Capital at risk

Investment strategy

Emerging Markets Leading Companies

Emerging markets (EM) firms often have substantial opportunities and decades of growth ahead. We believe being selective is imperative to achieving superior results; the index is not the best reflection of future growth.

An aerial view of Vietnamese women fishing with traditional nets in shallow water with their wooden boats nearby.

A patient approach in impatient markets

A well-developed approach to investing in the developing world; which aims to help our clients benefit from powerful growth tailwinds. EM investors should be open-minded about where growth can come from. 

Emerging Markets Q1 investment update

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

Turning time to your advantage

We’ve been investing in emerging markets for decades. Our 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 the 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. 

Long-standing clients across the globe

We appreciate the under appreciated. 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. 

In nearly 30 years, we have seen enough crises and shocks to know the future is uncertain. As investors our preference is always to embrace uncertainty rather than be paralysed by it.
Will SutcliffeHead of Emerging Markets, Partner

Meet the managers

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.

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.

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 March 2024

#CompanyFund %
1TSMC12.9%
2Samsung Electronics8.9%
3Tencent5.5%
4Petrobras Common ADR4.4%
5MercadoLibre4.1%
6HDFC Bank3.4%
7Alibaba Group Holding3.1%
8Reliance Industries Ltd2.9%
9SK Hynix Inc2.8%
10Ping An Insurance2.7%

Strategy holdings by sector

All figures up to: 31 March 2024

1Information Technology29.55%
2Financials22.01%
3Consumer Discretionary17.37%
4Energy9.41%
5Communication Services8.15%
6Materials5.56%
7Consumer Staples3.72%
8Industrials2.62%
9Cash1.60%
Total 100%

Strategy holdings by sector

All figures up to: 31 March 2024

Total: 100%

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).

Explore further

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:

  1. 30 years of emerging markets

    Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
    April 2024
    Article15 minutes
  2. High-calibre emerging markets firms

    Why it’s a promising time to invest in exceptional emerging markets companies
    April 2024
    Article4 minutes
  3. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  4. ESG analyst trip notes: India and China

    Read more about the unique perspective on the evolving energy landscape and corporate governance in these emerging markets.
    March 2024
    Document3 minutes
  5. BRICS expansion and impact

    Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
    February 2024
    Document3 minutes
  6. Baillie Gifford

    Copper's role in emerging markets

    Assessing copper's supply challenges and investment potential in emerging markets for 2024.
    January 2024
    Document3 minutes
  7. How do we do what we do

    How do we implement our emerging markets equities philosophy in practice?
    January 2024
    Document
  8. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  9. Why do we do what we do

    Andrew Keiller and John Rae look at why we invest in emerging markets equities in the way that we do.
    December 2023
    Document
  10. India's triumph in a turbulent world

    Uncover insights on emerging markets, India's economy, and Asia's rising export champions.
    December 2023
    Document3 minutes
  11. China: fear or FOMO?

    Ben Buckler on how investors should steer between the twin poles of risk in China.
    December 2023
    Article5 minutes
  12. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  13. South-east Asia's new export champions

    Uncovering Asia's rising export stars in Vietnam, Indonesia and Thailand.
    November 2023
    Document3 minutes
  14. Emerging markets – why bother?

    Emerging markets have underperformed developed ones recently. So, why should we invest in them?
    November 2023
    Article
  15. Conversations with Shanghai

    Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
    October 2023
    Document3 minutes
  16. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  17. AI's hardware hero

    Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
    September 2023
    Document3 minutes
  18. Finding China’s A-share jewels

    The country’s domestic markets are rich in companies with the know-how to become global leaders.
    September 2023
    Article
  19. Beyond the numbers

    An analysis of the relationship between GDP growth and stock market returns in emerging markets, with a focus on China.
    August 2023
    Document3 minutes
  20. Brazil's economic landscape

    Challenging perceptions: Lula's re-election and Brazil's economic potential
    July 2023
    Document3 minutes
  21. Emerging Markets Q2 update

    The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  22. Emerging Markets Q1 update

    Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  23. Emerging Markets: the possibilist

    Understanding the difference between pessimism and possibility in Emerging Markets.
    May 2022
    Article
  24. Emerging Markets: coming of age

    It’s time to stop looking in the rear-view mirror when it comes to emerging markets.
    October 2020
    Article
  25. Baillie Gifford Emerging Markets Introduction

    Investment Managers Will Sutcliffe, Mike Gush and Sophie Earnshaw give an introduction to investing in Emerging Markets.
    February 2020
    Video6 minutes
  26. Abstract illustration of skyscraper buildings

    The shape of things to come

    It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.
    November 2019
    DocumentNovember 2019

Emerging Markets Q1 investment update

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

Related insights

  1. 30 years of emerging markets

    Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
    April 2024
    Article15 minutes
  2. High-calibre emerging markets firms

    Why it’s a promising time to invest in exceptional emerging markets companies
    April 2024
    Article4 minutes
  3. Emerging Markets Q1 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  4. How do we do what we do

    How do we implement our emerging markets equities philosophy in practice?
    January 2024
    Document
  5. Emerging Markets Q4 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  6. Why do we do what we do

    Andrew Keiller and John Rae look at why we invest in emerging markets equities in the way that we do.
    December 2023
    Document
  7. China: fear or FOMO?

    Ben Buckler on how investors should steer between the twin poles of risk in China.
    December 2023
    Article5 minutes
  8. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  9. Emerging markets – why bother?

    Emerging markets have underperformed developed ones recently. So, why should we invest in them?
    November 2023
    Article
  10. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  11. Finding China’s A-share jewels

    The country’s domestic markets are rich in companies with the know-how to become global leaders.
    September 2023
    Article
  12. Emerging Markets Q2 update

    The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  13. Emerging Markets Q1 update

    Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  14. Emerging Markets: the possibilist

    Understanding the difference between pessimism and possibility in Emerging Markets.
    May 2022
    Article
  15. Emerging Markets: coming of age

    It’s time to stop looking in the rear-view mirror when it comes to emerging markets.
    October 2020
    Article
  16. Baillie Gifford Emerging Markets Introduction

    Investment Managers Will Sutcliffe, Mike Gush and Sophie Earnshaw give an introduction to investing in Emerging Markets.
    February 2020
    Video6 minutes
  17. Abstract illustration of skyscraper buildings

    The shape of things to come

    It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.
    November 2019
    DocumentNovember 2019

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

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
 
The information on this Website is issued by Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 (the “Company”) which is licensed by the Securities and Futures Commission of Hong Kong (the “SFC”) under the Securities and Futures Ordinance (“SFO”) for Type 1 (Dealing in Securities) and a Type 2 (Dealing in Futures Contracts) regulated activities with CE Number BGB803. It allows the Company to market and distribute the Baillie Gifford’s range of collective investment schemes to Professional Investors (as defined by the SFO) in Hong Kong.
 
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This website is informative only and the information provided should not be considered as investment or other advice or a recommendation or offer to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here. Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
 
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Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is incorporated in Hong Kong.  The Company’s principal place of business is Suites 2713-2715 Two International Finance Centre, 8 Finance Street, Central, Hong Kong . Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is a wholly owned subsidiary of Baillie Gifford Overseas Limited, which is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated in the UK by the Financial Conduct Authority.