1. Overview

    The Baillie Gifford Japan Trust 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.

    The Trust is the longest established existing Japanese investment trust, having survived the ebb and flow of corporate activity in the Japanese sector over the last 30 years.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/08/2024

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 4.4%-23.6%-0.4%123.8%
    NAV 10.0%-12.8%12.6%151.7%
    Benchmark* 14.7%17.7%36.7%140.0%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *TOPIX.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.


    Discrete Performance

    Annual Performance to 30 June each year

    30/06/2019
    30/06/2020

    30/06/2020
    30/06/2021

    30/06/2021
    30/06/2022

    30/06/2022
    30/06/2023

    30/06/2023
    30/06/2024

    Share Price -1.8%31.6%-31.3%12.1%-5.2%
    NAV 6.8%24.7%-26.4%9.0%3.9%
    Benchmark* 6.1%10.7%-8.4%12.9%13.5%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *TOPIX.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.

    Performance - 31/08/2024

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    The graph is rebased to 100.
    Please bear in mind that past performance is not a guide to future performance.

    Holdings - 31/08/2024

    Fund %
    1 SoftBank Group 6.3%
    2 Rakuten 5.6%
    3 Sumitomo Mitsui Trust 4.4%
    4 SBI Holdings 3.9%
    5 Calbee 3.0%
    6 Sony 3.0%
    7 GMO Internet 2.8%
    8 FANUC 2.7%
    9 Recruit Holdings 2.6%
    10 CyberAgent 2.5%
    Total 36.7%
    Active Share - 31/08/2024

    Relative to TOPIX. Source: Baillie Gifford & Co, Tokyo Stock Exchange.

    Sector analysis of total assets - 31/08/2024

    Fund %

    • 1 Commerce & Services 17.78
    • 2 Info, Comm and Utilities 16.79
    • 3 Electricals & Electronics 14.56
    • 4 Manufacturing & Machinery 14.54
    • 5 Chemicals & Other Materials 9.89
    • 6 Financials 9.10
    • 7 Pharmaceuticals & Foods 6.76
    • 8 Retail 5.72
    • 9 Real Estate & Construction 2.98
    • 10 Consumer Staples 0.86
    • 11 Communication Services 0.73
    • 12 Net Liquid Assets 0.27
    • Total 100.00

    As the Fund invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.

    Meet the Managers

    Matthew Brett

    Matthew is an investment manager in the Japanese Equities Team. He joined Baillie Gifford in 2003 and became a partner in 2018. He is manager of the Japanese Fund (and related All Cap Strategy segregated accounts), manager of the Baillie Gifford Japan Trust and co-manager of the Japanese Income Growth Fund. Matthew graduated BA (Hons) in Natural Sciences (Psychology) from the University of Cambridge in 2000 and holds a PhD in Psychology from the University of Bristol.

    Praveen Kumar

    Praveen is an investment manager in the Japanese Equities Team. He is manager of the Japanese Smaller Companies Fund and the manager of related Japan Small Cap Strategy segregated accounts, the Shin Nippon Investment Trust, and deputy manager of the Baillie Gifford Japan Trust. He is also a founder and member of the International Smaller Companies Team. He previously worked for FKI Logistex before joining Baillie Gifford in 2008. Praveen graduated BEng in Computer Science from Bangalore University in 2001, and completed an MBA from the University of Cambridge in 2008.

    How to Buy

    Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

    You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

    To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Investor disclosure document

    Sustainability-related disclosures and climate reports

    PRIIPs key information document

    Risks

    Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.

    Past performance

    Past performance is not a guide to future performance.

    The value of your investment

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

    Overseas investment

    The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

    Gearing

    The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.

    Share buy-backs

    The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

    Liquidity

    Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.

    Derivatives

    The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.

    Investment in smaller companies

    Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

    Single country trust

    The Trust’s exposure to a single market and currency may increase risk.

    Charges to income

    Charges are deducted from income. Where income is low, the expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be reduced.

    Income is less important

    The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.

    Continuation vote

    Shareholders in the Trust have the right to vote at the Annual General Meeting on whether to continue the Trust or wind it up. If the shareholders decide to wind the Trust up, the assets will be sold and you will receive a cash sum in relation to your shareholding.

    Tax Rates

    You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.

    Regulation

    The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

    Information subject to change

    The information and opinions expressed within this website are subject to change without notice.

    Not Investment Advice

    This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.

    Suitability for retail distribution

    Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.

    Disclaimers

    TOPIX Disclaimer

    The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know-how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.

    Important Information

    Your location indicates you are based in the Channel Islands and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.

    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

    This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.