Interim Management Statement

RNS Number : 3900T

Baillie Gifford Japan Trust PLC

04 June 2009

THE BAILLIE GIFFORD JAPAN TRUST PLC

Interim Management Statement - 3 months to 31 May 2009

The Baillie Gifford Japan Trust aims to achieve long term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth, although it invests in larger companies when considered appropriate.

Review of the Period

	Over the three months to 31 May 2009, the Company's net asset value (at par) rose by 16.4% compared to a rise in the benchmark of 7.5%. The share price rose by 23.6%. All figures are in sterling terms.
	SMC fell out of the Top Ten Equity Holdings due to a partial sale. Other changes in the Top Ten were due to market movements.

Sector Analysis of Total Assets			Top Ten Equity Holdings
Name	% of total assets at 31/05/09	% of total assets at 28/02/09	Name	% of total assets at 31/05/09	% of total assets at 28/02/09
Commerce and services	21.5	21.0	East Japan Railway	3.1	2.7
Electricals and electronics	14.9	15.1	Itochu	2.8	2.2
Manufacturing and machinery	13.2	11.0	Accordia Golf	2.7	2.4
Financials	10.1	7.3	KDDI	2.6	3.3
Chemicals and other materials	7.2	6.2	Osaka Securities Exchange	2.4	1.7
Pharmaceuticals and food	5.8	6.0	AIOI Insurance	2.3	2.3
Information, communication			Shimadzu	2.3	2.6
and utilities	5.4	5.7	Yamada Denki	2.2	1.8
Retail	5.2	4.8	Canon	2.2	2.2
Real estate and construction	1.9	1.3	Don Quijote	2.2	1.8
Fixed Interest	2.2	1.2
Net Liquid Assets	12.6	20.4
Total	100.0	100.0	Total	24.8	23.0

Performance

	3 Months	1 Year	3 Years	5 Years
Share Price	23.6	-27.7	-46.4	-14.4
NAV (par)	16.4	-21.8	-37.6	-5.2
Benchmark	7.5	-13.6	-22.5	3.7

Source: Datastream. Capital only.

Benchmark - TOPIX (in sterling terms)

Past performance is not a guide to future performance

General Information
	31/05/09	28/02/09
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	135.0p	109.3p
Total assets (before deduction of bank loans)	£122.1m	£112.7m

Total borrowings (loans at par)	£23.1m	£27.2m
Net asset value per share (at par)*	159.9p	138.0p
Discount of share price to net asset value (at par)	(15.6%)	(20.8%)
Potential Gearing (at par)	23.3%	31.9%
Actual Gearing (at par)	7.5%	4.6%

Total borrowings (loans at fair)	£23.5m	£27.8m
Net asset value per share (at fair)*	159.1p	137.1p
Discount of share price to net asset value (at fair)	(15.1%)	(19.9%)
Potential Gearing (at fair)	23.8%	32.7%
Actual Gearing (at fair)	7.9%	5.2%