REG - Baillie GiffordJapan - Baillie Gifford Japan Trust Final Results
21/10/2025 07:00
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RNS Number : 1038E Baillie Gifford Japan Trust PLC 21 October 2025
RNS Announcement
The Baillie Gifford Japan Trust PLC
Legal Entity Identifier: 54930037AGTKN765Y741
Regulated Information Classification: Notice of Results
Results for the year to 31 August 2025
Over the year to 31 August 2025, The Baillie Gifford Japan Trust PLC's net
asset value total return per share was 20.5% compared to the 12.1% total
return in the TOPIX index (in sterling terms). In this period the Company's
share price total return was 20.9%.
Over the five years to the end of August 2025, the NAV total return was 27.0%
and over ten years 152.2% compared to the TOPIX total return (in sterling
terms) of 53.4% and 137.2% respectively.
· The Board believes that if the Company's shares trade at a
double-digit discount, this presents an attractive opportunity to add value
for shareholders through buybacks. During the financial year, 11.5% of the
Company's issued share capital was bought back for a total consideration of
£75.2 million. This increased the Company's net asset value by 1.5%.
· 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%).
· A final dividend of 10p per ordinary share (2024: 10p per ordinary
share) will be put to shareholders for approval at the Annual General Meeting.
· The Managers believe that there remains a large return opportunity
for long-term growth investing in Japan. The Company's portfolio positioning
in companies aligned with long-term secular growth - many of which have not
been fully appreciated in recent years - presents a good opportunity for
outperformance ahead.
The Baillie Gifford Japan Trust PLC 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. At 31 August
2025, the Company had total assets of £904.0m (before deduction of borrowings
of £115.9m).
The Company is managed by Baillie Gifford, an Edinburgh based fund management
group with around £212bn under management and advice as at 16 October 2025.
For a definition of terms see Glossary of Terms and Alternative Performance
Measures at the end of this announcement. Source: Refinitiv/Baillie Gifford.
See disclaimer at the end of this announcement.
Past performance is not a guide to future performance. The value of an
investment and any income from it is not guaranteed and may go down as well as
up and investors may not get back the amount invested. This is because the
share price is determined by the changing conditions in the relevant stock
markets in which the Company invests and by the supply and demand for the
Company's shares.
You should view your investment as long term. You can find up to date
performance information about The Baillie Gifford Japan Trust PLC on the
Company website at japantrustplc.co.uk. (http://www.japantrustplc.co.uk/)
See disclaimer at the end of this announcement.
Approved by the Board on 20 October 2025
For further information please contact:
Naomi Cherry - Client Relationship Director
Baillie Gifford & Co
Tel: 0131 474 5548
Jonathan Atkins, Four Communications
Tel: 020 3920 0555 or 07872 495396
Chairman's Statement
Introduction
This past year has seen Japan's equity market continue to build on the
momentum of its long-awaited resurgence, with corporate reforms, robust
earnings growth, and renewed global investor attention combining to push
valuations to levels not seen in decades. Although growth investing has
continued to face headwinds in global markets, the Board retains strong
conviction that the Company's portfolio of innovative Japanese companies is
well positioned to deliver sustainable value creation and attractive returns
for shareholders over time.
Performance
In the year to 31 August 2025, the net asset value ('NAV') total return was
20.5% and the share price total return was 20.9%. The comparative index (TOPIX
total return in sterling terms) appreciated by 12.1% over the same period.
The Company's objective is to achieve long-term capital growth, and the NAV
returns remain ahead of the benchmark on a 10-year time horizon.
Long Term Performance (Total Return*)
Compound Annual Returns
1 year 5 year 10 year 5 year 10 year
Share price 20.9% 16.0% 114.2% 3.0% 7.9%
Net asset value 20.5% 27.0% 152.2% 4.9% 9.7%
Benchmark(†) 12.1% 53.4% 137.2% 8.9% 9.0%
Over the financial year to 31 August 2025, the Company delivered improved
performance, both in absolute terms and relative to its benchmark. This
reflects a combination of strong operational progress from many of the
portfolio's holdings and a more supportive market backdrop for growth
equities. The Board is encouraged to see that the Managers' patient, bottom-up
approach - investing in companies with the potential for sustained and
idiosyncratic growth - has been rewarded as earnings delivery and long-term
prospects regained investors' focus. The Japanese equity market continues to
offer abundant opportunities for discerning stock-pickers, and the Board
remains confident that the strategy of concentrating on innovative,
growth-oriented businesses positions the Company well to generate superior
returns over time. The recovery in performance over the past year provides a
timely reminder that, while short-term market conditions can at times be
unfavourable, the long-term prospects for the portfolio remain compelling.
Gearing and Borrowing
The Board believes borrowing is likely to enhance long-term returns. It also
recognises the risks associated with borrowing. Net gearing decreased from
18.1% to 12.8% for the year ending 31 August 2025. The Board is pleased to
announce that in August 2025, the Company secured a ¥15 billion revolving
credit facility with The Bank of New York Mellon at a competitive rate. The
proceeds were used to repay the ¥15 billion term loan with the same bank
which expired in August 2025.
Dividend
The Board is recommending a dividend of 10p per ordinary share (2024: 10p per
ordinary share). This will be put to shareholders for approval at the Annual
General Meeting ('AGM') to be held on 10 December 2025. If approved, the
dividend will be paid on 15 December 2025 to shareholders on the register at
close of business on 13 November 2025. A dividend reinvestment plan ('DRIP')
is available to shareholders who would prefer to invest their dividends in the
shares of the Company. For those shareholders electing to receive the DRIP,
the last date for receipt of DRIP elections is 24 November 2025.
Share Capital and Discount Management
Over the course of the year, the share price discount to NAV narrowed very
slightly from 11.6% to 11.4%. The Board believes that if the Company's shares
trade at a double-digit discount, this presents an attractive opportunity to
add value for shareholders through buybacks. During the financial year, 11.5%
of the Company's issued share capital was bought back for a total
consideration of £75.2 million. This increased the Company's net asset value
by 1.5%. The shares bought back are held in Treasury and are available to be
reissued, at a premium, when market conditions allow.
