Overview
Fund objective
The Emerging Markets Leading Companies Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets 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 Global Emerging Markets 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
The Fund aims to invest in an actively managed portfolio of emerging market stocks, focusing on larger and more liquid names. We invest on a long-term (5 year) perspective, and have a strong preference for growing companies, founded on the observation that returns follow earnings over the long-term in Emerging Markets. Many market participants favour the safety of steady predictable growth; we are willing to invest in companies where the outcomes are less certain, but where the potential returns are significant. The portfolio will typically hold between 35-60 stocks.
Strategy behind the fund
Emerging Markets Leading CompaniesA more concentrated Global Emerging Markets portfolio of 35-60 stocks. Seeking strong opportunities to own for the long term.
Share price and charges
Share class
B, IncPrice
807.10p% change
0.34%Yield
0.7%Ex-dividend (XD)
XOngoing charges*
0.78%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
As at: 30 April 2026
Fund launch date
10 May 2005
Fund size
£758.19m
The Investment Association sector
Global Emerging Markets
Comparative Index
MSCI Emerging Markets Index
Active share
67%**
Annual turnover
44%
Guideline number of holdings
35-60
Current number of holdings
57
Style
Long term, active, 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 Emerging Markets 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.
Emerging Markets
The Fund invests in emerging markets, which includes China, 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.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.
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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 15.8% | 9.7% | 21.1% | 55.1% | 18.4% | 5.2% |
Index* | 11.3% | 6.3% | 11.5% | 45.0% | 18.1% | 6.9% |
Sector Average** | 11.5% | 6.9% | 12.4% | 43.9% | 16.5% | 5.7% |
Sector Ranking | 21/185 | 37/185 | 9/183 | 29/182 | 55/166 | 93/152 |
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: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Acc | -16.2% | -3.4% | 4.6% | 3.2% | 29.1% |
Index* | -6.8% | -4.5% | 6.3% | 6.3% | 27.5% |
Sector Average** | -8.7% | -4.4% | 6.0% | 3.2% | 26.7% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Samsung Electronics | 9.8% |
| 2 | TSMC | 9.5% |
| 3 | Tencent | 6.6% |
| 4 | SK Square | 5.9% |
| 5 | SK Hynix | 5.4% |
| 6 | Chroma ATE | 4.5% |
| 7 | Ping An Insurance | 3.1% |
| 8 | MercadoLibre | 3.0% |
| 9 | First Quantum Minerals | 3.0% |
| 10 | MediaTek | 2.8% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 35.1 | 36.8 | -1.7 |
| 2 | Financials | 18.4 | 19.7 | -1.3 |
| 3 | Consumer Discretionary | 13.8 | 9.4 | 4.4 |
| 4 | Industrials | 10.6 | 7.5 | 3.1 |
| 5 | Communication Services | 7.4 | 6.9 | 0.5 |
| 6 | Materials | 6.8 | 6.5 | 0.3 |
| 7 | Energy | 3.9 | 4.0 | 0.0 |
| 8 | Consumer Staples | 2.4 | 3.2 | -0.8 |
| 9 | Utilities | 1.4 | 2.2 | -0.8 |
| 10 | Cash | 0.1 | 0.0 | 0.1 |
Total | 100.0 | 96.2 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | South Korea | 22.9 | 18.7 | 4.2 |
| 2 | China | 22.8 | 23.0 | -0.3 |
| 3 | Taiwan | 16.8 | 24.8 | -8.0 |
| 4 | Brazil | 12.3 | 4.7 | 7.6 |
| 5 | India | 6.4 | 11.9 | -5.6 |
| 6 | Other Emerging Markets | 3.3 | 0.0 | 3.3 |
| 7 | Mexico | 3.0 | 1.9 | 1.2 |
| 8 | Chile | 2.7 | 0.5 | 2.2 |
| 9 | Peru | 2.4 | 0.4 | 2.1 |
| 10 | Vietnam | 2.2 | 0.0 | 2.2 |
Total | 94.8 | 85.9 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- CSG B.V.
- MakeMyTrip
- SK Square
Complete sales
- CSG B.V.
- JD.com
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 69 of 69
When consensus fails
Alex Summers explains why deep research can reveal emerging markets opportunities others miss.
