Overview
Fund objective
The Japanese Fund aims to outperform (after deduction of costs) the TOPIX, as stated in sterling, over rolling five-year 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.
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.
Investment proposition
Share price and charges
Share class
B, IncPrice
2022.00p% change
1.10%Yield
1.0%Ex-dividend (XD)
XOngoing charges*
0.63%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
8 October 1984
Fund size
£1,037.85m
The Investment Association sector
Japan
Comparative Index
TOPIX (in sterling)
Active share
83%**
Annual turnover
18%
Guideline number of holdings
45-65
Current number of holdings
63
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund's exposure to a single market and currency may increase share price movements.
Foreign Currency
The Fund has exposure to a foreign currency and changes in the rate of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
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 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 7.6% | 1.2% | -3.0% | 15.4% | 6.5% | 1.2% |
Index* | 5.0% | 4.9% | 7.6% | 28.0% | 16.0% | 9.5% |
Sector Average** | 6.0% | 5.3% | 7.3% | 28.2% | 14.7% | 8.1% |
Sector Ranking | 21/106 | 99/105 | 102/104 | 97/104 | 88/97 | 85/93 |
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
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 | |
|---|---|---|---|---|---|
Class B-Acc | -8.5% | -5.4% | 8.4% | -2.3% | 7.5% |
Index* | -2.7% | 2.8% | 21.7% | -2.5% | 23.9% |
Sector Average** | -4.4% | 0.7% | 18.2% | -2.2% | 22.5% |
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 portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | SoftBank Group | 8.3% |
| 2 | Sumitomo Mitsui Trust | 4.9% |
| 3 | SBI Holdings | 4.6% |
| 4 | Rakuten | 3.7% |
| 5 | FANUC | 3.6% |
| 6 | Sony | 3.4% |
| 7 | SMC | 3.4% |
| 8 | CyberAgent | 3.0% |
| 9 | Murata Manufacturing | 2.6% |
| 10 | GMO Internet | 2.6% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Electric Appliances | 19.9 | 19.5 | 0.4 |
| 2 | Information & Communication | 14.2 | 6.4 | 7.8 |
| 3 | Services | 11.0 | 2.9 | 8.0 |
| 4 | Chemicals | 10.4 | 4.7 | 5.7 |
| 5 | Machinery | 9.7 | 6.7 | 3.0 |
| 6 | Banks | 6.3 | 10.8 | -4.6 |
| 7 | Securities & Commodity Futures | 4.6 | 0.9 | 3.7 |
| 8 | Pharmaceutical | 3.2 | 3.5 | -0.3 |
| 9 | Other Products | 2.7 | 2.0 | 0.7 |
| 10 | Wholesale Trade | 2.5 | 8.4 | -5.9 |
| 11 | Insurance | 2.5 | 3.3 | -0.8 |
| 12 | Real Estate | 2.0 | 1.9 | 0.1 |
| 13 | Rubber Products | 2.0 | 0.5 | 1.5 |
| 14 | Other Financing Business | 2.0 | 1.2 | 0.8 |
| 15 | Foods | 1.7 | 2.7 | -1.0 |
| 16 | Retail Trade | 1.6 | 4.0 | -2.3 |
| 17 | Transportation Equipment | 1.4 | 5.5 | -4.1 |
| 18 | Nonferrous Metals | 1.1 | 3.0 | -1.8 |
| 19 | Precision Instruments | 0.8 | 2.0 | -1.2 |
| 20 | Land Transportation | 0.6 | 1.9 | -1.3 |
| 21 | Cash | -0.3 | 0.0 | -0.3 |
Total | 100.0 | 91.9 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Sony Financial Group Inc
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Japanese Equities Q1 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.
Japanese Equities Q4 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
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.
Japanese Equities Q3 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.
Upfront: Europe, chips and rising Japan
Learn why Europe is back in fashion, what makes TSMC special, and why Japan is on the up.
Engagement and activism in Japan
Japan’s governance has had its ups and downs, but accelerating corporate reform is unlocking real investor value.
Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.
Japan All Cap Q2 update
Investment manager Jared Anderson reflects on recent performance, portfolio changes and market developments.
Unlocking Japan's next chapter of growth
Matthew Brett and Jared Anderson explore Japan's revival and companies poised for global expansion.
Japan All Cap Q1 update
The Japan All Cap Team reflects on recent performance, portfolio changes and market developments.
Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
Japan All Cap Q4 update
The Japan All Cap Team reflects on recent performance, portfolio changes and market developments.
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.
Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
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.
The fresh face of Japanese finance
New online services are transforming Japanese financial habits.
Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
Japanese Fund: what’s the market missing?
