Overview
ISIN
GB00BFXYH242SEDOL
BFXYH24Investment proposition
Baillie Gifford Shin Nippon aims to achieve long-term capital growth principally through investment in small Japanese companies which are believed to have above average prospects for capital growth.
Share price and charges
Price
125.80pNAV at fair
139.86pPremium (+) or discount (-) at fair
-10.1%Ongoing charges*
0.80%Fund facts
Active share
97%*
Fund launch date
1985
AIC Investment Sector
Japanese Smaller Companies
Benchmark
MSCI Japan Small Cap Index
Past performance is not a guide to future returns.
*Relative to MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.
In general, for the small companies that Shin Nippon invests in, we believe that the quality of management teams and their business strategies have more influence rather than macroeconomic factors.
Meet the managers
Meet the directors
Ratings
As at: 30 September 2025
AGM, voting and registrar details
AGM
Tuesday 20 May 2025, at 1 Moorgate Place, City of London, London EC2R 6EA, at 11:30am.
Voting
Access information on our Corporate calendar, AGM voting and attendance.
Access information on votes cast by Baillie Gifford during the previous quarter on behalf of the investment trust in the Proxy voting disclosure.
Registrar
Computershare Investor Service PLC,
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ.
Regulatory news announcements
Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.
The Association of Investment Companies
Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.
Risk Warnings
Risk Introduction
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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. The specific risks associated with the Trust include:
Currency
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.
Private Companies
Unlisted investments such as private companies can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater.
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.
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 which may impact on its performance.
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
The Trust's exposure to a single market and currency may increase risk.
Premium Risk
Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.
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.
Unlikely Income
The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
Regulation of Investment Trusts
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Index disclaimer
Important information
Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001 (Cth) and holds Foreign Australian Financial Services Licence No 528911. The information in this area is provided to you on the basis that you are a “wholesale client” within the meaning of section 761G of the Corporations Act 2001 (Cth) (“Corporations Act”). Please advise Baillie Gifford Overseas Limited immediately if you are not a wholesale client. In no circumstances should the information in this area be made available to “retail clients” as defined by the Corporations Act.
The information in this area contains general information only. It does not take into account any person’s objectives, financial situation or needs.
Fund performance
Periodic Performance
As at: 31 October 2025
1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|
Share Price | 16.3% | -12.5% | -46.9% | 66.2% |
NAV | 7.2% | -12.6% | -38.2% | 86.2% |
Index* | 22.4% | 46.8% | 41.1% | 138.0% |
Discrete Performance
As at: 30 September 2025
30/09/2020 – 30/09/2021 | 30/09/2021 – 30/09/2022 | 30/09/2022 – 30/09/2023 | 30/09/2023 – 30/09/2024 | 30/09/2024 – 30/09/2025 | |
|---|---|---|---|---|---|
Share Price | 4.0% | -37.5% | -17.1% | -8.1% | 15.0% |
NAV | 7.0% | -31.9% | -10.8% | -5.8% | 7.3% |
Index* | 10.1% | -12.1% | 8.5% | 8.9% | 19.9% |
Performance
As at: 31 October 2025
Source: Morningstar, MSCI.
Performance figures appear in GBP. 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.
Comparative index data is limited to a 5 year period from the current date.
The graph is rebased to 100.
Discount/premium history at fair
As at: 31 October 2025
Source: Morningstar. Premium/Discount of share price to NAV at fair.
If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
Active share
As at: 31 October 2025
Relative to MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Tsugami | 4.0% |
| 2 | Yonex | 4.0% |
| 3 | GA Technologies | 3.8% |
| 4 | JEOL | 2.9% |
| 5 | Kohoku Kogyo | 2.6% |
| 6 | KATITAS | 2.6% |
| 7 | Appier Group | 2.4% |
| 8 | Nifco | 2.3% |
| 9 | MegaChips | 2.3% |
| 10 | Lifenet Insurance | 2.3% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Japan small caps: obsession meets opportunity
From AI-augmented weather forecasts to helping people with disabilities get hired, meet some of Japan’s most innovative growth companies.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
Why small is big in Japan
Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
Webinar with author and academic Ulrike Schaede.
Join Professor Ulrike Schaede and Japanese investment specialist Thomas Patchett to explore what makes Japan an economic leader within Asia, and how businesses are now responding to rising global competition and digitalisation.
The beauty of Japanese cosmetics
Investment manager, Praveen Kumar explains why the Japanese cosmetics industry is in a period of rapid growth and how it could be set to continue for the long term.

Japan small caps: obsession meets opportunity
From AI-augmented weather forecasts to helping people with disabilities get hired, meet some of Japan’s most innovative growth companies.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
Why small is big in Japan
Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
Webinar with author and academic Ulrike Schaede.
Join Professor Ulrike Schaede and Japanese investment specialist Thomas Patchett to explore what makes Japan an economic leader within Asia, and how businesses are now responding to rising global competition and digitalisation.
The beauty of Japanese cosmetics
Investment manager, Praveen Kumar explains why the Japanese cosmetics industry is in a period of rapid growth and how it could be set to continue for the long term.
Documents
You can access any literature about the Fund here.
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.



