TIDMAJG
ATLANTIS JAPAN GROWTH FUND LIMITED
("AJGF" or the "Company")
(a closed-ended investment company incorporated in Guernsey with registration
number 30709)
LEI 5493004IW0LDG0OPGL69
Interim Results for the six months ended 31st October 2017
14th December 2017
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
The financial information set out below does not constitute the Company's
statutory accounts for the period ended 31st October 2017.
The financial information for the period ended 31st October 2017 noted below is
derived from the financial statements delivered to the UK Listing Authority.
The interim report and financial statements for the period ended 31st October
2017 will shortly be made available to shareholders on the Company website:
www.atlantisjapangrowthfund.com
Introduction
INVESTMENT OBJECTIVE
Atlantis Japan Growth Fund Limited (the "Company") aims to achieve long term
capital growth through investment wholly or mainly in listed Japanese equities.
INVESTMENT POLICY
The Company may invest up to 100 per cent of its gross assets in companies
quoted on any Japanese stock exchange including, without limitation, the Tokyo
Stock Exchange categorised as First Section, Second Section, JASDAQ, Mothers
and Tokyo PRO, or the regional stock exchanges of Fukuoka, Nagoya, Sapporo and
Osaka Securities Exchange.
The Company may also invest up to 20 per cent of its Net Asset Value (the
"NAV") at the time of investment in companies listed or traded on other stock
exchanges but which are either controlled and managed from Japan or which have
a material exposure to the Japanese economy.
The Company may also invest up to 10 per cent of its NAV at the time of
investment in securities which are neither listed nor traded on any stock
exchange or over-the-counter market.
In general, investment will be through investments in equity shares in, or debt
issued by, investee companies. However, the Company may also invest up to 20
per cent of its NAV at the time of investment in equity warrants and
convertible debt.
The Company will not invest in more than 10 per cent of any class of securities
of an investee company. The Company will not invest in derivative instruments
save for the purpose of efficient portfolio management.
The Company may not invest more than 10 per cent in aggregate, of the value of
its total assets in other listed closed-ended investment funds except in the
case of investment in closed-ended investment funds which themselves have
published investment policies to invest no more than 15 per cent of their total
assets in other listed closed-ended investment funds, in which case the limit
is 15 per cent.
The Company may borrow, with a view to enhancing capital returns, up to a
maximum of an amount not exceeding 20 per cent of NAV at the time of borrowing.
Investment Policy for the Redemption Pool
At each redemption point the Company may (a) notionally allocate assets and
liabilities into a separate pool (the "redemption pool") for the purpose of
funding valid redemption requests for that redemption point or (b) fund the
valid redemption requests from available cash. With regard to the redemption
pool, the Company aims to liquidate the necessary assets to meet qualifying
redemption requests in a timely manner, and to minimise the impact that such
redemptions will have to existing shareholders and the Company as a whole.
INVESTMENT MANAGER AND INVESTMENT ADVISER
Tiburon Partners LLP is the Investment Manager and Alternative Investment Fund
Manager pursuant to the Alternative Investment Fund Managers Directive.
Atlantis Investment Research Corporation ("AIRC") established in Tokyo, is the
Investment Adviser.
AIRC, through Taeko Setaishi and her colleagues, advise the Investment Manager
on the day-to-day conduct of the Company's investment business, the role it has
played since the launch of the Company in May 1996.
Chairman's Statement
For the six months ended 31st October 2017
I am pleased to report that the Company has performed exceptionally well in the
first half of the current financial year ending 31st October 2017. In the six
months to 31st October 2017, the net asset value total return per share (net of
fees and expenses), in GBP terms, was +27.8%. This compares favourably with the
total return from the Company's benchmark, the TOPIX Total Return index in GBP
terms, of +12.2%. The share price total return per share to ordinary
shareholders, and in GBP terms, was +24.2%.
The recent period of outperformance is very pleasing following the appointment
of Taeko Setaishi as the Company's lead fund adviser on 1st May 2016. The team
at Atlantis Investment Research Corporation are investors who focus on growth
and they are currently positive on the growth outlook in Japan, particularly
earnings, which is a key fundamental driver of equity valuations. As such,
Taeko Setaishi is maintaining a bias towards small and mid-cap growth
companies.
I would also like to take this opportunity of saying a few words about a
significant development that took place post the interim period end. Following
the annual review of the subscription shares and redemption facility, the Board
believed that it was in the best interests of the shareholders as a whole to
discontinue the subscription share mechanism following two consecutive
successful issues raising in aggregate approximately GBP26m. One of the principal
reasons for introducing the subscription rights mechanism in 2014 was to
facilitate increasing the Company's net assets and market capitalisation in
order to widen its appeal to new investors. After the successful completion of
the 2017 subscription rights, the Board took the view that the original
objective had substantially been achieved and that a simplified capital
structure would serve the Company better in future. At the EGM of the Company
held on 23rd November 2017, a special resolution proposed to cancel the
subscription rights was duly passed unanimously.
With a simplification of the Company's structure, increased market
capitalisation of over GBP100m and the strong performance following Taeko
Setaishi's succession, I am confident that the Company has a much brighter
future.
Noel Lamb
13th December 2017
Investment Adviser's Interim Report
For the six months ended 31st October 2017
PERFORMANCE
During the six month period ended 31st October 2017 the major indices moved
steadily higher with support mainly from overseas investors and non-financial
business corporations. The TOPIX index, GBP denominated and on a total return
basis, rose by 12.2% during the period under review. The TSE Second Market
Index rose 16.9% and the Nikkei OTC Average gained 20.1%. During the period
under review and after factoring the dilution effect of 3.5% due to the
increase in number of shares created from the successful exercise of the
Subscription Right at the beginning of October 2017, the Company's Net Asset
Value per share rose by 27.8%.
The Investment Adviser attributes the Company's performance to its continued
exposure to medium sized and smaller capitalised companies which, as implied
above, out-performed larger capitalised stocks during the period under review.
Performance was also bolstered by the Company's emphasis on growth rather than
value in its stock selection. In terms of sector selection throughout the
period under review the Company maintained overweight positions in the
outperforming electric appliances, machinery, services, and precision
instruments sectors. Technology related companies held in the portfolio that
made significant contributions to performance included KH Neochem, Nittoku
Engineering, Lasertec, Tokyo Electron, and Iriso Electronics. The Company`s
machinery sector stocks (Yamashin-Filter, Daifuku) also contributed to
performance. The Investment Adviser believes the service sector can be mined
for special situation growth opportunities such as Sakai Moving Service and
Fullcast which moved higher during the reviewed period.
