Interim Management Statement

RNS Number : 6144V

Baillie Gifford Shin Nippon PLC

04 November 2010

 



BAILLIE GIFFORD SHIN NIPPON PLC

Interim Management Statement - 3 months to 31 October 2010

Baillie Gifford Shin Nippon PLC aims to pursue long term capital growth through investment principally in small Japanese companies which are believed to have above average prospects for growth.

Review of the Period

·	Over the period, the Company's net asset value (at fair value) decreased by 1.0% compared to a decrease in the comparative index of 1.0%.   The share price decreased by 5.8%.
·	Changes in the Top 10 Equity Holdings were due to a part sale of Daikokutenbussan, with other changes attributable to market movements.

Sector Analysis of Total Assets				Top Ten Equity Holdings
Name	% of total assets at 31/10/10	% of total assets at 31/07/10		Name	% of total assets at 31/10/10	% of total assets at 31/07/10
Consumer discretionary	29.7	31.0		Start Today	4.2	4.3
Consumer staples	8.7	8.7		Message	4.1	3.8
Energy	3.0	3.2		Nabtesco	3.8	3.5
Financials	7.1	6.8		EPS	3.3	3.6
Health care	14.0	13.4		Don Quijote	3.3	3.2
Industrials	23.0	23.0		Daikokutenbussan	3.0	3.2
Information technology	10.4	11.2		Nakanishi	2.9	2.6
Materials	2.2	1.1		Hamakyorex	2.6	2.6
Net liquid assets	1.9	1.6		Cocokara Fine	2.6	2.4
				H.I.S.	2.4	2.6
Total	100.0	100.0		Total	32.2	31.8

Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-5.8	9.6	-25.0	-42.9
NAV (at fair)	-1.0	7.9	-17.0	-38.4
Comparative Index	-1.0	5.2	7.9	-14.8

Source: Thomson Reuters Datastream /Baillie Gifford & Co.

Comparative Index - The comparative index is the MSCI Japan Small Cap Index in sterling terms and total return. Prior to 1 February 2010, the comparative index was a composite index of the Tokyo Second Section Index, the TOPIX Small Index and the JASDAQ Index, weighted by market capitalisation, in sterling terms and excluding income. For the purpose of the performance table above, the returns on both indices for their respective periods have been linked together to form a single comparative index.

Past performance is not a guide to future performance

General Information
	31/10/10	31/07/10
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	126.0p	133.8p
Total assets (before deduction of bank loans)	£56.1m	£56.2m
Total borrowings (loans at fair)	£8.9m	£8.6m
Net asset value per share (at fair)*	151.6p	153.1p
Discount of share price to net asset value (at fair)	16.9%	12.6%
Potential Gearing (at fair)	18.9%	18.0%
Actual Gearing (at fair)	17.1%	15.9%
Total borrowings (loans at par)	£8.9m	£8.5m
Net asset value per share (at par)*	151.6p	153.5p
Discount of share price to net asset value (at par)	16.9%	12.8%
Potential Gearing (at par)	18.9%	17.8%
Actual Gearing (at par)	17.1%	15.6%

*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.shinnippon.co.uk                       

For further information contact:  Anzelm Cydzik on 0131 275 3276

 

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