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 31/10/2025 1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc 1.6% 11.2% 18.9% 21.7% 10.4% 4.1% Index* 4.3% 12.5% 19.0% 22.6% 16.2% 9.7% Target Benchmark** 4.4% 12.9% 19.9% 24.5% 18.0% 11.4% Sector Average*** 4.4% 11.4% 19.5% 23.0% 14.8% 8.4% Sector Ranking 81/103 62/103 64/103 66/103 78/98 79/92 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 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/202430/09/2024
30/09/2025Class B-Acc 12.4% -19.3% 0.6% 10.8% 16.2% Index* 15.6% -13.5% 15.1% 10.7% 17.3% Target Benchmark** 17.4% -12.2% 16.9% 12.4% 19.1% Sector Average*** 16.7% -15.4% 11.3% 11.1% 15.9% 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.
Source: FE, Revolution, Japan Exchange Group. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*TOPIX (in sterling)
**TOPIX (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Japan Sector.
Top ten holdings 31/10/2025
Fund % 1 SoftBank Group 8.9% 2 SBI Holdings 5.7% 3 Sumitomo Mitsui Trust 5.0% 4 Rakuten 4.8% 5 Sony 3.8% 6 CyberAgent 3.6% 7 Nintendo 3.2% 8 GMO Internet 3.2% 9 Bridgestone 2.6% 10 FANUC 2.5% Total 43.2% Sector analysis of total assets 31/10/2025Fund %
- 1 Manufacturing 48.80
- 2 Transport And Communications 16.27
- 3 Finance & Insurance 15.07
- 4 Services 13.33
- 5 Commerce 3.51
- 6 Real Estate 2.63
- 7 Cash 0.40
- 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.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Insights
Meet the Managers
Matthew Brett
Matthew is an investment manager in the Japanese Equities Team. He is co-manager of the Japan All Cap Strategy, the Japanese Income Growth Strategy and manager of the Baillie Gifford Japan Trust. He joined Baillie Gifford in 2003 and became a partner of the firm in 2018. 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.
Jared Anderson
Jared Anderson is an investment manager in the Japanese Equities Team. He is co-manager of Japan All Cap Strategy and Japanese Smaller Companies Strategy, and deputy manager of the Shin Nippon Investment Trust. Jared joined Baillie Gifford in 2016. Prior to joining the firm he spent two years as an Assistant Economist at the Scottish Government. Jared graduated MA (Hons) in Economics from the University of Edinburgh in 2012.
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.
Philosophy and process documents
Value assessment
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. You can read details of our Legal and Important Information here.
