Overview
Fund objective
The Emerging Markets Leading Companies Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets 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 Global Emerging Markets 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
807.10p% change
0.34%Yield
0.7%Ex-dividend (XD)
XOngoing charges*
0.78%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
10 May 2005
Fund size
£758.19m
The Investment Association sector
Global Emerging Markets
Comparative Index
MSCI Emerging Markets Index
Active share
67%**
Annual turnover
44%
Guideline number of holdings
35-60
Current number of holdings
57
Style
Long term, active, 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 Emerging Markets 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.
Emerging Markets
The Fund invests in emerging markets, which includes China, 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.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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 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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 15.8% | 9.7% | 21.1% | 55.1% | 18.4% | 5.2% |
Index* | 11.3% | 6.3% | 11.5% | 45.0% | 18.1% | 6.9% |
Sector Average** | 11.5% | 6.9% | 12.4% | 43.9% | 16.5% | 5.7% |
Sector Ranking | 21/185 | 37/185 | 9/183 | 29/182 | 55/166 | 93/152 |
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 | -16.2% | -3.4% | 4.6% | 3.2% | 29.1% |
Index* | -6.8% | -4.5% | 6.3% | 6.3% | 27.5% |
Sector Average** | -8.7% | -4.4% | 6.0% | 3.2% | 26.7% |
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Samsung Electronics | 9.8% |
| 2 | TSMC | 9.5% |
| 3 | Tencent | 6.6% |
| 4 | SK Square | 5.9% |
| 5 | SK Hynix | 5.4% |
| 6 | Chroma ATE | 4.5% |
| 7 | Ping An Insurance | 3.1% |
| 8 | MercadoLibre | 3.0% |
| 9 | First Quantum Minerals | 3.0% |
| 10 | MediaTek | 2.8% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 35.1 | 36.8 | -1.7 |
| 2 | Financials | 18.4 | 19.7 | -1.3 |
| 3 | Consumer Discretionary | 13.8 | 9.4 | 4.4 |
| 4 | Industrials | 10.6 | 7.5 | 3.1 |
| 5 | Communication Services | 7.4 | 6.9 | 0.5 |
| 6 | Materials | 6.8 | 6.5 | 0.3 |
| 7 | Energy | 3.9 | 4.0 | 0.0 |
| 8 | Consumer Staples | 2.4 | 3.2 | -0.8 |
| 9 | Utilities | 1.4 | 2.2 | -0.8 |
| 10 | Cash | 0.1 | 0.0 | 0.1 |
Total | 100.0 | 96.2 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | South Korea | 22.9 | 18.7 | 4.2 |
| 2 | China | 22.8 | 23.0 | -0.3 |
| 3 | Taiwan | 16.8 | 24.8 | -8.0 |
| 4 | Brazil | 12.3 | 4.7 | 7.6 |
| 5 | India | 6.4 | 11.9 | -5.6 |
| 6 | Other Emerging Markets | 3.3 | 0.0 | 3.3 |
| 7 | Mexico | 3.0 | 1.9 | 1.2 |
| 8 | Chile | 2.7 | 0.5 | 2.2 |
| 9 | Peru | 2.4 | 0.4 | 2.1 |
| 10 | Vietnam | 2.2 | 0.0 | 2.2 |
Total | 94.8 | 85.9 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- CSG B.V.
- MakeMyTrip
- SK Square
Complete sales
- CSG B.V.
- JD.com
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
When consensus fails
Alex Summers explains why deep research can reveal emerging markets opportunities others miss.
Emerging markets: re-globalisation
Qian Zhang explores why a multipolar world could increasingly favour emerging markets.
Emerging markets: home to world-class companies
Andrew Keiller explains why emerging markets are producing more standout businesses
Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Energy: oil shocks and emerging markets
The crisis in the Middle East is proving the resilience of countries like Brazil, while testing others.
China’s chip gap
China trails the US in AI chip hardware, but opportunities remain for patient investors.
Metals: from bellwether to bottleneck
A shortage of critical metals presents an opportunity in emerging markets.
Korea’s Value-Up ambition
Why South Korea’s stock market has transformed from ugly duckling to world-leading.
Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.
From Pac-Man to AI agents
How Tencent is evolving beyond gaming.
Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.
Emerging Markets Q3 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Engines of the future
Why emerging markets drive global growth.
Vietnam: in step with structural growth
Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential.
Emerging Markets Q2 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
China: driving the future
How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
When consensus fails
Alex Summers explains why deep research can reveal emerging markets opportunities others miss.Emerging markets: re-globalisation
Qian Zhang explores why a multipolar world could increasingly favour emerging markets.Emerging markets: home to world-class companies
Andrew Keiller explains why emerging markets are producing more standout businessesEmerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Energy: oil shocks and emerging markets
The crisis in the Middle East is proving the resilience of countries like Brazil, while testing others.China’s chip gap
China trails the US in AI chip hardware, but opportunities remain for patient investors.Metals: from bellwether to bottleneck
A shortage of critical metals presents an opportunity in emerging markets.Korea’s Value-Up ambition
Why South Korea’s stock market has transformed from ugly duckling to world-leading.Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.From Pac-Man to AI agents
How Tencent is evolving beyond gaming.Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.Emerging Markets Q3 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Engines of the future
Why emerging markets drive global growth.Vietnam: in step with structural growth
Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential.Emerging Markets Q2 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.China: driving the future
How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
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.
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 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.