We are delighted to announce that we have upgraded our rating of the Baillie Gifford Japanese Income Growth fund from a Positive Prospect to an A rating. We believe that this fund has plenty of features that make it a promising long-term strategy. Indeed, since its launch in 2016, the fund has consistently met its investment objectives in terms of capital and income growth. Moreover, since we introduced the fund into our Academy, our conviction in the managers has grown over time and they have constructed what we consider to be an attractive portfolio of high-quality growing companies with a yield orientation.