18th Mar 2016 08:51
LONDON (Alliance News) - Baillie Gifford Shin Nippon PLC on Friday reported a rise in net asset value per share in its recently-ended financial year, beating its benchmark, thanks to strong contributions from the online businesses within its portfolio.
Shin Nippon, which invests in small Japanese companies, said its net asset value per share rose by 26% in the year ended January 31, compared with its benchmark the MSCI Japan Small Cap Index which rose by 11%.
Shin Nippon attributed the rise in NAV to positive performances from online businesses which target the domestic market, such as online cosmetic ratings website Istyle and online real estate website operator Next.
"Your board continues to be encouraged by the number of companies that show real opportunity for growth and both the board and the managers remain encouraged by the outlook," Chairman Neil Donaldson said in a statement.
Shares in Baillie Gifford Shin Nippon were trading down 0.4% at 486.20 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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