- The Baillie Gifford Japan Trust said its annual performance undershot its benchmark as annual net asset value return fell 5.3%.

For the year to 31 August 2019, net asset value total return (after deducting borrowings at fair value) fell by 5.3% and the net asset value total return (after deducting borrowings at par value) fell by 5.2%, compared with the 0.5% fall in the benchmark TOPIX index total return.

Annual turnover was up 11.5% during the year, while the share price total return fell by 7.4%.

The two largest negative contributors to performance this year were Outsourcing and ZOZO and the largest contributor to performance this year was Rakuten, the company said.

The company proposed a final dividend of 3.50p a share.

'Despite these macro issues, we remain positive on the outlook for investments in the Baillie Gifford Japan Trust portfolio over the medium to longer term,' the company said.

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