Issuance and Buybacks
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Your Board believes it is important that the Company retains the power to buy
back equity during the year and so, at the AGM, is seeking to renew this
facility. Further details of the buy back facility can be found on page 41 of
the Annual Report and Financial Statements.
The Company also has authority to issue new shares and to reissue any shares
held in Treasury for cash on a non-pre-emptive basis. Shares are issued or
reissued only at a premium to net asset value, thereby enhancing net asset
value per share for existing shareholders. The Directors are, once again,
seeking 10% share issuance authority at the AGM. This authority would expire
at the conclusion of the AGM in 2026.
Annual General Meeting (AGM)
The Company's AGM is scheduled for 11.30am on 10 December 2025 at Baillie
Gifford's offices in Edinburgh. The Board encourages shareholders to attend in
person but also to exercise their votes by completing and submitting a form of
proxy. Shareholders who hold their shares via a platform can find further
details on page 92 of the Annual Report and Financial Statements as to how to
vote their shares.
We also encourage shareholders to monitor the Company's website at
japantrustplc.co.uk where any updates will be posted and market announcements
will be made, as appropriate. Should shareholders have questions for the Board
or the Managers or any queries as to how to vote, they are welcome to submit
these by email to enquiries@bailliegifford.com or call 0800 917 2113.
Information on the resolutions can be found on pages 87 and 88 of the Annual
Report and Financial Statements. The Directors consider that all resolutions
to be put to shareholders are in their and the Company's best interests as a
whole and recommend that shareholders vote in their favour.
In particular, shareholders have the right to vote annually on whether the
Company should continue in business and will have the opportunity to do so
again this year. Last year, the Company again received support for its
continuation, with 85.4% of votes cast in favour. Your Directors believe there
are attractive opportunities in selected, well-run Japanese companies
benefiting the long-term favourable outlook for the Japan Trust. To that end,
my fellow Directors and I intend, where possible, to vote our own
shareholdings in favour of the resolution and hope that all shareholders will
feel disposed to do likewise.
Board
As detailed in my Chairman's Statement of last year, the Board is cognisant of
good corporate governance practice and as such I will be stepping down from
the Board at the AGM. Sam Davis will be my successor. Sam joined the Board in
2021 and is currently Chair of the Management Engagement Committee. I am
confident that he will be a highly effective Chair of your Company following
my retirement at the AGM.
The Board intends to recruit a new director early in 2026 with the assistance
of an executive search firm, the selection of which is at an advanced stage.
I would like to thank all of my Board colleagues - past and present - for
their friendship, support, and tolerance over the past decade or so. A special
note of gratitude is due to Matthew Brett for delivering excellent long-term
performance. The entire Baillie Gifford team is to be commended not only for
their effective support but also for their responses to my occasionally
unconventional questions and requests.
Outlook
The Japanese equity market is reaching new highs. Our investment manager's
strategy is once again bearing fruit. I intend to remain a happy, supportive
shareholder for a very long time.
Your investment is in fine hands.
David Kidd
Chairman
20 October 2025
* Alternative Performance Measure - see Glossary of Terms and Alternative
Performance Measures at the end of this document.
(†)( )The benchmark is the TOPIX total return (in sterling terms).
Source: LSEG and underlying data providers. See disclaimer at end of this
document.
Past performance is not a guide to future performance.
Managers' Review
Summary
The sun has shone on your Company's portfolio this year, with an NAV total
return of +20.5%, ahead of the TOPIX total return (in sterling terms) of
+12.1%. Most of this positive absolute and relative return came in the second
half of the fiscal year, with SoftBank Group making a key positive
contribution. We believe that the journey towards realising the substantial
opportunity highlighted in recent reports has properly begun.
Investment Background
Artificial Intelligence ('AI') remains a central theme globally. Large
language models ('LLMs'), such as ChatGPT, continue to make rapid strides in
capability. Investments are being made in training models, chips, data
centres, and applications. This will be a mega-theme over the next decade that
will likely surpass the development of the internet in its significance. Over
time we expect it to result in profound changes to operating environments for
businesses and believe that it is important for investors to keep looking
forward to maximise the opportunities and avoid the risks.
Right now, it is challenging to speak with confidence about the global
macroeconomic backdrop, geopolitical environment, or even domestic Japanese
politics. However, your Company's focus is not on these broad and
unpredictable factors, but rather on carefully selected individual businesses
chosen for their long-term growth potential and resilience.
Performance Review
Superficially it may be surprising that our growth-orientated portfolio has
performed so well given political challenges and a slowing global economy.
However, our long experience suggests that in slightly tougher conditions,
genuine growth businesses are more appreciated as they are able to keep making
progress in spite of headwinds. Indeed, our lack of relative returns in recent
years has been partly due to a lack of exposure to the very strong returns
from some of Japan's most cyclical businesses, which enjoyed a dramatic
earnings up-cycle as Covid came to an end. Over 5 years, the cumulative NAV
total return was +27.0% and over 10 years +152.2%. This compares to increases
in the TOPIX total return (in sterling terms) of +53.4% over 5 years and
+137.2% over 10 years.
Over the past year, 6 stocks contributed +1ppt or more to the relative
performance of the gross portfolio. These were SoftBank Group (+3.8ppt), SBI
Holdings (+2.7ppt), CyberAgent (+1.5ppt), GA Technologies (+1.3ppt), GMO
Internet (+1.1ppt), and Topcon (+1.0ppt).
SoftBank Group, the technology holding company and largest position in your
Company's portfolio, has become better appreciated as one of the leaders in
this area. After doing nothing in the first half of the year, the shares rose
96% in the second half. Mr Son, the founder with a very large personal stake
in the company, has regained his position as Japan's richest person. In
addition to the 90% stake in Arm Holdings, whose designs power almost every
smartphone globally, SoftBank has invested in OpenAI, the company behind
ChatGPT, which is a key driver of AI advancements globally. It should stand to
benefit accordingly.
