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Baillie Gifford

Capital at risk

UK OEIC

China Fund

Share class

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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

The Fund aims to invest in an actively managed portfolio of Chinese market stocks. We invest on a long-term (5 year) perspective, and have a strong preference for growth. We are looking for significant upside in each stock that we invest in. The process is driven by rigorous, fundamental, bottom-up analysis undertaken by our dedicated China Equities Team. The fund managers draw on this analysis, as well as insights gleaned from discussion with all of Baillie Gifford's global investors, to produce a portfolio that typically holds 40-80 stocks.

Share price and charges

Share class

B, Inc

Price

521.80p

% change

-0.70%

Yield

0.9%

Ex-dividend (XD)

X

Ongoing charges*

0.78%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Key documents

Monthly factsheetQuarterly reportProspectusInterim reportAnnual reportValue Assessment

Our OEIC prices are generated on a daily basis by Baillie Gifford & Co. All OEICs operate on a forward dealing basis.

The yield shown above is a historic yield which reflects distributions declared over the past twelve months as a percentage of the mid-market price, as at the date shown. Where a share class has been in issue for less than a full financial year a forecast yield has been provided. The yield does not include any preliminary charge and investors may be subject to tax on distributions.

* The Ongoing Charge Figure (OCF) may vary from year to year and will exclude the costs of buying and selling assets for the Fund. The OCF is at the latest annual or interim period. Further explanation of all the charges and costs relating to this Fund can be found in the Enhanced Disclosure of Fund Charges and Costs document. Where the share class has been launched during the financial period and / or expenses during the period are not representative, an estimate of expenses may have been used instead. 

This limit does not apply to those investing via a platform for which the relevant limit set by the platform will apply.

Key documents

Monthly factsheetQuarterly reportProspectusInterim reportAnnual reportValue Assessment

Fund facts

As at: 30 April 2026

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

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Important information

Your location indicates you are based in Jersey 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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

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%

Past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.

Source: FE, Revolution, MSCI. Total return net of charges, in sterling.

Share class returns calculated using 10am prices, while the Index is calculated close-to-close.

*MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 26/11/19 thereafter MSCI China All Shares Index.

**IA China/Greater China Sector.

Important information

Your location indicates you are based in Jersey 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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 April 2026

#Holding% of total assets
1Tencent9.2%
2Alibaba7.0%
3CATL5.1%
4Ping An Insurance4.0%
5Kweichow Moutai3.3%
6China Merchants Bank3.2%
7Zijin Mining Group2.9%
8China Construction Bank2.8%
9PDD Holdings2.7%
10CNOOC2.6%
Full portfolio spreadsheet

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

As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading and does not necessarily represent a bank overdraft.

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.

Totals may not sum due to rounding.

*MSCI China All Shares Index.

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 Jersey 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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 1 of 1 result

  1. Our best ideas in China

    Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
    September 2025
    Video3 minutes

  1. Our best ideas in China

    Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
    September 2025
    Video3 minutes

Important information

Your location indicates you are based in Jersey 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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Important information

Your location indicates you are based in Jersey 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.