1. Emerging Markets Growth Fund

    Emerging Markets Growth Fund

  2. Overview

    The Emerging Markets Growth Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets 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 Global Emerging Markets Sector.

    We have over 70 investors across both our Edinburgh and Shanghai offices covering emerging market companies, giving us a wealth of investment experience on which to draw.

    Performance & Portfolio

    Periodic Performance

    All figures to 29/02/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 4.0%6.3%-7.2%3.7%
    Index* 5.3%4.5%-2.7%3.3%
    Target Benchmark** 6.3%6.6%-0.8%5.4%

    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 December each year

    Annual percentage return (Updated Quarterly)

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Class B-Acc 23.7%26.6%-7.7%-18.4%8.3%
    Index* 14.3%15.0%-1.3%-9.6%4.0%
    Target Benchmark** 16.6%17.3%0.7%-7.8%6.1%
    Sector Average*** 16.0%13.7%-0.5%-12.2%4.3%

    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 Emerging Markets Index.
    **MSCI Emerging Markets Index (in sterling) plus at least 2% per annum over rolling five-year periods.
    ***IA Global Emerging Markets Sector.

    Top Ten Holdings - 29/02/2024

    Fund %
    1 TSMC 9.6%
    2 Samsung Electronics 9.3%
    3 Petrobras 5.9%
    4 Tencent 4.6%
    5 Reliance Industries 4.6%
    6 MercadoLibre 4.2%
    7 SK Hynix 3.4%
    8 Alibaba 2.8%
    9 Hyundai Motor Company 2.3%
    10 Bank Rakyat Indonesia 2.3%
    Total 49.1%
    Geographic analysis of total assets - 29/02/2024

    Fund %

    • 1 China 23.68
    • 2 South Korea 16.70
    • 3 India 15.18
    • 4 Brazil 14.35
    • 5 Taiwan 13.23
    • 6 Mexico 5.29
    • 7 Thailand 3.43
    • 8 Indonesia 2.29
    • 9 Others 6.69
    • 10 Cash -0.84
    • 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.

    Meet the Managers

    Andrew Stobart - Investment Manager

    Andrew is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 1991, and prior to joining the team in 2007, he has also spent time working in our UK, Japanese, and North American Equity teams. Andrew has been involved in running the Emerging Markets portion of the Managed Fund since 2012. Prior to joining Baillie Gifford, he previously spent three years working in investment banking in London. Andrew graduated MA in economics from the University of Cambridge in 1987.

    Mike Gush

    Mike is an Investment Manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in our UK and Japanese Equity Teams. Mike has also been a member of the Sustainable Growth strategy since its inception in 2015, where he is an investment scout. Mike is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

    Ben Durrant

    Ben is an investment manager in the Emerging Markets Equity Team. He has managed the Pacific Fund since 2021 and became deputy manager of the Pacific Horizon Investment Trust in 2023. He joined Baillie Gifford in 2017 and has also spent time in our UK, Global Discovery and Private Companies teams. Prior to joining the firm, he worked for RBS. Ben is a chartered accountant and a CFA Charterholder. He graduated BSc in Mathematics from the University of Edinburgh in 2012.

    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.

    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.