At the end of October 2017 borrowings totalled ¥1bn and cash held was ¥926m
which means that the Company had only 0.3% effective net gearing. The Japanese
yen ("JPY") ended the period at ¥149.47 against the GBP, a loss of 3.68% from
the closing rate of ¥143.98 at the end of April 2017.
The Company ended the reviewed period with 69 holdings compared with 68
holdings at the end of April. The Company has no exposure to convertible bonds
or any other class of equity derivative; neither does it have any foreign
exchange hedges in place. Excluding cash it is entirely invested in publicly
listed Japanese companies (including two REITs).
MARKET COMMENT AND INVESTMENT STRATEGY
The Investment Adviser presently believes there are numerous compelling reasons
supporting the case for investment in Japanese equities. Firstly the Japanese
economy is providing a brisk tailwind to the market. The economy is in its
seventh consecutive quarter of expansion with annualized growth of 1.5%
expected for the fiscal year ending in March 2018. Consensus estimates suggest
1.0% to 1.5% growth in the following fiscal year. The growth has been well
balanced with positive contributions from household consumption, capital
expenditure, and export demand.
Given this favourable economic backdrop, corporate Japan is expected to report
16% pre-tax profit growth in FY 3/18 and an 8% increase in FY 3/19. The TOPIX
is selling at a 15x forward PER and 1.5x PBR. These valuations are running
below long-term norms and compare favourably with other developed equity market
valuations.
In addition, the Investment Adviser believes that during the period under
review the negative correlation between TOPIX and the yen has been broken
suggesting the Japanese equity market could trade more on its fundamentals than
currency speculation. If this were to transpire, overseas investment funds,
still underweight Japan despite their net purchases during the period under
review, could adopt a more positive stance regarding Japanese equities. The
Investment Adviser expects further equity purchases from non-financial business
corporations and the Bank of Japan / Government Pension Fund thus lending a
positive tilt toward equity demand.
Over the longer term, Japan will encounter challenges including a shrinking
population, a swelling fiscal deficit, and rising welfare expenditure. They
will require structural changes to the economy which could create new
investment opportunities.
The Company's investment strategy will continue to employ bottom-up stock
picking to invest in fundamentally undervalued companies with strong
competitive advantages and medium to long term growth potential. While this
approach does not exclude any company or sector from investment consideration
it is likely to result in a bias toward smaller and medium sized growth
opportunities.
Atlantis Investment Research Corporation
13th December 2017
Directors' Interim Report and Statement of Directors' Responsibilities
For the six months ended 31st October 2017
The Directors are pleased to present their Interim Report and the Unaudited
Financial Statements of the Company for the six month period ended 31st October
2017.
In the opinion of the Company's Directors, the condensed Directors' Interim
Report and Unaudited Financial Statements enables investors to make an informed
assessment of the results and activities of the Company for the period.
The Interim Report and Financial Statements have not been audited or reviewed
by the Company's auditor.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm, to the best of our knowledge, that:
- the condensed Interim Financial Statements have been prepared in
accordance with IAS 34 Interim Financial Reporting;
- as required by DTR 4.2.7R of the FCA's Disclosure and Transparency
Rules, the Directors' Interim Report and Investment Adviser's Interim Report
include a fair review of important events that have occurred during the first
six months of the financial year and their impact on the condensed Interim
Financial Statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and:
- the Interim Financial Statements include a fair review of the
information concerning related party transactions required by DTR 4.2.8R.
CAPITAL VALUES
At 31st October 2017 the value of net assets available to shareholders was
$151,949,331 (30th April 2017: $99,695,364) and the Net Asset Value per share
was $2.95/GBP2.23 (30th April 2017: $2.26/GBP1.75).
PRINCIPAL RISKS AND UNCERTANTIES
As an investment trust, the Company invests in securities for the long term.
The financial investments held as assets by the Company comprise equity shares
(see the Schedule of Investments for a breakdown). As such, the holding of
securities, investing activities and financing associated with the
implementation of the investment policy involves certain inherent risks. Events
may occur that could result in either a reduction in the Company's net assets
or a reduction of revenue profits available for distribution.
Set out below are the principal risks inherent in the Company's activities
along with the actions taken to manage them. The Directors conduct robust
reviews of these risks and agrees policies for their management. These policies
have remained substantially unchanged since 30th April 2006.
Performance
The Directors regularly monitor the Company's investment performance against a
number of indices and the Association of Investment Companies ("AIC") Japanese
smaller companies' sub-sector peer group.
Discount
A disproportionate widening of the discount relative to the Company's peers
could result in loss of value for shareholders. The Directors review the
discount level regularly. The introduction of the Redemption Facility has
improved the liquidity in the Company's shares and helps to narrow the discount
to the NAV at which the shares trade.
The Company operates a shareholder approved discount control mechanism whereby
the Company will hold a continuation vote if the shares have traded, on
average, at a discount of more than 10% to the Net Asset Value per share during
any rolling 90 day period, in normal market conditions. If the obligation to
hold a continuation vote is triggered, the vote will be held no later than the
next practicable annual general meeting of the Company. As of the date of this
report, the continuation vote has not been triggered. In any event,
shareholders will be given the opportunity to vote on whether or not the
Company should continue at the Annual General Meeting in 2019.
Regulatory
The Company operates in a complex regulatory environment and faces a number of
regulatory risks. Breaches of regulations, such as Section 1158 of the
Corporation Tax Act 2010, The Companies (Guernsey) Law, 2008 and the UK Listing
Authority ("UKLA") Listing Rules, could lead to a number of detrimental
outcomes and reputational damage. Section 1158 qualification criteria are
continually monitored. The Directors rely on the services of the Administrator,
Northern Trust International Fund Administration Services (Guernsey) Limited
and its professional advisers to ensure compliance with The Companies
(Guernsey) Law, 2008, the UKLA Listing Rules, Prospectus Rules, Disclosure
Transparency Rules and the rules of the London Stock Exchange.
Operational
Like most other investment trust companies, the Company has no employees. The
Company therefore relies upon the services provided by third parties and is
dependent on the control systems of the Investment Manager, Investment Adviser
and the Company's Administrator. The security, for example, of the Company's
assets, dealing procedures, accounting records and maintenance of regulatory
and legal requirements depends on the effective operation of these systems.
