Baillie Gifford China Growth Trust

Baillie Gifford China Growth Trust

Overview
Performance & Portfolio
Meet the Managers
Documents

Select Section

Overview

Baillie Gifford China Growth Trust aims to produce long term capital growth by investing predominantly in shares of, or depositary receipts representing the shares of, Chinese companies.

The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested.

Key Information

AGM and Registrar	AGM: Thursday, 15 June 2023. Institute of Directors, 116 Pall Mall, London. Registrar: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ.
AIC Investment Sector	China/Greater China
Launch Date	1907
ISIN Number	GB0003656021
SEDOL Number	0365602

Access information on our Corporate Calendar, AGM Voting and Attendance here.

Corporate Calendar, AGM Voting and Attendance

Access information on votes cast by Baillie Gifford during the previous quarter on behalf of the investment trust here.

Proxy Voting Disclosure

View the Edison update for the Baillie Gifford China Growth Trust.

Please note that Baillie Gifford China Growth Trust is a research client of Edison Investment Research Limited.

Baillie Gifford China Growth Trust - Edison Update

Fund Ratings

Please bear in mind that past performance is not a guide to future performance.

© 2023 Morningstar, Inc. All rights reserved. The information contained in the Medalist Report: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

London Stock Exchange - Baillie Gifford China Growth Trust Announcements

Directors

Sarah MacAulay

Sarah MacAulay has over twenty years of Asian fund management experience based in both London and Hong Kong, managing unit trusts and institutional assets. She was formerly a Director of Baring Asset Management (Asia) Ltd in Hong Kong, Asian Investment Manager at Kleinwort Benson Investment Management and Eagle Star in London. She is currently Chairman of Schroder Asian Total Return Investment Company plc and a non-executive Director of Fidelity Japan Trust plc.

Magdalene Miller

Magdalene Miller is a former investment director with Aberdeen Standard Investments’ global emerging market team. Based in London and Edinburgh, she spent 32 years managing listed equity portfolios, investing in Japanese, Asian Pacific and UK markets. In the 10 years before her retirement in 2018, she ran the Standard Life China Sicav, one of the top performing funds in its sector. A native of Hong Kong, Magdalene is fluent in Cantonese and Mandarin and has travelled extensively in China and Asia over the course of her career. She is a non-executive director of Templeton Emerging Markets Investment Trust plc. She also currently serves as a trustee for an educational endowment fund and participates in volunteering work.

Jonathan Silver (Chairman of Audit Committee)

Jonathan Silver is a qualified accountant and member of the Institute of Chartered Accountants of Scotland. Jonathan has held various senior financial positions throughout his career, including 21 years as Chief Financial Officer on the main Board of Laird plc from 1994 until 2015. Jonathan was the chairman of the audit committee at Invesco Income and Growth Trust plc from 2007 until 2021. Jonathan is a non-executive director and chairman of the audit and risk committee of Henderson High Income Trust plc, a position he has held since 2019 and is also a non-executive director and chairman of the audit committee of Spirent Communications plc, a position he has held since 2015.

Tim Clissold

Tim Clissold qualified as a Chartered Accountant and has worked in Australia, Hong Kong and extensively in China, where he was co-founder of one of the first private equity groups in the country. He later ran Goldman Sachs China’s distressed investment business in Beijing. He co-founded another business to originate UN carbon offsets from GHG emission reduction projects in China. Tim is chief resolution officer at Peony Advisors Limited, a company which helps foreign investors recover value after being disenfranchised by Chinese companies and is a non-executive director of Henderson Far East Income Limited. He was a member of the Strategic Advisory Board of Braemar Energy Ventures, a New York venture capital fund focused on energy efficiency technologies. He is the author of Mr China and Chinese Rules and speaks, reads and writes Mandarin Chinese.

Nicholas Pink (Chair)

Nicholas Pink has extensive senior management experience in financial services with previous roles at UBS Investment Bank including Global Head of Research and Head of Asia Research. Nicholas is currently the Senior Independent Director of Ruffer Investment Company Limited and non-executive director of JP Morgan Emerging Europe, Middle East and Africa Securities plc. He was previously an independent director of Redburn (Europe) Limited.

