Interim Management Statement

RNS Number : 2504Z

Atlantis Japan Growth Fund Ld

17 September 2009

Atlantis Japan Growth Fund Limited (the 'Company')

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 30709)

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

For the period 30 April 2009 - 31 July 2009

INVESTMENT OBJECTIVE AND POLICIES

The Company aims to achieve long term capital growth through investment wholly or mainly in listed Japanese equities. The Investment Manager follows a stock-driven investment approach. The Company's portfolio is invested in companies quoted on the Tokyo Stock Exchange, the regional stock markets of Fukuoka, Nagoya, Osaka and Sapporo and the Japanese over-the-counter market. The above include the Ambitious market (Sapporo), Mothers (Tokyo), Centrex (Nagoya), Hercules (Osaka) and Q Board (Fukuoka). Investment may also be made in companies listed elsewhere but controlled from Japan or with a material exposure to the Japanese economy. The Company may also invest in securities which are neither listed nor traded on the Japanese over-the-counter market provided that immediately after any such investment is made the Company does not have more than 10 per cent of its Net Asset Value so invested. The Company may borrow money with a view to enhancing the capital returns. The Company may hedge its exposure to Japanese yen.

INVESTMENT MANAGER AND INVESTMENT ADVISER

Atlantis Fund Management (Guernsey) Limited is the Investment Manager of the Company. Atlantis Investment Management Limited acts as Investment Manager as its Investment Adviser. Atlantis Investment Research Corporation, established in Tokyo, through Edwin Merner, advises the Investment Adviser on the day-to-day conduct of the Company's investment business.

PERFORMANCE

	April 09	July 09
Net Asset Value (US$)	9.0	11.7
Mid Share Price (US$)	7.7	9.7
Premium/Discount (%)	-14.4	-17.1
Fund Size (US$m)	184.7	239.6

	3 months	1 year	3 years	5 years
Net Asset Value return (%)	29.7	-18.8	-52.2	-37.8
Mid Share Price return (%)	26.4	-29.4	-61.6	-48.6

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Source for NAV and Fund size: Atlantis Advent System using Yen/US$ exchange rate of 98.150 as at 30 April 2009 and 95.660 as at 31 July 2009.

Source for Share price: Bloomberg using Yen/US$ exchange rate of 98.89 as at 30 April 2009 and 94.63 as at 31 July 2009.

All figures in US$.

For the period under review, the Fund's NAV was up 29.7%. This compares with an increase of 16.4% for the large cap-dominated Topix index, and increase of 21.4% for the Tokyo Second Market, 38.0% for the MOTHERS Market and 31.2% for the Osaka Hercules Market. Since inception, the Fund is up 18.2%, well ahead of the Topix, down 38.5% and the Tokyo Second Market Index, up 8.8% over the same time frame.

At the end of the period under review, the Fund had Y4.5bn in borrowings and about Y370m in cash, which means the gearing is around 18% on a net basis.

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Source for AJGF NAV, Topix Index, TSE2 Index, MOTHERS Market Index and Osaka Hercules Market Index: Atlantis Advent System using Yen/US$ exchange rate of 95.660 as at 31 July 2009.

The Fund has no foreign exchange hedges at this time and none are currently planned. At the end of the quarter, the yen ended at Y95.660 compared with Y98.150 at the end of April, strengthening by 2.6%. A strong yen has a positive impact on the dollar NAV of the Fund and vice versa.

TOP TEN HOLDINGS

Company	% of net assets
Seven Bank Ltd	4.6
Makita Corp	4.3
Hamakyorex Co	3.7
Shin-etsu Chemical	3.7
Toyota Tsusho	3.6
Toyo Tanso Co	3.4
Dai-ichi Seiko Co Ltd	2.2
Sakai Moving Service	2.2
Mitsubishi UFJ Lease/Fin	2.1
AIN Pharmaciez	2.1
Total	32.0