Baillie Gifford Shin Nippon's net asset value per share rose by 29.5% in the six months to the end of July compared with a 23.0% rise in the MSCI Japan Small Cap Index. The share price increased by 31.6%.
The company said that despite weakness in the broader Japanese market, Japanese smaller companies held up well over the period. Sterling based investors benefited from a stronger yen.
At 3:46pm: (LON:BGS) Baillie Gifford Shin Nippon Plc share price was +10.5p at 543.5p