1. Overview

    The Baillie Gifford Japan 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.

    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.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/10/2021

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 9.9%29.9%71.6%438.9%
    NAV 10.4%38.4%69.7%389.6%
    Benchmark* 11.9%20.4%32.0%161.9%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *TOPIX.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.


    Discrete Performance

    Annual Performance to 30 September each year

    30/09/2016
    30/09/2017

    30/09/2017
    30/09/2018

    30/09/2018
    30/09/2019

    30/09/2019
    30/09/2020

    30/09/2020
    30/09/2021

    Share Price 34.0%18.8%-3.3%6.6%16.3%
    NAV 20.7%23.8%0.6%9.3%14.3%
    Benchmark* 12.6%13.0%-0.3%2.4%15.6%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *TOPIX.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.

    Performance - 31/10/2021

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    The graph is rebased to 100.
    Please bear in mind that past performance is not a guide to future performance.

    Holdings - 31/10/2021

    Fund %
    1 SoftBank Group 4.0%
    2 Rakuten 3.5%
    3 GMO Internet 3.3%
    4 SBI Holdings 3.2%
    5 Sysmex 3.0%
    6 Sony 2.8%
    7 Misumi 2.8%
    8 DENSO 2.8%
    9 Outsourcing 2.6%
    10 Calbee 2.6%
    Total 30.6%
    Active Share - 31/10/2021

    Relative to TOPIX. Source: Baillie Gifford & Co, Tokyo Stock Exchange.

    SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2021

    Fund %

    • 1 Commerce & Services 20.74
    • 2 Manufacturing & Machinery 18.62
    • 3 Info, Comm and Utilities 16.90
    • 4 Electricals & Electronics 15.10
    • 5 Financials 9.17
    • 6 Chemicals & Other Materials 7.86
    • 7 Pharmaceuticals & Foods 3.95
    • 8 Real Estate & Construction 3.16
    • 9 Retail 2.15
    • 10 Net Liquid Assets 2.36
    • Total 100.0

    As the Fund 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.
    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 Brett - Manager

    Matthew is an Investment Manager in the Japanese Equities Team. He is manager of the Japanese All Cap Strategy and Lead Manager of the Japanese Income Growth Strategy. He is also a member of the Global Stewardship Portfolio Construction Group. Matthew joined Baillie Gifford in 2003 and became a Partner in 2018. He is a CFA Charterholder. 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.

    Praveen Kumar - Deputy Manager

    Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities Team. He previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from Bangalore University in 2001 and gained an MBA from the University of Cambridge in 2008.

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    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.

    Investor Disclosure Document

    Disclaimers

    TOPIX Disclaimer

    The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by Tokyo Stock Exchange, Inc. and Tokyo Stock Exchange, Inc. owns all rights and know-how relating to the TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. No Product is in any way sponsored, endorsed or promoted by Tokyo Stock Exchange, Inc.