1. Overview

    The Japanese Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1.5% per annum over rolling five year periods. 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.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/09/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -1.3%10.8%-3.5%1.8%
    Index* -3.6%10.7%3.3%5.5%
    Target Benchmark** -2.9%12.3%4.9%7.1%
    Sector Average*** -2.1%11.1%1.5%5.2%
    Sector Ranking 30/10252/10282/9779/92

    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
    30/09/2020

    30/09/2020
    30/09/2021

    30/09/2021
    30/09/2022

    30/09/2022
    30/09/2023

    30/09/2023
    30/09/2024

    Class B-Acc 7.9%12.4%-19.3%0.6%10.8%
    Index* 2.4%15.6%-13.5%15.1%10.7%
    Target Benchmark** 3.9%17.4%-12.2%16.9%12.4%
    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 1.5% per annum over rolling five-year periods.
    ***IA Japan Sector.

    Top Ten Holdings - 30/09/2024

    Fund %
    1 SoftBank Group 6.9%
    2 Rakuten 5.4%
    3 Sumitomo Mitsui Trust 4.9%
    4 SBI Holdings 3.6%
    5 GMO Internet 3.3%
    6 Nintendo 3.2%
    7 Recruit Holdings 3.1%
    8 Sony 3.0%
    9 CyberAgent 3.0%
    10 MS&AD Insurance 2.6%
    Total 39.0%
    Sector Analysis of Total Assets - 30/09/2024

    Fund %

    • 1 Manufacturing 49.56
    • 2 Services 15.40
    • 3 Transport And Communications 14.25
    • 4 Finance & Insurance 13.54
    • 5 Commerce 4.24
    • 6 Real Estate 2.96
    • 7 Cash 0.06
    • 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.

    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 also chairs the equity investment risk committee. 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.

    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

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

    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.

    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.

    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

    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.