Emerging Markets Fund | Baillie Gifford | Professional Investor

Emerging Markets Fund

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Overview

To produce capital growth over the long term by investing primarily in emerging market equities. Performance will be measured against the MSCI Emerging Markets Index.

Fund Facts

All figures to 3/31/2024

Launch Date

31 May 2001

Fund Size

$685.6m

Benchmark

MSCI Emerging Markets Index

Current Number of Stocks

Active Share

70%*

Annual Turnover

19%

Style

Growth

Stocks (guideline range)

60-100

Source: Revolution, MSCI. Canadian dollars.

For a full glossary of definitions, please click here

Charges

Management Fee

0.72%

Operating Expenses

0.07%

Gross Expense Ratio

0.79%

Net Expense Ratio

0.79%

Source: Revolution, MSCI. As at September 30, 2022. Canadian dollars. Fund performance shown is based on the NAV calculated by CIBC Mellon Trust Company, 4pm ET. Benchmark calculated using close to close. *Not annualized. Launch date: May 31, 2001.

Series F: The management fee and operating expenses are taken directly from your investment in the fund.

Series Z: Investors pay a management fee directly to BG & Co Ltd and the operating expenses are taken directly from your investment in the fund. This site does not quote a management fee for Series Z as these can vary depending on factors such as how much you have invested.

Operating expenses are all expenses the Fund incurs in its daily operations excluding transaction fees and they may be capped at the discretion of the Manager. Operating expenses figures are based on the actual expenses for the fiscal year to December 31, 2023.

Fees and charges may change in the future. Please see the Offering Memorandum for more information.

Market Cap (weighted average)

$238.14bn

Price/Book

2.13

Price/Earnings (12 months forward)

12.28

Earnings Growth (5 year historic)

8.49%

Return on Equity

16.77%

Beta

1.15

Standard Deviation (trailing 3 years)

18.36%

Key Documents

Contact Us

Anthony Spagnolo

Tel: (416) 505 5927

Email: Anthony.Spagnolo@bailliegifford.com

Canada Client Service Team

Email: CanadaClientService@bailliegifford.com

Baillie Gifford International LLC

161 Bay Street, Suite 2700, Toronto, Ontario, M5J 2S1

Overview

To produce capital growth over the long term by investing primarily in emerging market equities. Performance will be measured against the MSCI Emerging Markets Index.

Investment Proposition

We invest on a long-term (five year) perspective and have a strong preference for growth. We are looking for significant upside in each stock that we invest in. The process is driven by rigorous, fundamental, bottom-up analysis undertaken by our dedicated emerging markets team. The fund manager draws on this analysis, as well as insights gleaned from discussion with all of Baillie Gifford’s global investors, to produce a portfolio that typically holds 60–100 stocks.

Sector Analysis of Total Assets - 3/31/2024

Fund %

1 Information Technology 31.81
2 Financials 16.29
3 Consumer Discretionary 14.47
4 Energy 11.35
5 Communication Services 8.26
6 Materials 5.74
7 Consumer Staples 5.22
8 Industrials 2.27
9 Real Estate 0.68
10 Health Care 0.55
11 Cash 3.36
Total 100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 3/31/2024

Fund %

1 Emerging Markets 96.64
2 Cash 3.36
Total 100.00

Total may not sum due to rounding

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

Holdings

Top 10
All

Top Ten Holdings as of month end 31/03/2024

	Company Name	Fund %
1	TSMC	11.78
2	Samsung Electronics	7.47
3	Tencent	4.65
4	Petrobras	4.62
5	Reliance Industries	4.31
6	MercadoLibre	3.67
7	SK Hynix	3.64
8	Alibaba	2.49
9	Bank Rakyat Indonesia	2.03
10	Hyundai Motor Company	1.99
Total	46.66%

