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LONDON (Alliance News) - The Baillie Gifford Japan Trust PLC said on Tuesday it substantially outperformed its benchmark in its recently ended financial year, and resumed its dividend following a revenue surplus.
The trust, managed by Edinburgh-based fund management company Baillie Gifford, reported a net asset value per share that rose 22% over the year that ended August 31, outperforming its benchmark index, the Tokyo Stock Price Index total return, which gained 7.8% in the same period.
Baillie Gifford Japan Trust's net asset value was 835.8 pence per share as at August 31, up from 685.8p on the same date the year before. Net assets were up to GBP756.1 million from GBP575.2 million.
Shares in the FTSE 250-listed trust were flat at 787.00 pence on Tuesday.
With a revenue reserve surplus of GBP475,000, swinging from a deficit of GBP1.8 million, the trust has proposed a final dividend of 0.60 pence per share for the year.
Baillie Gifford said the main driver of its strong performance was positive stock picking, with internet stocks leading the way, including online broker SBI and internet investor Digital Garage.
"The economy has grown for six successive years and, despite some distressing and damaging natural disasters this year, the signs are encouraging for 2019. There also remain some political tensions in the region, especially over US-China trade relations; however we remain positive on the outlook for investments in the Baillie Gifford Japan Trust portfolio," said Chairman Nick Bannerman.