Overview
Investment proposition
Share price and charges
Share class
C, Acc, JPYNAV per share
6,704.72% change
0.24%Ongoing charges*
0.10%Initial charge
0%Fund facts
Current number of holdings
57
Guideline number of holdings
35-60
Benchmark
MSCI Emerging Markets Index
Active share
67%**
Annual turnover
49%
Fund launch date
29 March 2011
Style
Long term, active, growth
Fund Settlement Cycle
Trade date plus three business days (T+3)
Fund size calculated using base currency in US dollars and converted into listed currencies.
**Relative to MSCI Emerging Markets Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risks
General Investment Risk
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.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
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 Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
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 | 9.6% |
| 2 | TSMC | 9.5% |
| 3 | Tencent | 6.6% |
| 4 | SK Square | 5.7% |
| 5 | SK Hynix | 5.1% |
| 6 | Chroma ATE | 4.5% |
| 7 | Ping An Insurance | 3.1% |
| 8 | First Quantum Minerals | 3.0% |
| 9 | MercadoLibre | 3.0% |
| 10 | MediaTek | 2.9% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 34.7 | 36.8 | -2.1 |
| 2 | Financials | 18.3 | 19.7 | -1.4 |
| 3 | Consumer Discretionary | 13.7 | 9.4 | 4.3 |
| 4 | Industrials | 10.4 | 7.5 | 2.9 |
| 5 | Communication Services | 7.4 | 6.9 | 0.5 |
| 6 | Materials | 6.8 | 6.5 | 0.3 |
| 7 | Energy | 4.0 | 4.0 | 0.0 |
| 8 | Consumer Staples | 2.4 | 3.2 | -0.8 |
| 9 | Utilities | 1.5 | 2.2 | -0.8 |
| 10 | Cash | 0.8 | 0.0 | 0.8 |
Total | 100.0 | 96.2 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | China | 22.7 | 23.0 | -0.3 |
| 2 | South Korea | 22.3 | 18.7 | 3.6 |
| 3 | Taiwan | 16.9 | 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 | 2.6 | 0.5 | 2.2 |
| 9 | Peru | 2.5 | 0.4 | 2.1 |
| 10 | Vietnam | 2.2 | 0.0 | 2.2 |
Total | 94.1 | 85.9 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- MakeMyTrip
- SK Square
Complete sales
- JD.com
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.
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.
Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
Three ways we think about AI in Emerging Markets
Why hardware producers, platforms and quiet compounders give our portfolios exposure to AI.
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.
Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
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.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.Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).Three ways we think about AI in Emerging Markets
Why hardware producers, platforms and quiet compounders give our portfolios exposure to AI.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.Emerging markets: the next engines of global growth
From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
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.