1. Overview

    The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. 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.

    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.

    We do not believe that knowledge of present fundamentals is enough. Expectations of changes in those fundamentals are equally important.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 9.6%58.5%17.7%24.6%
    Index* 4.6%31.2%10.8%16.9%
    Target Benchmark** 5.7%33.9%13.0%19.3%

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2016
    31/03/2017

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    Class B-Acc 45.5%26.4%-2.7%5.8%58.5%
    Index* 38.2%16.3%4.0%-0.3%31.2%
    Target Benchmark** 40.9%18.7%6.1%1.7%33.9%
    Sector Average*** 36.0%19.1%0.9%-0.2%40.9%

    Please bear in mind that past performance is not a guide to future performance.
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Performance source: FE and relevant underlying index provider, single pricing basis, total return.
    Returns reflect the annual charges but exclude any initial charge paid.
    *(MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 27/11/19 thereafter MSCI China All Shares Index).
    **(MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 27/11/19 thereafter MSCI China All Shares Index) +2%.
    Both have been chain-linked for performance figures above.
    ***IA China/Greater China Sector.

    Performance - 31/03/2021

    Please bear in mind that past performance is not a guide to future performance.
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Source: FE and relevant underlying index provider, single pricing basis, total return.
    The graph is rebased to 100.

    Top Ten Holdings - 31/03/2021

    Fund %
    1 Alibaba 9.4%
    2 Tencent 8.5%
    3 Meituan Dianping 4.9%
    4 Ping An Insurance 4.6%
    5 JD.com 4.2%
    6 Kweichow Moutai 3.4%
    7 China Merchants Bank 2.8%
    8 Bilibili 2.5%
    9 CATL 2.4%
    10 Kuaishou Technology 2.3%
    Total 45.0%
    Sector Analysis of Total Assets - 31/03/2021

    Fund %

    • 1 Consumer Discretionary 33.30
    • 2 Communication Services 16.81
    • 3 Health Care 15.74
    • 4 Financials 10.43
    • 5 Consumer Staples 7.66
    • 6 Industrials 7.56
    • 7 Information Technology 5.18
    • 8 Materials 1.34
    • 9 Real Estate 0.95
    • 10 Utilities 0.93
    • 11 Cash 0.12
    • 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

    Mike Gush

    Mike is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. He has also been a member of the Global Stewardship strategy since its inception in 2015. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003. 

    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.

    Roderick Snell

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He previously worked in the UK and European Equity Teams and has managed the Baillie Gifford Pacific Fund since 2010. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    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.

    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: [email protected]. 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.