Interim Management Statement

RNS Number : 5580C

Baillie Gifford Shin Nippon PLC

16 November 2009

 

BAILLIE GIFFORD SHIN NIPPON PLC

Interim Management Statement - 3 months to 31 October 2009

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) increased by 11.6% compared to a rise in the benchmark of 3.2%.   The share price rose by 5.7%.
	Changes in the Top 10 Equity Holdings were due to market movements.

Sector Analysis of Total Assets				Top Ten Equity Holdings
Name	% of total assets at 31/10/09	% of total assets at 31/07/09		Name	% of total assets at 31/10/09	% of total assets at 31/07/09
Manufacturing and machinery	23.8	25.6		Nabtesco	3.7	3.9
Commerce and services	19.0	19.8		Daikokutenbussan	3.5	2.4
Retail	21.1	20.0		Message	3.4	3.5
Info. comm. and utilities	5.6	7.6		Don Quijote	3.4	2.9
Electricals and electronics	9.1	8.9		EPS	2.9	3.3
Pharmaceuticals and food	3.8	4.2		Cocokara Fine	2.9	2.4
Real estate and construction	6.1	4.6		Hamakyorex	2.8	3.0
Financials	3.7	4.0		Pronexus	2.7	3.4
Chemicals and other materials	3.6	2.1		H.I.S.	2.5	2.6
Net liquid assets	4.2	3.2		First Juken	2.5	1.8
Total	100.0	100.0		Total	30.3	29.2

Performance 

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	5.7	29.9	(41.8)	(20.7)
NAV (at par)	11.5	36.5	(32.1)	(14.1)
Benchmark	3.2	19.4	(9.7)	7.9

Source: Thomson Financial Datastream/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 and excluding income.

Past performance is not a guide to future performance

General Information
	31/10/09	31/07/09
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	115.0p	108.8p
Total assets (before deduction of bank loans)	£51.5m	£46.6m
Total borrowings (loans at par)	£7.7m	£7.3m
Net asset value per share (at par)*	140.9p	126.4p
Discount of share price to net asset value (at par)	18.4%	13.9%
Potential Gearing (at par)	17.6%	18.5%
Actual Gearing (at par)	13.0%	14.5%
Total borrowings (loans at fair)	£7.9m	£7.4m
Net asset value per share (at fair)*	140.5p	125.9p
Discount of share price to net asset value (at fair)	18.1%	13.6%
Potential Gearing (at fair)	18.0%	19.0%
Actual Gearing (at fair)	13.3%	14.9%

*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        

For further information contact:  Anzelm Cydzik on 0131 275 3276

 

END

 

 

IMSGUGGPGUPBGGQ