Capital at risk
Emerging Markets All Cap
We’ve been investing in Emerging Markets (EM) since 1994 and are grateful to be entrusted by a range of long-standing global clients. Our Emerging Markets All Cap Strategy, a diverse portfolio of 60-100 companies is our oldest global EM offering.
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: our philosophy
Will Sutcliffe, Head of the Emerging Markets Equity Team, introduces emerging markets and reflects on the exciting opportunities ahead.
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 than 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.
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.
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You can invest in this strategy through the following fund(s).
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2025
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 14.2% |
| 2 | Tencent | 6.9% |
| 3 | Samsung Electronics | 4.4% |
| 4 | SK Hynix Inc | 4.2% |
| 5 | Alibaba Group Holding | 4.2% |
| 6 | MercadoLibre | 3.5% |
| 7 | Reliance Industries Ltd | 2.7% |
| 8 | Axis Bank | 1.9% |
| 9 | Samsung Electronics Pref | 1.9% |
| 10 | B3 S.A. | 1.7% |
Please note
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.
Invest in this strategy
You can invest in this strategy through the following fund(s).
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Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Insights
Korea’s Value-Up ambition
Why South Korea’s stock market has transformed from ugly duckling to world-leading.
Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.
From Pac-Man to AI agents
How Tencent is evolving beyond gaming.
Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.
Emerging Markets Q3 update
Investment manager Ben Durrant reflects on recent performance, portfolio changes and market developments over the last quarter.
Engines of the future
Why emerging markets drive global growth.
Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
Three ways we think about AI in Emerging Markets
Why hardware producers, platforms and quiet compounders give our portfolios exposure to AI.
Vietnam: in step with structural growth
Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential.
Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.
China: driving the future
How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
India: selective exposure to a key market
Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Tariff twists and turns
Emerging markets investors should avoid knee-jerk reactions.
Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.
Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.
Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Lithium: powering the future
Investing in the Chilean mining company charging the energy transition.
EM: how we do what we do
How do we implement our emerging markets philosophy in practice?
EM: Why we do what we do
Why do we invest in emerging markets in the way that we do?
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
DeepSeek: disruptive AI
Why investors shouldn’t overlook Chinese innovation
Brazil: an uncomfortable dance?
How our Brazilian holdings are leading with strong growth amid fiscal complexity.
Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging markets: new opportunities
The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.
The rise of the Global South
Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
Travelling Brazil: open for business
We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
The brilliance of Brilliance
Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.
China’s third plenum: staying the tech course
Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.
Emerging markets democracy: better than you think
See what the recent elections in Mexico and India mean for emerging markets investors.
From earth to equity: the platinum opportunity
Platinum's role in health, tech and green energy.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
Luckin Coffee: looking forward
How Luckin Coffee is revolutionising China's coffee culture.
30 years of emerging markets
Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
High-calibre emerging markets firms
Why it’s a promising time to invest in exceptional emerging markets companies
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
Emerging Markets Q3 update
Investment manager Ben Durrant reflects on recent performance, portfolio changes and market developments.
Monthly insights
Related insights
Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.Emerging Markets Q3 update
Investment manager Ben Durrant reflects on recent performance, portfolio changes and market developments over the last quarter.Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.EM: how we do what we do
How do we implement our emerging markets philosophy in practice?EM: Why we do what we do
Why do we invest in emerging markets in the way that we do?Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.30 years of emerging markets
Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.High-calibre emerging markets firms
Why it’s a promising time to invest in exceptional emerging markets companiesChina: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
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