Canadian Pooled Fund

Emerging Markets Fund

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Overview

Objective

The Emerging Markets Fund aims to produce capital growth over the long term by investing primarily in emerging market equities. Performance will be measured against the MSCI Emerging Markets Index.

The Fund aims to invest in an actively managed portfolio of emerging market stocks. We invest on a long-term (5-year) perspective and have a strong preference for growing companies, founded on the observation that returns follow earnings over the long term in Emerging Markets. Many market participants favour the safety of steady, predictable growth; we are willing to invest in companies where the outcomes are less certain but where the potential returns are significant. The portfolio will typically hold between 60 and 100 stocks.

Strategy behind the fund

Emerging Markets All Cap
Our longest-standing Global Emerging Markets portfolio, targeting the world’s best Emerging Market companies with a diversified approach.
The capabilities behind this strategy

Share price and charges

Series
F
NAV
3.38
% change
0.00%
Management fee
0.72%
Operating expenses
0.07%
Gross expense ratio
0.79%
Net expense ratio
0.79%

Fund facts

As at: 30 June 2025

Fund launch date

31 May 2001

Fund size

$763.5m

Benchmark

MSCI Emerging Markets Index

Current number of holdings

75

Active share

67%**

Annual turnover

17%

Style

Growth

Guideline number of holdings

60-100

** Relative to MSCI Emerging Markets Index.

Source: Baillie Gifford & Co and relevant underlying index provider(s).

 

Portfolio characteristics

The fund's characteristics compared to the index.

As at 30 June 2025

FundMSCI Emerging Markets Index
Market cap (weighted average)$315.38bn$258.13bn
Price / Book2.461.91
Price / Earnings (12 months forward)13.4312.66
Earnings growth (5 year historic)13.03%11.29%
Return on equity (12 months forward)17.97%14.99%
Standard deviation (trailing 3 years)16.70%14.16%
Beta1.15N/A

Source: Revolution, MSCI. Canadian dollars.

Index disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

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.

Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.

You can read details of our Legal and Important Information here.

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
Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 June 2025

#Holding% of portfolio
1TSMC12.99
2Tencent6.41
3MercadoLibre4.71
4Samsung Electronics4.54
5Reliance Industries3.40
6SK Hynix3.26
7Alibaba3.25
8Petrobras2.58
9Axis Bank2.24
10Kweichow Moutai2.02

For extra details including SEDOLs, ISINs, countries, holding, asset price, currency, asset type and market value, view the spreadsheet.

List of top ten holdings is at month end. Full list of holdings is at quarter end. If you are an existing investor in this fund and wish to receive full portfolio holdings on a monthly basis, please get in touch with your usual Baillie Gifford contact.

Sector Analysis

All figures up to: 30 June 2025

Created with Highcharts 11.4.6Information TechnologyConsumer DiscretionaryFinancialsCommunication ServicesMaterialsEnergyIndustrialsConsumer StaplesReal EstateHealth CareCash123456789101129.85%18.87%16.86%10.89%7.01%6.68%4.36%4.03%0.68%0.46%0.32%

Total: 100%

Country Analysis

All figures up to: 30 June 2025

Created with Highcharts 11.4.6ChinaTaiwanIndiaBrazilSouth KoreaMexicoThailandOthersCash12345678929.25%16.91%12.89%11.16%10.84%2.92%2.07%13.66%0.32%

Total: 100%

Quarterly transactions

Transactions for the three-month period ending 30 June 2025

New purchases

  • CATL 'H'
  • Pony AI ADR

 

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 48 of 48
  1. Vietnam: in step with structural growth

    Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential for investors willing to look beyond the noise.
    August 2025
    Article5 minutes
  2. Emerging Markets Q2 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article12 minutes
  3. Emerging Markets Q2 update

    Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  4. China: driving the future

    How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
    June 2025
    Article3 minutes
  5. Emerging markets: the next engines of global growth

    From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
    June 2025
    Podcast33 minutes
  6. A bustling market in Jodhpur’s Old City at sunset. People walk past brightly coloured stalls and yellow rickshaws parked in the foreground.

    India: selective exposure to a key market

    Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.
    May 2025
    Article3 minutes
  7. Tariff twists and turns

    Emerging markets investors should avoid knee-jerk reactions.
    April 2025
    Article3 minutes
  8. Emerging markets in 2050

    Trade shifts and underserved populations are among the factors favouring world-class stocks.
    April 2025
    Article
  9. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.
    April 2025
    Video13 minutes
  10. Emerging Markets Q1 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  11. Lithium: powering the future

    Investing in the Chilean mining company charging the energy transition.
    March 2025
    Article3 minutes
  12. EM: how we do what we do

    How do we implement our emerging markets philosophy in practice?
    March 2025
    Document
  13. EM: Why we do what we do

    Why do we invest in emerging markets in the way that we do?
    March 2025
    Document
  14. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  15. DeepSeek: disruptive AI

    Why investors shouldn’t overlook Chinese innovation
    February 2025
    Article4 minutes
  16. Brazil: an uncomfortable dance?

