Capital at risk
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.
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 Q1 investment update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
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.
Meet the managers
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Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Philosophy and process
Explore our investment philosophy and the processes around how the Emerging Markets team construct the portfolio.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 March 2024
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 12.0% |
| 2 | Samsung Electronics | 5.8% |
| 3 | Tencent | 4.7% |
| 4 | Reliance Industries Ltd | 4.3% |
| 5 | SK Hynix Inc | 3.7% |
| 6 | MercadoLibre | 3.6% |
| 7 | Petrobras Common ADR | 3.5% |
| 8 | Alibaba Group Holding | 2.5% |
| 9 | USD Uncommitted Cash | 2.3% |
| 10 | Bank Rakyat Indonesia | 2.1% |
Please note
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.
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You can invest in this strategy through the following fund(s).
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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
30 years of emerging markets
Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.
High-calibre emerging markets firms
Why it’s a promising time to invest in exceptional emerging markets companies
Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
ESG analyst trip notes: India and China
Read more about the unique perspective on the evolving energy landscape and corporate governance in these emerging markets.
BRICS expansion and impact
Unveiling the BRICS expansion's global influence and its effect on trade and geopolitics
Copper's role in emerging markets
Assessing copper's supply challenges and investment potential in emerging markets for 2024.
How do we do what we do
How do we implement our emerging markets equities philosophy in practice?
Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Why do we do what we do
Andrew Keiller and John Rae look at why we invest in emerging markets equities in the way that we do.
India's triumph in a turbulent world
Uncover insights on emerging markets, India's economy, and Asia's rising export champions.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
South-east Asia's new export champions
Uncovering Asia's rising export stars in Vietnam, Indonesia and Thailand.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
Conversations with Shanghai
Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
Emerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
AI's hardware hero
Discover the importance of High Bandwidth Memory in AI development and the key players in the market - SK Hynix and Samsung Electronics.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
Beyond the numbers
An analysis of the relationship between GDP growth and stock market returns in emerging markets, with a focus on China.
Brazil's economic landscape
Challenging perceptions: Lula's re-election and Brazil's economic potential
Emerging Markets Q2 update
The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.
Emerging Markets Q1 update
Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.
Emerging Markets: the possibilist
Understanding the difference between pessimism and possibility in Emerging Markets.
Emerging Markets: coming of age
It’s time to stop looking in the rear-view mirror when it comes to emerging markets.
Baillie Gifford Emerging Markets Introduction
Investment Managers Will Sutcliffe, Mike Gush and Sophie Earnshaw give an introduction to investing in Emerging Markets.
The shape of things to come
It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.
Emerging Markets Q1 investment update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Monthly insights
Related insights
30 years of emerging markets
Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.High-calibre emerging markets firms
Why it’s a promising time to invest in exceptional emerging markets companiesEmerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.How do we do what we do
How do we implement our emerging markets equities philosophy in practice?Emerging Markets Q4 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Why do we do what we do
Andrew Keiller and John Rae look at why we invest in emerging markets equities in the way that we do.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?Emerging Markets Q3 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.Emerging Markets Q2 update
The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.Emerging Markets Q1 update
Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.Emerging Markets: the possibilist
Understanding the difference between pessimism and possibility in Emerging Markets.Emerging Markets: coming of age
It’s time to stop looking in the rear-view mirror when it comes to emerging markets.Baillie Gifford Emerging Markets Introduction
Investment Managers Will Sutcliffe, Mike Gush and Sophie Earnshaw give an introduction to investing in Emerging Markets.The shape of things to come
It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.
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.
How to 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.
Important information
Qualified Investors include those that the Financial Services Act (FinSA) defines as Professional or Institutional Clients, which range from central banks to private investment structures with professional treasury operations created for a high-net-worth retail client. If you are not a qualified investor please select “Change” at the top of this page.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
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