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Overview
Baillie Gifford Shin Nippon aims to achieve long-term capital growth principally through investment in small Japanese companies which are believed to have above average prospects for capital growth.
In general, for the small companies that Shin Nippon invests in, we believe that the quality of management teams and their business strategies have more influence rather than macroeconomic factors.
Performance & Portfolio
Periodic Performance
All figures to 31/03/2021 1 Year
3 Years
5 Years
10 Years
Share Price 68.8% 26.3% 133.8% 653.2% NAV 57.7% 30.1% 135.6% 576.9% Index* 24.4% 11.1% 67.6% 173.2% 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.
*MSCI Japan Small Cap Index, total return, in sterling terms.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.
Discrete Performance
Annual Performance to 31 March each year 31/03/2016
31/03/201731/03/2017
31/03/201831/03/2018
31/03/201931/03/2019
31/03/202031/03/2020
31/03/2021Share Price 28.6% 43.9% -5.0% -21.2% 68.8% NAV 24.7% 45.2% -2.1% -15.7% 57.7% Index* 34.5% 12.2% -4.8% -6.2% 24.4% 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.
*MSCI Japan Small Cap Index, total return, in sterling terms.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.Performance - 31/03/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
Comparative Index - changed from an index comprising the Tokyo SE 2nd Section, the TOPIX Small Index and the JASDAQ Index, weighted by market capitalisation, in sterling terms, on 01/02/2010, to the MSCI Japan Small Cap Index, total return, in sterling terms. In the above graph, the indices have been chain-linked to form a single index.
The graph is rebased to 100.
Please bear in mind that past performance is not a guide to future performance.Unfortunately we were unable to load the chart. Please try again later.Discount - 31/03/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
Please bear in mind that past performance is not a guide to future performance.Holdings - 31/03/2021
Fund % 1 RakSul 3.2% 2 Outsourcing 3.2% 3 Tsugami 2.7% 4 Demae-Can 2.6% 5 Kitanotatsujin 2.5% 6 GMO Payment Gateway 2.5% 7 Shoei 2.3% 8 MonotaRO 2.3% 9 Megachips 2.3% 10 Snow Peak 2.2% Total 25.7% All holdings of 0.7% and aboveFund % 1 RakSul 3.2% 2 Outsourcing 3.2% 3 Tsugami 2.7% 4 Demae-Can 2.6% 5 Kitanotatsujin 2.5% 6 GMO Payment Gateway 2.5% 7 Shoei 2.3% 8 MonotaRO 2.3% 9 Megachips 2.3% 10 Snow Peak 2.2% Total 25.7% Sector Analysis of Total Assets - 31/03/2021As 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.Unfortunately we were unable to load the chart. Please try again later.Insights
View all Insights.April 2021Fast Forward.
Praveen Kumar, manager of Baillie Gifford Shin Nippon, sees Covid-19’s acceleration of digital trends in Japan – changes in both corporate and consumer behaviour – persisting beyond the pandemic.
Read moreAutumn 2020Japan's Great Wave of Change.
Traditions die hard in Japan, but a crisis often sparks accelerated change and innovation. Praveen Kumar, manager of Baillie Gifford Shin Nippon and deputy manager of the Baillie Gifford Japan Trust, talks about the upstarts making inroads.
Read moreJune 2020Japanese Smaller Companies Fund and Shin Nippon PLC – Manager Insights.
Praveen Kumar, investment manager of Japanese Smaller Companies Fund and Baillie Gifford Shin Nippon PLC, explains how Covid-19 will accelerate changes in the behaviour and working practices of corporate Japan and why this should result in numerous growth opportunities for fast-growing, nimble and disruptive smaller business.
WatchFourth Quarter 2019Episode 8 - The Beauty of Japanese Cosmetics.
Investment manager, Praveen Kumar explains why the Japanese cosmetics industry is in a period of rapid growth and how it could be set to continue for the long term.
Listen Now (15 minutes)ARCHIVEDSecond Quarter 2019Shin Nippon - Manager Update.
Portfolio manager of Shin Nippon, Praveen Kumar, discusses the main takeaways from his extended trip to Japan and past and potential future activity within the portfolio.
WatchARCHIVEDApril 2018Shin Nippon Seeing Broad Portfolio Strength.
Praveen Kumar, portfolio manager, explains how a tight employment market and developments in healthcare are driving stock selection in the Shin Nippon portfolio. He also outlines some of the areas that contributed significantly to the performance over the past 12 months, as well as those which offer exciting prospects for the future.
WatchView all Insights.
Meet the Managers
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.
How to Buy
You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.
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.
Fund Platforms/Supermarkets
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.
Annual Reports
Bulletins and Factsheets
Corporate Governance
Interim Reports
Investor Disclosure Document
Key Information Document
Other Fund Literature
Philosophy and Process Documents
Risks
Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.
Past performancePast performance is not a guide to future performance.
The value of your investment
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
Overseas investment
The Trust 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.
Gearing
The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.
Share buy-backs
The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
Liquidity
Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.
Derivatives
The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.
Investment in smaller companies
Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.
Single country trust
The Trust’s exposure to a single market and currency may increase risk.
Private Companies
The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
Charges to income
Charges are deducted from income. Where income is low, the expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be reduced.
Unlikely to achieve income
The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
Tax Rates
You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.
Regulation
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Information subject to change
The information and opinions expressed within this website are subject to change without notice.
Not Investment Advice
This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.
Suitability for retail distribution
Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
Disclaimers
MSCI Disclaimer
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)