Capital at risk
Emerging Markets All Cap
We’ve been investing in emerging markets since 1994 and are grateful to be entrusted by a range of long-standing global clients. EM All Cap is our oldest global EM offering, a diverse portfolio of 60-100 companies.
Powerful growth rewards patience
We take a patient approach in the least patient markets. EM companies often have substantial addressable opportunities and decades of growth ahead of them. We believe being selective is imperative to those seeking the best results.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
Finding world-class companies
Our key 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 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.
EM investors should be open-minded as to where growth can come from and have a clear idea of the market inefficiencies that they are trying to exploit.
Exploiting inefficiencies
We appreciate what is underappreciated. 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 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 in the opportunity set is increasing, growth is on offer, yet due to external factors and risk perceptions we can invest in many of these at what look like very low prices.
Meet the managers
Portfolio construction group
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.
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.
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 | 14.2% |
| 2 | Tencent | 6.7% |
| 3 | MercadoLibre | 3.7% |
| 4 | Reliance Industries Ltd | 3.3% |
| 5 | Alibaba Group Holding | 3.2% |
| 6 | Samsung Electronics | 3.1% |
| 7 | Petrobras Common ADR | 2.7% |
| 8 | Meituan | 2.2% |
| 9 | SK Hynix Inc | 2.1% |
| 10 | Mediatek | 2.0% |
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).
Explore further
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 Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Monthly insights
Related insights
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
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.
Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.
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?
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.
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.