Interim Management Statement

RNS Number : 2813D

Baillie Gifford Shin Nippon PLC

14 May 2012

 



Baillie Gifford Shin Nippon PLC

Interim Management Statement - 3 Months to 30 April 2012

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		¾  Over the period, the Company's net asset value (deducting borrowings at fair value) increased by 7.7% compared to a fall in the comparative index of 0.5%.   The share price increased by 13.6%. ¾  Changes in the Top 10 Equity Holdings were attributable to market movements.
Top Ten Equity Holdings			% of total assets at 30/04/12	% of total assets at 31/01/12
		Message	4.6	4.5
		Monotaro	3.7	2.6
		Don Quijote	3.6	3.9
		Start Today	3.3	4.5
		Hamakyorex	3.2	3.0
		Cocokara Fine	3.0	2.7
		Nabtesco	3.0	3.2
		EPS	2.8	2.2
		M3	2.5	2.5
		Nakanishi	2.4	2.3
		Total	32.1	31.4

Sector Analysis of Total Assets			% of total assets at 30/04/12		% of total assets at 31/01/12
		Consumer discretionary	23.7	24.4
		Consumer staples	10.5	10.1
		Energy	1.3	1.2
		Financials	7.6	6.9
		Health care	17.0	14.3
		Industrials	22.0	23.6
		Information technology	13.6	14.3
		Materials	2.4	2.7
		Net liquid assets	1.9	2.5
		Total	100.0	100.0

Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	13.6	24.5		102.7		(0.9)
		NAV (at fair)	7.7	13.0		82.2		(4.9)
		Comparative Index*	(0.5)	6.5		34.4		14.0
		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					30/04/12		31/01/12
		Annual management fee (based on net assets)			1.0%		1.0%
		Share Price			190.0p		167.3p
		Total assets (before deduction of bank loans)			£67.9m		£64.4m
		Total borrowings (loans at fair)			£8.9m		£9.6m
		Net asset value per share (at fair)*			189.5p		176.0p
		Premium/(discount) of share price to net asset value (at fair)			0.3%		(4.9%)
		Potential Gearing (at fair)			15.2%		17.6%
		Actual Gearing (at fair)			13.4%		14.4%
		Total borrowings (loans at par)			£8.9m		£9.6m
		Net asset value per share (at par)*			189.7p		176.2p
		Premium/(discount) of share price to net asset value (at par)			0.2%		(5.1%)
		Potential Gearing (at par)			15.0%		17.4%
		Actual Gearing (at par)			13.3%		14.3%
		*    These figures have been calculated using the AIC cum income basis (includes current financial year net income).
		This interim management statement and NAV and share price information is available on the Managers' website  www.shinnippon.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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