These are regularly tested and monitored.
Market risk
Market risk arises mainly from uncertainty about future prices of financial
instruments used in the Company's business. It represents the potential loss
the Company might suffer through holding market positions in the face of price
movements.
The market risk is monitored by the Directors on a quarterly basis and on a
daily basis by the Investment Manager.
Currency risk
The Company's results for the period and net assets could be significantly
affected by currency movements as most of the Company's assets are denominated
in JPY. In order to reduce this risk the Company may hedge its exposure to the
JPY. The Company did not have any hedging arrangements in place at the period
end.
Borrowing and interest rate risk
The Company finances its operations mainly through its share capital and
retained profits, including realised and unrealised capital profits. Additional
bank borrowings may be used with a view to enhancing capital returns. However,
the Company's Articles of Incorporation provide that borrowing levels should
not exceed 20% of Net Asset Value at the time any borrowing is affected. The
level of net borrowing as at 31st October 2017 and 30th April 2017 was
effectively Nil.
The credit facility for ¥1,000,000,000 was rolled over every three months in
accordance with its terms most recently on 8th September 2017.
Liquidity risk and cash flow risk
Assuming a normal market environment, the majority of the Company's assets
comprise readily realisable securities, which can be sold to meet funding
commitments as necessary. As at 31st October 2017 based on the assumption of
one third of the volume for the last 3 months average volume, 95.9% of the
Company's assets can be realised within two weeks and 4.1% can be realised in
between two weeks and one month.
GOING CONCERN
The Directors believe that the Company has adequate resources to continue in
operational existence for the foreseeable future. Whilst the Company may be
obliged to hold a continuation vote in accordance with its discount control
mechanism, the Directors do not believe this should automatically trigger the
adoption of a non-going concern basis in line with the AIC's Statement of
Recommended Practice ("SORP") which states that it is more appropriate to
prepare financial statements on a going concern basis unless a continuation
vote has already been triggered and shareholders have voted against
continuation. Therefore, the Directors believe the use of the going concern
basis is appropriate as there are no material uncertainties relating to events
or conditions that may cast significant doubt about the ability of the Company
to continue to meet its ongoing obligations.
BOARD OF DIRECTORS COMPOSITION
There were no changes to the Board of Directors during the period.
SUBSCRIPTION RIGHT ISSUE
In September 2017, the Director's reviewed the Subscription Right mechanism and
concluded that should the 2017 Subscription Right be exercised in full (which
was the case); the mechanism should be discontinued having achieved the target
of being exercised in two of the five years. The discontinuation was approved
and by Special Resolution of the Company, passed on 23rd November 2017, changes
to the Articles of Incorporation were approved whereby provisions relating to
the Subscription Right were deleted.
Eligible applications received from shareholders in respect of the exercise of
the 2017 Subscription Right amounted to 5,194,498 new ordinary shares.
Accordingly, 5,194,498 new ordinary shares were issued, at an exercise price of
172.79 pence per ordinary share raising gross proceeds of approximately GBP9m.
The new ordinary shares rank pari passu in all respects with the existing
ordinary shares in issue.
In accordance with the Company's Articles of Incorporation, the Company
appointed a trustee (the "Subscription Trustee") to determine whether all or
any of the unexercised Subscription Rights in respect of the 2nd October 2017
Subscription Date should be exercised on behalf of the holders of such rights.
Having taken account of the subscription price payable to the Company and all
costs and expenses of exercise from the sale of ordinary shares arising on the
exercise of the unexercised Subscription Rights, the Subscription Trustee
determined that there would be net proceeds and, as a result, the Subscription
Trustee exercised all such unexercised Subscription Rights. Consequently, the
Company issued and allotted a further 3,404,079 ordinary share as a result of
the exercise of all of the unexercised Subscription Rights outstanding on 2nd
October 2017. These new ordinary shares were issued at the exercise price of
172.79 pence raising gross proceeds of approximately GBP5.9m and also rank pari
passu with the existing ordinary shares.
Applications were made for all 8,598,577 new ordinary shares to be admitted to
the Official List of the UK Listing Authority and to trading on the main market
of the London Stock Exchange ("Admission"). Admission became effective, and
dealings in the new ordinary shares commenced, on 10th October 2017.
Noel Lamb Ehrmann
Chairman Chairman, Audit Committee
13th December 2017
Details of Ten Largest Investments
The ten largest investments comprise a fair value of $40,197,892 (30th April
2017: $27,229,581) representing 26.5% of Net Asset Value (30th April 2017:
27.3%) with details as below:
Nittoku Engineering (160,000 shares)
Nittoku Engineering is a major global assembler and distributor of automatic
coil winding machines. Demand for coils, and automatic coil winding machines,
continues to climb as coil application expands, not only in electrical devices,
but also automobiles. The company is diversifying into IC tags and cards.
Production is largely off-shore and external sales are 70% of total.
Fair value of $6,156,016 representing 4.1% of the Net Asset Value (30th April
2017: 4.1%)
Nidec (37,000 shares)
Nidec is the world's leading small precision electric motor maker with
particular application in HDDs. Through a highly active and successful M&A
strategy Nidec has also become a major supplier of mid and large sized motors.
The company has a proven management team focused on creating shareholder value.
Fair value of $4,901,622 representing 3.2% of the Net Asset Value (30th April
2017: 3.4%)
Daifuku (90,000 shares)
With a 60% market share in Japan and 20% globally, Daifuku is a major
distribution and material handling systems supplier. Daifuku's material
handling systems are employed in warehouses, airports (baggage handling),
automated factory assembly lines, and semiconductor/flat panel fabrication
lines. Organic expansion has been complimented with an active overseas M&A
strategy.
Fair value of $4,381,126 representing 2.9% of the Net Asset Value (30th April
2017: 2.3%)
Hirata (35,000 shares)
Hirata, a production engineering company, develops and maintains production
systems for customers in a wide range of industrial sectors including
automobiles, semiconductors, flat panel displays, and home electronics. The
group also manufactures on an OEM basis automobile parts and components. The
group has four regional sales and maintenance segments (Japan, Europe, Asia,
and North America) in addition to manufacturing operations in China and
Thailand
Fair value of $3,933,206 representing 2.6% of the Net Asset Value (30th April
2017: 1.6%)
IDEC (180,000 shares)
Idec is a comprehensive manufacturer of control equipment and claims the
highest domestic market share for operation switches and factory use indicator
lights. Cash flow has been directed toward the acquisition of control device
companies in North America and Europe.
