Interim Management Statement

RNS Number : 3531J

Baillie Gifford Japan Trust PLC

11 June 2014

 



The Baillie Gifford Japan Trust PLC

Interim Management Statement - 3 Months to 31 May 2014

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 2014, the Company's net asset value (at fair value) fell by 0.2% compared to a rise in the benchmark of 0.4%*. The share price fell by 2.1%. All figures are in sterling terms. ¾  Inpex moved into the Top Ten holdings following an addition to the holding. Other changes in the Top Ten were attributable to market movements.    ¾  The Company issued 450,000 ordinary shares at a premium to net asset value during the period. ¾  ¥1.8 billion was drawn down under the ¥7.2 billion loan facility with ING which expires in August 2020 taking the total drawn down under this facility to ¥6.2 billion. The ¥1.8 billion facility with Scotiabank Europe matured and was repaid on 19 May 2014. Overall borrowings remain at ¥7.2 billion.
Top Ten Equity Holdings			% of total assets at 31/05/14	% of total assets at 28/02/14
		Fuji Heavy Industries	2.9	3.0
		Toyo Tire & Rubber	2.8	2.4
		Don Quijote	2.7	2.5
		KDDI	2.6	2.7
		Softbank	2.5	2.6
		Itochu	2.5	2.6
		Japan Exchange Group	2.4	2.4
		Otsuka	2.4	2.3
		HIS	2.4	2.3
		Inpex	2.3	1.9
		Total	25.5	24.7

Sector Analysis of Total Assets			% of total assets at 31/05/14		% of total assets at 28/02/14
		Commerce and services	23.5	22.8
		Manufacturing and machinery	18.5	18.1
		Information, communication and utilities	12.0	12.4
		Electricals and electronics	13.1	13.2
		Financials	10.1	10.0
		Chemicals and other materials	7.3	6.4
		Retail	5.7	5.9
		Real estate and construction	5.2	5.1
		Pharmaceuticals and food	2.0	2.3
		Net liquid assets	2.6	3.8
		Total	100.0	100.0

Performance			%
			3 months	1 year		3 years		5 years
		Share Price	(2.1)	12.4		79.3		148.2
		NAV (at fair)	(0.2)	3.7		57.4		108.4
		Benchmark*	0.4	(3.4)		19.9		33.9
		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					31/05/14		28/02/14
		Share Price			335.0p		342.0p
		Total assets (before deduction of bank loans)			£274.8m		£271.4m
		Total borrowings (loans at fair)			£45.5m		£43.1m
		Net asset value per share (at fair)†			334.8p		335.4p
		Premium of share price to net asset value (at fair)			0.1%		2.0%
		Potential Gearing (at fair)			19.8%		18.9%
		Actual Gearing (at fair)			17.2%		14.4%
		Total borrowings (loans at par)			£42.2m		£42.1m
		Net asset value per share (at par)†			339.6p		337.0p
		(Discount)/premium of share price to net asset value (at par)			(1.4%)		1.5%
		Potential Gearing (at par)			18.1%		18.4%
		Actual Gearing (at par)			15.5%		13.9%
		† 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

 

END

 

 

IMSGGUUGQUPCURG