All Holdings as of quarter end 31/03/2024

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (CAD)	Fund %
1	6889106	TW0002330008	TSMC	Taiwan	2,451,808	779.00	TWD	Equity	80761518.20	11.78
2	6771720	KR7005930003	Samsung Electronics	South Korea	475,657	82400.00	KRW	Equity	39397931.75	5.75
3	BMMV2K8	KYG875721634	Tencent	China	606,900	303.80	HKD	Equity	31879986.40	4.65
4	6099626	INE002A01018	Reliance Industries	India	613,465	2971.70	INR	Equity	29579697.01	4.31
5	B23X1H3	US58733R1023	MercadoLibre	Brazil	12,312	1511.96	USD	Equity	25191089.08	3.67
6	6450267	KR7000660001	SK Hynix	South Korea	135,478	183000.00	KRW	Equity	24921385.66	3.64
7	2616580	US71654V4086	Petrobras	Brazil	1,182,097	15.21	USD	Equity	24331022.72	3.55
8	BK6YZP5	KYG017191142	Alibaba	China	1,406,944	70.25	HKD	Equity	17089775.62	2.49
9			Cash and Deposits	International	14,840,556	0.00	CAD	Equity	14840555.70	2.16
10	6709099	ID1000118201	Bank Rakyat Indonesia	Indonesia	27,014,744	6050.00	IDR	Equity	13949801.26	2.03
11	6451055	KR7005380001	Hyundai Motor Company	South Korea	58,243	233000.00	KRW	Equity	13641181.18	1.99
12	2421041	MXP370711014	Grupo Financiero Banorte	Mexico	943,971	176.37	MXN	Equity	13554536.06	1.98
13	B01NPJ1	INE467B01029	Tata Consultancy Services	India	213,433	3876.30	INR	Equity	13423875.54	1.96
14	6372480	TW0002454006	MediaTek	Taiwan	262,000	1195.00	TWD	Equity	13238834.58	1.93
15	6773812	KR7005931001	Samsung Electronics	South Korea	172,625	68000.00	KRW	Equity	11799535.84	1.72
16	BQPG2F3	INE758E01017	Jio Financial Services Limited	India	2,023,816	353.75	INR	Equity	11616263.12	1.69
17	BP3R2F1	CNE0000018R8	Kweichow Moutai	China	35,000	1702.90	CNY	Equity	11159638.59	1.63
18	2246039	US3444191064	FEMSA	Mexico	61,309	130.27	USD	Equity	10808033.46	1.58
19	2347608	CA3359341052	First Quantum Minerals	Other Emerging Markets	709,904	14.56	CAD	Equity	10336202.24	1.51
20	6005214	TW0002345006	Accton Technology	Taiwan	447,000	463.00	TWD	Equity	8751229.50	1.28
21	BWFGD63	INE669C01036	Tech Mahindra	India	430,630	1248.10	INR	Equity	8720725.81	1.27
22	BG36ZK1	BRB3SAACNOR6	B3	Brazil	2,656,600	11.99	BRL	Equity	8611356.79	1.26
23			Cash and Deposits	International	6,302,186	0.00	USD	Equity	8528432.57	1.24
24	B1359J0	TH0355A10Z12	PTT Exploration and Production	Thailand	1,381,300	153.00	THB	Equity	7838146.39	1.14
25	B0J2D41	KYG070341048	Baidu.com	China	436,300	102.70	HKD	Equity	7747630.09	1.13
26	BN6NP19	KYG6683N1034	Nu Holdings	Brazil	476,448	11.93	USD	Equity	7691906.33	1.12
27	B01FLR7	CNE1000003X6	Ping An Insurance	China	1,327,000	33.05	HKD	Equity	7583254.07	1.11
28	B1DYPZ5	CNE1000002M1	China Merchants Bank	China	1,405,000	30.95	HKD	Equity	7518828.83	1.10
29	BNYHDF3	US22266T1097	Coupang	South Korea	305,680	17.79	USD	Equity	7359037.36	1.07
30	2683410	US71654V1017	Petrobras	Brazil	364,351	14.90	USD	Equity	7346564.05	1.07