Fair value of $3,800,687 representing 2.5% of the Net Asset Value (30th April
2017: 2.0%)
Fullcast Holdings (190,000 shares)
Benefitting from being the sole surviving major short term business support
provider, Fullcast is again generating sales and profits growth. Legislative
changes and market contraction have driven most competitors from the field.
Labour demand remains tight and a restructured Fullcast (IT investment, online
registration) is profitably expanding its market share.
Fair value of $3,508,258 representing 2.3% of the Net Asset Value (30th April
2017: 1.9%)
Star Mica (243,400 shares)
Star Mica's main business is to purchase pre-owned condominium units that are
being rented, renovate these units after the tenant departs, and then put them
up for sale. Star's success can be attributed to its access to capital which
translates into rapid decisions during the condo acquisition process. The
company's growth strategy focuses on expansion of its core business line plus
diversification into related businesses including real estate brokerage and
advisory services.
Fair value of $3,477,140 representing 2.3% of the Net Asset Value (30th April
2017: 2.5%)
Yamashin-Filter (93,000 shares)
Yamashin-Filter specializes in the manufacture of hydraulic filters which
capture oil contaminants in hydraulic and lubrication construction equipment.
Yamashin-Filter's competitive strength is the ability to supply in- house
manufactured filters that are tailored to individual customer specifications.
The company's expertise is being applied to the information and technology
field as well as construction machinery.
Fair value of $3,376,885 representing 2.2% of the Net Asset Value (30th April
2017: 0.8%)
Cresco (80,000 shares)
Cresco is an independent systems development company focused on the development
of enterprise systems with application in the distribution and financial
services. The company has also seen demand develop from the mobile terminal
and automotive sectors for its embedded software development services. Cresco
expects to make further inroads in the cloud, AI, robotics and IoT related
services.
Fair value of $3,332,448 representing 2.2% of the Net Asset Value (30th April
2017: 2.1%)
Keyence (6,000 shares)
Keyence is a leading designer and distributor of detection and measuring
control equipment. In addition to its products' high reputation, Keyence is
unique in the field due to its direct sales system and fabless production
outsourcing model. Keyence has an exceptionally wide customer base that
includes the semiconductor, automobile, pharmaceutical, and food industries.
Fair value of $3,330,504 representing 2.2% of the Net Asset Value (30th April
2017: 2.0%)
Unaudited Schedule of Investments
As at 31st October 2017
Fair
Value
Holdings Investments held at fair value through profit or loss $'000 % of NAV
Advertising: 1.30% (30th Apr 2017: 1.43%)
250,000 Tow 1,977 1.30
Auto Parts & Equipment: 1.82% (30th Apr 2017: 2.20%)
75,000 Stanley Electric 2,760 1.82
Chemicals: 6.39% (30th Apr 2017: 10.23%)
90,000 KH Neochem 2,253 1.48
275,900 Mitsubishi Chemical 2,870 1.89
55,000 Stella Chemifa 2,119 1.40
70,000 Tri Chemical Laboratories 2,465 1.62
Commercial Services: 14.63% (30th Apr 2017: 10.88%)
140,000 Benefit One 2,689 1.77
320,000 Creek & River 3,246 2.14
190,000 Fullcast Holdings 3,508 2.31
60,000 Funai Soken 2,203 1.45
40,000 Hirayama 579 0.38
200,000 Link and Motivation 1,369 0.90
65,000 Nihon M&A Center 3,107 2.04
100,000 Phil 1,734 1.14
90,000 Recruit Holdings 2,207 1.45
200,000 Riso Kyoiku 1,590 1.05
Computers: 1.87% (30th Apr 2017: 4.22%)
40,000 BayCurrent Consulting 852 0.56
40,000 Fujitsu Frontech 700 0.46
30,000 SCSK 1,291 0.85
Distribution/Wholesale: 4.04% (30th Apr 2017: 4.42%)
35,000 Ai Holdings 859 0.57
30,000 I.K/Aichi 2,587 1.70
105,000 Trusco Nakayama 2,689 1.77
Diversified Financial Services: 1.11% (30th Apr 2017: 1.21%)
70,000 Japan Investment Adviser 1,683 1.11
Electrical Components & Equipment: 3.23% (30th Apr 2017: 4.48%)
37,000 Nidec 4,902 3.23
Electronics: 9.81% (30th Apr 2017: 8.12%)
95,000 Dai-ichi Seiko 2,408 1.58
180,000 IDEC 3,801 2.51
32,000 Iriso Electronics 1,798 1.18
6,000 Keyence 3,331 2.19
100,000 Macnica Fuji Electronics 2,087 1.38
85,000 Sumida 1,476 0.97
Engineering & Construction: 1.19% (30th Apr 2017: 3.22%)
90,000 Besterra 1,806 1.19
Hand/Machine Tools: 2.93% (30th Apr 2017: 2.99%)
12,000 Disco 2,770 1.83
40,000 Makita 1,679 1.10
Healthcare-Products: 3.79% (30th Apr 2017: 4.72%)
51,000 Asahi Intecc 2,956 1.95
100,000 Cyberdyne 1,323 0.87
70,000 Topcon 1,474 0.97
Healthcare-Services: 3.65% (30th Apr 2017: 3.41%)
74,000 PeptiDream 2,347 1.54
150,000 Solasto 3,199 2.11
Home Furnishings: 1.84% (30th Apr 2017: 2.83%)
185,756 Panasonic 2,791 1.84
Internet: 1.73% (30th Apr 2017: 4.46%)
120,000 Designone Japan 1,475 0.97
75,000 Mynet 1,155 0.76
Iron/Steel: 0.73% (30th Apr 2017: 1.08%)
120,000 Daido Metal 1,109 0.73
Leisure Time: 1.27% (30th Apr 2017: 1.73%)
70,000 Tosho 1,936 1.27
Machinery-Construction & Mining: 3.60% (30th Apr 2017: 4.31%)
140,000 Mitsubishi Electric 2,389 1.57
25,000 Sakai Heavy Industries 811 0.53
150,000 Tadano 2,273 1.50
Machinery-Diversified: 11.74% (30th Apr 2017: 8.82%)
90,000 Daifuku 4,381 2.88
35,000 Hirata 3,933 2.59
160,000 Nittoku Engineering 6,156 4.05
93,000 Yamashin-Filter 3,377 2.22
Metal Fabricate/Hardware: 1.83% (30th Apr 2017: 0.92%)
160,000 Okada Aiyon 2,775 1.83
Real Estate: 2.94% (30th Apr 2017: 4.71%)
55,000 Mitsubishi Estate 994 0.65