    How our Brazilian holdings are leading with strong growth amid fiscal complexity.
    January 2025
    Article3 minutes
  17. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video16 minutes
  18. Emerging Markets Q4 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article10 minutes
  19. Emerging markets: new opportunities

    The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.
    December 2024
    Article3 minutes
  20. Samsung: chipping away at challenges

    How Samsung turns challenges into opportunities for future growth.
    November 2024
    Article3 minutes
  21. The rise of the Global South

    Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
    October 2024
    Article3 minutes
  22. Emerging Markets Q3 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article6 minutes
  23. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video16 minutes
  24. Travelling Brazil: open for business

    We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
    September 2024
    Article3 minutes
  25. Traffic during twilight of Shanghai China, motion blur visible.

    The brilliance of Brilliance

    Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.
    August 2024
    Article3 minutes
  26. Traditional Chinese doors with brass lion head door knockers and ornamental studs. The doors are open letting in light.

    China’s third plenum: staying the tech course

    Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.
    July 2024
    Article3 minutes
  27. Emerging Markets Q2 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  28. Shareholders are seated in an auditorium, some are raising their hands to vote

    Emerging markets democracy: better than you think

    See what the recent elections in Mexico and India mean for emerging markets investors.
    June 2024
    Article3 minutes
  29. From earth to equity: the platinum opportunity

    Platinum's role in health, tech and green energy.
    May 2024
    Article4 minutes
  30. Luckin Coffee: looking forward

    How Luckin Coffee is revolutionising China's coffee culture.
    April 2024
    Article3 minutes
  31. Women in orange saris carrying water at step well in Jaipur, India

    30 years of emerging markets

    Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
    April 2024
    Article15 minutes
  32. High-calibre emerging markets firms

    Why it’s a promising time to invest in exceptional emerging markets companies
    April 2024
    Podcast29 minutes
  33. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  34. ESG analyst trip notes: India and China

    Read more about the unique perspective on the evolving energy landscape and corporate governance in these emerging markets.
    March 2024
    Document3 minutes
  35. BRICS expansion and impact

    Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
    February 2024
    Document3 minutes
  36. Baillie Gifford

    Copper's role in emerging markets

    Assessing copper's supply challenges and investment potential in emerging markets for 2024.
    January 2024
    Document3 minutes
  37. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  38. India's triumph in a turbulent world

    Uncover insights on emerging markets, India's economy, and Asia's rising export champions.
    December 2023
    Document3 minutes
  39. South-east Asia's new export champions

    Uncovering Asia's rising export stars in Vietnam, Indonesia and Thailand.
    November 2023
    Document3 minutes
  40. Emerging markets – why bother?

    Emerging markets have underperformed developed ones recently. So, why should we invest in them?
    November 2023
    Article
  41. Conversations with Shanghai

    Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
    October 2023
    Document3 minutes
  42. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  43. Finding China’s A-share jewels

    The country’s domestic markets are rich in companies with the know-how to become global leaders.
    September 2023
    Article
  44. Beyond the numbers

    An analysis of the relationship between GDP growth and stock market returns in emerging markets, with a focus on China.
    August 2023
    Document3 minutes
  45. Brazil's economic landscape

    Challenging perceptions: Lula's re-election and Brazil's economic potential
    July 2023
    Document3 minutes
  46. Emerging Markets Q2 update

    The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  47. Emerging Markets Q1 update

    Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  48. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document

  1. Vietnam: in step with structural growth

    Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential for investors willing to look beyond the noise.
    August 2025
    Article5 minutes
  2. Emerging Markets Q2 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article12 minutes
  3. Emerging Markets Q2 update

    Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  4. China: driving the future

    How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
    June 2025
    Article3 minutes
  5. Emerging markets: the next engines of global growth

    From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
    June 2025
    Podcast33 minutes
  6. A bustling market in Jodhpur’s Old City at sunset. People walk past brightly coloured stalls and yellow rickshaws parked in the foreground.

    India: selective exposure to a key market

    Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.
    May 2025
    Article3 minutes
  7. Tariff twists and turns

    Emerging markets investors should avoid knee-jerk reactions.
    April 2025
    Article3 Minutes
  8. Emerging markets in 2050

    Trade shifts and underserved populations are among the factors favouring world-class stocks.
    April 2025
    Article
  9. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.
    April 2025
    Video13 minutes
  10. Emerging Markets Q1 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  11. Lithium: powering the future

    Investing in the Chilean mining company charging the energy transition.
    March 2025
    Article3 minutes
  12. EM: how we do what we do

    How do we implement our emerging markets philosophy in practice?
    March 2025
    Document
  13. EM: Why we do what we do

    Why do we invest in emerging markets in the way that we do?
    March 2025
    Document
  14. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  15. DeepSeek: disruptive AI

    Why investors shouldn’t overlook Chinese innovation
    February 2025
    Article4 minutes
  16. Brazil: an uncomfortable dance?

