Overview
Fund objective
The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares Index, as stated in sterling, over rolling five-year 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 China/Greater China Sector.
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.
Investment proposition
Share price and charges
Share class
B, IncPrice
521.80p% change
-0.70%Yield
0.9%Ex-dividend (XD)
XOngoing charges*
0.78%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
19 November 2008
Fund size
£214.22m
The Investment Association sector
China/Greater China
Comparative Index
MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 26/11/19 thereafter MSCI China All Shares Index
Active share
64%**
Annual turnover
27%
Guideline number of holdings
40-80
Current number of holdings
61
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to MSCI China All Shares Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
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. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund's exposure to a single market may increase share price movements.
Emerging Markets
The Fund invests primarily in the shares of, or depositary receipts representing the shares of, Chinese companies where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
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.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Important information
Your location indicates you are based in Guernsey 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.
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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 4.4% | -2.6% | -3.8% | 23.7% | 6.5% | -6.0% |
Index* | 2.7% | -4.1% | -6.1% | 19.6% | 6.6% | -2.3% |
Sector Average** | 5.2% | -1.7% | -1.9% | 26.6% | 6.2% | -3.6% |
Sector Ranking | 36/67 | 29/67 | 32/66 | 31/66 | 34/63 | 44/57 |
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
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Acc | -27.6% | -5.1% | -25.7% | 30.0% | 10.0% |
Index* | -20.5% | -0.2% | -18.2% | 26.1% | 8.2% |
Sector Average** | -21.5% | -3.6% | -20.7% | 20.8% | 11.5% |
Important information
Your location indicates you are based in Guernsey 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.
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Tencent | 9.2% |
| 2 | Alibaba | 7.0% |
| 3 | CATL | 5.1% |
| 4 | Ping An Insurance | 4.0% |
| 5 | Kweichow Moutai | 3.3% |
| 6 | China Merchants Bank | 3.2% |
| 7 | Zijin Mining Group | 2.9% |
| 8 | China Construction Bank | 2.8% |
| 9 | PDD Holdings | 2.7% |
| 10 | CNOOC | 2.6% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Consumer Discretionary | 26.4 | 17.9 | 8.5 |
| 2 | Industrials | 15.0 | 9.5 | 5.5 |
| 3 | Communication Services | 13.6 | 11.8 | 1.8 |
| 4 | Information Technology | 13.3 | 16.7 | -3.4 |
| 5 | Materials | 10.2 | 8.4 | 1.8 |
| 6 | Financials | 9.9 | 19.1 | -9.1 |
| 7 | Energy | 4.0 | 3.5 | 0.5 |
| 8 | Consumer Staples | 4.0 | 4.8 | -0.9 |
| 9 | Utilities | 2.1 | 2.4 | -0.3 |
| 10 | Health Care | 2.0 | 4.6 | -2.6 |
| 11 | Cash | -0.6 | 0.0 | -0.6 |
Total | 100.0 | 98.8 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Air China 'H'
- Anhui Conch Cement Co Ltd 'H'
- Boe Technology Group Co Ltd 'A' - Stock Connect
- China Construction Bank Corp 'H'
- Ganfeng Lithium Gp
- Inner Mongolia Xingye Silv 'A' - Stock Connect
- Laopu Gold 'H'
- Minimax
- Montage Technology Co Ltd 'H'
- Petrochina Co. 'H'
- Wanhua Chemical Group 'A' - Stock Connect
Complete sales
- Ctrip.com International
- Dongguan Yiheda Automation Co 'A'
- Estun Automation 'A'
- KE Holdings (HK Line)
- Kingdee Int'l Software Group
- Kingsoft Corp Ltd
- Li Ning
- Medlive Technology Co Ltd
- Proya Cosmetics 'A'
- Shanxi Xinghuacun Fen Wine 'A' - Stock Connect
- Shenzhen Megmeet Electrical 'A'
Additions
- China Mobile
- CNOOC
- Pop Mart International Group L
- Tencent
Reductions
- Midea Group 'A'
- Minimax
- Sanhua Intelligent Controls 'A'
- Sinocera Material 'A'
- Weichai Power 'H'
- Zijin Gold International
- Zijin Mining Group Co Ltd 'H'
Important information
Your location indicates you are based in Guernsey 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.
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
China Q1 investment update
Investment specialist Ben Buckler reflects on recent performance, portfolio changes and market developments.
China Q4 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
China Q3 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.
Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
China Q2 investment update
Investment manager Sophie Earnshaw reflects on recent performance, portfolio changes and market developments.
China Q1 investment update
The China Team reflects on recent performance, portfolio changes and market developments.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
China Strategy
Investment manager, Sophie Earnshaw, discusses the Baillie Gifford China Strategy.
China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?
China: Missing a Paradigm Shift.
Investment manager Sophie Earnshaw shares her latest thoughts on investing in China.
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
Governance in China: risk or opportunity?
Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.
Changing China
Ben Buckler explores the A share opportunity in China.
China Q1 investment update
Investment specialist Ben Buckler reflects on recent performance, portfolio changes and market developments.China Q4 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.China Q3 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).China Q2 investment update
Investment manager Sophie Earnshaw reflects on recent performance, portfolio changes and market developments.China Q1 investment update
The China Team reflects on recent performance, portfolio changes and market developments.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.China Strategy
Investment manager, Sophie Earnshaw, discusses the Baillie Gifford China Strategy.China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?China: Missing a Paradigm Shift.
Investment manager Sophie Earnshaw shares her latest thoughts on investing in China.The real case for China
Willingness to change gives Chinese firms an innovation advantage.China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.Governance in China: risk or opportunity?
Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.Changing China
Ben Buckler explores the A share opportunity in China.
Important information
Your location indicates you are based in Guernsey 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.
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.
Documents
You can access any literature about the Fund here.
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.
Important information
Your location indicates you are based in Guernsey 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.
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.