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 31/10/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 2.8%-29.2%-5.4%0.2%
    Index* -0.1%-10.2%-1.6%0.2%
    Target Benchmark** 0.7%-8.9%-0.2%1.7%

    Annual Discrete Performance to 30 September each year

    Annual percentage return (Updated Quarterly)

    30/09/2017
    30/09/2018

    30/09/2018
    30/09/2019

    30/09/2019
    30/09/2020

    30/09/2020
    30/09/2021

    30/09/2021
    30/09/2022

    Class B-Acc 33.1%-6.8%24.2%0.4%-30.1%
    Index* 10.8%-0.3%2.0%10.1%-12.1%
    Target Benchmark** 12.4%1.2%3.5%11.8%-10.8%
    Sector Average*** 15.6%-4.3%9.8%15.2%-15.6%

    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, StatPro, MSCI, total return in sterling.
    *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 Japanese Smaller Companies Sector.

    Figures for 3 and 5 years show the annual rate of return.

    Performance - 31/10/2022

    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 - 31/10/2022

    Fund %
    1 TechnoPro 3.2%
    2 Sho-Bond Holdings 2.9%
    3 Nakanishi 2.7%
    4 Descente 2.6%
    5 Cosmos Pharmaceutical 2.6%
    6 RakSul 2.5%
    7 Harmonic Drive Systems 2.5%
    8 Asahi Intecc 2.4%
    9 KATITAS 2.3%
    10 eGuarantee 2.3%
    Total 25.9%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2022

    Fund %

    • 1 Industrials 32.33
    • 2 Information Technology 17.78
    • 3 Consumer Discretionary 15.96
    • 4 Health Care 7.83
    • 5 Communication Services 6.75
    • 6 Consumer Staples 6.59
    • 7 Financials 6.28
    • 8 Materials 3.35
    • 9 Real Estate 2.27
    • 10 Cash 0.85
    • 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 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 the Shin Nippon Investment Trust, 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.

    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.