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Baillie Gifford Shin Nippon returns top benchmark amid 'challenging' year

By BFN News | 08:41 AM | Friday 15 March, 2019

Fund manager Baillie Gifford Shin Nippon posted returns ahead of its benchmark index amid a 'challenging' backdrop for investing. The year to 31 January 2019 was 'challenging' for investors and the company's net asset value per share (NAV) and share price fell by 6.0% and 7.2% respectively, slightly ahead of the return of the comparative index (MSCI Japan Small Cap Index, total return in Sterling terms), which fell by 7.8%, the company said. The share price fell by 7.2%. The company said it would be putting forward proposal to shareholders to amend the investment policy to permit investment in unlisted companies at a level of up 10% of the portfolio and to increase the maximum number of holdings from 75 to 80. Looking ahead, the company said that there seemed to be 'greater uncertainty in the world regarding global growth than at any time over the last 10 years,' and highlighted some some cyclical slowdown in certain sectors, but stressed that corporate Japan's mood is 'generally positive but cautious.' 'The start up environment for companies on our radar is changing. Government policies are more supportive. There is generally better access to capital and more importantly there is a new attitude to creating wealth and starting exciting, disruptive technology businesses. The Board and the Managers remain encouraged by the outlook.' At 8:41am: (LON:BGS) Baillie Gifford Shin Nippon Plc share price was -0.09p at 177.51p Story provided by

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