Overview
The Emerging Markets Growth 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.
Performance & Portfolio
Periodic performance
All figures to 31/10/2025 1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc 6.9% 18.4% 36.2% 29.3% 19.0% 5.4% Index* 6.8% 14.1% 30.1% 25.9% 16.5% 7.6% Target Benchmark** 6.9% 14.7% 31.4% 28.5% 18.8% 9.8% Sector Average*** 6.1% 13.5% 28.0% 23.3% 14.8% 6.7% Sector Ranking 46/183 12/183 10/183 30/175 24/168 103/150 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 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/202430/09/2024
30/09/2025Class B-Acc 12.2% -23.4% 9.2% 12.6% 20.9% Index* 13.7% -12.8% 2.6% 15.1% 17.7% Target Benchmark** 16.0% -11.0% 4.7% 17.5% 20.1% Sector Average*** 17.0% -15.4% 2.6% 13.0% 15.6% Please bear in mind that past performance is not a guide to future returns. 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 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 31/10/2025
Fund % 1 TSMC 9.5% 2 Samsung Electronics 8.6% 3 Tencent 6.9% 4 SK Hynix 5.9% 5 Alibaba 4.2% 6 MercadoLibre 3.5% 7 Reliance Industries 2.7% 8 MediaTek 2.0% 9 Axis Bank 1.9% 10 B3 1.7% Total 46.9% Asset allocation of total assets 31/10/2025Fund %
- 1 Information Technology 32.32
- 2 Consumer Discretionary 18.91
- 3 Financials 15.46
- 4 Communication Services 8.76
- 5 Materials 7.78
- 6 Industrials 6.69
- 7 Energy 4.50
- 8 Consumer Staples 2.38
- 9 Real Estate 1.84
- 10 Utilities 1.10
- 11 Health Care 0.47
- 12 Cash -0.21
- Total 100.00
Geographic analysis of total assets 31/10/2025Fund %
- 1 China 28.91
- 2 South Korea 18.10
- 3 Taiwan 13.42
- 4 India 9.89
- 5 Brazil 9.73
- 6 Mexico 2.38
- 7 Thailand 2.20
- 8 South Africa 2.04
- 9 Chile 2.01
- 10 Others 11.53
- 11 Cash -0.21
- 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. Source Baillie Gifford & Co.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
Please note that totals may not sum due to rounding.
Insights
Meet the managers
Mike Gush
Mike is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in our UK and Japanese equity teams. Mike is the chair of the firm's Equity Leadership Group (ELG). He is a CFA Charterholder and graduated MEng from the University of Durham in 2003.
Andrew Stobart
Andrew is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 1991, and prior to joining the team in 2007, he has also spent time working in our UK, Japanese, and North American Equity teams. In addition to his specialist Emerging Markets investment manager role, Andrew is responsible for the Emerging Markets portion of the Managed Fund. Prior to joining Baillie Gifford, he spent three years working in investment banking in London. Andrew graduated MA in economics from the University of Cambridge in 1987.
Ben Durrant
Ben is an investment manager in the Emerging Markets Equity Team. He has managed the Pacific Fund since 2021 and became deputy manager of Pacific Horizon Investment Trust in 2023. He joined Baillie Gifford in 2017, and has also worked in our UK, Global Discovery and Private Companies equity teams. Prior to joining the firm, he worked for RBS in their Group Strategy and Corporate Finance Team. Ben is a Chartered Accountant and a CFA Charterholder, and graduated BSc (Hons) in mathematics from the University of Edinburgh in 2012.
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.
Philosophy and process documents
Value assessment
Important Information
Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
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This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.
