Baillie Gifford Japan Trust net asset value up as chair to step down

(Alliance News) - Baillie Gifford Japan Trust PLC on Tuesday said Chair David Kidd intends to ...

Alliance News 29 October, 2024 | 10:38AM
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(Alliance News) - Baillie Gifford Japan Trust PLC on Tuesday said Chair David Kidd intends to step down from his role in 2025, as the investment trust posted a net asset value climb, amid an outlook brightened by robotics and automation.

The trust, managed by Edinburgh, Scotland-based Baillie Gifford, invests for long-term capital growth mostly in medium to smaller sized Japanese companies.

Net asset value rose 8.5% to 855.0 pence each as at August 31 from 787.7p a year ago.

NAV total return was 10% for the financial year ended August 31, underperforming against the TOPIX index in sterling terms,which had a return of 15%.

Baillie Gifford Japan will pay a final dividend of 10p per share, unchanged from a year ago.

Meanwhile, Chair David Kidd intends to step down from the board at the annual general meeting to be held in 2025. The company's next AGM will be held on December 11 this year.

The company will promote Sam Davis to the role of chair, succeeding Kidd. Davis is currently chair of the company's Management Engagement Committee.

Looking ahead, outgoing Chair Kidd said: "The board is encouraged by the recent improvement in absolute and relative performance, albeit that the company lagged its benchmark over the year as a whole. We are hopeful that this welcome pickup will continue in the months and years ahead. The portfolio's significant exposure to founder-owner businesses and its holdings in the areas of digitalisation and the internet, automation, robotics and healthcare are especially encouraging."

Baillie Gifford Japan shares were 0.1% higher at 702.92 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Baillie Gifford Japan Ord 703.00 GBX 0.00

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