Overview
The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares 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 China/Greater China Sector.
We do not believe that knowledge of present fundamentals is enough. Expectations of changes in those fundamentals are equally important.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 9.0% 7.8% -13.4% -0.8% Index* 11.6% 12.1% -6.6% 0.5% Target Benchmark** 12.7% 14.4% -4.7% 2.6% Sector Average*** 7.4% 7.2% -10.0% -1.0% Sector Ranking 20/65 29/65 51/60 23/47 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 47.0% -2.6% -26.1% -11.3% 3.1% Index* 26.2% -2.8% -17.4% -8.0% 9.7% Target Benchmark** 28.7% -0.8% -15.8% -6.2% 12.0% Sector Average*** 26.8% 1.6% -19.7% -11.4% 5.0% 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: FE, Revolution, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 26/11/19 thereafter MSCI China All Shares Index.
**MSCI China All Share (in sterling) plus at least 2% per annum over rolling five-year periods from 27/11/2019; from 02/05/2019 MSCI All China
Index plus 2%; previously MSCI Golden Dragon plus 2%.
Both have been chain-linked for performance figures above.
***IA China/Greater China Sector.Top Ten Holdings - 31/10/2024
Fund % 1 Tencent 9.5% 2 Meituan 7.9% 3 Alibaba 6.1% 4 Kweichow Moutai 4.5% 5 Ping An Insurance 3.9% 6 PDD Holdings 3.9% 7 CATL 3.6% 8 China Merchants Bank 3.4% 9 BYD Company 2.9% 10 Midea 2.7% Total 48.3% SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2024Fund %
- 1 Consumer Discretionary 34.48
- 2 Industrials 15.10
- 3 Communication Services 13.06
- 4 Information Technology 10.68
- 5 Consumer Staples 7.58
- 6 Financials 7.28
- 7 Materials 4.03
- 8 Health Care 3.62
- 9 Real Estate 1.69
- 10 Utilities 1.04
- 11 Energy 1.03
- 12 Cash 0.41
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
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.Insights
View all Insights.Meet the Managers
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.
Linda Lin
Linda is the head of the China Equities Team, and a decision maker on our All China and China A share strategies. She is also a member of the Long Term Global Growth Team. Linda joined Baillie Gifford in September 2014 and worked in Edinburgh until relocating to Shanghai in 2019 as Head of the Investment Team. She became a partner of the firm in May 2022 and is now based in Edinburgh. Prior to joining Baillie Gifford, Linda spent four years as a global equity analyst with Aubrey Capital and two years in real estate investment in China. She graduated BComm in Accounting and Finance from the University of Auckland, New Zealand in 2007 and MSc in Finance and Investment from the University of Edinburgh in 2011. Linda is a native Mandarin speaker.
How to Invest
You can invest in our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
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
Bulletins
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Sustainability-related disclosures and climate reports
Value assessment
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 with dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
Single Country
The Fund’s exposure to a single market and currency may increase share price movements.
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.
