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Baillie Gifford Japan hails improving corporate governance

Baillie Gifford Japan’s interim results, which cover the six months ended 28 February 2015, are pretty good. The net asset value total return was 20.5% over this period – 8.2% more than the return on the TOPIX.

Stock selection was the major factor behind the outperformance. The statement highlights Baillie Giford Japan’s “active share” figure of 87%. This is the proportion of the portfolio that is not represented in the benchmark index. Six stocks contributed more than 0.5% to the NAV return and the company’s gearing also boosted performance. Unfortunately the statement does not go into more detail about which stocks boosted or detracted from the return.

The statement says there have been further positive developments in corporate governance in Japan. They believe company behaviour is clearly changing, with more emphasis on increasing returns to shareholders.

BGFD :  Baillie Gifford Japan hails improving corporate governance

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