Overview
The Emerging Markets Leading Companies 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 are interested in detailed, differentiated, proprietary research focused on the long-term outlook for companies and industries.
Performance & Portfolio
Periodic Performance
All figures to 28/02/2023 6 Months
1 Year
3 Years
5 Years
Class B-Acc -2.3% -4.2% 4.1% 3.2% Index* -5.9% -5.7% 3.2% 1.1% Target Benchmark** -5.0% -3.8% 5.2% 3.1%
Annual Discrete Performance to 31 December each year
Annual percentage return (Updated Quarterly) 31/12/2017
31/12/201831/12/2018
31/12/201931/12/2019
31/12/202031/12/2020
31/12/202131/12/2021
31/12/2022Class B-Acc -11.2% 26.5% 32.2% -7.6% -16.4% Index* -8.9% 14.3% 15.0% -1.3% -9.6% Target Benchmark** -7.1% 16.6% 17.3% 0.7% -7.8% Sector Average*** -11.8% 16.0% 13.7% -0.5% -12.2% 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: StatPro, FE, MSCI, total return in sterling.
*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.Figures for 3 and 5 years show the annual rate of return.
Performance - 28/02/2023The 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.
Please bear in mind that past performance is not a guide to future performance.
The graph is rebased to 100.Top Ten Holdings - 28/02/2023
Fund % 1 TSMC 10.2% 2 Samsung Electronics 7.9% 3 MercadoLibre 6.4% 4 Reliance Industries 5.1% 5 Ping An Insurance 5.0% 6 Tencent 4.9% 7 Petrobras 4.6% 8 Alibaba 4.4% 9 HDFC 4.3% 10 Samsung SDI 3.3% Total 56.0% Geographic analysis of total assets - 28/02/2023Fund %
- 1 China 31.00
- 2 Brazil 14.12
- 3 India 13.67
- 4 South Korea 13.45
- 5 Taiwan 11.68
- 6 Mexico 4.27
- 7 Indonesia 2.68
- 8 Others 10.94
- 9 Cash -1.82
- 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
Will Sutcliffe
William is Head of our Emerging Markets Equity Team and has been a Manager on the Emerging Markets Leading Company Strategy since 2009. William is also a member of the Emerging Markets Product Group. William joined Baillie Gifford in 1999 and became a Partner of the firm in 2010 and has also spent time working in the UK and US Equities teams. William graduated MA in History from the University of Glasgow in 1996.
Roderick Snell
Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He has managed the Baillie Gifford Pacific Fund since 2010 and has been Manager of Pacific Horizon Investment Trust since 2021 (he was deputy from 2013). Since March 2020, he has also been a manager on the China strategy. He spent time in the UK and European Equity teams prior to joining the Emerging Markets Equity Team in 2008. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.
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.
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
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.
