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
All figures to 31/10/2023
Class B-Acc -8.5% -1.0% -3.5% 0.9% Index* 3.1% 11.6% 4.1% 4.0% Target Benchmark** 3.9% 13.3% 5.7% 5.5%
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly)
Class B-Acc 1.4% 7.9% 12.4% -19.3% 0.6% Index* -0.3% 2.4% 15.6% -13.5% 15.1% Target Benchmark** 1.2% 3.9% 17.4% -12.2% 16.9% Sector Average*** -1.1% 5.6% 16.7% -15.4% 11.3%
Please bear in mind that past performance is not a guide to future performance.
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, Tokyo Stock Exchange. Total return in sterling.
Share class and Sector returns calculated using 10am prices, while the Index is calculated close-to-close.
**TOPIX (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Japan Sector.
Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 SoftBank Group 5.5% 2 Sumitomo Mitsui Trust 4.9% 3 SBI Holdings 4.2% 4 Rakuten 3.7% 5 MS&AD Insurance 3.5% 6 GMO Internet 3.3% 7 Nintendo 3.3% 8 Sony 3.2% 9 Bridgestone 3.1% 10 Kubota 2.8% Total 37.4%SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2023
- 1 Man & Machinery 18.48
- 2 Financials 16.82
- 3 Electricals & Electronics 16.32
- 4 Commerce & Services 15.66
- 5 Info, Comm And Utilities 12.71
- 6 Chemicals & Other Materials 8.76
- 7 Pharmaceuticals & Foods 5.27
- 8 Real Estate & Construction 3.19
- 9 Retail 1.68
- 10 Communication Services 0.82
- 11 Cash 0.28
- 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.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
Please note that totals may not add due to rounding.
Meet the Managers
Matthew is an Investment Manager in the Japanese Equities Team. He is Manager of the Japanese Fund (and related All Cap strategy segregated accounts), Manager of the Baillie Gifford Japan Trust, and Co-Manager of the Japanese Income Growth Fund. He is also a member of the Global Stewardship Portfolio Construction Group. 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. He joined Baillie Gifford in 2003 and became a Partner in 2018.
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Enhanced Disclosure Document
Key Investor Information Documents
General Investment Risk
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.
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
The Fund’s exposure to a single market and currency may increase share price movements.
The Fund has exposure to foreign currencies and changes in the rates 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.
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.
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax rates and the tax treatment of OEICs can change at any time.