Baillie Gifford Shin Nippon up by 34 per cent

The £258 million trust saw its asset value per share rise by 34 per cent over the year to 31 January 2017. Its comparative MSCI Japan Small Cap index advanced 34.9 per cent in sterling terms.

Trust chairman Neil Donaldson, writing in the trust’s annual report, said: “In our interim management report we commented on the EU referendum result in the UK, along with concerns over global growth (China in particular), rising scepticism over unconventional monetary policy by central banks and further speculation over a rise in US interest rates.

“To this we now need to add the election of President Trump in the US and be mindful that all of these developments are still in their infancy. As such, uncertainty remains and caution in investment decision-making is paramount.”

He added: “That said, our primary focus is on Japan and there have been significant developments in that market. Last year, I highlighted the pace of economic change and the fact that company boards were improving corporate governance.

“This development is continuing and is to be welcomed.”