Interim Management Statement

RNS Number : 3079S

Baillie Gifford Shin Nippon PLC

17 November 2011

 



BAILLIE GIFFORD SHIN NIPPON PLC

Interim Management Statement - 3 months to 31 October 2011

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 (deducting borrowings at fair value) declined 7.2% compared to a decrease in the comparative index of 5.9%.   The share price fell by 7.8%.
·	Changes in the Top 10 Equity Holdings included a part sale of HIS, but were primarily attributable to market movements.

Sector Analysis of Total Assets				Top Ten Equity Holdings
Name	% of total assets at 31/10/11	% of total assets at 31/07/11		Name	% of total assets at 31/10/11	% of total assets at 31/07/11
Consumer discretionary	25.6	26.9		Start Today	5.0	5.3
Consumer staples	9.9	9.5		Message	4.6	4.6
Energy	2.2	2.4		Don Quijote	3.9	3.3
Financials	5.8	6.6		Nabtesco	3.4	3.5
Health care	14.7	14.8		Hamakyorex	2.8	3.0
Industrials	25.1	25.2		Cocokara Fine	2.6	2.5
Information technology	11.6	10.6		M3	2.6	2.4
Materials	2.6	2.5		EPS	2.5	2.6
Net liquid assets	2.5	1.5		Monotaro	2.2	2.5
				Nakanishi	2.2	2.3
Total	100.0	100.0		Total	31.8	32.0

Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-7.8	30.6	85.9	-16.8
NAV (at fair)	-7.2	14.2	68.6	-16.7
Comparative Index	-5.9	8.3	36.0	2.9

Source: Thomson Reuters Datastream /Baillie Gifford & Co.

Comparative Index - The comparative index is the MSCI Japan Small Cap Index in sterling terms and total return. Prior to 1 February 2010, the comparative index was a composite index of the Tokyo Second Section Index, the TOPIX Small Index and the JASDAQ Index, weighted by market capitalisation, in sterling terms and excluding income. For the purpose of the performance table above, the returns on both indices for their respective periods have been linked together to form a single comparative index.

Past performance is not a guide to future performance

General Information
	31/10/11	31/07/11
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	164.5p	178.5p
Total assets (before deduction of bank loans)	£63.0m	£67.1m
Total borrowings (loans at fair)	£9.2m	£9.1m
Net asset value per share (at fair)*	173.1p	186.5p
Discount of share price to net asset value (at fair)	5.0%	4.3%
Potential Gearing (at fair)	17.1%	15.6%
Actual Gearing (at fair)	14.5%	13.7%
Total borrowings (loans at par)	£9.1m	£9.1m
Net asset value per share (at par)*	173.3p	186.5p
Discount of share price to net asset value (at par)	5.1%	4.3%
Potential Gearing (at par)	17.0%	15.6%
Actual Gearing (at par)	14.4%	13.7%

*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.shinnippon.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

 

END

 

 

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