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16 Dec 2021

Baillie Gifford Shin Nippon

Company Notes

Strong long-term performance and highly rated team

Baillie Gifford Shin Nippon* was launched in 1985 and has been managed by Praveen Kumar since November 2015. The fund aims to achieve long-term capital growth principally through investment in small Japanese companies that are believed to have above average prospects for capital growth. Up to 10% of total assets can be invested in unlisted investments, at the time of initial investment, with the allocation currently standing at around 2% across three holdings.

Over the last five years, the fund has delivered a NAV total return of +115.4%, considerably outperforming the +31.9% return of the MSCI Japan Small Cap Index and outperforming both of its Japanese Smaller Companies peers that have been in existence for the entire period (Atlantis Japan Growth +97.6% and JPMorgan Japan Small Cap Growth & Income +76.3%). The fund has also outperformed the benchmark index over the last three years but has underperformed over the last 12 months, while it has underperformed the Japanese Smaller Companies peer group over the last one and three years, as shown in the table below.

*Denotes a corporate broking client of Winterflood Securities