Capital at risk

Investment strategy

Emerging Markets All Cap

We’ve been investing in emerging markets since 1994 and are grateful to be entrusted by a range of long-standing global clients. EM All Cap is our oldest global EM offering, a diverse portfolio of 60-100 companies.

Aerial view of a boat sailing along the Yamuna river at sunset surrounded by seagulls along the coast in New Delhi, India.

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

Investment manager William Sutcliffe introduces Emerging Markets, reflecting 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 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.
Mike GushInvestment Manager, Partner

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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Strategy portfolio holdings

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

All figures up to: 31 March 2024

#CompanyFund %
1TSMC12.0%
2Samsung Electronics5.8%
3Tencent4.7%
4Reliance Industries Ltd4.3%
5SK Hynix Inc3.7%
6MercadoLibre3.6%
7Petrobras Common ADR3.5%
8Alibaba Group Holding2.5%
9USD Uncommitted Cash2.3%
10Bank Rakyat Indonesia2.1%

Strategy holdings by sector

All figures up to: 31 March 2024

1Information Technology32.17%
2Financials16.35%
3Consumer Discretionary14.97%
4Energy11.30%
5Communication Services8.34%
6Materials5.76%
7Consumer Staples5.26%
8Industrials2.24%
9Real Estate0.71%
10Health Care0.57%
11Cash2.32%
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.

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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

Viewing 28 of 28
  1. From earth to equity: the platinum opportunity

    Platinum's role in health, tech and green energy.
    May 2024
    Article4 minutes
  2. Will Sutcliffe

    Emerging Markets: our philosophy

    Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
    May 2024
    Video4 minutes
  3. Luckin Coffee: looking forward

    How Luckin Coffee is revolutionising China's coffee culture.
    April 2024
    Article3 minutes
  4. 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
  5. High-calibre emerging markets firms

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

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  7. 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
  8. BRICS expansion and impact

    Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
    February 2024
    Document3 minutes
  9. 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
  10. How do we do what we do

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

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  12. 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
  13. 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
  14. China: fear or FOMO?

    Ben Buckler on how investors should steer between the twin poles of risk in China.
    December 2023
    Article5 minutes
  15. 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
  16. South-east Asia's new export champions

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

    Emerging markets have underperformed developed ones recently. So, why should we invest in them?
    November 2023
    Article
  18. 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
  19. Emerging Markets Q3 update

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  20. 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
  21. 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
  22. 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
  23. Brazil's economic landscape

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

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

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

    Understanding the difference between pessimism and possibility in Emerging Markets.
    May 2022
    Article
  27. 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
  28. 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 update

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

Related insights

  1. Will Sutcliffe

    Emerging Markets: our philosophy

    Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
    May 2024
    Video4 minutes
  2. 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
  3. High-calibre emerging markets firms

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

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

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

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video11 minutes
  7. 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
  8. China: fear or FOMO?

    Ben Buckler on how investors should steer between the twin poles of risk in China.
    December 2023
    Article5 minutes
  9. 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
  10. Emerging markets – why bother?

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

    The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video9 minutes
  12. 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
  13. Emerging Markets Q2 update

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

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

    Understanding the difference between pessimism and possibility in Emerging Markets.
    May 2022
    Article
  16. 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
  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

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

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.