Capital at risk

Investment Trust

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 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. We invest in a spread of 40–70 companies, predominantly medium and smaller sized, that we believe offer good growth opportunities. Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas. We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the benchmark which is TOPIX total return.

Share price and charges

Price

1008.00p

NAV at fair

1102.20p

Premium (+) or discount (-) at fair

-8.6%

Ongoing charges*

0.71%

Fund facts

Active share

86%*

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

Intermediary client contacts

If you’d like further information, please get in touch with the Intermediary Client Contact for your area.

Ratings

As at: 31 March 2026

FundCalibre Rated Fund

FundCalibre Rated Fund - Elite Rated

Rayner Spencer Mills Research Rated Fund

Rayner Spencer Mills Research Rated Fund - Investment Trust

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

Values for securities which are 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 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.

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

Your location indicates you are based in Jersey 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.

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Fund performance

Periodic Performance

As at: 30 April 2026

1 Year
3 Years
5 Years
10 Years
Share Price
25.6%
28.4%
-9.5%
117.6%
NAV
20.3%
26.8%
3.5%
133.6%
Benchmark*
28.0%
56.3%
57.6%
158.7%

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
-21.4%
-9.1%
1.4%
-0.1%
14.9%
NAV
-15.8%
-3.7%
6.4%
-1.7%
12.6%
Benchmark*
-2.7%
2.8%
21.7%
-2.5%
23.9%

Performance

As at: 30 April 2026

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: 30 April 2026

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: 30 April 2026

View by date range:

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

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Fund portfolio holdings

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

As at: 30 April 2026

#Holding% of total assets
1SoftBank Group7.2%
2SBI Holdings4.0%
3Rakuten3.9%
4Sumitomo Mitsui Trust3.6%
5FANUC3.4%
6GMO Internet3.1%
7CyberAgent3.1%
8Sony3.0%
9SMC2.7%
10MISUMI2.7%

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: 30 April 2026

Total: 100%

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Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 2 of 2
  1. alt=""

    Sonrise again

    SoftBank’s Masayoshi Son commands the new AI landscape, building for what comes next.
    April 2026
    Article6 minutes
  2. Tour de France: the Japanese connection

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

Contact us

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

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 Japan Trust 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 October
Interim results announced April
Financial year end date 31 August
Annual general meeting December
Dividends payable December

AGM

Japan Trust's annual general meeting (AGM) was held on Wednesday 11 December 2024. You can read a summary of the results of the voting on AGM resolutions here.

View latest results

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.

View the 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 3221

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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.