243,400 Star Mica 3,477 2.29
REITS: 1.82% (30th Apr 2017: 3.25%)
500 MCUBS MidCity Investment 1,663 1.09
1,200 Tosei Reit 1,114 0.73
Investment
Retail: 1.01% (30th Apr 2017: 1.10%)
90,000 Komeda 1,537 1.01
Semiconductors: 6.85% (30th Apr 2017: 4.91%)
80,000 Japan Material 2,318 1.53
134,000 Lasertec 2,928 1.93
100,000 Tazmo 1,844 1.21
19,000 Tokyo Electron 3,316 2.18
Software: 5.07% (30th Apr 2017: 2.90%)
80,000 Cresco 3,332 2.19
75,000 GameWith 2,491 1.64
31,400 Jastec 371 0.24
55,000 Money Forward 1,523 1.00
Telecommunications: 2.26% (30th Apr 2017: 1.74%)
21,000 Hikari Tsushin 2,720 1.79
30,000 Vision Inc/Tokyo Japan 717 0.47
Textiles: 0.00% (30th Apr 2017: 0.89%)
Transportation: 1.84% (30th Apr 2017: 1.72%)
40,000 Hamakyorex 1,122 0.74
7,000 Kawasaki Kinkai Kisen Kaisha 217 0.14
25,000 1,451 0.96
Sakai Moving
Service
Total Japan (30th Apr 2017: 106.90%) 152,390 100.29
Total Listed Equities (30th Apr 2017: 106.90%) 152,390 100.29
Total Investments held at fair value through profit or loss 152,390 100.29
Cash and cash equivalents (30th Apr 2017: 1.59%) 9,999 6.58
Other net liabilities (30th Apr 2017: (8.49%)) (10,440) (6.87)
Net assets attributable to equity shareholders 151,949 100.00
Unaudited Statement of Comprehensive Income
For the six months ended 31st October 2017
31st October 2017 31st October 2016
Revenue Capital Total Revenue Capital Total
Notes $'000 $'000 $'000 $'000 $'000 $'000
Income
3 Net gains on investments held - 33,872 33,872 - 16,633 16,633
at fair value through profit or
loss
Net gain/(loss) on foreign - 105 105 - (480) (480)
exchange
Dividend income 848 - 848 783 - 783
848 33,977 34,825 783 16,153 16,936
Expenses
5 Investment management fees (603) - (603) (444) - (444)
6 Depositary fees (53) - (53) (38) - (38)
7 Administration fees (86) - (86) (71) - (71)
Registrar and transfer agent 108 - 108 - - -
fees
8 Directors' fees and expenses (61) - (61) (106) - (106)
Insurance fees (3) - (3) (7) - (7)
Audit fees (25) - (25) (26) - (26)
Printing and advertising fees (1) - (1) (20) - (20)
Legal and professional fees (54) - (54) (157) - (157)
Listing fees - - - (7) - (7)
Miscellaneous expenses (42) - (42) (26) - (26)
(820) - (820) (902) - (902)
Finance cost
Interest expense and bank (76) - (76) (72) - (72)
charges
(Loss)/profit before taxation (48) 33,977 33,929 (191) 16,153 15,962
Taxation (158) - (158) (118) - (118)
Profit for the period (206) 33,977 33,771 (309) 16,153 15,844
Other comprehensive income
Exchange gain/(loss) on - - 2,269 - - (14,380)
translation
Total comprehensive income for - - 36,040 - - 1,464
the period
9 Basic and diluted (deficit)/
earnings per ordinary share
$ $0.756 $0.751 $ $0.397 $0.389
(0.005) (0.008)
In arriving at the result for the period, all amounts above relate to
continuing activities.
The total column in this statement represents the Company's Statement of
Comprehensive Income, prepared in accordance with IAS 34. The supplementary
revenue and capital columns are both prepared under guidance published by the
Association of Investment Companies.
The notes form an integral part of these financial statements
Unaudited Statement of Changes in Equity
For the six months ended 31st October 2017
Accumulated
Ordinary Capital Capital Capital other
Share Share Revenue reserve/ reserve/ reserve/ comprehensive
capital premium reserve realised unrealised exchange income Total
Notes $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balances at 1st May 2017 - - (29,286) 98,580 51,665 (21,008) (256) 99,695
Movements during the
period
14 Subscriptions - 19,360 - - - - - 19,360
15 Redemptions - (3,146) - - - - - (3,146)
11 Shares bought into - - - - - - - -
treasury
Transfer to capital - (16,214) - - - - (16,214)
reserve
Transfer from share - - - 16,214 - - - 16,214
premium
3 Net realised gains on - - (4,605) 4,605 - ` - -
investments held at fair
value through profit or
loss
3 Net unrealised gains on - - (29,267) - 29,267 - - -
investments held at fair
value through profit or
loss
Net gain on foreign - - (105) - - 105 - -
exchange
Exchange gains on - - (2,269) - - - 2,269 -
translation
Total comprehensive - - 36,040 - - - - 36,040
income
Balances at 31st October - - (29,492) 119,399 80,932 (20,903) 2,013 151,949
2017
The notes form an integral part of these financial statements.
Unaudited Statement of Changes in Equity
For the six months ended 31st October 2016
Accumulated
Ordinary Capital Capital Capital other
Share Share Revenue reserve/ reserve/ reserve/ comprehensive
capital premium reserve realised unrealised exchange income Total
Notes $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balances at 1st May 2016 - - (26,737) 85,380 39,919 (20,579) 8,975 86,958
Movements during the
period
14 Subscriptions - 13,387 - - - - - 13,387
15 Redemptions - (3,751) - - - - - (3,751)
Shares bought into - - (506) - - - - (506)
treasury
Transfer from capital - (9,636) - - - - - (9,636)
reserve
Transfer to share - - - 9,636 - - - 9,636
premium
3 Net realised gains on - - (1,576) 1,576 - - - -
investments held at fair
value through profit or
loss
3 Net unrealised gains on - - (15,057) - 15,057 - - -
investments held at fair
value through profit or
loss
Net losses on foreign - - 480 - - (480) - -
exchange
Exchange losses on - - 14,380 - - - (14,380) -
translation
Total comprehensive loss - - 1,464 - - - - 1,464
Balances at 31st October - - (27,552) 96,592 54,976 (21,059) (5,405) 97,552
2016
The notes form an integral part of these financial statements.
