Interim Management Statement

RNS Number : 9462Z

Atlantis Japan Growth Fund Ld

13 March 2013

ATLANTIS JAPAN GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT(UNAUDITED)

For the period to 28 February 2013

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), JASDAQ (Tokyo) 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

AFMG Limited is the Investment Manager of the Company. Tiburon Partners LLP acts as its Investment Adviser. Atlantis Investment Research Corporation, established in Tokyo, through Edwin Merner supported by Taeko Setaishi, advises the Investment Adviser on the day-to-day conduct of the Company's investment business.

PERFORMANCE

	Oct 12	Feb 13
Net Asset Value (GBP)	0.8696	1.0835
Mid Share Price (GBP)	0.8363	0.9650
Premium/Discount (%)	-3.84	-10.94
Fund Size (US$m)	99	84

	4 months	1 year	3 years	5 years	10 years
Net Asset Value return (US$, %)	15.4	16.8	48.5	35.4	111.9
Mid Share Price return (GBP, %)	17.5	16.5	36.7	0.2	97.9

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Source for NAV and Fund size: Tiburon Partners LLP, Northern Trust

Source for share price and exchange rates: Bloomberg

For the period under review, the Fund's NAV was up 15.4%. This compares with an increase of 15.1% for the Topix TR index. Since inception, the Fund is up 66% well ahead of the Topix TR, which is down 17.3% (all figures in US dollar terms).

At the end of the period under review, the Fund had JPY864 million in borrowings and about JPY196 million in cash, which means the leverage is around 8.6% on a net basis.

The Fund has no foreign exchange hedges at this time and none are currently planned. The yen ended the period at JPY92.4 against the US dollar compared with JPY79.8 at the end of October 2012, weakening by 13.6%. A stronger yen has a positive impact on the dollar NAV of the Fund and vice versa.

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Source for AJGF NAV: Tiburon Partners, Northern Trust

Source for Topix TR Index and exchange rates: Bloomberg

TOP TEN HOLDINGS

Company	% of net assets
Toyota Tsusho	5.2
Daikin Industries	4.4
Toyota Motor	4.0
Sumitomo Mitsui Financial	4.0
Mitsui Fudosan	3.4
Anritsu	3.2
Sekisui House	3.1
Fuji Pharma	3.1
Bit-Isle	2.9
Saint Marc Holdings	2.7
Total	36.0