Capital at risk

Baillie Gifford Shin Nippon

For over 40 years, Shin Nippon has backed Japan’s most promising small-cap companies – investing in those that are entrepreneurial, underappreciated and poised for long-term growth. Through bottom-up research and patient investing, the Company aims to uncover the country’s overlooked future market leaders.

Satta Pass at dawn in Shizuoka, Japan. The winding coastal road with car light trails,  and Mount Fuji in the background under a clear, early morning sky.

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Overview

ISIN

GB00BFXYH242

SEDOL

BFXYH24

Investment 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

128.00p

NAV at fair

142.93p

Premium (+) or discount (-) at fair

-10.4%

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

FundCalibre Rated Fund

FundCalibre Rated Fund - Elite Rated

AGM, voting and registrar details

AGM

Tuesday 20 May 2025, at 1 Moorgate Place, City of London, London EC2R 6EA, at 11:30am.

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.

Shin Nippon 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.

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

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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
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

View by date range:

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

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 MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.

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
1Tsugami4.0%
2Yonex4.0%
3GA Technologies3.8%
4JEOL2.9%
5Kohoku Kogyo2.6%
6KATITAS2.6%
7Appier Group2.4%
8Nifco2.3%
9MegaChips2.3%
10Lifenet Insurance2.3%

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

As the Fund 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.

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 sum due to rounding.

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 9 of 9
  1. 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.
    October 2025
    Podcast34 minutes
  2. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  3. Shin Nippon: Manager Insights

    Praveen Kumar covers insights on market trends, the Trust's performance and growth forecast.
    May 2025
    Video6 minutes
  4. 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
  5. Japan Smaller Companies: manager update

    Japanese Smaller Companies and Shin Nippon’s performance, portfolio positioning and the region’s attractions for growth investors.
    September 2024
    Video35 minutes
  6. Japanese Equities

    Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
    September 2023
    Video4 minutes
  7. Why small is big in Japan

    Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
    February 2023
    Podcast21 minutes
  8. 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
  9. 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. 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.
    October 2025
    Podcast34 minutes
  2. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  3. Shin Nippon: Manager Insights

    Praveen Kumar covers insights on market trends, the Trust's performance and growth forecast.
    May 2025
    Video6 minutes
  4. 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
  5. Japan Smaller Companies: manager update

    Japanese Smaller Companies and Shin Nippon’s performance, portfolio positioning and the region’s attractions for growth investors.
    September 2024
    Video35 minutes
  6. Japanese Equities

    Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
    September 2023
    Video4 minutes
  7. Why small is big in Japan

    Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
    February 2023
    Podcast21 minutes
  8. 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
  9. 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.