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Asset management firm Baillie Gifford Shin Nippon reported a fall in net asset value in the first half of the year as the internet businesses in its investment portfolio were hurt by a 'bout of profit taking.'
For the six months to 31 July 2021, net asset value per share fell by 1.3%, compared to a 1.7% rise in the MSCI Japan Small Cap Index, its comparative index.
'Some of our longstanding internet businesses suffered a reversal in fortunes as their shares were sold off amidst a bout of profit taking,' the company said.
'We remain confident in the long-term growth prospects of these businesses.'