Overview
The Emerging Markets Leading Companies Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Emerging Markets Sector.
We are interested in detailed, differentiated, proprietary research focused on the long-term outlook for companies and industries.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 2.5% 18.0% -2.7% 4.6% Index* 6.1% 18.9% 1.1% 4.5% Target Benchmark** 7.2% 21.3% 3.2% 6.6% Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/2024Class B-Acc 17.9% 13.7% -22.3% 6.6% 12.0% Index* 5.7% 13.7% -12.8% 2.6% 15.1% Target Benchmark** 7.8% 16.0% -11.0% 4.7% 17.5% Sector Average*** 2.0% 17.0% -15.4% 2.6% 13.0% Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: Revolution, FE, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Emerging Markets Index.
**MSCI Emerging Markets Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Emerging Markets Sector.Top Ten Holdings - 31/10/2024
Fund % 1 TSMC 9.9% 2 Samsung Electronics 8.4% 3 MercadoLibre 5.2% 4 Tencent 4.5% 5 Petrobras 4.2% 6 Reliance Industries 4.2% 7 Ping An Insurance 3.7% 8 HDFC Bank 3.3% 9 Meituan 3.1% 10 First Quantum Minerals 2.4% Total 48.8% Insights
View all Insights.Meet the Managers
Will Sutcliffe
Will is head of our Emerging Markets Equity Team. He joined Baillie Gifford in 1999 and became a partner of the firm in 2010. Prior to joining the team in 2001, he also spent time working in our UK and US equity teams. Will graduated MA in History from the University of Glasgow in 1996.
Roddy Snell
Roddy is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2006 and became a partner of the firm in 2023. He has managed the Baillie Gifford Pacific Fund since 2010 and Pacific Horizon Investment Trust since 2021 (having been deputy since 2013). Roddy became a member of the International Alpha Portfolio Construction Group in 2024. Prior to joining the Emerging Markets Equity Team in 2008, he also spent time in the UK and European equity teams. Roddy graduated BSc (Hons) in medical biology from the University of Edinburgh in 2006.
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.
FUND PLATFORMS/SUPERMARKETS
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FUND PLATFORMS/SUPERMARKETS
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.
Application forms
Enhanced disclosure document
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Sustainability-related disclosures and climate reports
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Dilution
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
Important Information
Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.
This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.
