Baillie Gifford Japan Trust Reports Rise In First Half Net Asset Value

LONDON (Alliance News) - Baillie Gifford Japan Trust PLC said on Monday its net asset value rose in the first half of its financial year as its portfolio companies delivered a strong performance.

The six months to the end of February saw net asset value rise 18% to 805.40 pence from 682.4p as at August 31, while its share price also rose by 18%. The Tokyo Stock Price Index rose by 6.4% in sterling terms during the same period.

"The recent outperformance has been driven by gains in a wide range of companies rather than one specific theme or area. The largest contributor was Yaskawa Electric, the robot manufacturer, which has continued to see strong order growth and record profitability," said Baillie Gifford.

SBI Holdings, Japan's largest online brokerage, rose strongly, whilst iStyle, a cosmetic review website, saw business growth "reaccelerate". Katitas, which refurbishes existing homes and sells them at affordable prices, has seen its share price more than doubled since listing in December.

The benign economic conditions that have existed in Japan over the past few years have continued, the fund said, with further expansion in the last two quarters of 2017.

Shares in Baillie Gifford were down 0.4% at 803.00 pence on Monday.