Money Makers

UPDATE: BGFD returned -5% in the year to August 2023, +10% in 2024, +21% in 2025, and +20% in 2026, although its returns lag its benchmark over one, three, five, and ten years. The trust has bought back around a third of its shares since mid-2022 but its discount has averaged around 10% over the past one and three years.

Baillie Gifford Japan (ticker: BGFD) was launched in 1981 and experienced incredible growth during its first decade thanks to the 'Japanese economic miracle' with its share price rising almost tenfold. As most investors will know, Japanese equities have struggled ever since. ...