Overview
Investment proposition
Strategy behind the fund
Asia ex-JapanShare price and charges
Share class
B, Acc, USDNAV per share
30.07% change
0.62%Ongoing charges*
0.80%Initial charge
0%Fund facts
Current number of holdings
67
Guideline number of holdings
50-100
Benchmark
MSCI AC Asia ex Japan Index
Active share
66%**
Annual turnover
45%
Fund launch date
3 February 2020
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 All Country Asia ex Japan. 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. The Fund’s investment in frontier markets may increase this risk.
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 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 | 9.4% |
| 2 | TSMC | 9.3% |
| 3 | SK Square | 8.4% |
| 4 | Tencent | 4.9% |
| 5 | MediaTek | 3.9% |
| 6 | CNOOC | 3.9% |
| 7 | SK Hynix | 3.1% |
| 8 | CATL | 2.6% |
| 9 | Chifeng Jilong Gold Mining Industry Co. | 2.5% |
| 10 | Montage Technology | 2.3% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 40.7 | 41.5 | -0.8 |
| 2 | Industrials | 16.6 | 8.6 | 8.0 |
| 3 | Consumer Discretionary | 10.8 | 10.2 | 0.6 |
| 4 | Financials | 10.4 | 17.7 | -7.4 |
| 5 | Materials | 9.6 | 3.6 | 6.0 |
| 6 | Communication Services | 4.9 | 6.9 | -2.0 |
| 7 | Energy | 3.9 | 2.6 | 1.3 |
| 8 | Unclassified | 1.2 | 0.0 | 1.2 |
| 9 | Real Estate | 0.4 | 1.7 | -1.3 |
| 10 | Cash | 1.7 | 0.0 | 1.7 |
Total | 100.0 | 92.8 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | China | 35.2 | 26.1 | 9.2 |
| 2 | South Korea | 25.0 | 21.2 | 3.9 |
| 3 | Taiwan | 18.5 | 28.1 | -9.6 |
| 4 | India | 5.8 | 13.5 | -7.7 |
| 5 | Hong Kong | 4.5 | 4.2 | 0.4 |
| 6 | Vietnam | 4.0 | 0.0 | 4.0 |
| 7 | Singapore | 1.6 | 3.4 | -1.8 |
| 8 | Kazakhstan | 1.3 | 0.0 | 1.3 |
| 9 | Indonesia | 1.2 | 0.8 | 0.4 |
| 10 | Thailand | 1.2 | 1.2 | 0.0 |
Total | 98.3 | 98.4 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Ase Technology Holding Co Ltd
- Futu Hdgs ADR
- MakeMyTrip
- Meesho Ltd
- Minimax
- Montage Technology Co Ltd 'H'
- Samsung C&T Corp
- SK Hynix Inc
- Sungrow Power Supply 'A' - Stock Connect
- Wasion Holdings Limited Shs
Complete sales
- Coupang
- DLF Ltd
- Kuaishou Technology
- Montage Technology Co Ltd 'H'
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Asia’s Next Act
Asia ex Japan managers Roddy Snell and Ben Durrant assess China, AI hardware and resilience.
Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.
The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
Asia's multi-faceted growth story
China's innovation and Vietnam's reforms create a compelling investment case in Asia.
Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
Asia ex Japan: portfolio manager update
Asia ex Japan Strategy’s performance, portfolio positioning and the region’s attractions for growth investors.
Vietnam: Asia’s rising star
Visiting Saigon, Roderick Snell explores what went right for the pro-business communist country.
Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.
A long view of the east
With 35 years of investing behind us, we look to the future with our Asia-ex-Japan Strategy.
Asia ex Japan: portfolio manager update
The strategy’s performance, portfolio positioning and the region’s attractions for growth investors.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
Asia ex Japan Strategy
Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.
Asia ex Japan manager update
Roderick Snell and Qian Zhang discuss current views and portfolio positioning for the Asia ex Japan Strategy.
Asia and energy transition
Exploring the emerging energy opportunities in Asia.
Asia ex Japan: Portfolio manager update
Client director Andrew Keiller and investment manager Roderick Snell discuss the firm’s latest views on investing in the Asia ex Japan region.
Asia ex Japan: Portfolio Manager Update
Join Roddy Snell and Ben Durrant to discuss current views and portfolio positioning for the Asia ex Japan strategy and learn why we continue to believe this is the most attractive region globally for growth investors.
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.
Asia’s Next Act
Asia ex Japan managers Roddy Snell and Ben Durrant assess China, AI hardware and resilience.Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).Asia's multi-faceted growth story
China's innovation and Vietnam's reforms create a compelling investment case in Asia.Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.Asia ex Japan: portfolio manager update
Asia ex Japan Strategy’s performance, portfolio positioning and the region’s attractions for growth investors.Vietnam: Asia’s rising star
Visiting Saigon, Roderick Snell explores what went right for the pro-business communist country.Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.A long view of the east
With 35 years of investing behind us, we look to the future with our Asia-ex-Japan Strategy.Asia ex Japan: portfolio manager update
The strategy’s performance, portfolio positioning and the region’s attractions for growth investors.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?Asia ex Japan Strategy
Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.Asia ex Japan manager update
Roderick Snell and Qian Zhang discuss current views and portfolio positioning for the Asia ex Japan Strategy.Asia and energy transition
Exploring the emerging energy opportunities in Asia.Asia ex Japan: Portfolio manager update
Client director Andrew Keiller and investment manager Roderick Snell discuss the firm’s latest views on investing in the Asia ex Japan region.Asia ex Japan: Portfolio Manager Update
Join Roddy Snell and Ben Durrant to discuss current views and portfolio positioning for the Asia ex Japan strategy and learn why we continue to believe this is the most attractive region globally for growth investors.The real case for China
Willingness to change gives Chinese firms an innovation advantage.China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.
How to invest
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.