Overview
Investment proposition
Strategy behind the fund
Japan GrowthShare price and charges
Share class
B, Acc, JPYNAV per share
3,331.23% change
1.35%Ongoing charges*
0.80%Initial charge
0%Fund facts
Current number of holdings
55
Guideline number of holdings
35-55
Benchmark
TOPIX
Active share
79%**
Annual turnover
16%
Fund launch date
18 August 2014
Style
Growth
Fund Settlement Cycle
Trade date plus three business days (T+3)
Fund size calculated using base currency in Yen and converted into listed currencies.
**Relative to TOPIX Index. Source: Baillie Gifford & Co, TOPIX.
Meet the managers
Risks
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. 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.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
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 Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
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 | 6.6% |
| 2 | Sumitomo Mitsui Trust | 5.0% |
| 3 | Murata Manufacturing | 4.5% |
| 4 | SBI Holdings | 4.5% |
| 5 | Keyence | 3.6% |
| 6 | Sony | 3.3% |
| 7 | MS&AD Insurance | 3.1% |
| 8 | SMC | 3.0% |
| 9 | FANUC | 2.8% |
| 10 | Tokyo Electron | 2.7% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Electric Appliances | 24.6 | 19.5 | 5.1 |
| 2 | Information & Communication | 13.4 | 6.4 | 7.0 |
| 3 | Machinery | 9.4 | 6.7 | 2.7 |
| 4 | Services | 8.5 | 2.9 | 5.5 |
| 5 | Chemicals | 7.7 | 4.7 | 3.0 |
| 6 | Wholesale Trade | 7.0 | 8.4 | -1.4 |
| 7 | Banks | 6.7 | 10.8 | -4.1 |
| 8 | Securities & Commodity Futures | 4.5 | 0.9 | 3.6 |
| 9 | Insurance | 3.1 | 3.3 | -0.2 |
| 10 | Other Products | 2.6 | 2.0 | 0.6 |
| 11 | Retail Trade | 2.4 | 4.0 | -1.5 |
| 12 | Rubber Products | 2.0 | 0.5 | 1.5 |
| 13 | Pharmaceutical | 1.8 | 3.5 | -1.7 |
| 14 | Other Financing Business | 1.7 | 1.2 | 0.5 |
| 15 | Nonferrous Metals | 1.5 | 3.0 | -1.5 |
| 16 | Real Estate | 1.1 | 1.9 | -0.8 |
| 17 | Transportation Equipment | 1.1 | 5.5 | -4.4 |
| 18 | Precision Instruments | 0.7 | 2.0 | -1.2 |
| 19 | Cash | 0.1 | 0.0 | 0.1 |
Total | 100.0 | 87.3 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Itochu Corp
- Nippon Paint
- Square Enix
Complete sales
- Omron
- Toyota Tsusho Corp
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.
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 Growth Q2 update
Investment manager Donald Farquharson reflects on recent performance, portfolio changes and market developments.
Japan Growth Q1 update
The Japan Growth 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 Growth Q4 update
The Japan Growth 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.
Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
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 Growth: Asia’s resurgence
Despite the turbulence of last year there are reasons to be optimistic about Japanese companies.
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?
Webinar with author and academic Ulrike Schaede.
Join Professor Ulrike Schaede and Japanese investment specialist Thomas Patchett to explore what makes Japan an economic leader within Asia, and how businesses are now responding to rising global competition and digitalisation.
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.
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.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 Growth Q2 update
Investment manager Donald Farquharson reflects on recent performance, portfolio changes and market developments.Japan Growth Q1 update
The Japan Growth 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 Growth Q4 update
The Japan Growth 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.Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.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 Growth: Asia’s resurgence
Despite the turbulence of last year there are reasons to be optimistic about Japanese companies.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?Webinar with author and academic Ulrike Schaede.
Join Professor Ulrike Schaede and Japanese investment specialist Thomas Patchett to explore what makes Japan an economic leader within Asia, and how businesses are now responding to rising global competition and digitalisation.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.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.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
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.