Baillie Gifford's Whitley dumps 'insignificant' tail in Japan

Baillie Gifford's Sarah Whitley has reduced the number of stocks in her £261m Japan investment trust in a move to make the portfolio more concentrated.

The manager cut seven stocks from the portfolio in the six months to 28 February 2014, with only three new additions, in an effort to streamline the fund. "The significant growth in total assets of over 40% over the past year, owing to a combination of rising stock markets, portfolio outperformance and share issuance, means that some smaller holdings have become insignificant," she said. "Several of these have been sold along with long term holdings such as Japan Tobacco and Canon where we believe future prospects are less promising." The manager has bought new holdings in CyberAge...