Company summary
Baillie Gifford Japan Trust is an actively managed investment trust focused on long-term capital growth from Japanese equities, with a particular emphasis on medium-sized and smaller growth companies.
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BGFD
Baillie Gifford Japan Trust
Investment Trusts
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Investment in a concentrated portfolio of listed Japanese companies, typically across technology, automation, internet businesses, consumer companies and healthcare, with selective gearing used to enhance long-term returns.
Key markets
Japan is the sole geographic focus, although many portfolio companies generate substantial revenue overseas. Performance is therefore influenced by both Japanese market conditions and the yen.
Key drivers
Japanese corporate reform, earnings growth, digitalisation, automation, successful stock selection, yen movements, portfolio gearing, investor sentiment toward Japanese growth companies and the level of the trust's discount to NAV.
Key risks
Single-country exposure, currency movements, smaller-company volatility, stock-selection risk, gearing, market concentration and the possibility that the shares trade at a persistent discount to net asset value.
Recent Developments
May-June 2026: the trust sought additional authority for share buybacks as part of continued discount management. Performance to 30 June remained positive over one year, although it continued to lag the TOPIX benchmark.
Dividend notes
Income is secondary to capital growth and the trust normally pays one annual dividend. The latest was 10.0p, ex-dividend 13 November 2025 and paid on 15 December. The 2026 annual dividend had not yet been declared by 14 August.
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