Overview
Fund objective
The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares Index, as stated in sterling, over rolling five-year 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.
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.
Investment proposition
Share price and charges
Share class
B, IncPrice
496.70p% change
-1.86%Yield
1.0%Ex-dividend (XD)
NOngoing charges*
0.78%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
19 November 2008
Fund size
£203.34m
The Investment Association sector
China/Greater China
Comparative Index
MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 26/11/19 thereafter MSCI China All Shares Index
Active share
66%**
Annual turnover
26%
Guideline number of holdings
40-80
Current number of holdings
61
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to MSCI China All Shares Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
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 primarily in the shares of, or depositary receipts representing the shares of, Chinese companies 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.
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 Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic performance
As at: 30 June 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | -2.5% | 3.1% | -0.9% | 19.4% | 8.5% | -7.0% |
Index* | -1.6% | 1.0% | -3.7% | 13.3% | 8.7% | -3.1% |
Sector Average** | -1.0% | 6.1% | 2.5% | 22.1% | 9.2% | -3.8% |
Sector Ranking | 27/66 | 33/65 | 32/65 | 27/64 | 29/61 | 44/56 |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 30 June 2026
30/06/2021 – 30/06/2022 | 30/06/2022 – 30/06/2023 | 30/06/2023 – 30/06/2024 | 30/06/2024 – 30/06/2025 | 30/06/2025 – 30/06/2026 | |
|---|---|---|---|---|---|
Class B-Acc | -25.6% | -26.9% | -10.6% | 19.8% | 19.4% |
Index* | -15.1% | -21.6% | -3.6% | 17.6% | 13.3% |
Sector Average** | -17.0% | -23.9% | -6.2% | 13.7% | 22.1% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 June 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Tencent | 9.1% |
| 2 | Alibaba | 5.3% |
| 3 | CATL | 4.8% |
| 4 | Shandong Sinocera Functional Material | 3.9% |
| 5 | Ping An Insurance | 3.3% |
| 6 | China Merchants Bank | 3.2% |
| 7 | NAURA Technology Group | 3.0% |
| 8 | Kweichow Moutai | 2.9% |
| 9 | Zhongji Innolight | 2.9% |
| 10 | China Construction Bank | 2.6% |
Sector
As at: 30 June 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 21.3 | 24.3 | -3.0 |
| 2 | Consumer Discretionary | 20.8 | 14.2 | 6.6 |
| 3 | Industrials | 14.1 | 9.5 | 4.6 |
| 4 | Communication Services | 13.8 | 11.2 | 2.6 |
| 5 | Materials | 10.3 | 7.8 | 2.5 |
| 6 | Financials | 9.1 | 18.2 | -9.0 |
| 7 | Consumer Staples | 3.5 | 4.1 | -0.6 |
| 8 | Energy | 2.9 | 3.0 | -0.1 |
| 9 | Health Care | 2.0 | 4.4 | -2.5 |
| 10 | Utilities | 1.9 | 2.3 | -0.5 |
| 11 | Cash | 0.3 | 0.0 | 0.3 |
Total | 100.0 | 99.0 |
Quarterly transactions
Transactions for the three-month period ending 30 June 2026
New purchases
- Anker Innovations 'H'
- Cambricon Technologies 'A' - Stock Connec
- Hygon Information Technology 'A' - Stock Connect
- Semiconductor Manufacturing Intl 'H'
Complete sales
- Anker Innovations 'A'
- Dpc Dash
- Haidilao Intl
- Haier Smart Home 'H'
- Silergy
Additions
- Anker Innovations 'H'
- Meituan
Reductions
- Centre Testing 'A' - Stock Connect
- Jiangsu Azure Corp 'A'
- Sinocera Material 'A'
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
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).
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
China: the Year of the Tiger.
Despite new regulations, now may be the best time to pounce and hold select Chinese stocks.
China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?
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.
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).Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.China: the Year of the Tiger.
Despite new regulations, now may be the best time to pounce and hold select Chinese stocks.China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?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.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans. The AIC’s website contains more information about investing via fund platforms and can also help you find one.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request or can be downloaded from the literature section of our website.
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.
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
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.