31	2488671	US1512908898	Cemex	Mexico	588,307	9.01	USD	Equity	7173099.28	1.05
32	BW1YVH8	MX01WA000038	Walmex	Mexico	1,289,979	67.00	MXN	Equity	7036533.07	1.03
33	BD5CPP1	CNE100001QQ5	Midea	China	574,472	64.22	CNY	Equity	6907678.36	1.01
34	BJRFY31	BRNTCOACNOR5	Natura & Co.	Brazil	1,409,200	17.88	BRL	Equity	6811870.47	0.99
35	BF0TRG6	INE795G01014	HDFC Life Insurance	India	656,515	633.35	INR	Equity	6746637.80	0.98
36	BN7FZ69	INE148O01028	Delhivery	India	924,880	445.55	INR	Equity	6686222.17	0.98
37	B0MP1B0	KYG8087W1015	Shenzhou International	China	518,600	74.10	HKD	Equity	6644525.02	0.97
38	B01GZF6	INE481G01011	UltraTech Cement	India	41,519	9749.15	INR	Equity	6567689.37	0.96
39	2232878	BMG2519Y1084	Credicorp	Peru	28,131	169.43	USD	Equity	6449907.95	0.94
40	B0TNJH9	PAP310761054	Copa Holdings	Panama	45,523	104.16	USD	Equity	6416672.60	0.94
41	BLD4QD0	CNE1000048K8	Haier Smart Home	China	1,487,840	24.35	HKD	Equity	6264240.40	0.91
42	2866857	CA5503721063	Lundin Mining	Chile	446,076	13.86	CAD	Equity	6182613.36	0.90
43	BH4DMW9	KYG8190F1028	Silergy	China	433,000	328.00	TWD	Equity	6005404.97	0.88
44	6725299	CNE100000502	Zijin Mining	China	2,194,000	15.62	HKD	Equity	5925580.10	0.86
45	BYWD7L4	US81141R1005	Sea Limited	Singapore	81,101	53.71	USD	Equity	5894668.64	0.86
46	BNR4MR6	CNE1000047B9	Anker Innovations	China	396,900	77.28	CNY	Equity	5743030.89	0.84
47	BKPQZT6	KYG8208B1014	JD.com	China	293,045	107.90	HKD	Equity	5467250.60	0.80
48	B4JSZL8	KYG3323L1005	Fabrinet	Thailand	20,664	189.02	USD	Equity	5285671.72	0.77
49	B00FSK0	US0594603039	Banco Bradesco	Brazil	1,363,996	2.86	USD	Equity	5279066.89	0.77
50	BFZYWR2	US88034P1093	Tencent Music Entertainment Group	China	345,088	11.19	USD	Equity	5225621.85	0.76
51	BL66B27	BRRAIZACNPR6	Raizen	Brazil	5,143,500	3.54	BRL	Equity	4922528.49	0.72
52	6181482	BMG1368B1028	Brilliance China Automotive	China	4,798,000	5.40	HKD	Equity	4479888.70	0.65
53	BMBQDF6	LU2237380790	Allegro.eu	Poland	376,154	33.09	PLN	Equity	4223251.41	0.62
54	BN7SX97	KYG5223Y1089	KE Holdings	China	640,452	36.00	HKD	Equity	3986596.74	0.58
55	BD5CPS4	CNE000000040	Ping An Bank	China	1,981,000	10.52	CNY	Equity	3902052.92	0.57
56	B5YGG00	CA9191444020	Valeura Energy	Thailand	762,935	5.01	CAD	Equity	3822304.35	0.56
57	6606996	ZAE000066304	FirstRand	South Africa	818,140	61.73	ZAR	Equity	3609175.17	0.53
58	BLC90T0	KYG532631028	Kuaishou Technology	China	422,800	49.05	HKD	Equity	3585809.48	0.52
59	BPH0717	THA790010013	SCB X	Thailand	829,000	114.00	THB	Equity	3505042.67	0.51
60	BP4DVR3	INE417T01026	PB Fintech	India	185,816	1124.25	INR	Equity	3389572.83	0.49
61	5263251	PLKGHM000017	KGHM Polska Miedz	Poland	82,033	114.15	PLN	Equity	3177712.65	0.46
62	BGDY260	KYG1146Y1017	BeiGene	China	172,955	95.10	HKD	Equity	2843982.10	0.41
63	BPFJHC7	INE238A01034	Axis Bank	India	155,244	1047.20	INR	Equity	2637809.48	0.38
