Japanese Income Growth Fund
Japanese Income Growth Fund
The Japanese Income Growth Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1% per annum over rolling five-year periods through a combination of income and capital growth whilst maintaining a portfolio yield higher than the TOPIX. 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.
Our fund aims to generate strong long-term total returns as well as provide investors with a higher yield than the Japanese market.
Performance & Portfolio
All figures to 31/10/2023
Class B-Inc -7.7% 0.2% -1.6% 0.8% Index* 3.1% 11.6% 4.1% 4.0% Target Benchmark** 3.7% 12.7% 5.2% 5.0%
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly)
Class B-Inc 1.7% 3.2% 11.0% -13.2% 0.0% Index* -0.3% 2.4% 15.6% -13.5% 15.1% Target Benchmark** 0.7% 3.4% 16.8% -12.7% 16.3% 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% per annum over rolling five-year periods (through a combination of income and capital growth).
***IA Japan Sector.
Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 SBI Holdings 4.4% 2 Sumitomo Mitsui Trust 4.0% 3 GMO Internet 3.5% 4 MS&AD Insurance 3.5% 5 Tokio Marine Holdings Inc 3.4% 6 SoftBank Group 3.3% 7 DMG Mori 3.3% 8 FANUC 3.2% 9 Bridgestone 3.1% 10 Kubota 2.9% Total 34.6%SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2023
- 1 Man & Machinery 22.04
- 2 Financials 19.60
- 3 Commerce & Services 12.04
- 4 Chemicals & Other Materials 11.59
- 5 Electricals & Electronics 10.49
- 6 Info, Comm And Utilities 9.85
- 7 Pharmaceuticals & Foods 4.92
- 8 Real Estate & Construction 4.58
- 9 Retail 3.84
- 10 Communication Services 0.69
- 11 Cash 0.36
- 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.
Karen is an Investment Manager in the Japanese Equities Team. Karen is a Co-Manager of the Japanese Income Growth Fund. Karen graduated BSc (Hons) in Economics with Japanese from University of Birmingham in 2011 and is a CFA Charterholder. Karen joined Baillie Gifford in 2012.
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