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 31/01/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc 3.7% 13.3% -1.2% 3.4% Index* 5.2% 18.2% 2.3% 4.7% Target Benchmark** 6.3% 20.6% 4.4% 6.8% Sector Average*** 4.9% 14.6% 1.2% 3.4% Sector Ranking 116/176 113/174 127/161 86/145 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 31 December each year
Annual percentage return (Updated Quarterly) 31/12/2019
31/12/202031/12/2020
31/12/202131/12/2021
31/12/202231/12/2022
31/12/202331/12/2023
31/12/2024Class B-Acc 32.2% -7.6% -16.4% 5.3% 3.9% Index* 15.0% -1.3% -9.6% 4.0% 10.0% Target Benchmark** 17.3% 0.7% -7.8% 6.1% 12.2% Sector Average*** 13.7% -0.5% -12.2% 4.3% 8.2% Please bear in mind that past performance is not a guide to future returns. 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 31/01/2025
Fund % 1 TSMC 10.1% 2 Samsung Electronics 7.7% 3 MercadoLibre 5.1% 4 Tencent 5.0% 5 Petrobras 4.6% 6 Reliance Industries 4.1% 7 Ping An Insurance 3.5% 8 HDFC Bank 3.3% 9 Sea Limited 2.9% 10 Meituan 2.7% Total 49.0% Geographic analysis of total assets 31/01/2025Fund %
- 1 China 26.80
- 2 India 14.76
- 3 Brazil 12.87
- 4 South Korea 11.75
- 5 Taiwan 11.39
- 6 Mexico 4.61
- 7 Poland 3.26
- 8 Singapore 2.85
- 9 Peru 2.20
- 10 Others 10.43
- 11 Cash -0.92
- Total 100.00
Sector analysis of total assets 31/01/2025Fund %
- 1 Information Technology 26.15
- 2 Consumer Discretionary 22.17
- 3 Financials 22.07
- 4 Communication Services 9.73
- 5 Energy 8.69
- 6 Materials 6.48
- 7 Consumer Staples 2.83
- 8 Industrials 2.80
- 9 Cash -0.92
- 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) can go down or up.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
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.
Alex Summers
Alex is an investment manager in the Emerging Markets Equity Team. He is also a member of the International All Cap Portfolio Construction Group. He joined Baillie Gifford in 2022 and prior to joining the firm, worked as a Senior Investment Analyst (EM/Asia) at Stewart Investors from 2013. Alex is a CFA Charterholder and graduated BBA (First Class Honours), in Accounting and Finance from the University of New Brunswick, Canada.
FUND PLATFORMS/SUPERMARKETS
You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite.
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.
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
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Implementation statement
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.
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
