Overview
Fund objective
The Sub-fund aims to outperform (after deduction of costs) the TOPIX, as stated in sterling, over rolling five-year periods by investing in 60 to 80 holdings.
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
162.50p% change
-1.04%Yield
1.9%Ex-dividend (XD)
XOngoing charges*
0.54%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
4 July 2016
Fund size
£165.97m
The Investment Association sector
Japan
Comparative Index
TOPIX (in sterling)
Active share
72%**
Annual turnover
63%
Guideline number of holdings
60-80
Current number of holdings
70
Style
Income & Growth
XD Date
Last day of June and December each year
Distribution
Last day of August and February 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, Tokyo Stock Exchange.
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 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.
Fund performance
Periodic performance
As at: 30 June 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Inc | 0.7% | 14.3% | 11.8% | 20.0% | 9.8% | 4.1% |
Index* | 0.5% | 11.3% | 15.9% | 31.5% | 16.8% | 10.5% |
Sector Average** | 1.1% | 14.4% | 17.6% | 32.5% | 16.3% | 9.4% |
Sector Ranking | 71/107 | 46/106 | 93/105 | 97/104 | 86/96 | 81/93 |
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: 30 June 2026
30/06/2021 – 30/06/2022 | 30/06/2022 – 30/06/2023 | 30/06/2023 – 30/06/2024 | 30/06/2024 – 30/06/2025 | 30/06/2025 – 30/06/2026 | |
|---|---|---|---|---|---|
Class B-Inc | -12.1% | 5.3% | 6.5% | 3.7% | 20.0% |
Index* | -8.4% | 12.9% | 13.5% | 6.9% | 31.5% |
Sector Average** | -11.4% | 12.7% | 10.6% | 7.3% | 32.5% |
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 June 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Tokyo Electron | 5.3% |
| 2 | Murata Manufacturing | 4.2% |
| 3 | SoftBank Group | 4.1% |
| 4 | Tokio Marine Holdings Inc | 3.6% |
| 5 | Itochu Corp. | 3.5% |
| 6 | Sumitomo Mitsui Trust | 3.3% |
| 7 | Keyence | 3.2% |
| 8 | NGK Spark Plug | 3.1% |
| 9 | Shin-Etsu Chemical | 3.1% |
| 10 | Sony | 3.1% |
Sector
As at: 30 June 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Industrials | 24.6 | 25.2 | -0.6 |
| 2 | Information Technology | 18.1 | 18.3 | -0.2 |
| 3 | Financials | 16.9 | 17.3 | -0.4 |
| 4 | Consumer Discretionary | 12.5 | 14.2 | -1.7 |
| 5 | Consumer Staples | 8.0 | 4.7 | 3.4 |
| 6 | Materials | 7.0 | 5.6 | 1.4 |
| 7 | Communication Services | 7.0 | 6.0 | 1.0 |
| 8 | Health Care | 5.4 | 5.0 | 0.4 |
| 9 | Real Estate | 1.0 | 1.7 | -0.7 |
| 10 | Cash | -0.5 | 0.0 | -0.5 |
Total | 100.0 | 98.0 |
Quarterly transactions
Transactions for the three-month period ending 30 June 2026
New purchases
- Asahi Group Holdings
- Asahi Intecc Co Ltd
- Bandai Namco Holdings Inc
- Casio Computer
- Chiba Bank, Ltd., The
- Cosmos Pharmaceutical
- Daikin Industries
- Disco
- Genky DrugStores Co., Ltd.
- Harmonic Drive Systems
- Hoshizaki Corp
- Kawasaki Heavy Industries
- Kikkoman Corp.
- Kose Corp.
- Mitsubishi Electric
- Mitsubishi Estate
- Money Forward
- Niterra Co., Ltd.
- Nitori
- Oracle Corp Japan
- Recruit Holdings
- Shimano
- Shizuoka Financial Group,Inc. Com Stk
- Square Enix
- Taiyo Nippon Sanso Corp.
- Tokyo Electron
- Toyo Suisan Kaisha Ltd
- Toyota Motor
- Yaskawa Electric
- Yokogawa Electric Corp.
Complete sales
- Broadleaf
- Calbee Inc
- CyberAgent Inc
- Denso
- GMO Payment Gateway
- Gree
- Industrial & Infrastructure Fund
- Infomart Corp
- Kakaku.com
- Kubota
- Kyocera
- LY Corp
- M3
- Milbon
- Mixi Inc
- Nippon Electric Glass
- OSG Corp
- Pigeon
- Pola Orbis Holdings Inc
- Sato Holdings
- Sho-Bond Holdings Ltd
- Softbank Corp KK
- Tokyo Metro Co Ltd
- Tokyo Tatemono
- Wacom Co Ltd
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Japan Core Growth: centring stock-picking
How a risk-controlled approach seeks to capture the long-term potential of Japanese companies.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
Engagement and activism in Japan
Japan’s governance has had its ups and downs, but accelerating corporate reform is unlocking real investor value.
Japan Core Growth: centring stock-picking
How a risk-controlled approach seeks to capture the long-term potential of Japanese companies.SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.Engagement and activism in Japan
Japan’s governance has had its ups and downs, but accelerating corporate reform is unlocking real investor 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.
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 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.