Capital at risk
Emerging Markets All Cap
We’ve been investing in Emerging Markets (EM) since 1994 and are grateful to be entrusted by a range of long-standing global clients. Our Emerging Markets All Cap Strategy, a diverse portfolio of 60-100 companies is our oldest global EM offering.

Powerful growth rewards patience
We take a patient approach in the least patient markets. EM companies often have substantial addressable opportunities and decades of growth ahead of them. We believe being selective is imperative to those seeking the best results.
Emerging Markets: our philosophy
Will Sutcliffe, Head of the Emerging Markets Equity Team, introduces emerging markets and reflects on the exciting opportunities ahead.
Finding world-class companies
Our key goal is to build strong relationships with like-minded clients. We know we can only do this if we deliver strong investment performance, net of costs, over the long term.
The number of genuinely world-class companies in emerging markets is growing and we feel very fortunate to be tasked with seeking these out. We must invest with patience and give good decisions time to prove themselves.
EM investors should be open-minded as to where growth can come from and have a clear idea of the market inefficiencies that they are trying to exploit.
Exploiting inefficiencies
We appreciate what is underappreciated. And we believe there are three persistent inefficiencies that we are well-placed to exploit for our clients:
- Growth duration: many companies grow for much longer than expected
- Growth pace: many companies grow much faster expected
- Growth surprise: many companies grow when it’s least expected
Much of our process relies on the interplay of data, experience, educated creativity and probability. This does not necessarily lend itself to a matrix or a flowchart.
The quality of companies in the opportunity set is increasing, growth is on offer, yet due to external factors and risk perceptions we can invest in many of these at what look like very low prices.
Meet the managers
Portfolio construction group
Documents
Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Philosophy and process
Explore our investment philosophy and the processes around how the Emerging Markets team construct the portfolio.
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You can invest in this strategy through the following fund(s).
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 June 2025
# | Company | Fund % |
---|---|---|
1 | TSMC | 12.9% |
2 | Tencent | 6.4% |
3 | MercadoLibre | 4.7% |
4 | Reliance Industries Ltd | 3.4% |
5 | Alibaba Group Holding | 3.3% |
6 | SK Hynix Inc | 3.2% |
7 | Samsung Electronics | 3.2% |
8 | Axis Bank | 2.2% |
9 | Petrobras Common ADR | 1.9% |
10 | Sea Ltd ADR | 1.9% |
Please note
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.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.
Monthly insights
Related insights
Emerging Markets Q2 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.EM: how we do what we do
How do we implement our emerging markets philosophy in practice?EM: Why we do what we do
Why do we invest in emerging markets in the way that we do?Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q3 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developmentsEmerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.
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Trade Matching Statement
This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
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