SBI Holdings, Japan's leading online financial services company and
second-largest position, has continued to make progress across many areas. Its
successful transformation from an online financial broker into a diversified
financial conglomerate is well underway. Through the integration of Shinsei
Bank, which it acquired in 2021, banking has grown to represent over half of
the group's core profitability. A doubling of deposits since the acquisition
is laying the foundation for a potential partial re-listing, likely at a
significant premium to the acquisition price.
CyberAgent, GMO Internet, and GA Technologies all continued to make solid
progress. Finally, Topcon accepted an offer from a private equity investor at
a significant premium to the prevailing share price.
Just 1 stock contributed more than -1ppt to relative performance. This was
Rakuten (-1.3ppt), a large position and the top contributor to relative
performance in the previous year. In our view, the market has yet to
appreciate fully either the significant operational improvement in the
telecoms business, or the long-term growth opportunity ahead of the company.
We retain conviction in the holding.
Gearing also made a positive contribution to performance of +2.2ppt as the
portfolio delivered a positive absolute return in Yen terms.
Portfolio
During the year we bought 4 new holdings and sold 6 holdings. Turnover was
particularly low this year at 7%, reflecting the extreme attractiveness of the
starting portfolio.
The new holdings were Money Forward (online accounting software), Shimano
(bicycle component manufacturer), Square Enix (computer gaming) and Sega Sammy
(also computer gaming). Money Forward is Japan's leading online accounting
software platform, scaling into a vast and relevant market. Shimano is the
world's leading manufacturer of high-end bicycle components. We sold it during
Covid when demand for bicycles became artificially inflated, but the
subsequent significant share price correction has presented another
opportunity. Square Enix and Sega Sammy are gaming businesses with strong
global franchises (Final Fantasy and Sonic the Hedgehog) and significant
untapped monetisation potential. Both companies have robust balance sheets and
are well placed to capture the structural growth in digital entertainment and
gaming revenues.
We sold holdings for a variety of reasons. As previously mentioned, Topcon
(positioning systems manufacturer) accepted an offer from private equity at a
significant premium. SWCC Corporation (electric cables) delivered a very high
return since purchase, and we therefore concluded that there was limited
further upside potential. Tokyo Tatemono (real estate) was sold because we saw
larger long-term opportunity in online real-estate company GA Technologies.
Finally, we sold several internet names (Digital Garage, Mercari, LY Corp) to
fund additions to those names where we had higher long-term conviction.
Overall, the portfolio retains significant exposure to entrepreneurial growth
companies, particularly those operating in the internet sector. Although it
invests across the market cap spectrum, it has much more in medium sized than
very large companies compared with the TOPIX index. It has no exposure to car
assemblers or many of Japan's manufacturing conglomerates. Reflecting our
focus on growth companies, the portfolio has exhibited sales growth
significantly ahead of the market over the past 5 years and is forecast to
continue to grow faster. While earnings growth has been good over the past 5
years, it has lagged the market due to the lack of exposure to the very strong
returns from some of Japan's most cyclical companies, as previously mentioned.
However, looking forward, the earnings growth is forecast to be ahead of the
market again.
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Outlook
We believe that there remains a large return opportunity for long-term growth
investing in Japan. Our positioning in companies aligned with long-term
secular growth - many of which have not been fully appreciated in recent years
- presents a good opportunity for outperformance ahead. Reflecting this view,
net gearing ended the year at 12.8%, putting us in a healthy position to
benefit from further share price appreciation while retaining the flexibility
to take advantage of any short-term setbacks. Over the long run, we continue
to believe that a long-term approach to investing in Japan's best companies is
capable of delivering excellent results for shareholders.
Baillie Gifford
20 October 2025
For a definition of terms, see Glossary of Terms and Alternative Performance
Measures at the end of this document.
Past performance is not a guide to future performance.
Relative Contribution
Top Ten Relative Stock Contributors
Year to 31 August 2025
Name Portfolio Index Relative
(average (average contribution
weight) weight) %
% %
SoftBank Group 6.9 1.2 3.8
SBI Holdings 4.4 0.2 2.7
CyberAgent 3.3 0.1 1.5
GA Technologies 2.2 0.0 1.3
GMO Internet 3.5 0.0 1.1
Topcon 0.7 0.0 1.0
Daiichi Sankyo 0.0 1.0 0.7
Chugoku Marine Paints 1.3 0.0 0.6
Shin-Etsu Chemical 0.0 1.1 0.6
SWCC Corporation 0.6 0.0 0.5
Bottom Ten Relative Stock Contributors
Year to 31 August 2025
Name Portfolio Index Relative
(average (average contribution
weight) weight) %
% %
Rakuten 4.9 0.2 (1.3)
Calbee 2.8 0.0 (0.9)
Unicharm 1.5 0.2 (0.9)
Mitsubishi UFJ Financial Group 0.0 3.0 (0.8)
Mitsubishi Heavy Industries 0.0 1.2 (0.6)
Misumi 1.8 0.1 (0.6)
Eisai 1.5 0.1 (0.5)
Kubota 1.9 0.2 (0.5)
Shiseido 1.2 0.1 (0.5)
Mizuho Financial Group 0.0 1.3 (0.5)
Top Ten Relative Stock Contributors
5 years to 31 August 2025
Name Portfolio Index Relative
(average (average contribution
weight) weight) %
% %
SoftBank Group 5.7 1.4 3.4
SBI Holdings 3.7 0.1 2.6
INPEX 0.7 0.2 1.7
Sumitomo Mitsui Trust Group 3.4 0.3 1.4
MS&AD Insurance 1.7 0.4 1.3
SWCC Corporation 0.3 0.0 1.2
Chugoku Marine Paints 0.7 0.0 1.0
Denso 1.6 0.6 1.0
Topcon Corp 1.0 0.0 0.9
Nintendo 1.6 1.4 0.9
Bottom Ten Relative Stock Contributors
5 years to 31 August 2025
Name Portfolio Index Relative
(average (average contribution
weight) weight) %
% %
Shiseido 1.5 0.4 (2.3)
Mitsubishi UFJ Financial Group 0.0 2.1 (2.2)
Calbee 2.7 0.0 (2.0)
Misumi 2.2 0.1 (1.8)
Rakuten 3.7 0.2 (1.8)
Demae-can 0.6 0.0 (1.7)
COLOPL 1.3 0.0 (1.7)
Sysmex 2.1 0.3 (1.6)
Pola Orbis Holdings 1.6 0.0 (1.5)
Kubota 2.5 0.4 (1.5)
Source: Revolution and relevant underlying index providers. Baillie Gifford
Japan Trust relative to TOPIX total return (in sterling terms).