Unaudited Statement of Financial Position
As at 31st October 2017
31st October 2017 30th April 2017
Notes $'000 $'000
Non-Current Assets
12 Investments held at fair value through 152,390 106,571
profit or loss
Current Assets
Due from brokers - 1,226
Dividends receivable 397 638
Prepaid expenses and other receivables 61 21
Cash and cash equivalents 9,999 1,589
10,457 3,474
Current Liabilities
Due to brokers (1,818) (1,126)
Payables and accrued expenses (245) (238)
10 Loans payable (8,835) (8,986)
(10,898) (10,350)
Net Current (Liabilities)/Assets (441) (6,876)
13 Net Assets
151,949 99,695
Equity
Ordinary share capital - -
Share premium - -
Revenue reserve (29,492) (29,286)
Capital reserve 179,428 129,237
Accumulated other comprehensive income/ 2,013 (256)
(loss)
Net Assets Attributable to Equity
Shareholders 151,949 99,695
Net Asset Value per Ordinary Share* $2.95 $2.26
*Based on the Net Asset Value at the period-end divided by the number of shares
in issue: 51,591,713 (30th April 2017: 44,139,050) (See Note 13).
Approved by the Board of Directors on 13th December 2017.
The notes form an integral part of these financial statements.
Unaudited Statement of Cash Flows
For the six months ended 31st October 2017
31st October 31st October
2017 2016
$'000 $'000
Notes
Cash flows from operating activities
Profit/(loss) before taxation 33,929 15,962
Adjustments to reconcile profit before
taxation to net cash flows from operating
activities
Interest expense and bank charges 76 72
(Increase)/decrease in investments held at (45,819) (10,242)
fair value through profit or loss
Decrease/(Increase) in due from brokers 1,226 (41)
Decrease in dividends receivable 241 233
(Increase)/decrease in prepaid expenses (40) (5)
and other receivables
Increase/(decrease) in due to brokers 692 1,138
Increase/(decrease) in payables and 7 (171)
accrued expenses
Taxation paid (158) (118)
Net cash (outflow)/inflow from operating (9,846) 6,828
activities
Cash flows from financing activities
Interest paid (58) (68)
14 Subscriptions 19,360 13,387
15 Redemptions (3,146) (3,751)
11 Shares bought into treasury - (506)
Net cash inflow/(outflow) from financing 16,156 9,062
activities
Net increase in cash and cash equivalents 6,310 15,890
Cash and cash equivalents at beginning of 1,589 5,413
year
Effect of exchange gains/(losses) on cash 2,100 (14,267)
and cash equivalents
Cash and cash equivalents at end of year 9,999 7,036
The notes form an integral part of these financial statements.
Notes to the Unaudited Financial Statements
For the six months ended 31st October 2017
1. GENERAL INFORMATION
Atlantis Japan Growth Fund Limited (the "Company") was
incorporated in Guernsey on
13th March 1996. The Company commenced activities on 10th May 1996. The Company
is an authorised closed-ended investment scheme registered in Guernsey. The
Company's equity shares are listed on the London Stock Exchange.
As an investment trust, the Company is not regulated as a
collective investment scheme by the Financial Conduct Authority. However, it is
subject to the UKLA Listing Rules, Prospectus Rules, Disclosure Transparency
Rules and the rules of the London Stock Exchange.
The Company's investment objective is to achieve long term capital
growth through investing wholly or mainly in listed Japanese equities.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The condensed interim Financial Statements for the six months ended 31st
October 2017 have been prepared in accordance with IAS 34 Interim Financial
Reporting and the Association of Investment Companies ("AIC") Statement of
Recommended Practice ("SORP") for Investment Trust Companies and Venture
Capital Trusts to the extent it is not in conflict with IAS 34 and the
Principal Documents.
The condensed interim Financial Statements do not include all of the
information required for annual financial statements, and should be read in
conjunction with the Company's Financial Statements as at and for the year
ended 30th April 2017 which were prepared in accordance with International
Financial Reporting Standards as adopted by the European Union ("IFRS"). These
condensed interim Financial Statements have not been audited or have not been
reviewed by the Company's auditors pursuant to the Auditing Practices Board
guidance on Review of Interim Financial Information.
The significant accounting policies adopted in these condensed interim
Financial Statements are consistent with those applied by the Company in its
Financial Statements as at and for the year ended 30th April 2017.
3. NET GAINS/LOSSES ON INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR
LOSS
31st October 2017 31st October 2016
$'000 $'000
Realised gains on investments held at
fair value through profit or loss 5,469 4,179
Realised losses on investments held at (864) (2,603)
fair value through profit or loss
Net realised gains on investments held 4,605 1,576
at fair value through profit or loss
Unrealised gains on investments held at 18,575
fair value through profit or loss 34,051
Unrealised losses on investments held (4,784) (3,518)
at fair value through profit or loss
Net unrealised gains on investments 29,267 15,057
held at fair value through profit or
loss
Net gains on investments held at fair 33,872 16,633
value through profit or loss
4. RELATED PARTY DISCLOSURES
The Investment Manager, Depositary, Administrator and Directors are considered
related parties to the Company under IAS 24 as they have the ability to
control, or exercise significant influence over, the Company in making
financial or operational decisions. (See Notes 5 to 8 for details of
transactions with these related parties during the period ended 31st October
2017).
Certain Directors had a beneficial interest in the Company by way of their
investment in the ordinary shares of the Company.
The details of these interests as at 31st October 2017 and 30th April 2017 are
as follows:
Ordinary Ordinary
Shares Shares
31st October 30th April
2017 2017
Noel Lamb 14,400 12,000
Philip Ehrmann 28,800 24,000
Richard Pavry 24,000 20,000
The above interests of the Directors were unchanged as at the date of this
report.
As at 31st October 2017, a family member of the President of the Investment
Adviser held 900,800 (30th April 2017: 946,000) ordinary shares of the Company.
