The £900 million Baillie Gifford Japan Trust said its net asset value (NAV) total return per share was 20.5% in the year to August 31, 2025, compared to the 12.1% total return in the TOPIX index.

In this period, Baillie Gifford Japan Trust’s share price total return was 20.9%.

Over the five years to the end of August 2025, the Baillie Gifford Japan fund’s NAV total return was 27.0% and over 10 years it was 152.2% — compared to the TOPIX total return of 53.4% and 137.2% respectively.

Baillie Gifford Japan said: “The most significant positive contributors to performance were SoftBank Group (+3.8ppt), the technology holding company that has returned to profitability, largely driven by the key themes in its portfolio, including AI, semiconductors and growth technology; and SBI Holdings (+2.7ppt), where progress across many of its business areas including online financial broking and banking are driving strong performance.

“During the period four new investments were made. These were Money Forward (online accounting software), Sega Sammy (computer gaming), Shimano (bicycle component manufacturer) and Square Enix (computer gaming). Six positions were sold during the period while gearing reduced to 13% (2024: 18%).”

Baillie Gifford Japan Trust aims to achieve long term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth. 

The fund is run by manager Matthew Brett.

A final dividend of 10p per ordinary share (2024: 10p per ordinary share) will be put to shareholders for approval at the fund’s AGM.

Edinburgh-based Baillie Gifford had £212 billion under management and advice as at October 16, 2025.