Atlantis Japan Growth Fund : Interim unaudited – October 2022

Atlantis Japan Growth Fund Limited

Condensed Interim Report and Financial Statements

for the six month financial period ended 31 October 2022

UNAUDITED

ATLANTIS JAPAN GROWTH FUND LIMITED

CONTENTS

	PAGE
FINANCIAL HIGHLIGHTS AND PERFORMANCE	2
INTRODUCTION	5
CHAIRMAN'S STATEMENT	7
INVESTMENT ADVISER'S INTERIM REPORT	9
DIRECTORS' INTERIM REPORT AND STATEMENT	12
OF DIRECTORS' RESPONSIBILITIES
DETAILS OF TEN LARGEST INVESTMENTS	16
UNAUDITED SCHEDULE OF INVESTMENTS	20
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME	23
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY	25
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION	26
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS	27
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS	28
ADMINISTRATION	40
APPENDIX 1: SUPPLEMENTARY INFORMATION	41

All references to "USD" or "$" throughout this report are to the currency of the United States. All references to "GBP" or "£" throughout this report are to the currency of the United Kingdom. All references to "JPY" or "¥" throughout this report are to the currency of Japan.

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ATLANTIS JAPAN GROWTH FUND LIMITED

FINANCIAL HIGHLIGHTS AND PERFORMANCE TO 31 OCTOBER 2022

Capital performance

	31-Oct-22	30-Apr-22	% change
Total net assets	78,966	87,279	-9.5%

Ordinary share performance

	31-Oct-21	30-Apr-21	% change
Net asset value (GBP)	1.92	2.11	-8.9%
Net asset value (with dividends added back)*	-	-	-6.7%
Middle market share price (GBP)	1.61	1.85	-13.2%
Share price total return (with dividends added back)	-	-	-10.8%
Dividends paid (pence), 12 months period	10.79p	10.81p	-0.2%
TOPIX Total Return in GBP (Benchmark)	-	-	-1.8%
Discount to net asset value (%)*	-16.4%	-12.2%	-
Ongoing charges*1	1.85%	1.65%	-

*Alternative performance measure.

1 For further information please see ongoing charges in Appendix 1, page 41.

Fund Performance versus benchmark since inception

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ATLANTIS JAPAN GROWTH FUND LIMITED

FINANCIAL HIGHLIGHTS AND PERFORMANCE TO 31 OCTOBER 2022

Fund performance versus benchmark for the three years ended 31 October 2022

Note: NAV performance prior to October 2017 is diluted by historical Subscription Rights.

Net Asset Value	1 Year	3 Years	5 Years	Since	Annualised
Total Return (GBP)	Inception	Return
Atlantis Japan Growth Fund	-30.4%	-15.2%	-3.3%	231.8%	4.6%
Topix TR	-9.4%	2.1%	7.4%	67.1%	2.0%

Note: NAV performance prior to October 2017 is diluted by historical Subscription Rights.

Source: Quaero Capital LLP, Northern Trust and Bloomberg. Past performance is no guide to future performance.

Discount trend over the last three years

Source: Quaero Capital LLP, Northern Trust and Bloomberg.

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ATLANTIS JAPAN GROWTH FUND LIMITED

FINANCIAL HIGHLIGHTS AND PERFORMANCE TO 31 OCTOBER 2022

Portfolio market capitalisation breakdown in GBP

Source: Quaero Capital LLP, Northern Trust and Bloomberg.

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