1. Overview

    The China A-shares strategy is a purely stock-driven, unconstrained equity strategy focused on investing in exceptional growth companies listed on the domestic stock markets in China (known as 'A' shares). The portfolio holds 25-40 companies listed on the Shanghai and Shenzhen stock exchanges. The portfolio is benchmark agnostic. The companies which we invest in are expected to benefit from, and contribute to, China's economic, societal and cultural development, and be capable of growing to a multiple of their current size. We take a long-term approach with an expected investment horizon of 5+ years

    Top Ten Holdings - 31/10/2022

    Fund %
    1 Beijing United Information Technology 8.0%
    2 Shenzhen Inovance Technology 6.9%
    3 CATL 6.2%
    4 Asymchem Laboratories 4.6%
    5 Zhejiang Sanhua Intelligent Controls 4.4%
    6 Glodon Company 4.4%
    7 Kweichow Moutai 3.8%
    8 Midea 3.6%
    9 LONGi Green Energy Technology 3.4%
    10 Guangzhou Kingmed Diagnostics Group 3.3%
    Total 48.5%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2022

    Fund %

    • 1 Industrials 39.55
    • 2 Information Technology 21.29
    • 3 Health Care 18.57
    • 4 Consumer Staples 8.46
    • 5 Consumer Discretionary 5.23
    • 6 Financials 3.15
    • 7 Materials 1.52
    • 8 Cash 2.23
    • Total 100.0

    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

    John MacDougall

    John is an Investment Manager in the Long Term Global Growth (LTGG) Team and has been a Partner in the firm since 2016. He relocated to Shanghai in September 2019 as Chairman of the Baillie Gifford’s China office. He joined Baillie Gifford in 2000 and after a year in the North American Department John joined the Japanese Team where, from 2007 onwards, he managed the Shin Nippon Investment Trust which invests in high growth, small and medium sized companies. In 2011 John moved to the Global Discovery Team which focuses on identifying rapidly growing, innovation led, smaller businesses from around the world. During this period he had a particular focus on unearthing new investment opportunities in Emerging Markets, and Asia in particular. He joined the LTGG Team in 2015. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.

    Sophie Earnshaw

    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.

    How to Invest

    You can invest in a range of our funds via a number of fund platforms and supermarkets. Certain share classes are available for investment via a number of platforms. Please see the links opposite.

    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.

    How to Invest

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    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.

    Further Information

    BAILLIE GIFFORD INVESTMENT MANAGEMENT (EUROPE) LIMITED: REGISTERED OFFICE
    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (No. C182354). Registered office: 4/5 School House Lane East, Dublin 2, D02 N279. Registered in Ireland (No. 625892).

    COMPLAINTS CONTACT DETAILS
    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.

    Risks

    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 in China “A” Shares where difficulties with trading, liquidity, regulation 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 and in a particular geographical area or industry 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 details

    Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document (KIID), or the Prospectus. Copies of both the KIID and Prospectus are available at www.bailliegifford.com