Interim Management Stmnt-Rep
Baillie Gifford Japan Trust PLC
10 December 2007
The issuer advises that the following replaces the Interim Management Statement
released 6 December 2007 at 15.04pm under RNS number 3714J
THE BAILLIE GIFFORD JAPAN TRUST PLC
Interim Management Statement - 3 months to 30 November 2007
Baillie Gifford Japan Trust PLC aims to pursue long-term capital growth
principally through investment in medium to smaller sized Japanese companies
which are believed to have above average prospects for growth.
Review of the Period
• Over the three months to 30 November 2007, the Company's net asset value
(at par) fell by 3.8% compared to a fall in the benchmark of 2.4% while the
share price fell by 7.1%
• After partial sales Juki, Mitsubishi Electric and USS are no longer part of
the Top Ten Equity Holdings. Other changes in the Top Ten Equity Holdings
were due to market movements.
Sector Analysis of Total Assets Top Ten Equity Holdings
Name Name
% of total % of total % of total % of total
assets at assets at assets at assets at
30/11/07 31/08/07 30/11/07 31/08/07
Chemicals and other materials 10.6 10.6 Japan Tobacco 3.2 3.1
Commerce and services 22.8 23.6 Yamada Denki 3.0 2.6
Electricals and electronics 18.5 17.5 Sumitomo Heavy 2.6 2.7
Financials 7.5 8.9 Asahi Glass 2.6 2.3
Information, communication 2.2 2.3 Inpex Holdings 2.6 2.3
and utilities
Manufacturing and machinery 16.5 17.3 Canon 2.6 2.8
Pharmaceuticals and food 6.6 6.2 Itochu 2.5 2.7
Real estate and construction 6.0 6.5 Modec 2.4 2.3
Retail 6.0 5.8 Yaskawa Electric 2.3 2.1
Net Liquid Assets 3.3 1.3 Misumi Group 2.3 2.2
Total 100.0 100.0 Total 26.1 25.1
Performance
3 Months 1 Year 3 Years 5 Years
Share Price -7.1% -9.4% 28.2% 104.2%
Nav (Par) -3.8% -7.0% 27.6% 90.4%
Benchmark -2.4% -4.7% 20.1% 50.6%
Source: Fundamental Data Ltd and Datastream. Capital only.
Benchmark - On 1 September 2003 the Company changed its benchmark from 75% TOPIX
/25% Tokyo Stock Exchange Second Section Index to 100% TOPIX. For the purposes
of the above table the returns on both benchmarks for their respective periods
have been linked to form a single benchmark.
Past performance is not a guide to future performance
General Information
30/11/07 31/08/07
Annual management fee (based on net assets) 1.00% 1.00%
Share Price 193.0p 207.8p
Total assets (before deduction of bank loans) £158.6m £163.1m
Total borrowings (loans at par) £27.6m £27.0m
Net asset value per share (at par) 211.5p 219.9p
Discount of share price to net asset value (at par) (8.7)% (5.5%)
Potential Gearing (at par) 21.1% 19.8%
Actual Gearing (at par) 17.0% 18.0%
Total borrowings (loans at fair) £27.8m £26.9m
Net asset value per share (at fair) 211.3p 219.9p
Discount of share price to net asset value (at fair) (8.7)% (5.5%)
Potential Gearing (at fair) 21.2% 19.8%
Actual Gearing (at fair) 17.1% 18.0%
This interim management statement and up to date NAV and share price information
is available on the Managers' website www.japantrustplc.co.uk.
For further information contact:- Anzelm Cydzik on 0131 275 3276
This information is provided by RNS
The company news service from the London Stock Exchange
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