Interim Management Statement

RNS Number : 4489X

SchroderJapan Growth Fund PLC

06 December 2010

 



SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 October 2010

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 2010 to 31 October 2010.

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

There have been no material events or transactions that have taken place between 1 August 2010 and the date of publication of this Statement.

Annual General Meeting

The Annual General Meeting of the Company was held on 4 November 2010. All resolutions set out in the Notice of Meeting, were duly passed.

Company Statistics as at 31 October 2010

Gross Assets	£140.087 million
Net Asset Value per Ordinary Share	92.88p
Share Price	80.50p
Discount	13.33%
Number of Holdings	79
Net Effective Gearing	12.6%

Cumulative Performance to 31 October 2010 (Total Return in percentage terms)

Performance over	3m	6m	1yr
Share Price	8.0	8.4	15.3
Net Asset Value	4.8	5.3	9.2
Japan TSE First Section	3.4	3.8	3.1

All Performance Data Source: Fundamental Data.

Portfolio Information as at 31 October 2010

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Toyota Motor	Consumer Goods	6,660,023	5.09
Mitsui & Company	Industrials	6,040,960	4.61
Nidec	Industrials	4,017,600	3.07
SK Kaken	Industrials	3,968,681	3.03
Ricoh	Technology	3,759,648	2.87
East Japan Railway	Consumer Services	3,669,923	2.80
Tachihi Enterprise	Financials	3,651,482	2.79
Bridgestone	Consumer Goods	3,641,581	2.78
HI Lex	Industrials	3,352,297	2.56
NKSJ Holdings	Financials	3,263,466	2.49

Sector Allocation

Sector		Percentage of NAV
Industrials	32.42
Financials	22.04
Consumer Services	17.09
Consumer Goods	14.70
Basic Materials	9.42
Technology	5.36
Telecommunications	4.77
Healthcare	4.41
Oil & Gas	2.61
Other net liabilities	(12.82)

Changes to Share Capital during the quarter ended at 31 October 2010

	Issued Ordinary shares of 25p each
As at 1 August 2010	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 2010	125,008,200

Company Information as at 31 October 2010

SEDOL Code	0802284
Sector	Equity Investment Instruments
Launch Date	July 1994
Financial Year End	31 July
Next AGM Date	November 2011

Enquiries:

John Spedding                                                                                     

6 December 2010

Schroder Investment Management Limited

Company Secretary

Tel: [phone] 

 

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