Capital at risk

The Baillie Gifford Japan Trust

Investing in mispriced opportunities across Japan's diverse market, by offering the best in internet and digitalisation, automation and robotics and consumer and healthcare. The Company aims to back companies based on their merits and long-term earnings potential over our five-year time horizon.

Tokyo skyline at sunset, with a mixture of tradional and contemporary architecture. Hues of blue, pink and orange light the sky.

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Overview

ISIN

GB0000485838

SEDOL

0048583

Investment 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

879.00p

NAV at fair

999.99p

Premium (+) 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

FundCalibre Rated Fund

FundCalibre Rated Fund - Elite Rated

AGM, voting and registrar details

AGM

11 December 2024, Baillie Gifford offices, Edinburgh.

View latest results

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.

Japan Trust announcements

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.

Visit the 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

The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know-how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.

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.

Contact us

Still have a question?  Please get in touch with us.

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

View by date range:

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

View by date range:

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

View by date range:

Relative to TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 31 October 2025

#Holding% of total assets
1SoftBank Group8.1%
2SBI Holdings5.6%
3Rakuten4.8%
4Sumitomo Mitsui Trust4.1%
5Sony3.6%
6CyberAgent3.5%
7GMO Internet3.4%
8GA Technologies2.9%
9FANUC2.8%
10Oisix2.4%

We publish our full portfolio with an intentional delay to protect the company’s intellectual property.

Sector analysis of total assets

All figures up to: 31 October 2025

Total: 100%

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 25 of 25
  1. 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.
    October 2025
    Article4 minutes
  2. Japan Trust: rethinking Japan

    Matthew Brett explores how Japan's reforms and inflation are driving opportunities in AI, gaming and healthcare.
    October 2025
    Video50 minutes
  3. Tour de France: the Japanese connection

    Bicycle parts maker Shimano is primed for a gear shift in performance.
    August 2025
    Article4 minutes
  4. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  5. Healthy returns: Japan’s assault on old-age disease

    Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
    March 2025
    Article5 minutes
  6. Japan Trust: Manager Insights

    An update on the trust's performance, strategic shifts towards growth and AI-driven prospects.
    December 2024
    Video5 minutes
  7. 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.
    October 2024
    External link60 minutes
  8. Private investor forum: growth on sale

    Why it pays to keep faith in the company fundamentals
    October 2024
    Article6 minutes
  9. Investment specialist Thomas Patchett

    Our best ideas in Japan

    Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
    September 2024
    Video3 minutes
  10. Illustration of Japanese landscape with electrical wires connecting wind farms, solar panels and traditional power plants to homes and businesses

    SWCC Showa: rewiring Japan

    How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
    September 2024
    Article7 minutes
  11. Investment manager Donald Farquharson

    Japan: opportunities in automation

    Japan's automation revolution and its global leadership in robotics.
    September 2024
    Video3 minutes
  12. Investment manager Karen See

    Japan: opportunities in healthcare

    Japan’s innovation medical breakthroughs are combatting ageing.
    September 2024
    Video2 minutes
  13. Investment manager Tolibjon Tursunov

    Japan: opportunities in quality brands

    Behind the success of Japan’s leading quality brands and what opportunities they present.
    September 2024
    Video2 minutes
  14. Investment manager Jared Anderson

    Japan: opportunities in entertainment

    Japan's media giants: Sony and Nintendo's timeless influence.
    September 2024
    Video3 minutes
  15. Matthew Brett, manager of the Baillie Gifford Japan Trust and co-manager of the Japanese Income Growth Fund.

