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 31/03/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc -12.5% -25.7% -20.1% -3.1% Index* -8.0% -18.2% -13.4% -3.2% Target Benchmark** -7.1% -16.6% -11.7% -1.2% 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 to 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/2024Class B-Acc 5.8% 58.5% -27.6% -5.1% -25.7% Index* -0.3% 31.2% -20.5% -0.2% -18.2% Target Benchmark** 1.7% 33.9% -18.9% 1.8% -16.6% Sector Average*** -0.2% 40.9% -21.5% -3.6% -20.7% 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, Revolution, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 26/11/19 thereafter MSCI China All Shares Index.
**MSCI China All Share (in sterling) plus at least 2% per annum over rolling five-year periods from 27/11/2019; from 02/05/2019 MSCI All China
Index plus 2%; previously MSCI Golden Dragon plus 2%.
Both have been chain-linked for performance figures above.
***IA China/Greater China Sector.Top Ten Holdings - 31/03/2024
Fund % 1 Tencent 10.2% 2 Kweichow Moutai 6.4% 3 Alibaba 5.3% 4 Meituan 5.1% 5 PDD Holdings 4.3% 6 NetEase 3.2% 7 China Merchants Bank 3.2% 8 CATL 3.2% 9 Midea 2.8% 10 Zijin Mining 2.7% Total 46.3% SECTOR ANALYSIS OF TOTAL ASSETS - 31/03/2024Fund %
- 1 Consumer Discretionary 31.92
- 2 Industrials 16.63
- 3 Communication Services 14.89
- 4 Consumer Staples 9.09
- 5 Financials 7.31
- 6 Information Technology 7.26
- 7 Health Care 6.46
- 8 Materials 4.27
- 9 Utilities 1.34
- 10 Real Estate 1.15
- 11 Cash -0.30
- Total 100.00
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.Insights
View all Insights.Meet the Managers
Sophie Earnshaw
Sophie is an investment manager in the China Equities Team. She is a decision maker on our All China Strategy, which she has managed since 2014, and on our A share Strategy since its inception in 2019. She also provides China insight to the Emerging Markets Leading Companies and International All Cap portfolio construction groups. She is a CFA Charterholder and 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.
Linda Lin
Linda is the head of the China Equities Team, and a decision maker on our All China and China A share strategies. She is also a member of the Long Term Global Growth Team. Linda joined Baillie Gifford in September 2014 and worked in Edinburgh until relocating to Shanghai in 2019 as Head of the Investment Team. She became a partner of the firm in May 2022 and is now based in Edinburgh. Prior to joining Baillie Gifford, Linda spent four years as a global equity analyst with Aubrey Capital and two years in real estate investment in China. She graduated BComm in Accounting and Finance from the University of Auckland, New Zealand in 2007 and MSc in Finance and Investment from the University of Edinburgh in 2011. Linda is a native Mandarin speaker.
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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.
Bulletins and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
Philosophy and Process Documents
Quarterly Investor Reports
Value Assessment
Sustainability-related Disclosures
Shareholders Rights Directive
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.
