Capital at risk
Emerging Markets ex China
Emerging markets companies often have substantial opportunities and decades of growth ahead. We believe being selective is key to achieving great results: the index is not the best reflection of future growth. Our Emerging Markets ex China Strategy is a portfolio of 40-80 companies.
Emerging Markets growth outside of China
An open-minded, patient approach in the least patient markets; helping our clients benefit from powerful growth tailwinds in developing countries by having a clear idea of the market inefficiencies we are trying to exploit.
A patient portfolio
EM ex China is a relatively new asset class for most, but our specific experience dates back to 2005.
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 decisions time to prove themselves.
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 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.
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
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).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 March 2025
| # | Holding | % of portfolio |
|---|---|---|
| 1 | TSMC | 17.16 |
| 2 | Samsung Electronics | 4.48 |
| 3 | MediaTek | 4.37 |
| 4 | MercadoLibre | 4.27 |
| 5 | Naspers | 4.20 |
| 6 | Sea Limited | 4.00 |
| 7 | Reliance Industries | 3.80 |
| 8 | Petrobras | 2.93 |
| 9 | SK Hynix | 2.85 |
| 10 | Axis Bank | 2.55 |
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).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Insights
Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
India: selective exposure to a key market
Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.
Lithium: powering the future
Investing in the Chilean mining company charging the energy transition.
Brazil: an uncomfortable dance?
How our Brazilian holdings are leading with strong growth amid fiscal complexity.
Emerging markets: new opportunities
The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.
Samsung: chipping away at challenges
How Samsung turns challenges into opportunities for future growth.
The rise of the Global South
Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
Travelling Brazil: open for business
We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.
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.
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
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.
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 in 2050
Monthly insights
Related insights
Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.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 companiesHow 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.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?
Invest in this strategy
You can invest in this strategy through the following fund(s).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account