Contact Us

Aileen Lawless

Wholesale Investor Enquiries

Email: australasia@bailliegifford.com

Rosemary Shannon

Wholesale Investor Enquiries

Email: australasia@bailliegifford.com

Baillie Gifford Overseas Limited: Edinburgh Head Office.

Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN

+44 (0)131 275 2000

Overview

Baillie Gifford China Growth Trust aims to produce long term capital growth by investing predominantly in shares of, or depositary receipts representing the shares of, Chinese companies.

Performance & Portfolio

Periodic Performance

All figures to 31/10/2024
	1 Year	3 Years	5 Years	10 Years
Share Price	10.1%	-41.5%	-29.7%	13.6%
NAV	9.1%	-35.4%	-26.0%	11.7%
Index*	12.1%	-18.5%	-13.8%	40.6%

Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.

NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.

*Changed from MSCI AC Asia ex Pacific index to MSCI China All Shares Index on 16/09/20. Data chain-linked from this date to form a single comparative index

Performance source: Morningstar and relevant underlying index provider, total return.

Please bear in mind that past performance is not a guide to future performance.

Discrete Performance

Annual Performance to 30 September each year
	30/09/2019 30/09/2020	30/09/2020 30/09/2021	30/09/2021 30/09/2022	30/09/2022 30/09/2023	30/09/2023 30/09/2024
Share Price	23.5%	-7.6%	-31.5%	-14.3%	5.2%
NAV	7.7%	2.4%	-26.8%	-12.7%	6.2%
Index*	7.0%	-2.8%	-17.4%	-8.0%	9.7%

Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.

NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.

*Changed from MSCI AC Asia ex Pacific index to MSCI China All Shares Index on 16/09/20. Data chain-linked from this date to form a single comparative index.

Performance source: Morningstar and relevant underlying index provider, total return.

Please bear in mind that past performance is not a guide to future performance.

Holdings - 31/10/2024

		Fund %
1	Tencent	11.8%
2	Bytedance Ltd.	9.3%
3	Alibaba	6.4%
4	Meituan	6.2%
5	Kweichow Moutai	4.2%
6	Ping An Insurance	3.4%
7	CATL	3.2%
8	PDD Holdings	3.0%
9	China Merchants Bank	2.8%
10	Shenzhen Megmeet Electrical	2.7%
Total		52.9%

Sector analysis of total assets 31/10/2024

Fund %

1 Consumer Discretionary 27.65
2 Communication Services 23.45
3 Industrials 14.56
4 Information Technology 10.10
5 Consumer Staples 7.44
6 Financials 6.18
7 Materials 3.44
8 Health Care 3.40
9 Real Estate 1.34
10 Utilities 1.25
11 Energy 0.43
12 Net Liquid Assets 0.76
Total 100.00

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited.

Source Baillie Gifford & Co.

Please note that totals may not add due to rounding.

Meet the Managers

Sophie Earnshaw

Sophie is an investment manager in the China Equities Team. She is a decision maker on our China Equities Strategy, which she has managed since 2014, and on our China A Share Strategy since its inception in 2019. She also provides China insight to the Emerging Markets Leading Companies and International All Cap Portfolio Construction Groups. She is a CFA Charterholder and graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.

Linda Lin

Linda is the head of the China Equities Team, and a decision maker on our All China and China A share strategies. She is also a member of the Long Term Global Growth Team. Linda joined Baillie Gifford in September 2014 and worked in Edinburgh until relocating to Shanghai in 2019 as Head of the Investment Team. She became a partner of the firm in May 2022 and is now based in Edinburgh. Prior to joining Baillie Gifford, Linda spent four years as a global equity analyst with Aubrey Capital and two years in real estate investment in China. She graduated BComm in Accounting and Finance from the University of Auckland, New Zealand in 2007 and MSc in Finance and Investment from the University of Edinburgh in 2011. Linda is a native Mandarin speaker.

Documents

You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.