Interim Management Statement

RNS Number : 3752D

SchroderJapan Growth Fund PLC

01 December 2009

 

SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 October 2009

The Board of Schroder Japan Growth Fund Plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 August 2009 to 31 October 2009. 

Investment Objective

The Company's principal investment objective is to achieve capital growth from an actively managed portfolio principally comprising securities listed on the Japanese stock markets, with the aim of achieving growth in excess of the TSE First Section Total Return Index over the longer term.

Material Events or Transactions

The Company is pleased to announce the election of Mr Richard Greer as a non-executive Director of the Company at the Annual General Meeting held on 5 November 2009. Mr Greer, aged 54 has worked in Japan for fifteen years, for Jardine Matheson & Co. Limited and subsequently, as branch manager, for Baring Securities (Japan) Limited, until 1993. He has extensive experience of company research, and headed the group established by the Japanese Ministry of Finance representing the EU investment banks and brokerages. On returning to London, he was global head of research at Barings, Caspian Limited and Commerzbank AG, before becoming a partner at WMG Limited, a wealth management group, and head of marketing at Toscafund Limited.

Annual General Meeting

The Annual General Meeting of the Company was held on 5 November 2009. All resolutions set out in the Notice of Meeting, including a resolution to continue as an investment trust for a further 5-year period, were duly passed.

There have been no other material events or transactions that have taken place between 1 August 2009 and the date of publication of this Statement. 

 

Company Statistics as at 31 October 2009

Gross Assets	£128.25 million
Net Asset Value per Ordinary Share	86.30p
Share Price	71.50p
Premium/(Discount)	(17.15)%
Number of Holdings	73
Net Effective Gearing	10.0%
Yield	0.00%

 Cumulative Performance (%) to 31 October 2009 (Total Return in percentage terms)

Performance over	3m	6m	1yr
Share Price	0.4	10.4	15.3
Net Asset Value	0.5	12.2	18.4
Japan TSE First Section	0.3	5.0	11.7

All Performance Data Source: Fundamental Data.

Portfolio Information as at 31 October 2009

Ten Largest Holdings 

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV (%)
Toyota Motor	Consumer Goods	7,162,588	6.03
Mitsui & Company	Industrials	5,327,775	4.49
Takeda Pharmaceutical	Healthcare	4,006,940	3.38
Tachihi Enterprise	Financials	3,759,836	3.17
East Japan Railway	Consumer Services	3,699,183	3.12
Ricoh	Technology	3,657,094	3.08
Nidec	Industrials	3,410,996	2.87
Sankyo	Consumer Services	3,212,415	2.71
Jupiter Telecommunications	Consumer Services	3,083,568	2.60
SK Kaken	Industrials	2,928,785	2.47

Sector Allocation 

Sector

Percentage of NAV (%)

Industrials	29.84
Financials	23.22
Consumer Services	18.43
Consumer Goods	13.90
Basic Materials	8.55
Technology	5.41
Healthcare	5.10
Telecommunications	4.78
Oil & Gas	0.90
Other net liabilities	(10.13)

  Changes to Share Capital during the quarter ended 31 October 2009

	Issued Ordinary shares of 10p each
As at 1 August	125,008,200
Shares bought back and cancelled during the period	Nil
Shares bought for holding in treasury during the quarter	Nil
Shares already held in treasury	Nil
Shares cancelled from treasury	Nil
Shares remaining in issue as at 31 October 2009	125,008,200

Company Information as at 31 October 2009

SEDOL Code	0802284
Sector	Equity Investment Instruments
Launch Date	July 1994
Financial Year End	31 July
AGM Date	November

Enquiries:

John Spedding
Schroder Investment Management Limited
Company Secretary
Tel: [phone] 

1 December 2009

 

END

 

 

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