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 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc -1.0% -4.2% -17.2% -7.5% Index* 2.1% 11.1% 2.5% 2.7% Target Benchmark** 2.8% 12.8% 4.1% 4.2% 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-Acc 24.2% 0.4% -30.1% -12.7% -6.5% Index* 2.0% 10.1% -12.1% 8.5% 8.9% Target Benchmark** 3.5% 11.8% -10.8% 10.1% 10.6% 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, 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.
**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 - 31/10/2024
Fund % 1 Lifenet Insurance 4.2% 2 Nifco 2.9% 3 Cosmos Pharmaceutical 2.9% 4 KATITAS 2.9% 5 Yonex 2.7% 6 JEOL 2.7% 7 MegaChips 2.6% 8 RakSul 2.5% 9 Avex Inc. 2.5% 10 Nakanishi 2.5% Total 28.5% Sector analysis of total assets - 31/10/2024Fund %
- 1 Industrials 25.02
- 2 Information Technology 18.85
- 3 Consumer Discretionary 13.88
- 4 Financials 13.10
- 5 Communication Services 8.98
- 6 Health Care 8.25
- 7 Consumer Staples 7.14
- 8 Real Estate 2.87
- 9 Materials 1.76
- 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.
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 Manager
Praveen Kumar
Praveen is an investment manager in the Japanese Equities Team. He is 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 founder and member of the International Smaller Companies Team. He joined Baillie Gifford in 2008 and previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from Bangalore University in 2001, and completed an MBA from the University of Cambridge in 2008.
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
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.
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
