Capital at risk

Investment strategy

Emerging Markets All Cap

We’ve been investing in emerging markets since 1994 and are grateful to be entrusted by a range of long-standing global clients. EM All Cap is our oldest global EM offering, a diverse portfolio of 60-100 companies.

Aerial view of a boat sailing along the Yamuna river at sunset surrounded by seagulls along the coast in New Delhi, India.

Powerful growth rewards patience

We take a patient approach in the least patient markets. EM companies often have substantial addressable opportunities and decades of growth ahead of them. We believe being selective is imperative to those seeking the best results.

Emerging Markets Q4 investment update

Investment manager Mike Gush and investment specialist Andrew Keiller give an update on the Emerging Markets Leading Companies and Emerging Markets All Cap strategies covering Q4 2023.

Finding world-class companies

Our key goal is to build strong relationships with like-minded clients. We know we can only do this if we deliver strong investment performance, net of costs, over the long term.  

The number of genuinely world-class companies in emerging markets is growing and we feel very fortunate to be tasked with seeking these out. We must invest with patience and give good decisions time to prove themselves. 

EM investors should be open minded as to where growth can come from and have a clear idea of the market inefficiencies that they are trying to exploit. 

Exploiting inefficiencies

We appreciate what is underappreciated. And we believe there are three persistent inefficiencies that we are well-placed to exploit for our clients: 

  • Growth duration: many companies grow for much longer than expected 
  • Growth pace: many companies grow much faster expected 
  • Growth surprise: many companies grow when it's least expected 

Much of our process relies on the interplay of data, experience, educated creativity and probability. This does not necessarily lend itself to a matrix or a flowchart.

The quality of companies in the opportunity set is increasing, growth is on offer, yet due to external factors and risk perceptions we can invest in many of these at what look like very low prices.
Mike GushInvestment Manager, Partner

Meet the managers

Portfolio construction group

Documents

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

Important information

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
The information on this website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only. It is not intended for use by any other persons including members of the general public or investors from other jurisdictions.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with. These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of Singapore.
Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is wholly owned by Baillie Gifford Overseas Limited and holds a Type 1 and a Type 2 licence from the Securities and Futures Commission of Hong Kong to market and distribute Baillie Gifford’s range of collective investment schemes to professional investors in Hong Kong.
Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 can be contacted at Suites 2713-2715, Two International Finance Centre, 8 Finance Street, Central, Hong Kong, Telephone +852 3756 5700.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation or offer to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.
This website does not collect personal information. "Cookies" may be stored on your computer for easy navigation. A "cookie" does not allow us to identify you, but stores information about navigation through our website (such as pages already visited, time and date of visit) which we can remember during the user's next visit to our website in order to improve your browsing experience. If you have any enquiries in relation to our data protection policies and procedures, this Website or the information on it, please click here to contact Baillie Gifford.
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. You can read details of our Legal and Important Information here.

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.