Interim Management Statement

RNS Number : 3869H

Baillie Gifford Shin Nippon PLC

16 May 2014

 



Baillie Gifford Shin Nippon PLC

Interim Management Statement - 3 Months to 30 April 2014

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) declined by 12.5% compared to a decline in the comparative index of 6.2%. The share price fell by 11.1%. ¾  Changes in the Top Ten Equity Holdings were due to market movements. The Company took a new holding in Cyberdyne and the holdings in Aeon REIT and Bit-Isle were sold. ¾  Over the period the Company issued 200,000 ordinary shares at a premium to net asset value.
Top Ten Equity Holdings			% of total assets at 30/04/14	% of total assets at 31/01/14
		F&N Communications	2.6	2.9
		MonotaRO	2.6	2.6
		Iriso Electronics	2.6	2.2
		Asics	2.2	1.8
		Nihon M&A Center	2.2	2.4
		M3	2.1	2.1
		Don Quijote	2.0	2.2
		Asahi Intecc	2.0	2.1
		Nakanishi	2.0	1.6
		Start Today	2.0	2.0
		Total	22.3	21.9

Sector Analysis			% of total assets at 30/04/14		% of total assets at 31/01/14
		Consumer discretionary	25.1	25.0
		Consumer staples	5.4	4.9
		Energy	1.2	1.4
		Financials	7.4	8.3
		Health care	12.8	12.4
		Industrials	17.3	16.4
		Information technology	22.0	23.5
		Materials	1.2	1.0
		Telecommunication services	0.8	1.5
		Net liquid assets	6.8	5.6
		Total	100.0	100.0

Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	(11.1)	(5.4)		91.2		211.2
		NAV (at fair)	(12.5)	(7.6)		60.6		159.0
		Comparative Index*	(6.2)	(9.4)		21.7		53.7
		Source: Thomson Reuters Datastream/Baillie Gifford & Co *  The comparative index is the MSCI Japan Small Cap Index total return in sterling terms. 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					30/04/14		31/01/14
		Annual management fee (based on net assets)			0.95% on first £50m, 0.65% thereafter		0.95% on first £50m, 0.65% thereafter
		Share price			291.8p		328.0p
		Total assets (before deduction of bank loans)			£119.6m		£133.8m
		Total borrowings (loans at fair)			£20.3m		£20.9m
		Net asset value per share (at fair)*			269.3p		307.8p
		Premium of share price to net asset value (at fair)			8.3%		6.6%
		Total borrowings (loans at par)			£19.4m		£19.8m
		Net asset value per share (at par)*			271.6p		310.7p
		Premium of share price to net asset value (at par)			7.4%		5.6%
		Gearing†			11.7%		10.8%
		*    These figures have been calculated using the AIC cum income basis (includes current financial year net income). †      Calculated per AIC (borrowings at par, less cash, divided by shareholders' funds).
		This interim management statement, 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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