5. INVESTMENT MANAGEMENT FEES
Under the terms of the Investment Management Agreement, the Investment Manager,
Tiburon Partners LLP, will continue in office until a resignation is tendered
or the contract is terminated. In both circumstances, a resignation or
termination must be given with a notice period which must not be less than
three months, and be in accordance with the Investment Management Agreement.
Fees payable to the Investment Adviser are met by the Investment Manager.
The Company pays to the Investment Manager a fee accrued daily and paid monthly
in arrears at the annual rate of 1 per cent of the weekly Net Asset Value of
the Company.
Redemption Pool Investment Management Fees
The Investment Manager shall also be entitled to receive a fee from the Company
of 1 per cent per annum of the daily Net Asset Value of any redemption pool
together with transaction charges.
For the six months ended 31st October 2017, total investment management fees
were $602,882 (31st October 2016: $443,974) of which $118,218 (30th April 2017:
$76,807) is due and payable as at that date.
6. DEPOSITARY FEES
Under the terms of the Depositary Agreement, fees are payable to the
Depositary, Northern Trust (Guernsey) Limited, monthly in arrears, on the Gross
Asset Value of the Company as at the last business day of the month at an
annual rate of:
Gross Asset Value Annual Rate
Up to $50,000,000 0.0035%
$50,000,001 to $100,000,000 0.0025%
Thereafter 0.0015%
The Depositary is also entitled to a global custody fee of 0.03% per annum of
the Net Asset Value of the Company, subject to a minimum fee of $20,000, and
transaction fees as per the Depositary Agreement.
Redemption Pool Depositary Fees
The Depositary shall also be entitled to receive a fee from the Company of the
Gross Asset Value of any redemption pool, together with transaction charges, at
an annual rate of:
Gross Asset Value Annual Rate
Up to $25,000,000 0.035%
$25,000,001 to $50,000,000 0.025%
Thereafter 0.015%
For the six months ended 31st October 2017, total depositary fees were $52,645
(31st October 2016: $38,208) of which $13,401 (30th April 2017: $16,006) is due
and payable as at that date.
7. ADMINISTRATION FEES
Under the terms of the Administration Agreement, the Company pays
to the Administrator, Northern Trust International Fund Administration Services
(Guernsey) Limited, a fee accrued weekly and paid monthly in arrears at the
annual rate of:
Net Asset Value Annual Rate
Up to $50,000,000 0.18%
$50,000,001 to $100,000,000 0.135%
$100,000,001 to $200,000,000 0.0675%
Thereafter 0.02%
Redemption Pool Administration Fees
At each redemption date a charge in respect of the preparatory work for the
set-up and calculation of investment and redemption prices of GBP7,500 will be
payable.
An additional fee will be payable on the fair value of the assets of that
redemption pool of:
Net Asset Value Annual Rate
Up to $25,000,000 0.18%
$25,000,001 to $50,000,000 0.135%
Thereafter 0.0675%
For the six months ended 31st October 2017, total administration fees were
$85,751 (31st October 2016: $70,838) of which $17,128 (30th April 2017:
$27,086) is due and payable as at that date.
8. DIRECTORS' FEES AND EXPENSES
Each of the Directors is entitled to receive a fee from the Company, being GBP
30,000 per annum for the Chairman, GBP27,500 per annum for the Chairman of the
Audit Committee and GBP25,000 per annum for each of the other Directors. In
addition, the Company reimburses all reasonably incurred out-of-pocket expenses
of the Directors.
For the six month ended 31st October 2017, total directors' fees and expenses
were $60,761 (31st October 2016: $106,298) of which $23,472 (30th April 2017:
$12,454) is due and payable as at that date.
9. BASIC AND DILUTED EARNINGS/(DEFICIT) PER ORDINARY SHARE
The basic and diluted earnings/(deficit) per ordinary share figure is based on
the profit/(loss) for the period of $33,770,649 (31st October 2016:
$15,843,690) and on 44,921,120 being the weighted average number of shares in
issue during the six months ended 31st October 2017 (31st October 2016:
40,742,696).
The earnings/(deficit) per ordinary share figure can be further analysed
between revenue and capital, as below.
31st October 31st October
2017 2016
$'000 $'000
Net revenue loss (206) (309)
Net capital profit/(loss) 33,977 16,153
Net total profit/(loss) 33,771 15,844
Weighted average number of ordinary
shares
in issue during the period 44,921,120 40,742,696
$ $
Revenue loss per ordinary share (0.005) (0.008)
Capital profit/(loss) per ordinary share 0.756 0.397
Total profit/(loss) per ordinary share 0.751 0.389
10. LOANS PAYABLE
Loan Interest Maturity 31st October 30th April
2017 2017
Amount Rate Date $'000 $'000
3 year committed
variable rate
credit facility
¥ 1,000,000,000 1.19% 9th Jun - 8,986
2017
¥ 1,000,000,000 1.17% 8th Dec 8,835 -
2017
Loan due for repayment within 8,835 8,986
one year
The credit facility is provided by Royal Bank of Scotland International Limited
("RBSI"). As at 31st October 2017, the Company had drawn down ¥1,000,000,000
($8,800,493) (31st April 2017: ¥1,000,000,000/$8,985,540) of the ¥1,500,000,000
borrowable under the terms of the facility agreement.
Under the terms of the facility agreement, the Company is required to comply
with the following financial covenants:
- the Company's portfolio must contain at least 60 investments, of which
at least 50 must be in investments quoted on the Tokyo Stock Exchange or any
other equivalent exchange approved by RBSI, at all times;
- the amount of the credit facility drawn down must not exceed 25% of the
value of the Company's portfolio at any time; and
- the Company's NAV must not fall below $58,000,000 at any time.
The Company complied with all of the above financial covenants during the six
months ended 31st October 2017 and the year ended 30th April 2017.
Gains/(losses) on foreign exchange on the Company's loan amounted to $338,704
during the six months ended 31st October 2017 (31st October 2016: $
(1,105,124)).
11. SHARE CAPITAL AND SHARE PREMIUM
Authorised
The Company is authorised to issue an unlimited number of ordinary shares of no
par value.
The Company may also issue C shares being a convertible share in the capital of
the Company of no par value. C shares shall not have the right to attend or
vote at any general meeting of the Company. The holders of C shares of the
relevant class shall be entitled, in that capacity to receive a special
dividend of such amount as the Directors may resolve to pay out of the net
assets attributable to the relevant C share class and from income received and
accrued attributable to the relevant C share class for the period up to the
conversion date payable on a date falling before, on or after the conversion
date as the Directors may determine. There are no C shares currently in issue.
