This report is a look under the hood of a Japan-focused stock fund. As of late April 2026, the fund held about £373 million in assets: nearly 94% in Japanese listed companies, with the rest in a few unlisted firms and cash. It owned 59 stocks, and the largest position was only about 5% of assets; the top ten made up roughly one-third. That shows the manager deliberately spread money to avoid one bad pick sinking the portfolio. For ordinary investors, the lesson is the value of diversification—but because the fund focuses on smaller Japanese companies, it can swing more than a broad market index. Worth reading as a real-world example, not a template to copy.
As of April 30, 2026, Baillie Gifford Shin Nippon PLC had total assets of £372,833,632, of which listed equities accounted for 93.9%, private investments 2.0%, and net current assets 4.0%. The top five positions were Tsugami Corp (5.1%), Kohoku Kogyo (4.1%), Harmonic Drive Systems (3.6%), JEOL (3.4%
This section presents the complete asset valuation table as of April 30, 2026: total assets of £372,833,632, of which listed stocks account for 93.9%, private company investments 2.0%, and net current assets 4.0%.
Listed stocks (59 holdings, aggregate market value of £350,111,490, representing 93.9%):
| Position | Shares Held | Market Value (GBP) | % of Total Assets |
|---|---|---|---|
| Anest Iwata | 468,700 | 3,484,348 | 0.9% |
| Anicom Holdings Inc | 1,054,100 | 7,425,380 | 2.0% |
| Appier Group Inc | 1,436,300 | 5,976,192 | 1.6% |
| Asahi Intecc Co Ltd | 443,300 | 6,865,845 | 1.8% |
| Bengo4.Com Inc | 460,500 | 5,326,472 | 1.4% |
| Cosmos Pharmaceutical | 214,600 | 6,090,149 | 1.6% |
| COVER Corporation Com Stk | 274,100 | 1,766,074 | 0.5% |
| Crowdworks | 300,300 | 810,903 | 0.2% |
| Cybozu Inc | 340,200 | 3,319,904 | 0.9% |
| DMG Mori | 380,300 | 5,238,223 | 1.4% |
| eGuarantee Inc | 908,300 | 7,528,694 | 2.0% |
| GA Technologies | 1,457,200 | 10,483,917 | 2.8% |
| GENDA | 767,300 | 1,898,985 | 0.5% |
| Gift Hdgs | 443,900 | 9,109,871 | 2.4% |
| Global Security Experts Inc. Com Stk | 386,100 | 4,527,557 | 1.2% |
| GMO Financial Gate Inc | 170,900 | 4,566,673 | 1.2% |
| GMO Payment Gateway | 67,700 | 2,473,511 | 0.7% |
| Harmonic Drive Systems | 554,800 | 13,600,428 | 3.6% |
| Horiba | 56,300 | 5,737,382 | 1.5% |
| I-ne | 599,018 | 3,038,150 | 0.8% |
| Infomart Corp | 1,908,575 | 3,863,066 | 1.0% |
| Istyle | 1,665,500 | 3,621,356 | 1.0% |
| JEOL | 426,800 | 12,581,203 | 3.4% |
| JMDC | 195,400 | 3,046,550 | 0.8% |
| Kamakura Shinsho | 1,309,600 | 2,896,711 | 0.8% |
| Kasumigaseki Capital Co.,Ltd. | 130,400 | 3,943,747 | 1.1% |
| Katitas | 589,200 | 8,619,189 | 2.3% |
| KH Neochem | 465,700 | 6,014,293 | 1.6% |
| Kitz Corp | 685,000 | 6,736,167 | 1.8% |
| Kohoku Kogyo CO.,LTD. | 597,900 | 15,330,871 | 4.1% |
| Lifenet Insurance | 858,400 | 7,747,984 | 2.1% |
| LITALICO | 896,700 | 5,061,710 | 1.4% |
| Mani,inc. | 1,113,700 | 8,938,320 | 2.4% |
| Megachips Corp | 120,900 | 5,507,362 | 1.5% |
| Money Forward | 253,000 | 5,613,943 | 1.5% |
| Nakanishi | 588,400 | 7,676,275 | 2.1% |
| Nifco Inc | 307,700 | 6,667,311 | 1.8% |
| Nikkiso Co Ltd | 763,400 | 9,529,119 | 2.6% |
| Nippon Ceramic | 126,000 | 2,147,943 | 0.6% |
| Nittoku | 111,530 | 1,280,608 | 0.3% |
| Noritsu Koki | 356,100 | 3,476,739 | 0.9% |
| Oisix | 423,500 | 2,784,371 | 0.7% |
| Optex Co Ltd | 595,000 | 8,170,337 | 2.2% |
| OSG Corp | 260,300 | 3,994,863 | 1.1% |
| Peptidream | 668,800 | 3,615,074 | 1.0% |
| Sega Sammy Holdings | 196,600 | 2,103,673 | 0.6% |
| Seiko Holdings Corp | 220,200 | 6,028,809 | 1.6% |
| Seria Co Ltd | 409,300 | 6,506,479 | 1.7% |
| Shinnihon | 397,200 | 3,596,350 | 1.0% |
| Sho-Bond Holdings Ltd | 736,800 | 4,584,702 | 1.2% |
| Shoei Co Ltd | 363,700 | 2,985,591 | 0.8% |
| Soracom Inc | 998,700 | 4,488,411 | 1.2% |
| SpiderPlus & Co | 1,741,333 | 2,575,953 | 0.7% |
| SWCC Showa Holdings Co | 169,400 | 12,601,267 | 3.4% |
| Toyo Tanso | 344,800 | 9,828,824 | 2.6% |
| Tsugami Corp | 863,800 | 19,025,307 | 5.1% |
| Vector | 1,112,300 | 6,508,570 | 1.7% |
| Weathernews Inc | 310,700 | 2,969,281 | 0.8% |
| Yonex | 657,600 | 8,174,503 | 2.2% |
Private company investments (aggregate £7,642,897, representing 2.0%):
| Position | Market Value (GBP) | % of Total Assets |
|---|---|---|
| Asha Japan, Inc | 0 | 0.0% |
| Gojo & Company, Inc Ord | 5,081,848 | 1.4% |
| JEPLAN, Inc. | 2,561,049 | 0.7% |
| Structural Protein Business Asset Management Inc. | 0 | 0.0% |
Net current assets of £15,079,245, representing 4.0%.
The portfolio is highly diversified across 59 listed stocks, with the top ten holdings together accounting for approximately 32.5%; the largest single position is Tsugami at 5.1% and the smallest is Crowdworks at 0.2%.
As of April 30, 2026, the fund's total assets were £372,833,632; this section does not disclose performance, buy/sell transactions, or manager commentary.