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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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 September 2024
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 13.5% |
| 2 | Tencent | 7.1% |
| 3 | Samsung Electronics | 6.4% |
| 4 | MercadoLibre | 4.8% |
| 5 | Petrobras Common ADR | 4.2% |
| 6 | Ping An Insurance | 3.6% |
| 7 | HDFC Bank | 3.1% |
| 8 | Meituan | 2.7% |
| 9 | First Quantum Minerals | 2.4% |
| 10 | Reliance Industries Ltd | 2.2% |
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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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:
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Insights
The rise of the Global South
Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
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.
Travelling Brazil: open for business
We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
The brilliance of Brilliance
Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.
China’s third plenum: staying the tech course
Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.
Emerging markets democracy: better than you think
See what the recent elections in Mexico and India mean for emerging markets investors.
From earth to equity: the platinum opportunity
Platinum's role in health, tech and green energy.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
Luckin Coffee: looking forward
How Luckin Coffee is revolutionising China's coffee culture.
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
Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
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.
BRICS expansion and impact
Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
Copper's role in emerging markets
Assessing copper's supply challenges and investment potential in emerging markets for 2024.
How do we do what we do
How do we implement our emerging markets equities philosophy in practice?
Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
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.
India's triumph in a turbulent world
Uncover insights on emerging markets, India's economy, and Asia's rising export champions.
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.
South-east Asia's new export champions
Uncovering Asia's rising export stars in Vietnam, Indonesia and Thailand.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
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.
Emerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
Beyond the numbers
An analysis of the relationship between GDP growth and stock market returns in emerging markets, with a focus on China.
Brazil's economic landscape
Challenging perceptions: Lula's re-election and Brazil's economic potential
Emerging Markets Q2 update
The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
Emerging Markets Q1 update
Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
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.
Monthly insights
Related insights
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.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?Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.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?Emerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.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 Q2 update
The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.Emerging Markets Q1 update
Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.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.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.