1. 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 30/04/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 15.1%11.3%-4.8%4.4%
    Index* 12.0%10.7%-2.1%3.1%
    Target Benchmark** 13.1%12.9%-0.1%5.2%
    Sector Average*** 11.9%10.1%-2.8%2.6%
    Sector Ranking 32/16765/16593/14936/130

    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 -7.8%59.2%-16.2%-3.4%4.6%
    Index* -13.2%42.8%-6.8%-4.5%6.3%
    Target Benchmark** -11.4%45.7%-5.0%-2.5%8.4%
    Sector Average*** -15.4%46.8%-8.7%-4.4%6.0%

    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: 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 - 30/04/2024

    Fund %
    1 TSMC 9.7%
    2 Samsung Electronics 9.4%
    3 Tencent 5.0%
    4 Petrobras 5.0%
    5 Reliance Industries 4.9%
    6 MercadoLibre 3.9%
    7 HDFC Bank 3.6%
    8 Alibaba 3.3%
    9 Ping An Insurance 2.9%
    10 SK Hynix 2.6%
    Total 50.3%
    Geographic analysis of total assets - 30/04/2024

    Fund %

    • 1 China 28.31
    • 2 India 17.03
    • 3 South Korea 14.43
    • 4 Brazil 12.80
    • 5 Taiwan 9.74
    • 6 Mexico 5.61
    • 7 Poland 2.93
    • 8 Others 9.98
    • 9 Cash -0.83
    • 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

    Will Sutcliffe

    William is Head of our Emerging Markets Equity Team and has been a Manager on the Emerging Markets Leading Company Strategy since 2009. William is also a member of the Emerging Markets Product Group. William joined Baillie Gifford in 1999 and became a Partner of the firm in 2010 and has also spent time working in the UK and US Equities teams. William 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 the 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.

    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.

    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 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.

    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.