An update on performance, economic trends and sectors with great growth potential.
Spotting the stars amid a surge
Rising Japanese markets are flattering old-style companies: better to look for long-term growth.
Japan’s new growth opportunities
Seeking the entrepreneurial firms that could sustain the country’s rally.
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’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.
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.
Investing in Japan: the country’s underappreciated edge
Matthew Brett explains why inflation and a falling yen make Japan an exciting place for investors.
Success after succession
How can founder-defined companies – from Nidec to Nintendo – ensure success when it’s time for a new CEO?
The strengths of Japanese company culture
Companies such as Mercari that know that trying new things is the secret to growth.
Sysmex’s quest to diagnose disease
Kobe medical diagnostics company is well-placed to capitalise on therapy breakthroughs.
Four decades of lessons
Japan’s ability to anticipate technological change should see it through the ups and downs to come.
The return of the durable winners
Japan’s big brands are back, thanks to Chinese consumers, digitisation and better governance.
Adapting to disrupt
In Japan as elsewhere, companies that can adapt quickly often have the most success.
SBI: Japan’s fintech frontrunner
How an entrepreneurial tech company disrupted the world of Japanese financial services.
Japan Smaller Companies: the winners
The effects of Covid-19 were felt very differently across the smaller companies landscape.
Japan's digital transformation
Unique to itself and often surprising, the digital transformation of the world’s third largest economy offers exciting new openings for investors, writes Donald Farquharson, head of Baillie Gifford’s Japanese equities team and Thomas Patchett, Japanese Equity Specialist.
Interview with our Japanese researchers
Donald Farquharson, head of the Japanese Equity Team at Baillie Gifford, speaks to Japan-based strategy researchers Akiko Hirai and Satoko Ishino.
Dominators vs disrupters - the future of industrial robotics
The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.
Japanese Equities Q1 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.Japanese Equities Q4 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.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.Japanese Equities Q3 update
Investment specialist Alison Henry reflects on recent performance, portfolio changes and market developments.Upfront: Europe, chips and rising Japan
Learn why Europe is back in fashion, what makes TSMC special, and why Japan is on the up.Engagement and activism in Japan
Japan’s governance has had its ups and downs, but accelerating corporate reform is unlocking real investor value.Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.Japan All Cap Q2 update
Investment manager Jared Anderson reflects on recent performance, portfolio changes and market developments.Unlocking Japan's next chapter of growth
Matthew Brett and Jared Anderson explore Japan's revival and companies poised for global expansion.Japan All Cap Q1 update
The Japan All Cap Team reflects on recent performance, portfolio changes and market developments.Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.Japan All Cap Q4 update
The Japan All Cap Team reflects on recent performance, portfolio changes and market developments.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.Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.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.The fresh face of Japanese finance
New online services are transforming Japanese financial habits.Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.Japanese Fund: what’s the market missing?
An update on performance, economic trends and sectors with great growth potential.Spotting the stars amid a surge
Rising Japanese markets are flattering old-style companies: better to look for long-term growth.Japan’s new growth opportunities
Seeking the entrepreneurial firms that could sustain the country’s rally.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’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.Japan trip reflections
Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid JapanNintendo: investing in the home of Mario
Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.Investing in Japan: the country’s underappreciated edge
Matthew Brett explains why inflation and a falling yen make Japan an exciting place for investors.Success after succession
How can founder-defined companies – from Nidec to Nintendo – ensure success when it’s time for a new CEO?The strengths of Japanese company culture
Companies such as Mercari that know that trying new things is the secret to growth.Sysmex’s quest to diagnose disease
Kobe medical diagnostics company is well-placed to capitalise on therapy breakthroughs.Four decades of lessons
Japan’s ability to anticipate technological change should see it through the ups and downs to come.The return of the durable winners
Japan’s big brands are back, thanks to Chinese consumers, digitisation and better governance.Adapting to disrupt
In Japan as elsewhere, companies that can adapt quickly often have the most success.SBI: Japan’s fintech frontrunner
How an entrepreneurial tech company disrupted the world of Japanese financial services.Japan Smaller Companies: the winners
The effects of Covid-19 were felt very differently across the smaller companies landscape.Japan's digital transformation
Unique to itself and often surprising, the digital transformation of the world’s third largest economy offers exciting new openings for investors, writes Donald Farquharson, head of Baillie Gifford’s Japanese equities team and Thomas Patchett, Japanese Equity Specialist.Interview with our Japanese researchers
Donald Farquharson, head of the Japanese Equity Team at Baillie Gifford, speaks to Japan-based strategy researchers Akiko Hirai and Satoko Ishino.Dominators vs disrupters - the future of industrial robotics
The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.
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.
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.
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.