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Baillie Gifford Japan Trust PLC said on Friday its results for the six-month period ended February 28 were ‘remarkably uneventful’ for returns. The Edinburgh, Scotland-based investment management company said its net asset value per share at February 28 was at 822.6 pence, down 2.4% from 842.4p at August 31. Baillie Gifford Japan said its NAV total return for the six-month period was negative 1.2%, compared to its benchmark, the Tokyo Stock Price Index, which had a total return of positive 0.6%. Baillie Gifford Japan reported that the largest negative contributors to its performance were GA Technologies, down 0.6%, MonotaRO, down 0.5% and Mitsubishi UFJ Financial Group, down 0.5%. Commenting on this, the company said: ‘these contributions are small and unremarkable relative to those that have been experienced in the past.’ The company’s gains on sales investments were £3.0 million, down from £18.5 million the year before. Baillie Gifford Japan did not declare an interim dividend, unchanged from a year ago. Looking ahead, the company noted that its main objective is to ‘achieve long-term capital growth’, and remains hopeful amid macroeconomic developments taking place in Japan, including the opening of borders post-pandemic, wage rises and signs of Japan moving away from zero interest rates. Shares were up by 0.2% at 743.49p each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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