Interim Management Statement

RNS Number : 9605J

SchroderJapan Growth Fund PLC

18 June 2014

 



SCHRODER JAPAN GROWTH FUND PLC

Interim Management Statement for the quarter ended 30 April 2014

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 February 2014 to 30 April 2014.

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

Investment Management Fee

During the period under review, the Board has agreed with the Manager that, with effect from 31 July 2014, the current management fee of 1.00% per annum on the first £150 million and 0.95% thereafter should be reduced to 0.75% per annum on the first £200 million and 0.65% thereafter. This will continue to be charged on the value of the Company's assets under management, net of current liabilities other than short term borrowings. At the current level of assets under management, this reduces the management fee by approximately £400,000 per annum. In view of the increasing costs incurred in the promotion of the Company to a wider audience, a marketing support fee of £50,000 per annum will be also be payable to the Manager from the same date in respect of the promotion of the Company.

No other material events or transactions have taken place in respect of the Company between 1 February 2014 and the date of publication of this Statement.

Company Statistics as at 30 April 2014

Gross assets	£182.74 million
Net Asset Value ("NAV") per Ordinary share	123.0p
Share price	109.0p
Discount	11.4%
Number of holdings	85
Gearing	14.5%

Cumulative Performance to 30 April 2014 (Total Return in Percentage Terms)

Performance over	3m	6m	1yr
Share Price	(7.6)	(10.5)	(10.9)
NAV	(7.2)	(8.8)	(9.4)
Japan TSE First Section	(6.6)	(10.1)	(10.8)

All Performance Data Source: Morningstar.

Portfolio Information as at 30 April 2014

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Toyota Motor	Consumer goods	9,396,866	6.11
SK Kaken	Industrials	6,349,060	4.13
Hi Lex	Industrials	5,919,371	3.85
Mitsui	Industrials	5,792,491	3.77
Bridgestone	Consumer goods	5,726,050	3.72
East Japan Railway KDDI	Consumer services Telecommunications	5,167,742 5,010,999	3.36 3.26
Sumitomo Mitsui Financial	Financials	4,906,503	3.19
NKSJ Holdings	Financials	4,531,526	2.95
Seven & I Holdings	Consumer Services	4,299,031	2.80

Sector Allocation

Sector		Percentage of NAV
Industrials	31.21
Consumer Goods	20.38
Financials	17.76
Consumer Services	17.14
Basic Materials	7.75
Technology	6.90
Telecommunications	5.82
Healthcare	4.42
Oil and Gas	2.45
Other net liabilities	(13.83)

Changes to Share Capital during the quarter ended at 30 April 2014

None - there remain a total of 125,008,200 ordinary shares of 10p each in issue. Each share carries one voting right.

Company Information as at 30 April 2014

SEDOL Code	0802284
Sector	Equity Investment Instruments
Launch Date	July 1994
Financial Year End	31 July
Next AGM Date	November 2014

Enquiries:

John Spedding                                                                                               

18 June 2014

Schroder Investment Management Limited

Company Secretary

Tel: [phone] 

 

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