Interim Management Statement

RNS Number : 1889V

Baillie Gifford Japan Trust PLC

10 December 2013

 

The Baillie Gifford Japan Trust PLC

Interim Management Statement - 3 Months to 30 November 2013

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		¾  Over the three months to 30 November 2013, the Company's net asset value (at fair value) rose by 9.5% compared to a rise in the benchmark of 4.0%*. The share price rose by 15.7%. All figures are in sterling terms. ¾  Yaskawa Electric moved into the Top Ten Equity Holdings following a purchase increasing the holding. The holding in Fuji Heavy Industries was reduced. Other changes in the Top Ten were attributable to market movements.    ¾  The Company issued 2,275,000 ordinary shares at a premium to net asset value during the period. ¾  ¥900 million was drawn down under the ¥7.2 billion loan facility with ING which expires in August 2020 taking the total drawn down under this facility to ¥3.5 billion.
Top Ten Equity Holdings			% of total assets at 30/11/13	% of total assets at 31/08/13
		Fuji Heavy Industries	3.2	3.9
		Don Quijote	2.9	2.9
		Softbank	2.9	2.6
		KDDI	2.8	2.5
		Japan Exchange Group	2.7	1.9
		Itochu	2.7	2.9
		Rakuten	2.5	2.4
		Otsuka Corp	2.3	2.5
		Tokyo Tatemono	2.3	2.3
		Yaskawa Electric	2.2	2.1
		Total	26.5	26.0

Sector Analysis of Total Assets			% of total assets at 30/11/13		% of total assets at 31/08/13
		Commerce and services	24.0	21.8
		Manufacturing and machinery	17.9	16.5
		Information, communication and utilities	12.2	14.3
		Electricals and electronics	12.2	13.5
		Financials	10.9	10.4
		Chemicals and other materials	6.5	7.8
		Retail	6.2	6.4
		Real estate and construction	5.3	5.5
		Pharmaceuticals and food	1.5	3.2
		Net liquid assets	3.3	0.6
		Total	100.0	100.0

Performance			%
			3 months	1 year		3 years		5 years
		Share Price	15.7	86.1		105.5		180.7
		NAV (at fair)	9.5	60.5		73.3		131.0
		Benchmark*	4.0	29.3		21.6		37.2
		Source: Morningstar/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					30/11/13		31/08/13
		Share Price			367.8p		317.9p
		Total assets (before deduction of bank loans)			£276.2m		£246.0m
		Total borrowings (loans at fair)			£38.1m		£35.9m
		Net asset value per share (at fair)*			353.8p		323.0p
		Premium/(discount) of share price to net asset value (at fair)			4.0%		(1.6%)
		Potential Gearing (at fair)			16.0%		17.1%
		Actual Gearing (at fair)			12.4%		16.2%
		Total borrowings (loans at par)			£37.6m		£35.6m
		Net asset value per share (at par)*			354.6p		323.5p
		Premium/(discount) of share price to net asset value (at par)			3.7%		(1.7%)
		Potential Gearing (at par)			15.7%		16.9%
		Actual Gearing (at par)			12.2%		16.0%
		* 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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