Capital at risk

Investment strategy

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.

Aerial view of a boat sailing along the Yamuna river at sunset surrounded by seagulls along the coast in New Delhi, India.

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 Q1 investment update

The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.

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.
Mike GushInvestment Manager, Partner

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.

Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

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. Read our Legal and regulatory information for further details.

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You can invest in this strategy through the following fund(s).

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