Interim Management Statement

RNS Number : 1831I

SchroderJapan Growth Fund PLC

28 June 2013

 

SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the Quarter ended 30 April 2013

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 February 2013 to 30 April 2013.

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

Appointment of Director

On 1 May 2013, the Company announced the appointment of Mrs Anja Balfour as a non-executive Director of the Company, effective immediately.

Aged 49, Mrs Balfour spent 22 years as a fund manager running Japanese, Far Eastern and International equity portfolios for Stewart Ivory, Baillie Gifford and latterly, Axa Framlington. She is a non-executive director of Martin Currie Pacific Trust plc and is a trustee of Venture Scotland, a charity specialising in personal development for young people. She is a member of the CFA Society of the UK and Archangel Informal Investment, a business angel syndicate.

No other material events or transactions have taken place between 1 February 2013 and the date of publication of this Statement.

Company Statistics as at 30 April 2013

Gross assets	£191.59 million
Net Asset Value per Ordinary share	137.44p
Share price	124.00p
Discount	9.8%
Number of holdings	82
Gearing	10.2%

Cumulative Performance to 30 April 2013 (Total Return in Percentage Terms)

Performance over	3m	6m	1yr
Share Price	23.4	45.5	34.6
Net Asset Value	23.3	39.8	33.0
Japan TSE First Section Index	20.3	35.0	27.0

All Performance Data Source: Morningstar.

Portfolio Information as at 30 April 2013

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Toyota Motor	Consumer Goods	10,862,685	6.32
Bridgestone	Consumer Goods	6,544,799	3.81
East Japan Railway	Consumer Services	6,180,903	3.60
SK Kaken	Industrials	5,870,367	3.42
Mitsui	Industrials	5,824,723	3.39
HI Lex	Industrials	5,789,897	3.37
Sumitomo Mitsui Financial	Financials	5,528,105	3.22
NKSJ Holdings	Financials	4,932,454	2.87
KDDI	Telecommunications	4,815,548	2.80
Seven & I Holdings	Consumer Services	4,539,047	2.64

Sector Allocation

Sector

Percentage of NAV

Industrials	26.58
Financials	19.57
Consumer Goods	19.26
Consumer services	17.85
Basic Materials	7.77
Technology	6.93
Telecommunications	5.03
Healthcare	4.76
Oil and Gas	1.90
Other net liabilities	(9.65)

Changes to Share Capital during the quarter ended 30 April 2013

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 30 April 2013

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

Enquiries:

John Spedding                                                                                               

28 June 2013

Schroder Investment Management Limited

Company Secretary

Tel: [phone] 

 

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