1. 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 31/05/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -1.6%-6.2%-19.1%-0.7%
    Index* 2.2%-2.6%-12.5%-1.1%
    Target Benchmark** 3.3%-0.6%-10.8%0.9%
    Sector Average*** 1.2%-4.0%-14.8%-1.3%
    Sector Ranking 52/6644/6654/5821/47

    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 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    31/03/2022
    31/03/2023

    31/03/2023
    31/03/2024

    Class B-Acc 5.8%58.5%-27.6%-5.1%-25.7%
    Index* -0.3%31.2%-20.5%-0.2%-18.2%
    Target Benchmark** 1.7%33.9%-18.9%1.8%-16.6%
    Sector Average*** -0.2%40.9%-21.5%-3.6%-20.7%

    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 - 31/05/2024

    Fund %
    1 Tencent 9.7%
    2 Kweichow Moutai 5.9%
    3 Meituan 5.3%
    4 Alibaba 4.9%
    5 PDD Holdings 4.4%
    6 China Merchants Bank 3.4%
    7 CATL 3.2%
    8 Ping An Insurance 3.0%
    9 Zijin Mining 2.7%
    10 Midea 2.7%
    Total 45.3%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/05/2024

    Fund %

    • 1 Consumer Discretionary 32.64
    • 2 Industrials 15.18
    • 3 Communication Services 14.36
    • 4 Consumer Staples 9.73
    • 5 Information Technology 7.96
    • 6 Financials 7.94
    • 7 Health Care 4.91
    • 8 Materials 4.42
    • 9 Utilities 1.54
    • 10 Real Estate 1.35
    • 11 Cash -0.02
    • 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.

    Meet the Managers

    Sophie Earnshaw

    Sophie is an investment manager in the China Equities Team. She is a decision maker on our All China Strategy, which she has managed since 2014, and on our 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 Buy

    Further information on the 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.

    You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

    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.

    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.

    Important Information

    Your location indicates you are based in the Channel Islands and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.

    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

    This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.