See disclaimer at the end of this document.
Portfolio Positioning
As at 31 August 2025
Holding period Secular Growth 55.4%* Growth Stalwarts 16.4%* Special Situations 15.1%* Cyclical Growth 13.1%*
>10 Years SBI Holdings 6.1 Nintendo 2.4 SoftBank Group 8.8 Sumitomo Mitsui Trust Group 4.3
61.2%
Rakuten 4.5 Unicharm 1.4 Sony 3.6 Sumitomo Metal Mining 1.5
CyberAgent 4.3 PARK24 1.0 Nifco 1.4
GMO Internet 4.2 Olympus 0.9 Murata 1.2
FANUC 2.5 Kose 0.7 Rohm 0.6
Misumi 1.7 Pigeon 0.5
Recruit 1.7
Kubota 1.5
M3 1.3
SMC 1.3
Broadleaf 0.9
Lifenet Insurance 0.9
Nidec 0.9
Sysmex 0.7
Infomart 0.4
5-10 years Sato 2.0 Calbee 2.3 MIXI 1.7 Bridgestone 1.7
18.9%
Keyence 1.8 Pola Orbis 1.4 COLOPL 1.0 DMG Mori 1.0
Raksul 1.1 Sugi 1.2
Shimano 0.7
Bengo4.com 0.5
Noritsu Koki 0.5
istyle 0.4
Rizap 0.4
Demae-Can 0.3
MonotaRO 0.3
Nippon Ceramic 0.3
PeptiDream 0.3
<5 years GA Technologies 3.3 Kansai Paint 1.1 Chugoku Marine Paints 0.7
19.9%
Oisix 2.4 Nippon Paint 1.0 Sega Sammy 0.4
Eisai 1.6 Shiseido 1.0 Shima Seiki 0.3
Seria 1.3 Kao 0.8
TKP 1.1 Square Enix 0.4
Daikin Industries 1.0 Sawai Pharmaceutical 0.3
Money Forward 0.7
Vector 0.6
freee K.K. 0.5
Nakanishi 0.5
Nihon M&A Center 0.5
BASE 0.4
* % of total investments.
List of Investments
As at 31 August 2025
2025 2025 Absolute*
Name Business Value % of total performance
£'000 investments %
SoftBank Group Technology investment and telecommunications conglomerate 77,931 8.8 86.8
SBI Holdings Online financial services holding company 53,993 6.1 96.5
Rakuten E-commerce marketplace and fintech operator 40,477 4.5 (14.4)
CyberAgent Digital advertising and mobile gaming company 38,162 4.3 73.7
Sumitomo Mitsui Trust Group Trust bank and asset management services 37,990 4.3 17.3
GMO Internet Internet infrastructure and domain services provider 37,044 4.2 54.0
Sony Electronics, gaming and entertainment conglomerate 32,076 3.6 39.5
GA Technologies AI real estate investment platform 29,129 3.3 77.6
FANUC Industrial automation and robotics manufacturer 22,018 2.5 (4.1)
Nintendo Video game console and software developer 21,095 2.4 64.2
Oisix Organic food delivery subscription service 20,996 2.4 21.6
Calbee Snack food and cereal manufacturer 20,206 2.3 (18.8)
Sato Barcode printer and labelling solutions 17,728 2.0 9.2
Keyence Industrial automation sensors and equipment 16,258 1.8 (21.0)
Recruit Human resources and job placement services 15,440 1.7 (8.2)
MIXI Social networking and mobile gaming platform 15,113 1.7 18.5
Bridgestone Tyre and rubber products manufacturer 14,985 1.7 18.0
Misumi Online mechanical components supplier 14,824 1.7 (19.7)
Eisai Pharmaceutical drug developer and manufacturer 14,460 1.6 (26.2)
Kubota Agricultural machinery and tractor manufacturer 13,339 1.5 (15.9)
Sumitomo Metal Mining Non-ferrous metals mining company 13,167 1.5 (2.4)
Unicharm Personal care and hygiene products 12,731 1.4 (43.2)
Pola Orbis Direct-sales cosmetics manufacturer 12,408 1.4 (12.2)
Nifco Automotive plastic components manufacturer 12,155 1.4 12.3
Seria Retail chain 11,770 1.3 (13.6)
M3 Healthcare platform and medical services provider 11,436 1.3 51.4
SMC Pneumatic equipment and automation manufacturer 11,425 1.3 (33.9)
Murata Electronic components manufacturer 11,344 1.2 (21.2)
Sugi Drugstore chain operator 10,775 1.2 43.2
Kansai Paint Automotive and industrial paint manufacturer 10,626 1.1 (6.2)
TKP Meeting room rental operator 10,563 1.1 12.1
Raksul Online printing services platform 9,716 1.1 7.4
DMG Mori CNC machine tools manufacturer 9,192 1.0 (10.8)
Daikin Industries Air conditioning systems manufacturer 8,842 1.0 (1.9)
PARK24 Parking lot and car-sharing operator 8,728 1.0 12.6
Shiseido Global cosmetics and beauty products 8,572 1.0 (28.1)
COLOPL Mobile game developer 8,496 1.0 (10.7)
Nippon Paint Paint and coatings manufacturer 8,468 1.0 13.8
Nidec Electric motor manufacturer 8,396 0.9 5.5
Broadleaf Vertical SaaS and e-ordering platforms for the automotive aftermarket and 8,038 0.9 (0.6)
other industries
Lifenet Insurance Online life insurance provider 7,875 0.9 23.4
Olympus Endoscopy-led medical device company 7,699 0.9 (37.0)
Kao Personal care and cleaning products 7,232 0.8 1.0
Shimano(#) Bicycle and fishing equipment manufacturer 6,386 0.7 (25.8)(†)
Money Forward(#) Financial technology and accounting software 6,234 0.7 29.0(†)
Chugoku Marine Paints Marine coatings and paint manufacturer 6,182 0.7 76.3
Kose Cosmetics and skincare manufacturer 5,947 0.7 (36.7)
Sysmex Medical diagnostics equipment manufacturer 5,939 0.7 (35.4)
Vector Japan's largest PR company 5,256 0.6 19.9
Rohm Semiconductor and electronics manufacturer 5,146 0.6 18.7
freee K.K. Cloud accounting software provider 4,888 0.5 8.5
Noritsu Koki Diversified holding company with manufacturing and healthcare businesses 4,516 0.5 19.1
Pigeon Baby care products manufacturer 4,456 0.5 15.0
Nakanishi Dental equipment manufacturer 4,279 0.5 (19.9)
Nihon M&A Center Merger and acquisition advisory services 4,213 0.5 11.6
Bengo4.com Legal services portal operator; provider of CloudSign e-signature/contract 4,079 0.5 (3.9)
management
istyle Beauty e-commerce platform 3,928 0.4 15.0
Sega Sammy(#) Video games and entertainment developer 3,896 0.4 1.9(†)
Infomart B2B transaction platforms (ordering, e-invoicing, contracts), strong in 3,530 0.4 18.1
food-service
Rizap Personal fitness training company 3,373 0.4 (28.5)
BASE E-commerce platform provider 3,346 0.4 35.7
Square Enix(#) Video game publisher and developer 3,347 0.4 42.2(†)
Nippon Ceramic Advanced ceramics manufacturer 3,277 0.3 30.3
MonotaRO Industrial supplies e-commerce platform 3,198 0.3 7.9
