Interim Management Statement

RNS Number : 3626T

Baillie Gifford Japan Trust PLC

05 December 2011

 



THE BAILLIE GIFFORD JAPAN TRUST PLC

Interim Management Statement - 3 months to 30 November 2011

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 30 November 2011, the Company's net asset value (at fair value) fell by 4.4% compared to a fall in the benchmark of 2.7%*.  The share price fell by 4.8%.  All figures are in sterling terms.
·	Changes in the Top Ten were predominantly attributable to market movements.

Sector Analysis of Total Assets				Top Ten Equity Holdings
Sector	% of total assets at 30/11/11	% of total assets at 31/08/11		Name	% of total assets at 30/11/11	% of total assets at 31/08/11
Commerce and services	21.9	21.9		Itochu	3.9	3.9
Electricals and electronics	13.8	14.5		Japan Tobacco	3.5	3.0
Information, communication				Don Quijote	2.9	3.5
and utilities	13.2	13.1		Rakuten	2.8	2.8
Manufacturing and machinery	11.6	11.2		Gree	2.7	2.4
Retail	9.2	10.5		KDDI	2.6	2.8
Chemicals and other materials	8.7	8.5		Canon	2.4	2.4
Financials	7.7	7.3		Osaka Securities Exchange	2.4	2.1
Pharmaceuticals and food	6.9	7.0		Mitsubishi Electric	2.3	2.3
Real estate and construction	3.5	3.6		Yamada Denki	2.2	2.1
Net Liquid Assets	3.5	2.4
Total	100.0	100.0		Total	27.7	27.3

Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(4.8)	2.3	39.8	(14.0)
NAV (at fair)	(4.4)	0.7	34.3	(9.7)
Benchmark *	(2.7)	(7.5)	9.7	(11.1)

Source: Thomson Reuters Datastream/Baillie Gifford & Co

*Benchmark - On 1 September 2009, the Company changed its benchmark to TOPIX total return (in sterling terms) from TOPIX capital return (in sterling terms).  For the purposes of the above table, the returns on both benchmarks for their respective periods have been linked to form a single benchmark.

Past performance is not a guide to future performance

General Information
	30/11/11	31/08/11
Share Price	183.1p	192.4p
Total assets (before deduction of bank loans)	£156.9m	£162.2m
Total borrowings (loans at fair)	£29.5m	£28.9m
Net asset value per share (at fair)*	205.7p	215.2p
Discount of share price to net asset value (at fair)	11.0%	10.6%
Potential Gearing (at fair)	23.1%	21.7%
Actual Gearing (at fair)	19.2%	18.6%
Total borrowings (loans at par)	£29.1m	£28.5m
Net asset value per share (at par)*	206.3p	215.9p
Discount of share price to net asset value (at par)	11.2%	10.9%
Potential Gearing (at par)	22.8%	21.3%
Actual Gearing (at par)	18.8%	18.2%

* These figures have been calculated using the AIC cum income basis (includes current financial year net income).

This interim management statement and up to date NAV and share price information is available on the Managers' website: www.japantrustplc.co.uk^‡.

^‡Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

For further information contact:  Anzelm Cydzik on 0131 275 3276

 

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