Baillie Gifford Shin Nippon (BGS) was launched in 1985 to invest in Japanese smaller companies. It caught the tail end of the 1980s boom in Japanese stocks and then endured a volatile two decades as the bubble steadily deflated. In the twelve years following the financial crisis, BGS produced an astonishing 18-fold gain but since 2021 it has significantly underperformed its benchmark and its shares have more than halved as investors turned away from Baillie Gifford's distinctive style of growth investing. BGS traded at a premium for most of the 2010s and was able to more than double its share ...