    How our Brazilian holdings are leading with strong growth amid fiscal complexity.
    January 2025
    Article3 minutes
  17. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video16 minutes
  18. Emerging Markets Q4 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article10 minutes
  19. Emerging markets: new opportunities

    The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.
    December 2024
    Article3 minutes
  20. Samsung: chipping away at challenges

    How Samsung turns challenges into opportunities for future growth.
    November 2024
    Article3 minutes
  21. The rise of the Global South

    Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
    October 2024
    Article3 minutes
  22. Emerging Markets Q3 investor letter

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article6 minutes
  23. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video16 minutes
  24. Travelling Brazil: open for business

    We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
    September 2024
    Article3 minutes
  25. Traffic during twilight of Shanghai China, motion blur visible.

    The brilliance of Brilliance

    Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.
    August 2024
    Article3 minutes
  26. Traditional Chinese doors with brass lion head door knockers and ornamental studs. The doors are open letting in light.

    China’s third plenum: staying the tech course

    Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.
    July 2024
    Article3 minutes
  27. Emerging Markets Q2 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  28. Shareholders are seated in an auditorium, some are raising their hands to vote

    Emerging markets democracy: better than you think

    See what the recent elections in Mexico and India mean for emerging markets investors.
    June 2024
    Article3 minutes
  29. From earth to equity: the platinum opportunity

    Platinum's role in health, tech and green energy.
    May 2024
    Article4 minutes
  30. Luckin Coffee: looking forward

    How Luckin Coffee is revolutionising China's coffee culture.
    April 2024
    Article3 minutes
  31. Women in orange saris carrying water at step well in Jaipur, India

    30 years of emerging markets

    Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
    April 2024
    Article15 minutes
  32. High-calibre emerging markets firms

    Why it’s a promising time to invest in exceptional emerging markets companies
    April 2024
    Podcast29 minutes
  33. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  34. ESG analyst trip notes: India and China

    Read more about the unique perspective on the evolving energy landscape and corporate governance in these emerging markets.
    March 2024
    Document3 minutes
  35. BRICS expansion and impact

    Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
    February 2024
    Document3 minutes
  36. Baillie Gifford

    Copper's role in emerging markets

    Assessing copper's supply challenges and investment potential in emerging markets for 2024.
    January 2024
    Document3 minutes
  37. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  38. India's triumph in a turbulent world

    Uncover insights on emerging markets, India's economy, and Asia's rising export champions.
    December 2023
    Document3 minutes
  39. South-east Asia's new export champions

    Uncovering Asia's rising export stars in Vietnam, Indonesia and Thailand.
    November 2023
    Document3 minutes
  40. Emerging markets – why bother?

    Emerging markets have underperformed developed ones recently. So, why should we invest in them?
    November 2023
    Article
  41. Conversations with Shanghai

    Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
    October 2023
    Document3 minutes
  42. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  43. Finding China’s A-share jewels

    The country’s domestic markets are rich in companies with the know-how to become global leaders.
    September 2023
    Article
  44. Beyond the numbers

    An analysis of the relationship between GDP growth and stock market returns in emerging markets, with a focus on China.
    August 2023
    Document3 minutes
  45. Brazil's economic landscape

    Challenging perceptions: Lula's re-election and Brazil's economic potential
    July 2023
    Document3 minutes
  46. Emerging Markets Q2 update

    The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  47. Emerging Markets Q1 update

    Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  48. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document

Contact us

Still have a question?  Please get in touch with us.

Tax and distributions

The Fund intends to pay dividends to its unitholders at least annually. Distributions will be automatically reinvested in additional units of the Fund or, if a unitholder requests, paid directly to unitholder.

The distribution date for the Fund shall be the last Valuation Date in each taxation year or such other frequency as may be determined by the Manager. The distribution dates will appear on this page alongside the rates once they become available. For more information on the Funds distributions please see the Offering Memorandum.

Recent distributions

The below table shows the makeup of the most recent distributions paid.

Series FSeries Z
Income dividends0.171850.18025
Capital gain0.000000.00000
Total per share0.171850.18025
Ex-dividend date31 Dec 202431 Dec 2024
Pay date31 Dec 202431 Dec 2024
StatusFinalFinal

Source: CIBC Mellon and Baillie Gifford & Co.

Upcoming distributions

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

Distribution year

2025

Record date

30 December 2025

Ex-dividend date

31 December 2025

Payable date

31 December 2025

Source: CIBC Mellon and Baillie Gifford & Co.

Contact us

Still have a question?  Please get in touch with us.

Documents

Contact us

Still have a question?  Please get in touch with us.