Demae-can Food delivery platform 3,180 0.3 (38.9)
PeptiDream Biotechnology and drug discovery company 3,040 0.3 (43.5)
Sawai Pharmaceutical Generic pharmaceutical manufacturer 2,630 0.3 (10.5)
Shima Seiki Textile machinery manufacturer 2,584 0.3 (25.5)
Total investments 889,768 100.0
Net liquid assets 14,327
Total assets 904,095
Borrowings (115,947)
Equity shareholders' funds 788,148
* Absolute performance has been calculated on a daily basis over the
period 1 September 2024 to 31 August 2025 using the change in valuation,
adjusted for income, purchases, and sales during the period. For investments
held for part of the year, the return is for the period they were held.
Absolute performance is in sterling terms.
† Figures relate to part period returns.
# New purchase during the year. Complete sales in the year were Digital
Garage, LY Corp, Mercari, SWCC Showa, Tokyo Tatemono and Topcon.
Source: LSEG/Baillie Gifford and relevant underlying index providers. See
disclaimer at the end of this document.
Past performance is not a guide to future performance.
Income Statement
For the year ended 31 August
Notes 2025 2025 2025 2024 2024 2024
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 114,301 114,301 - 51,567 51,567
Currency gains - 3,155 3,155 - 4,776 4,776
Income 2 14,939 - 14,939 15,803 - 15,803
Investment management fee 3 (4,190) - (4,190) (4,297) - (4,297)
Other administrative expenses (781) - (781) (715) - (715)
Net return before finance costs and taxation 9,968 117,456 127,424 10,791 56,343 67,134
Finance costs of borrowings (2,507) - (2,507) (1,795) - (1,795)
Net return on ordinary activities before taxation 7,461 117,456 124,917 8,996 56,343 65,339
Tax on ordinary activities (1,487) - (1,487) (1,580) - (1,580)
Net return on ordinary activities after taxation for the financial year 5,974 117,456 123,430 7,416 56,343 63,759
attributable to equity shareholders
4 7.32p 143.86p 151.18p 8.23p 62.55p 70.78p
Return per ordinary share
Total column of this statement is the profit and loss account of the Company.
The supplementary revenue and capital return columns are prepared under
guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing
operations.
A Statement of Comprehensive Income is not required as the Company does not
have any other comprehensive income and the net return after taxation is both
the profit and total comprehensive income for the year.
Balance Sheet
As at 31 August As at 31 August
Notes 2025 2025 2024 2024
£'000 £'000 £'000 £'000
Fixed assets
Investments 889,768 886,335
Current assets
Debtors 2,473 2,871
Cash and cash equivalents 15,515 5,305
17,988 8,176
Creditors
Amounts falling due within one year 6 (59,114) (146,132)
Net current liabilities (41,126) (137,956)
Total assets less current liabilities 848,642 748,379
Creditors
Amounts falling due after more than one year 6 (60,494) -
Net assets 788,148 748,379
Capital and reserves
Share capital 4,717 4,717
Share premium 213,902 213,902
Capital redemption reserve 203 203
Capital reserve 556,398 514,122
Revenue reserve 12,928 15,435
Equity shareholders' funds 788,148 748,379
Net asset value per ordinary share 1,017.1p 855.0p
Statement of Changes in Equity
For the year ended 31 August 2025
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve reserve funds
£'000 account reserve £'000 £'000 £'000
£'000 £'000
Shareholders' funds at 1 September 2024 4,717 213,902 203 514,122 15,435 748,379
Ordinary shares bought back - - - (75,180) - (75,180)
Net return on ordinary activities after taxation - - - 117,456 5,974 123,430
Dividends paid during the year 5 - - - - (8,481) (8,481)
Shareholders' funds at 31 August 2025 4,717 213,902 203 556,398 12,928 788,148
For the year ended 31 August 2024
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve reserve funds
£'000 account reserve £'000 £'000 £'000
£'000 £'000
Shareholders' funds at 1 September 2023 4,717 213,902 203 496,965 17,176 732,963
Ordinary shares bought back - - - (39,186) - (39,186)
Net return on ordinary activities after taxation - - - 56,343 7,416 63,759
Dividends paid during the year 5 - - - - (9,157) (9,157)
Shareholders' funds at 31 August 2024 4,717 213,902 203 514,122 15,435 748,379
Cash Flow Statement
For the year ended 31 August
Notes 2025 2025 2024 2024
£'000 £'000 £'000 £'000
Cash flows from operating activities
Net return on ordinary activities before taxation 124,917 65,339
Adjustments to reconcile company profit before tax to net cash flow from
operating activities
Net gains on investments (114,301) (51,567)
Currency gains (3,155) (4,776)
Finance costs of borrowings 2,507 1,795
Other capital movements
Changes in debtors 147 (250)
Changes in creditors 136 22
Taxation
Overseas withholding tax incurred (1,505) (1,580)
Cash from operations(†) 8,746 8,983
Interest paid (2,371) (1,783)
Net cash inflow from operating activities 6,375 7,200
Cash flows from investing activities
Acquisitions of investments (59,469) (103,973)
Disposals of investments 169,229 128,098
Net cash inflow from investing activities 109,760 24,125
Cash flows from financing activities
Ordinary shares bought back (76,206) (36,519)
Dividends paid (8,481) (9,157)
Bank loans drawn down 140,219 184,231
Loan notes drawn down 61,539 -
Bank loans repaid (221,146) (170,352)
Net cash outflow from financing activities (104,075) (31,797)
Increase/(decrease) in cash and cash equivalents 12,060 (472)
Exchange movements (1,850) (253)
Cash and cash equivalents at start of period 5,305 6,030
Cash and cash equivalents at end of period* 15,515 5,305
* Cash and cash equivalents represent cash at bank and short-term money
market deposits repayable on demand.
