Overview
ISIN
GB00BFXYH242SEDOL
BFXYH24Investment proposition
Share price and charges
Price
162.00pNAV at fair
173.96pPremium (+) or discount (-) at fair
-6.9%Ongoing charges*
0.81%Fund facts
Active share
96%*
Fund launch date
1985
AIC Investment Sector
Japanese Smaller Companies
Benchmark
MSCI Japan Small Cap Index
*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
Intermediary client contacts
If you’d like further information, please get in touch with the Intermediary Client Contact for your area.
Ratings
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.
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
Values for securities which are difficult to trade such as private companies 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 Trust 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
Important information
Your location indicates you are based in Guernsey 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.
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. Read our Legal and regulatory information for further details.
Fund performance
Periodic Performance
As at: 30 April 2026
1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|
Share Price | 31.7% | 2.9% | -38.3% | 60.6% |
NAV | 22.3% | 0.8% | -29.7% | 65.7% |
Index* | 29.8% | 51.4% | 48.2% | 139.0% |
Discrete Performance
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Share Price | -25.2% | -14.0% | -20.9% | -9.0% | 22.8% |
NAV | -22.9% | -4.9% | -12.3% | -13.6% | 15.7% |
Index* | -7.7% | 5.4% | 12.4% | 1.4% | 26.2% |
Performance
As at: 30 April 2026
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: 30 April 2026
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: 30 April 2026
Relative to MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Tsugami | 5.1% |
| 2 | Kohoku Kogyo | 4.1% |
| 3 | Harmonic Drive Systems | 3.6% |
| 4 | SWCC Corporation | 3.4% |
| 5 | JEOL | 3.4% |
| 6 | GA Technologies | 2.8% |
| 7 | Toyo Tanso | 2.6% |
| 8 | Nikkiso | 2.6% |
| 9 | Gift Holdings Inc | 2.4% |
| 10 | Mani,inc. | 2.4% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Shin Nippon: Manager Insights
Brian Lum covers insights on market trends, the Trust’s performance and growth forecast.
Japan’s small-cap opportunity
Discover why Japan’s overlooked small caps offer fresh growth as innovation and AI reshape the market.
Japan small caps: obsession meets opportunity
From AI-augmented weather forecasts to helping people with disabilities get hired, meet Japan’s growth companies.
Virtual visionaries
Japan’s Cover Corp is defining the space where anime meets reality.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Shin Nippon: Manager Insights
Praveen Kumar covers insights on market trends, the Trust's performance and growth forecast.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japan Smaller Companies: manager update
Japanese Smaller Companies and Shin Nippon’s performance, portfolio positioning and the region’s attractions for growth investors.
Shin Nippon’s growth strategy
Explore how the Shin Nippon Investment Trust identifies growth opportunities in Japan's small-cap market and what this impact means for investors.
Shin Nippon: Manager Insights
Praveen Kumar provides an update on recent performance and explains why he remains optimistic.
Investor Forum: Onboard for growth
Optimism for the future of growth investing from four of Baillie Gifford’s investment trusts.
Japan’s secret superstars
The new generation of companies that’s quietly captured key technology niches.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
Japan’s hidden global champions
There’s more to Japan than manufacturing. Discover the innovation that excites Praveen Kumar.
Manager Insights: Shin Nippon
An update on the performance of our Japanese smaller company holdings.
Kepler Research Report - Shin Nippon
Kepler’s latest research report. Please note that this is paid for research.
Why small is big in Japan
Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
Snow Peak’s outdoor heiress
Company director Lisa Yamai is changing attitudes by proving a young female leader can boost performance.
Fast forward
Praveen Kumar, manager of Baillie Gifford Shin Nippon, sees Covid-19’s acceleration of digital trends in Japan – changes in both corporate and consumer behaviour – persisting beyond the pandemic.
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.

Shin Nippon: Manager Insights
Brian Lum covers insights on market trends, the Trust’s performance and growth forecast.
Japan’s small-cap opportunity
Discover why Japan’s overlooked small caps offer fresh growth as innovation and AI reshape the market.
Japan small caps: obsession meets opportunity
From AI-augmented weather forecasts to helping people with disabilities get hired, meet Japan’s growth companies.
Virtual visionaries
Japan’s Cover Corp is defining the space where anime meets reality.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Shin Nippon: Manager Insights
Praveen Kumar covers insights on market trends, the Trust's performance and growth forecast.
SWCC Showa: rewiring Japan
How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.
Japan Smaller Companies: manager update
Japanese Smaller Companies and Shin Nippon’s performance, portfolio positioning and the region’s attractions for growth investors.
Shin Nippon’s growth strategy
Explore how the Shin Nippon Investment Trust identifies growth opportunities in Japan's small-cap market and what this impact means for investors.
Shin Nippon: Manager Insights
Praveen Kumar provides an update on recent performance and explains why he remains optimistic.
Investor Forum: Onboard for growth
Optimism for the future of growth investing from four of Baillie Gifford’s investment trusts.
Japan’s secret superstars
The new generation of companies that’s quietly captured key technology niches.
Japanese Equities
Investment manager, Donald Farquharson, discusses the Baillie Gifford approach to Japanese Equities.
Japan’s hidden global champions
There’s more to Japan than manufacturing. Discover the innovation that excites Praveen Kumar.
Manager Insights: Shin Nippon
An update on the performance of our Japanese smaller company holdings.
Kepler Research Report - Shin Nippon
Kepler’s latest research report. Please note that this is paid for research.
Why small is big in Japan
Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.
Snow Peak’s outdoor heiress
Company director Lisa Yamai is changing attitudes by proving a young female leader can boost performance.
Fast forward
Praveen Kumar, manager of Baillie Gifford Shin Nippon, sees Covid-19’s acceleration of digital trends in Japan – changes in both corporate and consumer behaviour – persisting beyond the pandemic.
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.
How to buy
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request or can be downloaded from the literature section of our website.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
AGM and voting
When you invest in an investment trust you become a shareholder and have a say on how the Company is run. You also have a right to attend the Company's annual general meeting (AGM).
How to vote
The following link will take you through to The Association of Investment Trusts' (AIC) website where there is information on how to vote your shares if you hold them via one of the major platforms.
How to attend the AGM
If you hold your shares through a platform, it is not always obvious how to attend an AGM. The following link will take you through to The Association of Investment Trusts’ (AIC) website where there is information on how your platform can help you attend this important shareholder meeting. If you do not see your provider listed, please contact your provider directly and ask them to assist.
Baillie Gifford Shin Nippon corporate calendar
Our corporate calendar provides details of the regulatory events that occur over the year. This includes dates for reports, results, dividend payments and the AGM.
| Event | Month (each year) |
| Final results announced | April |
| Interim results announced | September |
| Financial year end date | 31 January |
| Annual general meeting | May |
| Dividends payable | May |
AGM
Shin Nippon's Annual General Meeting (AGM) is to be held on Thursday 21 May 2026. You can read a summary of the results of the voting on the 2025 AGM resolutions here.
Voting
A breakdown of the votes cast by Baillie Gifford over the previous quarter on behalf of the investment trust is available in the Proxy voting disclosure.
Registrar
Computershare Investor Services PLC maintains the share register on behalf of the Company. Queries regarding shares registered in your own name can be directed to:
Computershare Investor Service PLC,
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ
T: +44 (0)370 889 3223
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.



