Interim Management Statement

RNS Number : 7030K

SchroderJapan Growth Fund PLC

23 December 2008

 

SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 October 2008

The Board of Schroder Japan Growth Fund Plc ('the Company') is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 August 2008 to 31 October 2008. 

Investment Objective

The Company's principal investment objective is to achieve capital growth from an actively managed portfolio principally comprising securities listed on the Japanese stock markets, with the aim of achieving growth in excess of the TSE First Section Total Return Index over the longer term.

Material Events or Transactions

The Company announced on 12 November that Andrew Rose was taking responsibility within Schroders, for the investment management of the Company's portfolio with immediate effect. Andrew is a Fund manager for Japanese Equity portfolios, based in London and was Head of Japanese Equities at Schroders from 2001 until 2006 in Tokyo.  

There have been no material events or transactions that have taken place between 1 August 2008 and the date of publication of this Statement. 

Annual General Meeting

The Annual General Meeting of the Company was held on 6 November 2008. All resolutions set out in the Notice of Meeting were duly passed.

Company Statistics as at 31 October 2008

Gross Assets	£117 million
Net Asset Value per Ordinary Share	72.89p
Share Price	62.00p
Premium/(Discount)	(14.94%)
Number of Holdings	63
Net Gearing	16.3%
Yield	0.00%

Cumulative Performance (%) to 31 October 2008 (Total Return in percentage terms)

Performance over	3m	6m	1yr
Share Price	(20.0)	(26.4)	(35.1)
Net Asset Value	(17.0)	(24.4)	(30.4)
Japan TSE First Section	(9.3)	(15.8)	(17.3)

All Performance Data Source: Fundamental Data.

Portfolio Information as at 31 October 2007

Ten Largest Holdings 

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV (%)
Toyota Motor	Consumer Goods	8,936,001	8.42
Takeda Pharmaceutical	Healthcare	5,246,134	4.94
Tachihi Enterprise	Financials	4,494,931	4.24
Mitsui & Company	Industrials	3,857,629	3.63
East Japan Railway	Consumer Services	3,776,614	3.56
Seven & I Holdings	Consumer Services	3,316,247	3.12
Ricoh	Technology	3,134,467	2.95
Sumitomo Mitsui Financial	Financials	2,944,767	2.77
Sompo Japan Insurance	Financials	2,644,570	2.49
Jupiter Telecommunications	Consumer Services	2,599,978	2.45

Sector Allocation 

Sector

Percentage of NAV (%)

Industrials	25.30
Financials	24.30
Consumer Goods	19.66
Consumer Services	18.30
Basic Materials	12.41
Healthcare	7.20
Telecommunications	5.37
Technology	4.08
Other net liabilities	(16.62)

Changes to Share Capital during the quarter ended 31 October 2008

	Issued Ordinary shares of 10p each
As at 1 August	125,008,200
Shares bought back and cancelled during the period	Nil
Shares bought for holding in treasury during the quarter	Nil
Shares already held in treasury	Nil
Shares cancelled from treasury	Nil
Shares remaining in issue as at 31 October 2008	125,008,200

Company Information as at 31 October 2008

SEDOL Code	0802284
Sector	Equity Investment Instruments
Launch Date	July 1994
Financial Year End	31 July
AGM Date	November 2009

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone] 

23 December 2008

 

END

 

 

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