Interim Management Statement

RNS Number : 9113Q

Baillie Gifford Shin Nippon PLC

12 November 2012

 



Baillie Gifford Shin Nippon PLC

Interim Management Statement - 3 Months to 31 October 2012

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		¾  Over the period, the Company's net asset value (deducting borrowings at fair value) increased by 0.2% compared to a decrease in the comparative index of 2.7%. The share price increased by 6.6%. ¾  Changes in the Top 10 Equity Holdings were attributable to market movements.
Top Ten Equity Holdings			% of total assets at 31/10/12	% of total assets at 31/07/12
		MonotaRO	4.4	4.3
		Don Quijote	3.8	3.3
		EPS	3.3	3.0
		Message	3.2	4.6
		Cocokara Fine	3.2	3.3
		M3	3.0	2.8
		Endo Lighting	2.8	2.1
		Hamakyorex	2.7	3.0
		Nabtesco	2.5	3.1
		Asics	2.3	2.0
		Total	31.2	31.5

Sector Analysis of Total Assets			% of total assets at 31/10/12		% of total assets at 31/07/12
		Consumer discretionary	22.1	22.4
		Consumer staples	10.6	11.9
		Energy	1.3	1.2
		Financials	9.0	7.9
		Health care	17.0	17.7
		Industrials	23.1	22.9
		Information technology	13.3	11.8
		Materials	2.1	2.5
		Net liquid assets	1.5	1.7
		Total	100.0	100.0

Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	6.6	18.2		69.1		15.8
		NAV (at fair)	0.2	12.2		38.2		6.6
		Comparative Index*	(2.7)	(0.66)		13.2		16.1
		Source: Thomson Reuters Datastream/Baillie Gifford & Co *  Comparative Index - The comparative index is the MSCI Japan Small Cap Index total return in sterling terms. 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					31/10/12		31/07/12
		Annual management fee (based on net assets)			1.0%		1.0%
		Share price			194.5p		182.5p
		Total assets (before deduction of bank loans)			£69.3m		£69.7m
		Total borrowings (loans at fair)			£9.0m		£9.5m
		Net asset value per share (at fair)*			194.1p		193.6p
		Premium/(discount) of share price to net asset value (at fair)			0.2%		(5.7%)
		Potential gearing (at fair)			14.8%		15.7%
		Actual gearing (at fair)			13.3%		13.6%
		Total borrowings (loans at par)			£8.9m		£9.4m
		Net asset value per share (at par)*			194.3p		193.8p
		Premium/(discount) of share price to net asset value (at par)			0.1%		(5.8%)
		Potential gearing (at par)			14.9%		15.6%
		Actual gearing (at par)			13.4%		13.5%
		*    These figures have been calculated using the AIC cum income basis (includes current financial year net income).
		This interim management statement, 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

 

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