Overview
Fund objective
The Japanese Fund aims to outperform (after deduction of costs) the TOPIX, as stated in sterling, over rolling five-year 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 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.
Investment proposition
Share price and charges
Share class
B, IncPrice
1727.00p% change
-1.99%Yield
1.0%Ex-dividend (XD)
NOngoing charges*
0.63%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
8 October 1984
Fund size
£1,142.88m
The Investment Association sector
Japan
Comparative Index
TOPIX (in sterling)
Active share
84%**
Annual turnover
19%
Guideline number of holdings
45-65
Current number of holdings
63
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund's exposure to a single market and currency may increase share price movements.
Foreign Currency
The Fund has exposure to a foreign currency and changes in the rate of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic performance
As at: 28 February 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 6.4% | 6.0% | 5.3% | 17.9% | 8.8% | 2.2% |
Index* | 11.4% | 15.0% | 22.4% | 36.0% | 18.6% | 11.1% |
Sector Average** | 11.5% | 14.2% | 21.6% | 34.8% | 17.3% | 9.4% |
Sector Ranking | 105/106 | 103/105 | 104/105 | 101/105 | 89/97 | 86/94 |
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
As at: 31 December 2025
31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 | 31/12/2022 – 31/12/2023 | 31/12/2023 – 31/12/2024 | 31/12/2024 – 31/12/2025 | |
|---|---|---|---|---|---|
Class B-Acc | 1.1% | -13.8% | 1.5% | 4.0% | 16.1% |
Index* | 2.0% | -4.1% | 13.3% | 10.0% | 17.1% |
Sector Average** | 1.8% | -8.1% | 11.6% | 8.7% | 17.4% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | SoftBank Group | 6.2% |
| 2 | Sumitomo Mitsui Trust | 5.1% |
| 3 | SBI Holdings | 4.7% |
| 4 | Rakuten | 3.8% |
| 5 | Sony | 3.7% |
| 6 | FANUC | 3.6% |
| 7 | SMC | 3.2% |
| 8 | CyberAgent | 3.1% |
| 9 | MS&AD Insurance | 2.6% |
| 10 | Bridgestone | 2.6% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Electric Appliances | 19.3 | 18.1 | 1.2 |
| 2 | Information & Communication | 11.5 | 5.7 | 5.8 |
| 3 | Chemicals | 11.1 | 4.7 | 6.4 |
| 4 | Services | 10.8 | 2.9 | 7.9 |
| 5 | Machinery | 10.1 | 6.8 | 3.4 |
| 6 | Banks | 6.5 | 10.8 | -4.3 |
| 7 | Securities & Commodity Futures | 4.7 | 1.0 | 3.7 |
| 8 | Pharmaceutical | 3.4 | 3.7 | -0.3 |
| 9 | Other Products | 2.8 | 2.1 | 0.7 |
| 10 | Insurance | 2.6 | 3.2 | -0.5 |
| 11 | Rubber Products | 2.6 | 0.6 | 2.0 |
| 12 | Real Estate | 2.4 | 2.1 | 0.2 |
| 13 | Other Financing Business | 2.2 | 1.2 | 1.0 |
| 14 | Wholesale Trade | 2.1 | 8.5 | -6.4 |
| 15 | Nonferrous Metals | 1.9 | 2.5 | -0.6 |
| 16 | Retail Trade | 1.8 | 4.1 | -2.3 |
| 17 | Foods | 1.7 | 2.7 | -1.0 |
| 18 | Transportation Equipment | 1.4 | 6.7 | -5.4 |
| 19 | Precision Instruments | 0.7 | 1.9 | -1.1 |
| 20 | Land Transportation | 0.6 | 2.0 | -1.4 |
| 21 | Cash | -0.2 | 0.0 | -0.2 |
Total | 100.0 | 91.5 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Sony Financial Group Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
Humanoid: Japan and the rise of the machine
Humanoids have been a long time coming, allowing Japan to build a world-class edge in robotic components.
Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.
Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.
Rakuten: rewiring Japan’s digital economy
Conglomerates can be clunky, but not so Rakuten. Matthew Brett and Colossus on how it is connecting the dots. Capital at risk.
Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.
Japan: opportunities in automation
Japan's automation revolution and its global leadership in robotics.
Japan: opportunities in healthcare
Japan’s innovation medical breakthroughs are combatting ageing.
Japan: opportunities in quality brands
Behind the success of Japan’s leading quality brands and what opportunities they present.
Japan: opportunities in entertainment
Japan's media giants: Sony and Nintendo's timeless influence.
Japanese changemakers shaping the future
The firms taking advantage of four transformational opportunities.
Japan: the next opportunity
Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.
China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.
The fresh face of Japanese finance
New online services are transforming Japanese financial habits.
Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.
Spotting the stars amid a surge
Rising Japanese markets are flattering old-style companies: better to look for long-term growth.
Japan’s new growth opportunities
Seeking the entrepreneurial firms that could sustain the country’s rally.
From Y to Z: Japan’s online powerhouse
How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.
Japan trip reflections
Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan.
Nintendo: investing in the home of Mario
Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.
Japanese Fund Update Webinar.
Investment Specialist Thomas Patchett is joined by Matthew Brett, Investment Manager of the Japanese Fund and Japan Trust, to discuss the last twelve months and the positioning and performance of the fund by exploring some of the main themes coming through in the portfolio.
Dominators vs disrupters - the future of industrial robotics
The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.Humanoid: Japan and the rise of the machine
Humanoids have been a long time coming, allowing Japan to build a world-class edge in robotic components.Tour de France: the Japanese connection
Bicycle parts maker Shimano is primed for a gear shift in performance.Healthy returns: Japan’s assault on old-age disease
Japanese medical firms are making advances that could help fight cancer and Alzheimer’s.Rakuten: rewiring Japan’s digital economy
Conglomerates can be clunky, but not so Rakuten. Matthew Brett and Colossus on how it is connecting the dots. Capital at risk.Our best ideas in Japan
Thomas Patchett unwraps Softbank, Rakuten and Eisai, three companies driving new opportunities in Japan.Japan: opportunities in automation
Japan's automation revolution and its global leadership in robotics.Japan: opportunities in healthcare
Japan’s innovation medical breakthroughs are combatting ageing.Japan: opportunities in quality brands
Behind the success of Japan’s leading quality brands and what opportunities they present.Japan: opportunities in entertainment
Japan's media giants: Sony and Nintendo's timeless influence.Japanese changemakers shaping the future
The firms taking advantage of four transformational opportunities.Japan: the next opportunity
Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.The fresh face of Japanese finance
New online services are transforming Japanese financial habits.Stock story: SoftBank
Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.Spotting the stars amid a surge
Rising Japanese markets are flattering old-style companies: better to look for long-term growth.Japan’s new growth opportunities
Seeking the entrepreneurial firms that could sustain the country’s rally.From Y to Z: Japan’s online powerhouse
How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.Japan trip reflections
Less foreign visitors, more cashless payments. Donald Farquharson reflects on post-Covid Japan.Nintendo: investing in the home of Mario
Why Fusajiro Yamauchi’s business remains a fascinating opportunity for growth investing.Japanese Fund Update Webinar.
Investment Specialist Thomas Patchett is joined by Matthew Brett, Investment Manager of the Japanese Fund and Japan Trust, to discuss the last twelve months and the positioning and performance of the fund by exploring some of the main themes coming through in the portfolio.Dominators vs disrupters - the future of industrial robotics
The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.
How to invest
You can invest in our funds via a number of fund platforms.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
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.
Investment platforms
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
Documents
You can access any literature about the Fund here.
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.