Capital at risk
Emerging Markets Concentrated Growth
This is a concentrated portfolio of 15-25 companies.
We’ve been investing in Emerging Markets (EM) for decades and are grateful to be entrusted by a wide range of long-standing clients across the world.
Developed investing in the developing world
EM investors should be open-minded about where growth can come from. We take a patient approach in the least patient markets; helping our clients benefit from powerful growth tailwinds in developing countries.
Turning time to your advantage
Our goal is to build strong relationships with like-minded clients. 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 decisions time to prove themselves.
EM companies often have substantial addressable opportunities and decades of growth ahead of them. We believe that being selective is imperative to those seeking the best results: the index is not the best reflection of future growth.
Appreciating the underappreciated
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 than 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 is increasing, growth is very much on offer, yet because of external factors and risk perceptions, we have an opportunity to invest at what look like very low prices.
Meet the managers
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the Emerging Markets team construct the portfolio.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 December 2024
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 16.8% |
| 2 | Tencent | 9.9% |
| 3 | Sea Ltd ADR | 5.6% |
| 4 | Samsung Electronics | 5.5% |
| 5 | Meituan | 4.9% |
| 6 | ICICI Bank Ltd | 4.8% |
| 7 | First Quantum Minerals | 4.5% |
| 8 | Petrobras Common ADR | 4.5% |
| 9 | MercadoLibre | 4.1% |
| 10 | Ping An Insurance | 3.9% |
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.
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Insights
Key articles, videos and podcasts relating to the strategy:
Filters
30 years of emerging markets
Monthly insights
Related insights
Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.
30 years of emerging markets
Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
High-calibre emerging markets firms
Why it’s a promising time to invest in exceptional emerging markets companies
How do we do what we do
How do we implement our emerging markets equities philosophy in practice?
Why do we do what we do
Andrew Keiller and John Rae look at why we invest in emerging markets equities in the way that we do.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
Emerging Markets: the possibilist
Understanding the difference between pessimism and possibility in Emerging Markets.
Emerging Markets: coming of age
It’s time to stop looking in the rear-view mirror when it comes to emerging markets.
The shape of things to come
It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.
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Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.