Interim Management Statement

RNS Number : 5015S

SchroderJapan Growth Fund PLC

30 November 2012

 



SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 October 2012

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 2012 to 31 October 2012.

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

Annual General Meeting

The Annual General Meeting of the Company was held on 7 November 2012, with all resolutions being passed by shareholders.

General Meeting

The Board announced on 8 October 2012 proposals which would allow the future net revenue of the Company to be paid out to Shareholders in the form of dividends.

These proposals were conditional upon the approval of shareholders in a general meeting.  A general meeting to seek shareholder approval to amend the Company's Articles to remove the prohibition currently contained in the Articles on distributing capital profits by way of dividend or otherwise than by way of repurchase of the Company's issued share capital, was held on 7 November 2012. The special resolution put to the meeting duly passed.

Company Statistics as at 31 October 2012

Gross assets	£146.21 million
Net Asset Value per Ordinary share	98.32p
Share price	85.25p
Discount	13.3%
Number of holdings	82
Gearing	12.1%

Cumulative Performance to 31 October 2012 (Total Return in Percentage Terms)

Performance over	3m	6m	1yr
Share Price	(0.9)	(7.5)	3.0
Net Asset Value	(2.1)	(4.6)	3.7
Japan TSE First Section	(3.1)	(6.0)	(2.7)

All Performance Data Source: Morningstar.

Portfolio Information as at 31 October 2012

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Toyota Motor	Consumer Goods	6,950,119	5.65
Mitsui & Co	Industrials	5,084,572	4.14
SK Kaken	Industrials	5,046,132	4.11
East Japan Railway	Industrials	4,851,369	3.95
Bridgestone	Consumer Services	4,143,241	3.37
HI Lex	Consumer Goods	3,903,760	3.18
KDDI	Financials	3,659,184	2.98
Seven & I Holdings	Consumer Services	3,517,911	2.86
Sumitomo Mitsui    Financial	Telecommunications	3,454,232	2.81
Nippon Tel & Tel	Financials	3,062,761	2.49

Sector Allocation

Sector

Percentage of NAV

Industrials	29.93
Consumer Services	20.76
Consumer Goods	17.96
Financials	16.49
Basic Materials	8.03
Telecommunications	5.47
Healthcare	5.42
Technology	5.20
Oil and Gas	2.12
Other net liabilities	(11.38)

Changes to Share Capital during the quarter ended at 31 October 2012

None - there remain a total of 125,008,200 ordinary shares of 10p each in issue. Each share carries one voting right.

Company Information as at 31 October 2012

SEDOL Code	0802284
Sector	Equity Investment Instruments
Launch Date	July 1994
Financial Year End	31 July
Next AGM Date	November 2013

Enquiries:

John Spedding                                                                                               

30 November 2012

Schroder Investment Management Limited

Company Secretary

Tel: [phone] 

 

END

 

 

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