 June 2012

 

The Baillie Gifford Japan Trust PLC

Interim Management Statement - 3 Months to 31 May 2012

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 2012, the Company's net asset value (at fair value) fell by 4.5% compared to a fall in the benchmark of 6.9%*. The share price fell by 4.8%. All figures are in sterling terms. ¾  Changes in the Top Ten were attributable to market movements.
Top Ten Equity Holdings			% of total assets at 31/05/12	% of total assets at 29/02/12
		Itochu	4.3	4.2
		Don Quijote	3.1	2.8
		Rakuten	2.8	2.5
		Japan Tobacco	2.8	2.5
		Otsuka Corp	2.6	2.3
		KDDI	2.5	2.4
		Osaka Securities Exchange	2.4	2.2
		Sysmex	2.4	1.9
		Shimadzu	2.2	2.2
		Industrial and Infrastructure Fund	2.2	2.2
		Total	27.3	25.2

Sector Analysis of Total Assets			% of total assets at 31/05/12		% of total assets at 29/02/12
		Commerce and services	22.0	21.0
		Manufacturing and machinery	14.7	14.4
		Electricals and electronics	13.5	13.8
		Information, communication and utilities	12.6	12.7
		Retail	8.0	8.1
		Financials	7.8	8.3
		Chemicals and other materials	7.8	8.6
		Pharmaceuticals and food	6.4	5.8
		Real estate and construction	5.7	6.2
		Net liquid assets	1.5	1.1
		Total	100.0	100.0

Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	(4.8)	1.9		41.1		(14.3)
		NAV (at fair)	(4.5)	(0.6)		31.7		(10.0)
		Benchmark*	(6.9)	(2.6)		8.8		(13.0)
		Source: 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					31/05/12		29/02/12
		Share Price			190.5p		200.0p
		Total assets (before deduction of bank loans)			£160.8m		£165.1m
		Total borrowings (loans at fair)			£29.8m		£27.8m
		Net asset value per share (at fair)*			211.5p		221.6p
		Discount of share price to net asset value (at fair)			9.9%		9.7%
		Potential Gearing (at fair)			22.7%		20.3%
		Actual Gearing (at fair)			20.8%		17.4%
		Total borrowings (loans at par)			£29.4m		£27.5m
		Net asset value per share (at par)*			212.1p		222.2p
		Discount of share price to net asset value (at par)			10.2%		10.0%
		Potential Gearing (at par)			22.4%		20.0%
		Actual Gearing (at par)			20.5%		17.1%
		* 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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