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Overview
The Japanese Smaller Companies Fund aims to outperform (after deduction of costs) the MSCI Japan Small Cap Index, as stated in sterling, by at least 1.5% per annum over rolling five-year periods.
The manager believes this is an appropriate target 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.
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.
We add value through the use of proprietary, fundamental research which prioritises the selection of individually attractive companies rather than the taking of top-down industry bets.
Performance & Portfolio
Periodic performance
All figures to 31/03/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc -5.4% -8.5% -9.3% -3.9% Index* 1.7% 1.4% 6.3% 6.6% Target Benchmark** 2.4% 2.9% 7.9% 8.2% Sector Average*** 0.0% -2.2% 5.2% 8.0% Sector Ranking 93/101 94/99 95/97 90/91 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 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/202431/03/2024
31/03/2025Class B-Acc 47.9% -25.7% -4.4% -14.7% -8.5% Index* 24.4% -7.7% 5.4% 12.4% 1.4% Target Benchmark** 26.3% -6.3% 7.0% 14.1% 2.9% Sector Average*** 31.8% -4.4% 0.7% 18.2% -2.2% Please bear in mind that past performance is not a guide to future returns. 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, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Japan Small Cap Index (in sterling).
**MSCI Japan Small Cap Index (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Japan Sector.
Top ten holdings 31/03/2025
Fund % 1 Cosmos Pharmaceutical 3.4% 2 Nifco 3.3% 3 Yonex 3.1% 4 Tsugami 3.1% 5 Lifenet Insurance 3.0% 6 KATITAS 2.9% 7 Infomart 2.7% 8 JEOL 2.5% 9 GA Technologies 2.5% 10 Avex Inc. 2.4% Total 28.8% Sector analysis of total assets 31/03/2025Fund %
- 1 Industrials 27.07
- 2 Consumer Discretionary 16.92
- 3 Information Technology 16.83
- 4 Communication Services 10.97
- 5 Financials 9.47
- 6 Consumer Staples 7.23
- 7 Health Care 6.15
- 8 Real Estate 2.86
- 9 Materials 2.33
- 10 Cash 0.16
- 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.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Insights
View all Insights.Meet the Manager
Praveen Kumar
Praveen is an investment manager in the Japanese Equities Team. He is the manager of the Japanese Smaller Companies Strategy, the Shin Nippon Investment Trust, and deputy manager of the Baillie Gifford Japan Trust. He is also a founding member of the International Smaller Companies Strategy. He joined Baillie Gifford in 2008 and previously worked for FKI Logistex. Praveen graduated B.Eng in Computer Science from Bangalore University in 2001, and completed an MBA from the University of Cambridge in 2008.
Brian Lum
Brian is head of the Smaller Companies Team and lead investment manager of the International Smaller Companies Strategy. He has been a member of the International Growth Portfolio Construction Group since 2015. Brian is co-manager of Japanese Smaller Companies Strategy and deputy manager on Shin Nippon. Brian joined Baillie Gifford in 2006. He is a CFA Charterholder and graduated with an MSci and BA (Hons) in Physics from the University of Cambridge in 2006.
Fund Platforms
You can invest in a range of our funds via a number of fund platforms, please see the links opposite.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites.
Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Fund Platforms
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.
Application forms
Bulletins
Enhanced disclosure document
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Smaller Companies
Investment in smaller companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for larger companies. As a result, share price fluctuations may be greater. In addition smaller companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.
Market Conditions
Any value assigned to illiquid securities which are difficult to trade, such as those in smaller companies, may not accurately reflect the price the Fund might receive upon their sale.
Single Country
The Fund’s exposure to a single market and currency may increase share price movements.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Dilution
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
Important Information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the [Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”)]/[Advice Law] and in the First Addendum to the [Israel Securities Law, 5728-1968 (the “Securities Law”)]/ [Securities Law]. Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
