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: 0207 658 3206 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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