Emerging markets: re-globalisation
Qian Zhang explores why a multipolar world could increasingly favour emerging markets.
Emerging Markets Q1 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments over the last quarter.
Emerging markets: home to world-class companies
Andrew Keiller explains why emerging markets are producing more standout businesses
Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Energy: oil shocks and emerging markets
The crisis in the Middle East is proving the resilience of countries like Brazil, while testing others.
China’s chip gap
China trails the US in AI chip hardware, but opportunities remain for patient investors.
Metals: from bellwether to bottleneck
A shortage of critical metals presents an opportunity in emerging markets.
Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q4 update
Investment manager Mike Gush reflects on recent performance, portfolio changes and market developments over the last quarter.
EM: getting beyond the broken record
World-class companies await investors willing to look past ‘smash hit’ index heavyweights.
Emerging market companies leapfrogging western rivals
Investment manager Alice Stretch explores disruptive businesses in Asia and Latin America.
Korea’s Value-Up ambition
Why South Korea’s stock market has transformed from ugly duckling to world-leading.
Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.
From Pac-Man to AI agents
How Tencent is evolving beyond gaming.
Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.
Emerging Markets Q3 update
Investment manager Ben Durrant reflects on recent performance, portfolio changes and market developments over the last quarter.
Emerging Markets Q3 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Engines of the future
Why emerging markets drive global growth.
Vietnam: in step with structural growth
Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential.
Emerging Markets Q2 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.
China: driving the future
How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.
India: selective exposure to a key market
Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.
Tariff twists and turns
Emerging markets investors should avoid knee-jerk reactions.
Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Lithium: powering the future
Investing in the Chilean mining company charging the energy transition.
EM: how we do what we do
How do we implement our emerging markets philosophy in practice?
EM: Why we do what we do
Why do we invest in emerging markets in the way that we do?
DeepSeek: disruptive AI
Why investors shouldn’t overlook Chinese innovation
Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.
Emerging markets: new opportunities
The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.
Samsung: chipping away at challenges
How Samsung turns challenges into opportunities for future growth.
The rise of the Global South
Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.
Travelling Brazil: open for business
We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.
The brilliance of Brilliance
Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.
China’s third plenum: staying the tech course
Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.
Emerging markets democracy: better than you think
See what the recent elections in Mexico and India mean for emerging markets investors.
From earth to equity: the platinum opportunity
Platinum's role in health, tech and green energy.
Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.
Luckin Coffee: looking forward
How Luckin Coffee is revolutionising China's coffee culture.
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
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.
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.
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.
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
Asia and energy transition
Exploring the emerging energy opportunities in Asia.
Emerging Markets Monthly Bulletin
The monthly update from Baillie Gifford's Emerging Markets team.
Emerging Markets Monthly Bulletin
The monthly update from Baillie Gifford's Emerging Markets team.
Emerging Markets Monthly Bulletin - June 2022.
The monthly update from Baillie Gifford's Emerging Markets team.
Emerging Markets Monthly Bulletin.
The monthly update from Baillie Gifford's Emerging Markets team.
Emerging Markets: the possibilist
Understanding the difference between pessimism and possibility in Emerging Markets.
Emerging Markets Monthly Bulletin.
The monthly update from Baillie Gifford's Emerging Markets team.
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.
Emerging Markets: coming of age
It’s time to stop looking in the rear-view mirror when it comes to emerging markets.
Governance in China: risk or opportunity?
Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.
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.
Changing China
Ben Buckler explores the A share opportunity in China.
When consensus fails
Alex Summers explains why deep research can reveal emerging markets opportunities others miss.Emerging markets: re-globalisation
Qian Zhang explores why a multipolar world could increasingly favour emerging markets.Emerging Markets Q1 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging markets: home to world-class companies
Andrew Keiller explains why emerging markets are producing more standout businessesEmerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Energy: oil shocks and emerging markets
The crisis in the Middle East is proving the resilience of countries like Brazil, while testing others.China’s chip gap
China trails the US in AI chip hardware, but opportunities remain for patient investors.Metals: from bellwether to bottleneck
A shortage of critical metals presents an opportunity in emerging markets.Emerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q4 update
Investment manager Mike Gush reflects on recent performance, portfolio changes and market developments over the last quarter.EM: getting beyond the broken record
World-class companies await investors willing to look past ‘smash hit’ index heavyweights.Emerging market companies leapfrogging western rivals
Investment manager Alice Stretch explores disruptive businesses in Asia and Latin America.Korea’s Value-Up ambition
Why South Korea’s stock market has transformed from ugly duckling to world-leading.Emerging markets, from imitators to innovators
From driverless taxis to digital banking, emerging markets are leading a new wave of innovation that’s reshaping industries worldwide.From Pac-Man to AI agents
How Tencent is evolving beyond gaming.Emerging Markets: are you missing the point?
