(Alliance News) - 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 GBP3.0 million, down from GBP18.5 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.
By Sabrina Penty; Alliance News reporter
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Baillie Gifford Japan Trust PLC (BGFD)