The rights which the ordinary shares confer upon the holders thereof are as
follows:
Voting rights
On a show of hands, every Member who is present shall have one vote; and on a
poll, a Member present in person or by proxy shall be entitled to one vote per
ordinary share held.
Entitlement to dividends
The Company may declare dividends in respect of the ordinary shares. Treasury
shares do not confer an entitlement to any dividends declared.
Rights in a winding-up
The holders of ordinary shares will be entitled to share in the Net Asset Value
of the Company as determined by the Liquidator.
Issued Ordinary Shares
Number of Share Capital Share Premium
Shares
$'000 $'000
In issue at 31st October 51,591,713 - -
2017
In issue at 30th April 44,139,050 - -
2017
Reconciliation of number of
shares
Number of Number of
Shares Shares
31st October 30th April
2017 2017
Shares of no par value
Issued shares at the start of 44,139,050 40,182,900
the period
Re-issue of treasury shares - -
Subscription of shares 8,598,577 7,614,446
Redemption of shares (1,145,914) (2,485,796)
Purchase of shares into Treasury - (1,172,500)
Number of shares at the end of 51,591,713 44,139,050
the period
Shares held in Treasury
Opening balance 3,874,186 2,701,686
Shares bought in to Treasury - 1,172,500
during the period
Treasury shares re-issued - -
Number of shares at the end of 3,874,186 3,874,186
the period
During the period ended 31st October 2017, a total of $Nil was paid to purchase
shares into Treasury (30th April 2017: $2,202,538).
Shareholders are entitled to receive any dividends or other distributions out
of profits lawfully available for distribution and on winding up they are
entitled to the surplus assets remaining after payment of all the creditors of
the Company. The shares redeemed in the current year were cancelled
immediately.
12. FAIR VALUE HIERARCHY
The fair value of investments traded in active markets (such as publicly traded
derivatives and trading securities) are based on quoted market prices at the
close of trading on the Statement of Financial Position date. The quoted market
price used for investments held by the Company is the last traded price; the
appropriate quoted market price for financial liabilities is the current asking
price.
A financial instrument is regarded as quoted in an active market if quoted
prices are readily and regularly available from an exchange, dealer, broker,
industry group, pricing service, or regulatory agency, and those prices
represent actual and regularly occurring market transactions on an arm's length
basis.
The fair value of investments that are not traded in an active market is
determined by using valuation techniques.
For instruments for which there is no active market, the Company may use
internally developed models, which are usually based on valuation methods and
techniques generally recognised as standard within the industry. Valuation
models may be used primarily to value unlisted equity, debt securities and
other debt instruments for which markets were or have been inactive during the
financial year. Some of the inputs to these models may not be market observable
and are therefore estimated based on assumptions.
The following table sets out fair value measurements using the IFRS 13 fair
value hierarchies:
At 31st October 2017
Investments at fair value through
profit or loss
Level 1 Level 2 Level 3 Total
$'000 $'000 $'000 $'000
Equity Investments
152,390 - - 152,390
152,390 - - 152,390
At 30th April 2017
Investments at fair value through
profit or loss
Level 1 Level 2 Level 3 Total
$'000 $'000 $'000 $'000
Equity Investments
106,571 - - 106,571
106,571 - - 106,571
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets or
liabilities.
Level 2 - valued by reference to valuation techniques using observable inputs
other than quoted prices included within level 1.
Level 3 - valued by reference to valuation techniques using inputs that are not
based on observable market data.
13. NET ASSET VALUE
31st October 30th April
2017 2017
Net Asset Value $151,949,331 $99,695,364
Number of Shares in 51,591,713 44,139,050
Issue
NAV per Ordinary $2.95 $2.26
Share
14. SUBSCRIPTION RIGHT
Shareholders have the opportunity to subscribe for one new ordinary share for
every five ordinary shares held on 1st October in each year. The following
subscriptions were made during the period:
Subscription date Shares issued $'000
31st October 2017 31st October 2017
10/10/2017
8,598,577 19,360
8,598,577 19,360
Subscription date Shares issued $'000
31st October 2016 31st October 2016
03/10/2016
7,614,446 13,387
7,614,446 13,387
During the six months ended 31st October 2017, a total of $19,359,644 was paid
by subscribing shareholders (31st October 2016: $13,386,514).
15. REDEMPTION FACILITY
Ordinarily, shareholders have the opportunity to make redemptions of part or
all of their shareholding on a six-monthly basis with the Board's discretion in
declining any redemption requests. The following redemptions were made during
the year:
Redemption date Shares redeemed $'000
31st October 31st October
2017 2017
02/10/2017 (1,145,914) (3,146)
(1,145,914) (3,146)
Redemption date Shares redeemed $'000
31st October 31st October
2016 2016
30/09/2016 (1,910,488) (3,751)
(1,910,488) (3,751)
During the six months ended 31st October 2017, a total of $3,146,073 was paid
to redeeming shareholders (31st October 2016: $3,750,733).
16. DIVIDENDS
All amounts held in the Company's revenue reserve are distributable to
shareholders by way of dividends.
There were no dividends declared by the Board of Directors during the six
months ended 31st October 2017 (31st October 2016: $Nil).
17. EXCHANGE RATES
The following exchange rates were used to translate assets and liabilities into
the reporting currency (USD) at 31st October 2017 and 30th April 2017:
31st October 2017 30th April 2017
USD USD
GBP
0.7573 0.7730
The following average exchange rates were used to translate transactions into
the reporting currency (USD) during the six months ended 31st October 2017 and
31st October 2016:
31st October 2017 31st October 2016
USD USD
GBP
0.7674 0.7480
18. CHANGES IN THE PORTFOLIO
A list, specifying for each investment the total purchases and sales which took
place during the six months ended 31st October 2017 may be obtained, upon
request, at the registered office of the Company.
19. EVENTS DURING THE REPORTING PERIOD
There were no significant events during the period ended 31st October 2017
which require adjustment to or additional disclosure in the Financial
Statements.
20. EVENTS AFTER THE REPORTING PERIOD
There were no significant events subsequent to the period ended 31st October
2017 which require adjustment to or additional disclosure in the Financial
Statements.
END
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