Overview
The Japanese Income Growth Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1% per annum over rolling five-year periods through a combination of income and capital growth whilst maintaining a portfolio yield higher than the TOPIX. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Japan Sector.
Our fund aims to generate strong long-term total returns as well as provide investors with a higher yield than the Japanese market.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Inc -1.3% 10.8% -1.1% 1.6% Index* 0.0% 14.9% 5.0% 5.4% Target Benchmark** 0.6% 16.1% 6.1% 6.5% Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/2024Class B-Inc 3.2% 11.0% -13.2% 0.0% 11.1% Index* 2.4% 15.6% -13.5% 15.1% 10.7% Target Benchmark** 3.4% 16.8% -12.7% 16.3% 11.8% Sector Average*** 5.6% 16.7% -15.4% 11.3% 11.1% Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution, Tokyo Stock Exchange. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*TOPIX.
**TOPIX (in sterling) plus at least 1% per annum over rolling five-year periods (through a combination of income and capital growth).
***IA Japan Sector.Top Ten Holdings - 31/10/2024
Fund % 1 GMO Internet 4.4% 2 SoftBank Group 4.4% 3 Tokio Marine Holdings Inc 3.9% 4 MS&AD Insurance 3.8% 5 Sumitomo Mitsui Trust 3.7% 6 SBI Holdings 3.6% 7 PARK24 2.7% 8 Calbee 2.7% 9 DMG Mori 2.5% 10 Nintendo 2.5% Total 34.3% Sector analysis of total assets - 31/10/2024Fund %
- 1 Manufacturing 45.97
- 2 Finance & Insurance 16.24
- 3 Transport And Communications 13.19
- 4 Services 9.73
- 5 Commerce 8.71
- 6 Real Estate 5.46
- 7 Cash 0.69
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may 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.Insights
View all Insights.Meet the Managers
Matthew Brett
Matthew is an investment manager in the Japanese Equities Team. He is a manager of the Japan All Cap Strategy, the Baillie Gifford Japan Trust and co-manager of the Japanese Income Growth Strategy. He joined Baillie Gifford in 2003 and became a partner of the firm in 2018. 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.
Karen See
Karen is an investment manager in the Japanese Equities Team. She is a co-manager of the Japanese Income Growth Strategy. She joined Baillie Gifford in 2012. Karen graduated BSc (Hons) in Economics with Japanese from the University of Birmingham in 2011.
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Fund Platforms
Documents
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Application forms
Enhanced disclosure document
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Sustainability-related disclosures and climate reports
Important Information
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