Interim Management Statement

RNS Number : 7481H

Baillie Gifford Shin Nippon PLC

07 November 2008

 



BAILLIE GIFFORD SHIN NIPPON PLC

Interim Management Statement - 3 months to 31 October 2008

Baillie Gifford Shin Nippon PLC aims to pursue long term capital growth through investment principally in small Japanese companies which are believed to have above average prospects for growth.

Review of the Period

	Over the period, the Company's net asset value (at fair value) fell by 20.6% compared to a fall in the benchmark of 18.2% while the share price fell by 20.5%
	Changes in the Top 10 Equity Holdings were due to reductions in Shinko Plantech, USS Company and Sugi Pharmacy, with the rest attributable to market movements.
	During the period the Company repaid a ¥500 million loan, bringing its total loans down to ¥1.4 billion.

Sector Analysis of Total Assets				Top Ten Equity Holdings
Name	% of total assets at 31/10/08	% of total assets at 31/07/08		Name	% of total assets at 31/10/08	% of total assets at 31/07/08
Manufacturing and machinery	26.3	32.1		EPS	4.5	3.3
Commerce and services	22.2	20.0		Pronexus	3.8	3.5
Retail	19.5	15.5		Don Quijote	2.9	2.1
Real estate and construction	3.5	4.8		Moshi Moshi Hotline	2.8	2.8
Financials	3.0	5.0		Hamakyorex	2.7	2.2
Info. comm. and utilities	6.9	6.7		Nakanishi	2.6	2.6
Chemicals and other materials	1.2	1.6		HIS	2.6	1.8
Electricals and electronics	5.2	5.1		Shoei	2.5	3.2
Pharmaceuticals and food	6.5	5.3		Intage	2.5	2.1
Net liquid assets	5.7	3.9		Nabtesco	2.5	3.2
Total	100.0	100.0		Total	29.4	26.8

Performance 

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(20.5)	(47.3)	(59.9)	(32.4)
Nav (Par)	(20.4)	(44.1)	(55.8)	(30.8)
Benchmark	(18.2)	(28.2)	(43.3)	(18.3)

Source: Fundamental Data Ltd/HSBC/Baillie Gifford & Co.  Capital only.

Benchmark - a composite index comprising the Tokyo Second Section Index, the TOPIX Small Index and the JASDAQ Index, weighted by market capitalisation, in sterling terms.

Past performance is not a guide to future performance

General Information
	31/10/08	31/07/08
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	88.5p	111.3p
Total assets (before deduction of bank loans)	£40.4m	£48.6m
Total borrowings (loans at par)	£8.8m	£8.9m
Net asset value per share (at par)	101.7p	127.8p
Discount of share price to net asset value (at par)	13.0%	12.9%
Potential Gearing (at par)	27.8%	22.3%
Actual Gearing (at par)	19.9%	17.1%
Total borrowings (loans at fair)	£9.0m	£9.0m
Net asset value per share (at fair)	101.2p	127.5p
Discount of share price to net asset value (at fair)	12.5%	12.7%
Potential Gearing (at fair)	28.5%	22.6%
Actual Gearing (at fair)	20.5%	17.3%

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

For further information contact:-  Anzelm Cydzik on 0131 275 3276

 

END

 

 

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