† Cash from operations includes dividends received of £15,054,000 (2024
- £15,810,000) and interest received of £1,000 (2024 - £3,000).
Notes to the Financial Statements
1. Principal Accounting Policies
The Financial Statements for the year to 31 August 2025
have been prepared in accordance with FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' on the basis of the
accounting policies set out below which are unchanged from the prior year and
have been applied consistently.
The Financial Statements have also been prepared in
accordance with the Companies Act 2006, and with the AIC's Statement of
Recommended Practice 'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' issued in November 2014 and updated in July 2022
with consequential amendments.
All of the Company's operations are of a continuing nature
and the Financial Statements are prepared on a going concern basis under the
historical cost convention, modified to include the revaluation of fixed asset
investments and derivative financial instruments at fair value through profit
or loss, and on the assumption that approval as an investment trust under
section 1158 of the Corporation Tax Act 2010 and the Investment Trust
(Approved Company) (Tax) Regulations 2011 will be retained. The Board has, in
particular, considered the impact of heightened market volatility and
macroeconomic and geopolitical concerns, including inflation and interest
rates. It has reviewed the results of specific leverage and liquidity stress
testing and does not believe the Company's going concern status is affected.
In addition, the Company is subject to an annual continuation vote which in
previous years has been passed with a significant majority. The Directors have
no reason to believe that the vote will not continue to be in favour based on
their assessment of the Company's performance and the views collated from
shareholders. The Company's assets, the majority of which are investments in
quoted securities which are readily realisable, exceed its liabilities
significantly. All borrowings require the prior approval of the Board. Gearing
levels and compliance with borrowing covenants are reviewed by the Board on a
regular basis.
The Company has continued to comply with the investment
trust status requirements of section 1158 of the Corporation Tax Act 2010 and
the Investment Trust (Approved Company) (Tax) Regulations 2011.
The Company's primary third party suppliers, including its Managers and
Secretaries, Depositary and Custodian, Registrar, Auditor and Broker, are not
experiencing significant operational difficulties affecting their respective
services to the Company.
In preparing these Financial Statements, the Directors have
considered the impact of climate change risk as a principal risk set out on
page 34 of the Annual Report and Financial Statements and have concluded that
it does not have a material impact on the Company's investments. The Directors
consider the impact of climate change on the value of the investments included
in the Financial Statements to already be reflected in their prices as quoted
on a stock exchange.
Accordingly, the Financial Statements have been prepared on
a going concern basis as it is the Directors' opinion, having assessed the
principal and emerging risks and other matters set out in the Viability
Statement on page 27 of the Annual Report and Financial Statements which
assesses the prospects of the Company over a period of five years, that the
Company will continue in operational existence until at least 31 October
2026, which is for a period of at least twelve months from the date of
approval of these Financial Statements.
In order to better reflect the activities of the Company
and in accordance with guidance issued by the AIC, supplementary information
which analyses the Income Statement between items of a revenue and capital
nature has been presented.
Financial assets and financial liabilities are recognised
in the Company's Balance Sheet when it becomes a party to the contractual
provisions of the instrument.
The Directors consider the Company's functional and
presentation currency to be sterling, (see consideration in accounting policy
(j)), as the Company's shareholders are predominantly based in the UK, the
Company pays its dividends and expenses in sterling and the Company and its
Manager, who are subject to the UK's regulatory environment, are also UK
based.
2. Income
2025 2024
£'000 £'000
Income from investments
Overseas dividends 14,938 15,800
Other income
Deposit interest 1 3
Total income 14,939 15,803
Special dividends received during the year amounted to
£188,000 (2024 - £93,000) with £188,000 (2024 - £93,000) classed as
revenue and none (2024 - none) classed as capital.
3. Investment Management Fee - All Charged to Revenue
2025 2024
£'000 £'000
Investment management fee 4,190 4,297
Details of the Investment Management Agreement are
disclosed on page 39 of the Annual Report and Financial Statements. For the
year to 31 August 2025, the annual management fee is 0.65% on the first
£250 million of net assets and 0.55% on the remaining net assets, calculated
and payable quarterly. For the year to 31 August 2024, the annual management
fee was 0.75% on the first £50 million of net assets, 0.65% on the next
£200 million of net assets and 0.55% on the remaining net assets, calculated
and payable quarterly.
