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.
The manager believes this is an appropriate target 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.
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.
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 31/03/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc -3.3% -14.7% -15.4% -5.2% Index* 9.3% 12.4% 3.0% 5.0% Target Benchmark** 10.1% 14.1% 4.6% 6.6% Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual Discrete Performance to 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/2024Class B-Acc -14.7% 47.9% -25.7% -4.4% -14.7% Index* -6.2% 24.4% -7.7% 5.4% 12.4% Target Benchmark** -4.8% 26.3% -6.3% 7.0% 14.1% Sector Average*** -3.4% 31.8% -4.4% 0.7% 18.2% 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, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Japan Small Cap Index.
**MSCI Japan Small Cap Index (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Japan Sector.Top Ten Holdings - 31/03/2024
Fund % 1 Toyo Tanso 3.7% 2 Lifenet Insurance 3.1% 3 Cosmos Pharmaceutical 2.9% 4 WealthNavi 2.7% 5 Asahi Intecc 2.5% 6 Nifco 2.5% 7 LITALICO 2.3% 8 GMO Financial Gate 2.3% 9 KATITAS 2.3% 10 SIIX 2.3% Total 26.6% Sector analysis of total assets - 31/03/2024Fund %
- 1 Industrials 28.50
- 2 Information Technology 17.53
- 3 Financials 13.23
- 4 Consumer Discretionary 13.16
- 5 Communication Services 7.89
- 6 Health Care 7.80
- 7 Consumer Staples 6.88
- 8 Materials 2.89
- 9 Real Estate 2.27
- 10 Cash -0.16
- 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.Insights
View all Insights.Meet the Manager
Praveen Kumar
Praveen is an Investment Manager in the Japanese Equities Team. He is the Manager of the Japanese Smaller Companies fund (and related Japan Small Cap strategy segregated accounts), Manager of Baillie Gifford Shin Nippon PLC, and Deputy Manager of The Baillie Gifford Japan Trust PLC. He is also a member of the International Smaller Companies Portfolio Construction Group (PCG). Praveen graduated BEng in Computer Science from Bangalore University in 2001, and an MBA from the University of Cambridge in 2008. He previously worked for FKI Logistex before joining Baillie Gifford in 2008. After completing the investment graduate trainee programme Praveen joined the Japanese Equities Team as an Investment Manager in 2011.
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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.
Bulletins and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
Philosophy and Process Documents
Quarterly Investor Reports
Value Assessment
Sustainability-related Disclosures
Shareholders Rights Directive
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.
