Capital at risk
Emerging Markets Leading Companies
Emerging markets (EM) firms often have substantial opportunities and decades of growth ahead. We believe being selective is imperative to achieving superior results. The index is not the best reflection of future growth.
A patient approach in impatient markets
A well-developed approach to investing in the developing world, which aims to help our clients benefit from powerful growth tailwinds. EM investors should be open-minded about where growth can come from.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
Turning time to your advantage
We’ve been investing in emerging markets for decades. Our 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 the 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.
Long-standing clients across the globe
We appreciate the under appreciated. 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 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.
In nearly 30 years, we have seen enough crises and shocks to know the future is uncertain. As investors our preference is always to embrace uncertainty rather than be paralysed by it.
Meet the managers
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: 31 March 2025
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 12.0% |
| 2 | Tencent | 9.3% |
| 3 | Samsung Electronics | 5.5% |
| 4 | MercadoLibre | 3.9% |
| 5 | Petrobras Common ADR | 3.9% |
| 6 | Ping An Insurance | 3.4% |
| 7 | Meituan | 3.3% |
| 8 | HDFC Bank | 3.3% |
| 9 | Midea Group 'A' | 2.5% |
| 10 | First Quantum Minerals | 2.4% |
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).
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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 Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Monthly insights
Related insights
Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.
Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.
Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
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 developments
Emerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging Markets Q2 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
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 companiesEmerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
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.
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
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.