4. Net Return Per Ordinary Share
2025 2025 2025 2024 2024 2024
Revenue Capital Total Revenue Capital Total
Net return per ordinary share 7.32p 143.86p 151.18p 8.23p 62.55p 70.78p
Net revenue return per ordinary share is based on the net
revenue profit after taxation of £5,974,000 (2024 - net revenue profit of
£7,416,000) and on 81,645,278 (2024 - 90,078,258) ordinary shares, being the
weighted average number of ordinary shares in issue (excluding treasury
shares) during the year.
Capital return per ordinary share is based on the net
capital profit for the financial year of £117,456,000 (2024 - net capital
profit of £56,343,000) and on 81,645,278 (2024 - 90,078,258) ordinary shares,
being the weighted average number of ordinary shares in issue (excluding
treasury shares) during the year.
Total return per ordinary share is based on the total
profit for the financial year of £123,430,000 (2024 - total profit of
£63,759,000) and on 81,645,278 (2024 - 90,078,258) ordinary shares, being the
weighted average number of ordinary shares in issue (excluding treasury
shares) during the year.
There are no dilutive or potentially dilutive shares in
issue.
5. Ordinary Dividends
Set out below are the total dividends paid and proposed in
respect of the financial year, which is the basis on which the requirements of
section 1158 of the Corporation Tax Act 2010 are considered. The revenue
available for distribution out of current year profits by way of dividend for
the year is £5,974,000. The revenue reserve and the capital reserve (to the
extent it constitutes realised profits) are distributable by way of dividend.
2025 2024 2025 2024
£'000 £'000
Amounts recognised as distributions in the year:
Previous year's final (paid 18 December 2024, 2023 paid on 20 December 2023) 10.00p 10.00p 8,481 9,157
2025 2024 2025 2024
£'000 £'000
Dividends paid and payable in respect of the year:
Proposed final dividend (payable 15 December 2025, 2024 paid 18 December 10.00p 10.00p 7,749* 8,753
2024)
* Based on ordinary shares in issue at 31 August 2025.
6. Total borrowings at 31 August 2025 were ¥23 billion (2024 -
¥26.9 billion) and a detailed in note 11 on page 75 of the Annual Report
and Financial Statements.
7. The transaction costs of purchases and sales were £22,000
(2024 - £49,000) and £48,000 (2024 - £45,000) respectively.
8. The Company's authority permits it to hold shares bought back
in 'treasury'. Such treasury shares may be subsequently either sold for cash
at a premium to net asset value per ordinary share or cancelled. In the year
to 31 August 2025, 10,041,174 shares with a nominal value of £502,000,
representing 11.5% of the issued share capital at 31 August 2024, were bought
back at a cost of £75,180,000 and held in treasury (31 August 2024 -
5,515,000 shares with a nominal value of £276,000 representing 5.9% of the
issued share capital at 31 August 2023, were bought back at a cost of
£39,186,000 and held in treasury). At 31 August 2025 the Company had
authority to buy back 6,318,845 ordinary shares. Over the period from
1 September 2025 to 16 October 2025 a further 570,000 shares have been
bought back and held in treasury at a cost of £5,233,000.
Under the provisions of the Company's Articles, the share
buy-backs are funded from the capital reserve.
In the year to 31 August 2025, the Company sold no
ordinary shares from treasury (2024 - no ordinary shares). The Company issued
no ordinary shares (2024 - no ordinary shares). As at 31 August 2025 the
Company had the authority to issue 8,608,761 ordinary shares. Over the period
from 1 September 2025 to 16 October 2025 no further shares were issued by
the Company.
9. The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 August 2025 or 2024 but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the registrar of companies, and those for 2025 will be delivered in due
course. The Auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
Auditor drew attention by way of emphasis without qualifying their report;
and, (iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
10. The Annual Report and Financial Statements will be available on
the Company's page on the Managers' website japantrustplc.co.uk(‡) on or
around 6 November 2025.
‡ Neither the contents of the Managers' website nor the contents of any
website accessible from hyperlinks on the Managers' website (or any other
website) is incorporated into, or forms part of, this announcement.
None of the views expressed in this document should be
construed as advice to buy or sell a particular investment.
Glossary of Terms and Alternative Performance Measures ('APM')
Total Assets
The total value of all assets held less all liabilities (other than
liabilities in the form of borrowings).
Net Asset Value
Also described as shareholders' funds, net asset value ('NAV') is the value of
total assets less liabilities (including borrowings). The NAV per ordinary
share is calculated by dividing this amount by the number of ordinary shares
in issue (excluding treasury shares). Borrowings are valued at their book
value. The Company's yen denominated loans are valued at their sterling
equivalent.
Net Asset Value can also be expressed with borrowings valued at an estimate of
their market worth or "fair value". The value of the borrowings at book and
fair value are set out on page 81 of the Annual Report and Financial
Statements.
Net Asset Value (reconciliation of NAV at book value to NAV at fair value)
2025 2024
£'000 £'000
Net asset value per ordinary share (borrowings at book value) 1,017.1p 855.0p
Shareholders' funds (borrowings at book value) 788,148 748,379
Add: book value of borrowings 115,947 140,572
Less: fair value of borrowings (115,856) (140,653)
Shareholders' funds (borrowings at fair value) 788,239 748,298
Number of shares in issue 77,491,440 87,532,614
Net asset value per ordinary share (borrowings at fair value) 1,017.2p 854.9p
(Discount)/Premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is
rarely the same as its NAV. When the share price is lower than the NAV per
ordinary share it is said to be trading at a discount. The size of the
discount is calculated by subtracting the NAV per ordinary share from the
share price and is usually expressed as a percentage of the NAV per ordinary
share. If the share price is higher than the NAV per ordinary share, this
situation is called a premium. Average discount has been calculated on the
basis of average daily discount for the year to 31 August 2025.
31 August 2025 31 August 2024
NAV (book) NAV (fair) NAV (book) NAV (fair)
NAV 1,017.1p 1,017.2p 855.0p 854.9p
Share price 901.0p 901.0p 756.0p 756.0p
Discount (11.4%) (11.4%) (11.6%) (11.6%)
Total Return (APM)
The total return is the return to shareholders after reinvesting the net
dividend on the date that the share price goes ex-dividend.