Why underweighting EM is an active risk, not a cautious stance.Emerging Markets Q3 update
Investment manager Ben Durrant reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging Markets Q3 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Engines of the future
Why emerging markets drive global growth.Vietnam: in step with structural growth
Vietnam’s reform-driven economy and rising domestic consumption offer rare long-term potential.Emerging Markets Q2 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging Markets Q2 update
Investment manager Will Sutcliffe reflects on recent performance, portfolio changes and market developments.China: driving the future
How Chinese automakers, like BYD, are leading the way in electric vehicles and driverless cars.India: selective exposure to a key market
Why the Emerging Markets’ Team is reviewing its underweight position in Indian equities.Tariff twists and turns
Emerging markets investors should avoid knee-jerk reactions.Emerging markets in 2050
Trade shifts and underserved populations are among the factors favouring world-class stocks.Emerging Markets Q1 update
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments over the last quarter.Emerging Markets Q1 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Lithium: powering the future
Investing in the Chilean mining company charging the energy transition.EM: how we do what we do
How do we implement our emerging markets philosophy in practice?EM: Why we do what we do
Why do we invest in emerging markets in the way that we do?DeepSeek: disruptive AI
Why investors shouldn’t overlook Chinese innovationEmerging Markets Q4 investor letter
The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.Emerging markets: new opportunities
The evolving landscape of emerging markets, fuelled by AI, energy transition and world-class companies driving growth.Samsung: chipping away at challenges
How Samsung turns challenges into opportunities for future growth.The rise of the Global South
Unpacking the BRICS summit's outcomes, the Global South's rise and implications for EM investors.Travelling Brazil: open for business
We share the trip notes from our time in Brazil, highlighting the energy sector, sustainability and fintech.The brilliance of Brilliance
Brilliance China Automotive's journey with its partnership, BMW, through governance, engagement, and value.China’s third plenum: staying the tech course
Unveil China's third plenum resolutions focusing on AI, biotech, and renewable energies amid global challenges.Emerging markets democracy: better than you think
See what the recent elections in Mexico and India mean for emerging markets investors.From earth to equity: the platinum opportunity
Platinum's role in health, tech and green energy.Emerging Markets: our philosophy
Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.Luckin Coffee: looking forward
How Luckin Coffee is revolutionising China's coffee culture.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 companiesESG 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 geopoliticsCopper's role in emerging markets
Assessing copper's supply challenges and investment potential in emerging markets for 2024.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.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.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 potentialAsia and energy transition
Exploring the emerging energy opportunities in Asia.Emerging Markets Monthly Bulletin
The monthly update from Baillie Gifford's Emerging Markets team.Emerging Markets Monthly Bulletin
The monthly update from Baillie Gifford's Emerging Markets team.Emerging Markets Monthly Bulletin - June 2022.
The monthly update from Baillie Gifford's Emerging Markets team.Emerging Markets Monthly Bulletin.
The monthly update from Baillie Gifford's Emerging Markets team.Emerging Markets: the possibilist
Understanding the difference between pessimism and possibility in Emerging Markets.Emerging Markets Monthly Bulletin.
The monthly update from Baillie Gifford's Emerging Markets team.The real case for China
Willingness to change gives Chinese firms an innovation advantage.Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.Emerging Markets: coming of age
It’s time to stop looking in the rear-view mirror when it comes to emerging markets.Governance in China: risk or opportunity?
Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.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.Changing China
Ben Buckler explores the A share opportunity in China.
How to buy
You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com
Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
OEIC terms of business
To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.
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.