64	BMZQ749	SA15DHKGHBH4	Saudi Tadawul Group	Saudi Arabia	25,276	272.80	SAR	Equity	2487949.60	0.36
65	BQC4YW1	JE00BQC4YW14	WNS Global Services	India	36,309	50.53	USD	Equity	2482799.34	0.36
66	6560393	KR7035420009	NAVER Corp	South Korea	12,065	187400.00	KRW	Equity	2272737.26	0.33
67	BJY21K1	US48581R2058	Kaspi.kz	Kazakhstan	12,998	128.64	USD	Equity	2262718.87	0.33
68	B01JCK9	KYG5496K1242	Li Ning	China	433,000	20.80	HKD	Equity	1557271.92	0.23
69	BP8L269	KYG9887T1168	Zai Lab	China	419,870	12.90	HKD	Equity	936521.55	0.14
70	BR0V7R7	US54975P2011	Lufax Holding	China	154,894	4.22	USD	Equity	884555.49	0.13
71	BMBX7M2	US4824971042	KE Holdings	China	35,900	13.73	USD	Equity	667026.40	0.10
72	BP3RNW5	VN000000MWG0	Mobile World Investment Corporation	Vietnam	129,000	51100.00	VND	Equity	359769.66	0.05
73			Cash and Deposits	International	380	0.00	INR	Equity	6.17	0.00
74	4767981	RU0009029540	Sberbank	Russia	2,790,960	0.00	RUB	Equity	0.00	0.00
75	BYSW6D0	US55315J1025	Norilsk Nickel	Russia	8	0.00	USD	Equity	0.00	0.00
76	B5B1TX2	RU0007288411	Norilsk Nickel	Russia	48,466	0.00	RUB	Equity	0.00	0.00
77	B9GFHQ6	RU000A0JR4A1	Moscow Exchange	Russia	1,358,020	0.00	RUB	Equity	0.00	0.00
78			Cash and Deposits	International	-6,661,894,692	0.00	VND	Equity	-363589.80	-0.05
Total	100.00%

Insights

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TAX & DISTRIBUTIONS

The Fund intends to pay dividends to its unitholders at least annually. Distributions will be automatically reinvested in additional units of the Fund or, if a unitholder requests, paid directly to unitholder.

The distribution date for the Fund shall be the last Valuation Date in each taxation year or such other frequency as may be determined by the Manager. The distribution dates will appear on this page alongside the rates once they become available. For more information on the Funds distributions please see the Offering Memorandum.

RECENT DISTRIBUTIONS
UPCOMING DISTRIBUTIONS

The below table shows the makeup of the most recent distributions paid.
Fund Name	Income Dividends	Capital Gain	Total Per Share	Ex. Date	Pay Date	Status
Emerging Markets Fund Series F	0.13631	0.00000	0.13631	12/29/2023	12/29/2023	Final
Emerging Markets Fund Series Z	0.14034	0.00000	0.14034	12/29/2023	12/29/2023	Final

Source: CIBC Mellon and Baillie Gifford & Co.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
Distribution Year	Record Date	ex Date	Payable Date
2024	12/30/2024	12/31/2024	12/31/2024

Documents

Index Disclaimer

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Important Information

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.

Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.

You can read details of our Legal and Important Information here.

Trade Matching Statement
This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.