Title: URL Source: https://is.gd/y6qVYU Published Time: Tue, 17 Jun 2025 07:33:53 GMT Markdown Content: The Baillie Gifford Japan Trust PLC # 31 May 2025 All data as at 31 May 2025 and source Baillie Gifford & Co L imited unless otherwise stated. Past performance is not a guide to future returns. ## Key Information Manager Matt Brett *Ongoing charges as disclosed in the latest Annual Report and Financial Statements and c alculated in accordance with AIC recommendations. These charges are incurred by the Trust and are not deducted from the value of your investment as these charges are already accounted for in the Trust’s share price . **Relative to TOPIX. Source: Baillie Gifford & Co, Japan Exchange Group . Total Assets £822.15 m Total Borrowings £138.75 m Ongoing Charges 0.69 %* Dividend Yield 1.3 % Gross Gearing 20 % Gearing 16 % Active Share 84 %** Annual Turnover 5% Net Asset Value per Share (NAV) 868.79 p Share Price 767.00 p Discount of Share Price to NAV 11.7 % ## Sector Analysis of Total Assets 1 Info, Comm and Utilities 19.2 % 2 Commerce & Services 17.1 % 3 Manufacturing & Machinery 13.9 % 4 Electricals & Electronics 12.0 % 5 Financials 9.9 % 6 Chemicals & Other Materials 9.9 % 7 Pharmaceuticals & Foods 5.8 % 8 Retail 5.3 % 9 Real Estate & Construction 2.3 % 10 Consumer Staples 0.7 % 11 Net Liquid Assets 3.9 % ## Proposition The Trust aims to pursue long -term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth. We invest in a spread of 40 –70 companies, predominantly medium and smaller sized, that we believe offer good growth opportunities. Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas. We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the benchmark which is TOPIX total return. ## Top Ten Holdings Holdings % of Total Assets 1 SoftBank Group 5.8 2 Sumitomo Mitsui Trust 4.5 3 SBI Holdings 4.4 4 Rakuten 4.4 5 GMO Internet 4.1 6 CyberAgent 3.9 7 Sony 3.7 8 Calbee 2.7 9 FANUC 2.5 10 Oisix 2.5 Total 38.5 ## Performance Periodic Performance (%) 1 Year 3 Years 5 Years 10 Years Share Price 7.3 8.5 5.5 75.5 NAV 7.6 14.4 10.8 101.3 Benchmark* 6.5 31.5 38.2 105.7 ## Discrete Performance (%) 31/03/20 - 31/03/21 31/03/21 - 31/03/22 31/03/22 - 31/03/23 31/03/23 - 31/03/24 31/03/24 - 31/03/25 Share Price 70.8 -21.4 -9.1 1.4 -0.1 NAV 56.8 -15.8 -3.7 6.4 -1.7 Benchmark* 24.8 -2.7 2.8 21.7 -2.5 Performance source: Morningstar, Japan Exchange Group , total return in sterling . *TOPIX . 1 2 34 5 6 7 8 11 80 90 100 110 120 130 140 150 May 20 May 21 May 22 May 23 May 24 May 25 Indexed Share Price – The Baillie Gifford Japan Trust PLC NAV – The Baillie Gifford Japan Trust PLC Index* Additional Trust Information Full product details, including a Key I nformati on Document, the possible effect of charges on an investment, are available on request, please see below for contact details. In this document all references to NAV and NAV performance are calculated with borrowings deducted at fair value. Borrowings at fair value is borrowings (if any) at an estimate of their market worth. The total borrowings disclosed in this document are at par value. All performance figures are in sterling terms, total return – that is, with any dividends reinvested. The graph represents five years’ performance, to the date at the top of the document, and has been indexed to start at 100 (this aids comparison and is not a reflection of actual values at any given date). The discrete performance table is updated quarterly. Gearing is calculated according to Association of Investment Companies (AIC) guidelines. The gross gearing figure reflects the amount of borrowings at par drawn expressed as a percentage of shareholders’ funds. The gearing figure reflects the amount of borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds. Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its benchmark. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark. Annual turnover is a measure of portfolio change or trading activity in a portfolio. Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the portfolio , summed to get rolling 12 month turnover data. A negative cash position may sometimes occur due to obligations awaiting settlement. Baillie Gifford & Co Limited’s annual remuneration is calculated as 0.75% on the first £50 million of net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis. The ongoing charges figure represents the total operating costs of the Trust divided by the average net assets (with debt at fair value) as disclosed in the most recently published Annual Report and Financial Statements . There are no additional one -off, ongoing or incidental costs charged by the Trust when its shares are traded. As such, costs have been shown as nil (0.00%) in the costs table of the Trust’s Key Information Document. This reflects the temporary exemption from the PRIIPs Regulation and other assimilated EU law provided by the FCA to investment companies. The dividend yield quoted is historical. It is based on dividends paid by the Trust in the previous 12 months as a percentage of the share price. It includes any non -recurring special dividends paid by the Trust in the prior year. All figures are rounded, so any totals may not sum . ## Further Information This factsheet is issued by Baillie Gifford & Co Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Baillie Gifford group provides the following services to the Trust. Baillie Gifford & Co Limited is the manager and secretary of the Trust, and it delegates portfolio management to Baillie Gifford & Co. Both firms are authorised and regulated by the Financial Conduct Authority. ## Target Market The Trust is suitable for all investors seeking a fund that aims to deliver capital growth over a long -term investment horizon. The investor should be prepared to bear losses. The Trust is aimed at mass market distribution. The Trust may not be suitable for investors who are concerned about short -term volatility and performance, who are seeking a regular source of income or who may be investing for less than 5 years. The Trust does not offer capital protection. ## Contact Us For further information about the Trust or Baillie Gifford’s range of Investment Trusts, please contact us at the below address, call our Client Relations Team on 0800 917 211 3 (your call may be recorded for training or monitoring purposes), visit our website at bailliegifford.com, or email enquiries@bailliegifford.com . ## Risk Warnings The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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. The specific risks associated with the Trust include: ## — 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. ## — 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. ## — 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. ## — The Trust can make use of derivatives which may impact on its performance. ## — 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. ## — The Trust's exposure to a single market and currency may increase risk. ## — Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount. ## — 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. ## — The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust. ## — The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. The information and opinions expressed within this factsheet are subject to change without notice. This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice. This factsheet does not constitute an offer or invitation to deal in securities. Further details of the risks associated with investing in the Trust, including how charges are applied, can be found by calling the number below or visiting the website. ## Legal Notices The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know - how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value. Baillie Gifford & Co Limited Calton Square, 1 Greenside Row, Edinburgh EH1 3AN Telephone 0800 917 211 3 bailliegifford.com > Ref: 157001 > Copyright © Baillie Gifford & Co 2025 .All rights reserved. Ratings – As at 30 April 2025 > Morningstar Medalist Rating ™ > Morningstar Medalist > Rating ™as at 30 April > 2025 > Analyst -Driven % > 100 > Data Coverage % > 100 Overall Morningstar Rating ™ This Fund is rated by © Morningstar, for more information, please go to morningstar.co.uk. © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. This Fund is rated by FundCalibre, for more information go to: fundcalibre.com