Capital at risk
China A Shares
The world’s second-largest stock market offers a unique opportunity set but is inefficient, underexplored and underappreciated.
Exceptional growth firms are rare, and great long-term returns require participation in disruptive shifts that play out over years, not quarters.
Our portfolio reflects what we think will be China’s critical growth drivers in the next decades.
Big winners matter
We believe focusing on the upside of selected companies in a purely stock-driven, high-conviction portfolio is the best way to unlock the China opportunity in the long run.
China A Shares: our philosophy
Investment manager Linda Lin introduces China A Shares, reflecting on the exciting opportunities ahead.
Use time to your advantage
We seek to deliver long-term returns by investing in companies that can grow to a multiple of their current size over a 5-10-year horizon.
Our process deliberately focuses on company fundamentals. This not only frees us up from reacting to short-term market volatility and backward-looking macroeconomic data, but also allows us to think deeply about the opportunities that come from the disruptive, transformational trends that China and the world are going through.
This timeframe requires a radically different approach and perspective. We must invest with patience and give good decisions time to prove themselves.
A different approach
We own just 25-40 companies. Our stock-driven, unconstrained equity strategy is differentiated in three ways:
- Timescale: unlike the average market participant, we have exceptionally long holding periods.
- Upside focus: our philosophy centres on the asymmetry of returns and focuses on the upside of an investment case. This requires an ability to be imaginative about the potential of China’s best businesses.
- Perspectives: we balance global perspectives and local knowledge, seeking sources of insight beyond the financial world.
Fighting the instinct to involve ourselves in conventional market short-termism requires important cultural traits. We think independently, and that provides us with opportunities.
Meet the managers
Portfolio construction group
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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
| # | Holding | % of total assets |
|---|---|---|
| 1 | CATL | 9.6% |
| 2 | Midea | 8.2% |
| 3 | Kweichow Moutai | 6.6% |
| 4 | Sungrow Power Supply | 6.4% |
| 5 | Shenzhen Inovance Technology | 6.1% |
| 6 | Zhejiang Sanhua Intelligent Controls | 5.0% |
| 7 | Jiangsu Azure | 3.8% |
| 8 | Anker Innovations | 3.6% |
| 9 | Zhongji Innolight | 3.4% |
| 10 | Zijin Mining Group | 3.4% |
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:
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Insights
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
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.
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.
China A Shares Strategy
Investment manager, Linda Lin, discusses the Baillie Gifford China A Shares Strategy.
China’s urge to innovate
A nation that once adapted others’ technologies is increasingly leading in innovative products and services.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
China A Shares: our philosophy
Investment manager Linda Lin introduces China A Shares, reflecting on the exciting opportunities ahead.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.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.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.China A Shares Strategy
Investment manager, Linda Lin, discusses the Baillie Gifford China A Shares Strategy.China’s urge to innovate
A nation that once adapted others’ technologies is increasingly leading in innovative products and services.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
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.