Overview
ISIN
GB0000485838SEDOL
0048583Investment proposition
The Baillie Gifford Japan Trust aims to pursue long-term capital growth principally through investment in medium to smaller sized Japanese companies, which are believed to have above average prospects for growth.
Share price and charges
Price
879.00pNAV at fair
999.99pPremium (+) or discount (-) at fair
-12.1%Ongoing charges*
0.69%Fund facts
Active share
83%*
Fund launch date
1981
AIC Investment Sector
Japan
Benchmark
TOPIX
*Relative to TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group.
The Trust is the longest established existing Japanese investment trust, having survived the ebb and flow of corporate activity in the Japanese sector over the last 30 years.
Meet the managers
Meet the directors
Ratings
As at: 30 September 2025
AGM, voting and registrar details
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.
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.
Income Secondary
The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
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 is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.
This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
Fund performance
Periodic Performance
As at: 31 October 2025
1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|
Share Price | 34.9% | 27.2% | 7.4% | 115.8% |
NAV | 27.3% | 38.5% | 18.3% | 152.5% |
Benchmark* | 22.6% | 57.1% | 59.0% | 149.0% |
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 | 16.3% | -29.0% | -2.5% | 8.4% | 26.6% |
NAV | 14.3% | -25.2% | 0.5% | 10.9% | 24.0% |
Benchmark* | 15.6% | -13.5% | 15.1% | 10.7% | 17.3% |
Performance
As at: 31 October 2025
Source: Morningstar, TOPIX.
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 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 TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | SoftBank Group | 8.1% |
| 2 | SBI Holdings | 5.6% |
| 3 | Rakuten | 4.8% |
| 4 | Sumitomo Mitsui Trust | 4.1% |
| 5 | Sony | 3.6% |
| 6 | CyberAgent | 3.5% |
| 7 | GMO Internet | 3.4% |
| 8 | GA Technologies | 2.9% |
| 9 | FANUC | 2.8% |
| 10 | Oisix | 2.4% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Humanoid: Japan and the rise of the machine
Humanoids have been a long time coming, allowing Japan to build a world-class edge in robotic components.
Japan Trust: rethinking Japan
Matthew Brett explores how Japan's reforms and inflation are driving opportunities in AI, gaming and healthcare.
Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
Japan Trust: Manager Insights
An update on the trust's performance, strategic shifts towards growth and AI-driven prospects.
Rakuten: rewiring Japan’s digital economy
Conglomerates can be clunky, but not so Rakuten. Matthew Brett and Colossus on how it is connecting the dots. Capital at risk.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japan: opportunities in automation
Japan's automation revolution and its global leadership in robotics.
Japan: opportunities in healthcare
Japan’s innovation medical breakthroughs are combatting ageing.
Japan: opportunities in quality brands
Behind the success of Japan’s leading quality brands and what opportunities they present.
Japan: opportunities in entertainment
Japan's media giants: Sony and Nintendo's timeless influence.
Japanese changemakers shaping the future
The firms taking advantage of four transformational opportunities.
Japan: the next opportunity
Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.
China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.
Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
From Y to Z: Japan’s online powerhouse
How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.
Japan trip reflections
Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan
Nintendo: investing in the home of Mario
Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.
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.
Investing in Japan: what’s changed and what’s next
Over four decades Japan has seen 21 prime ministers come and go. Exporters such as Toyota and Toshiba have flourished but the country has also struggled with debt and deflation. Matthew Brett, manager of The Baillie Gifford Japan Trust, discusses what’s next.
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.

Humanoid: Japan and the rise of the machine
Humanoids have been a long time coming, allowing Japan to build a world-class edge in robotic components.
Japan Trust: rethinking Japan
Matthew Brett explores how Japan's reforms and inflation are driving opportunities in AI, gaming and healthcare.
Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
Japan Trust: Manager Insights
An update on the trust's performance, strategic shifts towards growth and AI-driven prospects.
Rakuten: rewiring Japan’s digital economy
Conglomerates can be clunky, but not so Rakuten. Matthew Brett and Colossus on how it is connecting the dots. Capital at risk.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japan: opportunities in automation
Japan's automation revolution and its global leadership in robotics.
Japan: opportunities in healthcare
Japan’s innovation medical breakthroughs are combatting ageing.
Japan: opportunities in quality brands
Behind the success of Japan’s leading quality brands and what opportunities they present.
Japan: opportunities in entertainment
Japan's media giants: Sony and Nintendo's timeless influence.
Japanese changemakers shaping the future
The firms taking advantage of four transformational opportunities.
Japan: the next opportunity
Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.
China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.
Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
From Y to Z: Japan’s online powerhouse
How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.
Japan trip reflections
Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan
Nintendo: investing in the home of Mario
Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.
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.
Investing in Japan: what’s changed and what’s next
Over four decades Japan has seen 21 prime ministers come and go. Exporters such as Toyota and Toshiba have flourished but the country has also struggled with debt and deflation. Matthew Brett, manager of The Baillie Gifford Japan Trust, discusses what’s next.
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.

