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Baillie Gifford Shin Nippon Letters & Research Archive

6 pieces · 2025–2026 · updated every Monday

2026

09-08Baillie Gifford Shin Nippon Investment Trust FactsheetThis is a monthly update for Baillie Gifford's Japan small-cap fund. The fund gained about 30% over the past year, beating the MSCI Japan Small Cap Index (24.6%), though long-term returns lag the index. The report gives no market outlook or specific stock trades. Top 10 holdings make up nearly 30% of assets, focused on industrials, tech, and consumer stocks. The fund uses 14% leverage (borrowed money), trades at a 9% discount to its net asset val…→08-12Baillie Gifford Shin Nippon Investment Trust FactsheetThis is a monthly update for a Baillie Gifford fund that invests in small Japanese companies. Its long-term record is weak: over the past decade the fund returned about 63%, while its benchmark index climbed about 120%; the latest one-year gain was roughly 25%, similar to the index. The manager made no market call, only reiterating a five-year horizon and stock-picking based on research, not index tracking. The top three holdings are JEOL (electr…→07-09Baillie Gifford Shin Nippon Investment Trust FactsheetThis article is about a fund that invests in small Japanese companies. In the past year it returned about 30%, close to the market. But over five years it lost 23%, while the Japanese small-cap index gained 58%. The manager picks innovative small firms, but recently those picks have underperformed badly. For ordinary investors, the lesson is that even professional funds can lag for years. Don't judge a fund by one good year—look at long-term resu…→07-01Shin Nippon Valuation - 30 April 2026This 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 invest…→04-15Shin Nippon Annual Report - including the Notice of AGM - January 2026This annual report from a fund investing in Japanese small-cap growth stocks argues that the market is mispricing these companies: fundamentals are strong, earnings are growing, yet valuations remain low. The manager admits recent underperformance but stays cautiously optimistic, saying patient capital will be rewarded when the style cycle turns. The portfolio has been reshaped — several failed-thesis stocks were sold, and new money went into Sei…→

2025

09-18Shin Nippon Half-Yearly Financial Report - July 2025A half-year report from Shin Nippon, a fund investing in small Japanese companies, shows its per-share value rose 3.4% while its benchmark (a Japan small-cap index) gained 7.9%—so it lagged. The manager admits the results are disappointing but is cautiously optimistic: Japan’s improving economy and a stronger yen should help small growth stocks. Standout holdings include GA Technologies (largest position, up ~28%), Yonex (sports equipment, +38%),…→