The Baillie Gifford Japan Trust outperformed its benchmark, TOPIX total return (in sterling terms), over the year to 31 August by 4 percentage points.
Net asset value per share, after deducting borrowings at fair value, rose 25.7%, while the benchmark index gained 21.5%.
In this period the company's share price increased by 16.3%.
The main driver of the strong absolute return was the increase in the value of the yen which was greater than the decline in the TOPIX.
Misumi contributed the most to performance and several internet related companies, including Start Today, CyberAgent and M3, also performed well over the period.
During the year five holdings with lacklustre prospects were sold and nine new holdings were bought. Several of the new holdings are in small companies with potentially exciting growth ahead.