2025 2025 2025 2024 2024 2024
NAV NAV Share NAV NAV Share
(book) (fair) price (book) (fair) price
Closing NAV per ordinary share/share price (a) 1,017.1p 1,017.2p 901.0p 855.0p 854.9p 756.0p
Dividend adjustment factor* (b) 1.0127 1.0127 1.0142 1.0135 1.0135 1.0150
Adjusted closing NAV per ordinary share/share price (c) = (a) x (b) 1,030.0p 1,030.1p 913.8p 866.5p 866.4p 767.3p
Opening NAV per ordinary share/share price (d) 855.0p 854.9p 756.0p 787.7p 787.9p 735.0p
Total return ((c) ÷ (d)) -1 20.5% 20.5% 20.9% 10.0% 10.0% 4.4%
* The dividend adjustment factor is calculated on the assumption that the
dividend of 10.0p (2024 - 10.0p) paid by the Company during the year was
invested into shares of the Company at the cum income NAV per ordinary
share/share price, as appropriate, at the ex-dividend date.
Turnover
Annual turnover of the investment portfolio shares is calculated on a rolling
12 month basis. The lower of purchases and sales for the 12 months is divided
by the average assets, with average assets being calculated on assets as at
each month's end.
Ongoing Charges (APM)
The total expenses (excluding borrowing costs) incurred by the Company as a
percentage of the average net asset value.
2025 2024
£'000 £'000
Investment management fee 4,190 4,297
Other administrative expenses 781 715
Total expenses (a) 4,971 5,012
Average net asset value* (b) 698,645 723,432
Ongoing charges (a) ÷ (b) expressed as a percentage 0.71% 0.69%
* Average of daily net asset values calculated during the year.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an
investment trust can borrow money to invest in additional investments for its
portfolio. The effect of the borrowing on the shareholders' assets is called
'gearing'. If the Company's assets grow, the shareholders' assets grow
proportionately more because the debt remains the same. But if the value of
the Company's assets falls, the situation is reversed. Gearing can therefore
enhance performance in rising markets but can adversely impact performance in
falling markets. The level of gearing can be adjusted through the use of
derivatives which affect the sensitivity of the value of the portfolio to
changes in the level of markets.
Net gearing is the Company's borrowings less cash and cash equivalents
expressed as a percentage of shareholders' funds.
Gross gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
2025 2024
Net Gross Net Gross
gearing * gearing (†) gearing * gearing (†)
£'000 £'000 £'000 £'000
Borrowings (a) 115,947 115,947 140,572 140,572
Cash and cash equivalents (b) 15,515 - 5,305 -
Shareholders' funds (c) 788,148 788,148 748,379 748,379
Gearing 12.8% 14.7% 18.1% 18.8%
* Net gearing: ((a) - (b)) divided by (c), expressed as a percentage.
† Gross gearing: (a) divided by (c), expressed as a percentage.
Leverage (APM)
For the purposes of the UK Alternative Investment Fund Managers ('AIFM')
Regulations, leverage is any method which increases the Company's exposure,
including the borrowing of cash and the use of derivatives. It is expressed as
a ratio between the Company's exposure and its net asset value and can be
calculated on a gross and a commitment method. Under the gross method,
exposure represents the sum of the Company's positions after the deduction of
sterling cash balances, without taking into account any hedging and netting
arrangements. Under the commitment method, exposure is calculated without the
deduction of sterling cash balances and after certain hedging and netting
positions are offset against each other.
Active Share (APM)
Active share, a measure of how actively a portfolio is managed, is the
percentage of the portfolio that differs from its comparative index. It is
calculated by deducting from 100 the percentage of the portfolio that overlaps
with the comparative index. An active share of 100 indicates no overlap with
the index and an active share of zero indicates a portfolio that tracks the
index.
Sustainable Finance Disclosure Regulation ('SFDR')
The EU Sustainable Finance Disclosure Regulation ('SFDR') does not have a
direct impact in the UK due to Brexit, however, it applies to third-country
products marketed in the EU. As Baillie Gifford Japan is marketed in the EU by
the AIFM, Baillie Gifford & Co Limited, via the National Private
Placement Regime ('NPPR') the following disclosures have been provided to
comply with the high-level requirements of SFDR.
The AIFM has adopted Baillie Gifford & Co's ESG Principles and Guidelines
as its policy on integration of sustainability risks in investment decisions.
Baillie Gifford & Co believes that a company cannot be financially
sustainable in the long run if its approach to business is fundamentally out
of line with changing societal expectations. It defines 'sustainability' as a
deliberately broad concept which encapsulates a company's purpose, values,
business model, culture, and operating practices.
Baillie Gifford & Co's approach to investment is based on identifying and
holding high quality growth businesses that enjoy sustainable competitive
advantages in their marketplace. To do this it looks beyond current financial
performance, undertaking proprietary research to build up an in-depth
knowledge of an individual company and a view on its long-term prospects. This
includes the consideration of sustainability factors (environmental, social
and/or governance matters) which it believes will positively or negatively
influence the financial returns of an investment. The likely impact on the
return of the portfolio from a potential or actual material decline in the
value of investment due to the occurrence of an environmental, social or
governance event or condition will vary and will depend on several
factors including but not limited to the type, extent, complexity and
duration of an event or condition, prevailing market conditions and existence
of any mitigating factors.
Whilst consideration is given to sustainability matters, there are no
restrictions on the investment universe of the Company, unless otherwise
stated within its Investment Objective & Policy. Baillie Gifford & Co
can invest in any companies it believes could create beneficial long-term
returns for investors. However, this might result in investments being made in
companies that ultimately cause a negative outcome for the environment or
society.
The underlying investments do not take into account the EU criteria for
environmentally sustainable economic activities established under the EU
Taxonomy Regulation.
More detail on the Manager's approach to sustainability can be found in the
ESG Principles and Guidelines document, available publicly on the Baillie
Gifford website bailliegifford.com and by scanning the QR code below.
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