LONDON (Alliance News) - The Baillie Gifford Japan Trust PLC Friday said its net asset value after deducting borrowings at fair value rose by 9.4%, compared with a gain of 3.7% in the benchmark TOPIX index (in sterling terms) total return, in its last financial year.
In the course of the year ended August 31, the trust's share price increased by 10.8% and the discount to NAV narrowed from 1.6% to 0.3%.
"After a strong performance from Japanese equities in 2012/2013, the latest year has been a more muted one. The changes being wrought in Japan should be beneficial for the corporate sector and the equity market. Our managers are still finding interesting companies in which to invest," Chairman Richard Barfield said in a statement.
The Baillie Gifford Japan Trust shares were Friday quoted up 0.8% at 335.25 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Baillie Gifford Japan Trust PLC (BGFD)