The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. 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.
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.
We do not believe that knowledge of present fundamentals is enough. Expectations of changes in those fundamentals are equally important.
Performance & Portfolio
All figures to 31/10/2023
Class B-Acc -12.4% -0.7% -17.3% 1.6% Index* -9.0% 6.1% -11.9% 0.5% Target Benchmark** -8.1% 8.3% -10.2% 2.5%
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly)
Class B-Acc 5.3% 47.0% -2.6% -26.1% -11.3% Index* 2.7% 26.2% -2.8% -17.4% -8.0% Target Benchmark** 4.7% 28.7% -0.8% -15.8% -6.2% Sector Average*** 4.8% 26.8% 1.6% -19.7% -11.4%
Please bear in mind that past performance is not a guide to future performance.
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 in sterling.
Share class and Sector 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.
**MSCI China All Share (in sterling) plus at least 2% per annum over rolling five-year periods from 27/11/2019; from 02/05/2019 MSCI All China
Index plus 2%; previously MSCI Golden Dragon plus 2%.
Both have been chain-linked for performance figures above.
***IA China/Greater China Sector.
Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 Tencent 9.2% 2 Alibaba 7.2% 3 Kweichow Moutai 5.2% 4 Meituan 4.0% 5 Ping An Insurance 3.6% 6 China Merchants Bank 2.9% 7 PDD Holdings 2.8% 8 Zijin Mining 2.7% 9 JD.com 2.6% 10 NetEase 2.5% Total 42.8%SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2023
- 1 Consumer Discretionary 32.34
- 2 Industrials 15.28
- 3 Communication Services 13.22
- 4 Health Care 8.83
- 5 Financials 7.91
- 6 Consumer Staples 7.78
- 7 Information Technology 7.51
- 8 Materials 5.38
- 9 Real Estate 1.20
- 10 Utilities 0.92
- 11 Cash -0.35
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
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.
Meet the Managers
Mike is an Investment Manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in our UK and Japanese Equity Teams. Mike has also been a member of the Sustainable Growth strategy since its inception in 2015, where he is an investment scout. Mike is a CFA Charterholder and graduated MEng from the University of Durham in 2003.
Sophie joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets and China A-share Teams. She has also been Co-Manager of the China Fund and a member of the International Focus Portfolio Construction Group since 2014. Sophie is a CFA Charter holder. She graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.
Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He has managed the Baillie Gifford Pacific Fund since 2010 and has been Manager of Pacific Horizon Investment Trust since 2021 (he was deputy from 2013). Since March 2020, he has also been a manager on the China strategy. He spent time in the UK and European Equity teams prior to joining the Emerging Markets Equity Team in 2008. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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Enhanced Disclosure Document
Key Investor Information Documents
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.
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
The Fund invests in emerging markets where difficulties with dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
The Fund’s exposure to a single market and currency may increase share price movements.
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.
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.
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax rates and the tax treatment of OEICs can change at any time.