    Japanese changemakers shaping the future

    The firms taking advantage of four transformational opportunities.
    August 2024
    Podcast31 minutes
  16. fast moving motorway overlooking a city

    Japan: the next opportunity

    Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.
    June 2024
    Article9 minutes
  17. The landscape seen from lens in Shanghai, China

    China through a Japanese lens

    Japanese tech dominance is under increasing pressure in China from domestic challengers.
    May 2024
    Article8 minutes
  18. Stock story: SoftBank

    Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
    December 2023
    Video4 minutes
  19. Japanese Equities

    Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
    September 2023
    Video4 minutes
  20. From Y to Z: Japan’s online powerhouse

    How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.
    April 2023
    Article
  21. Japan trip reflections

    Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan
    November 2022
    Article
  22. Nintendo: investing in the home of Mario

    Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.
    October 2022
    Article
  23. 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.
    April 2022
    Video60 minutes
  24. 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.
    November 2021
    Podcast17 minutes
  25. 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.
    November 2019
    Podcast15 minutes

  1. 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.
    October 2025
    Article4 minutes
  2. Japan Trust: rethinking Japan

    Matthew Brett explores how Japan's reforms and inflation are driving opportunities in AI, gaming and healthcare.
    October 2025
    Video50 minutes
  3. Tour de France: the Japanese connection

    Bicycle parts maker Shimano is primed for a gear shift in performance.
    August 2025
    Article4 minutes
  4. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  5. Healthy returns: Japan’s assault on old-age disease

    Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
    March 2025
    Article5 minutes
  6. Japan Trust: Manager Insights

    An update on the trust's performance, strategic shifts towards growth and AI-driven prospects.
    December 2024
    Video5 minutes
  7. 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.
    October 2024
    External link60 minutes
  8. Private investor forum: growth on sale

    Why it pays to keep faith in the company fundamentals
    October 2024
    Article6 minutes
  9. Investment specialist Thomas Patchett

    Our best ideas in Japan

    Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
    September 2024
    Video3 minutes
  10. Illustration of Japanese landscape with electrical wires connecting wind farms, solar panels and traditional power plants to homes and businesses

    SWCC Showa: rewiring Japan

    How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
    September 2024
    Article7 minutes
  11. Investment manager Donald Farquharson

    Japan: opportunities in automation

    Japan's automation revolution and its global leadership in robotics.
    September 2024
    Video3 minutes
  12. Investment manager Karen See

    Japan: opportunities in healthcare

    Japan’s innovation medical breakthroughs are combatting ageing.
    September 2024
    Video2 minutes
  13. Investment manager Tolibjon Tursunov

    Japan: opportunities in quality brands

    Behind the success of Japan’s leading quality brands and what opportunities they present.
    September 2024
    Video2 minutes
  14. Investment manager Jared Anderson

    Japan: opportunities in entertainment

    Japan's media giants: Sony and Nintendo's timeless influence.
    September 2024
    Video3 minutes
  15. Matthew Brett, manager of the Baillie Gifford Japan Trust and co-manager of the Japanese Income Growth Fund.

    Japanese changemakers shaping the future

    The firms taking advantage of four transformational opportunities.
    August 2024
    Podcast31 minutes
  16. fast moving motorway overlooking a city

    Japan: the next opportunity

    Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.
    June 2024
    Article9 minutes
  17. The landscape seen from lens in Shanghai, China

    China through a Japanese lens

    Japanese tech dominance is under increasing pressure in China from domestic challengers.
    May 2024
    Article
  18. Stock story: SoftBank

    Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
    December 2023
    Video4 minutes
  19. Japanese Equities

    Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
    September 2023
    Video4 minutes
  20. From Y to Z: Japan’s online powerhouse

    How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.
    April 2023
    Article
  21. Japan trip reflections

    Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan
    November 2022
    Article
  22. Nintendo: investing in the home of Mario

    Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.
    October 2022
    Article
  23. 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.
    April 2022
    Video60 minutes
  24. 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.
    November 2021
    Podcast17 minutes
  25. 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.
    November 2019
    Podcast15 minutes

Contact us

Still have a question?  Please get in touch with us.

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.

Contact us

Still have a question?  Please get in touch with us.