Interim Management Statement

RNS Number : 0484F

Baillie Gifford Shin Nippon PLC

17 May 2013

 

Baillie Gifford Shin Nippon PLC

Interim Management Statement - 3 Months to 30 April 2013

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 37.6% compared to an increase in the comparative index of 21.4%. The share price increased by 37.6%. ¾  Changes in the Top 10 Equity Holdings were primarily due to market movements. Additions were made to Nabtesco and Digital Garage, and a partial sale made of Japan Exchange Group. ¾  Over the period the Company issued 1,594,980 ordinary shares at a premium to net asset value.
Top Ten Equity Holdings			% of total assets at 30/04/13	% of total assets at 31/01/13
		MonotaRO	4.0	3.9
		Don Quijote	3.1	3.1
		Takara Leben	2.7	2.1
		First Juken	2.5	2.3
		Nihon M&A Center	2.4	2.2
		Japan Exchange Group	2.3	1.8
		Digital Garage	2.2	1.5
		Nabtesco	2.2	2.6
		EPS	2.1	2.6
		Start Today	2.1	1.9
		Total	25.6	24.0

Sector Analysis			% of total assets at 30/04/13		% of total assets at 31/01/13
		Consumer discretionary	22.0	21.8
		Consumer staples	7.0	7.9
		Energy	1.2	1.3
		Financials	13.7	10.1
		Health care	13.6	15.0
		Industrials	19.6	22.2
		Information technology	20.7	17.6
		Materials	0.6	1.7
		Telecommunication services	0.8	0.8
		Net liquid assets	0.8	1.6
		Total	100.0	100.0

Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	37.6	62.4		109.5		140.5
		NAV (at fair)	37.6	53.7		76.9		97.0
		Comparative Index*	21.4	26.1		31.0		67.2
		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					30/04/13		31/01/13
		Annual management fee (based on net assets)#			0.95% on first £50m, 0.65% thereafter		1.0%
		Share price			308.5p		224.1p
		Total assets (before deduction of bank loans)			£107.4m		£77.1m
		Total borrowings (loans at fair)			£7.6m		£8.0m
		Net asset value per share (at fair)*			291.3p		211.6p
		Premium of share price to net asset value (at fair)			5.9%		5.9%
		Total borrowings (loans at par)			£7.6m		£8.0m
		Net asset value per share (at par)*			291.4p		211.7p
		Premium of share price to net asset value (at par)			5.9%		5.9%
		Gearing†			6.9%		11.5%
		#    With effect from 1 April 2013 the management fee was reduced from a rate of 1% of net assets to a rate of 0.95% on the first £50m of net assets and 0.65% on the remaining net assets. *    These figures have been calculated using the AIC cum income basis (includes current financial year net income). †      Calculated per AIC (borrowings at par, less cash, divided by shareholders' funds).
		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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