1. Overview

    The Japanese Smaller Companies Fund aims to outperform (after deduction of costs) the MSCI Japan Small Cap Index, 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 Japanese Smaller Companies Sector.

    We add value through the use of proprietary, fundamental research which prioritises the selection of individually attractive companies rather than the taking of top-down industry bets.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -2.2%47.9%7.8%16.0%
    Index* 4.9%24.4%3.6%10.9%
    Target Benchmark** 5.6%26.3%5.1%12.5%

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2016
    31/03/2017

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    Class B-Acc 23.7%35.4%-0.7%-14.7%47.9%
    Index* 34.5%12.2%-4.8%-6.2%24.4%
    Target Benchmark** 36.6%13.9%-3.4%-4.8%26.3%
    Sector Average*** 33.5%18.9%-7.6%-7.8%41.5%

    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.

    Performance source: FE and relevant underlying index provider, single pricing basis, total return.

    Returns reflect the annual charges but exclude any initial charge paid.

    *MSCI Japan Small Cap Index.

    **MSCI Japan Small Cap Index +1.5%.

    ***IA Japanese Smaller Companies Sector.

    Performance - 31/03/2021

    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Source: FE and relevant underlying index provider, single pricing basis, total return.
    Please bear in mind that past performance is not a guide to future performance.
    The graph is rebased to 100.

    Top Ten Holdings - 31/03/2021

    Fund %
    1 RakSul 3.6%
    2 Outsourcing 3.4%
    3 GMO Payment Gateway 2.8%
    4 Tsugami 2.7%
    5 Demae-Can 2.6%
    6 MonotaRO 2.5%
    7 Kitanotatsujin 2.4%
    8 Megachips 2.4%
    9 Nihon M&A 2.4%
    10 Jeol 2.3%
    Total 27.1%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/03/2021

    Fund %

    • 1 Industrials 29.50
    • 2 Information Technology 18.42
    • 3 Consumer Discretionary 14.65
    • 4 Health Care 9.28
    • 5 Consumer Staples 7.99
    • 6 Financials 7.36
    • 7 Communication Services 7.20
    • 8 Materials 2.60
    • 9 Real Estate 1.86
    • 10 Cash 1.14
    • Total 100.0

    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 Manager

    Praveen Kumar

    Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities Team. He is also the Lead Manager for the Japanese Smaller Companies strategy. 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.

    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: [email protected]. 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.