1. Overview

    The Pacific Fund aims to outperform (after deduction of costs) the MSCI AC Asia ex Japan 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 Asia Pacific excluding Japan Sector.

    Asia is facing a period of change. We look to embrace the opportunities afforded by this change, by investing in companies disrupting the existing order.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/04/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 20.5%13.7%-3.7%11.0%
    Index* 11.3%8.3%-3.7%3.0%
    Target Benchmark** 12.5%10.4%-1.8%5.0%

    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
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    31/03/2022
    31/03/2023

    31/03/2023
    31/03/2024

    Class B-Acc -1.2%86.6%-5.7%-10.4%8.1%
    Index* -8.8%41.8%-10.3%-2.6%2.1%
    Target Benchmark** -6.9%44.6%-8.5%-0.6%4.2%
    Sector Average*** -11.3%48.5%-5.2%-2.5%0.3%

    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 AC Asia ex Japan Index.
    **MSCI AC Asia ex Japan Index (in sterling) plus at least 2% per annum over rolling five-year periods.
    ***IA Asia Pacific Excluding Japan Sector.

    Top Ten Holdings - 30/04/2024

    Fund %
    1 Samsung Electronics 8.7%
    2 TSMC 8.5%
    3 CNOOC 5.4%
    4 Tencent 5.2%
    5 Reliance Industries 4.1%
    6 Zijin Mining 2.6%
    7 SK Hynix 2.6%
    8 Jio Financial Services Limited 2.6%
    9 MMG Limited 2.4%
    10 EO Technics 2.3%
    Total 44.4%
    Geographic Analysis of Total Assets - 30/04/2024

    Fund %

    • 1 China 34.22
    • 2 India 21.62
    • 3 South Korea 16.95
    • 4 Taiwan 12.87
    • 5 Vietnam 7.16
    • 6 Indonesia 3.30
    • 7 Kazakhstan 2.03
    • 8 Others 2.66
    • 9 Cash -0.79
    • 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

    Roddy Snell

    Roddy is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2006 and became a partner of the firm in 2023. He has managed the Baillie Gifford Pacific Fund since 2010 and the Pacific Horizon Investment Trust since 2021 (having been deputy since 2013). Roddy became a member of the International Alpha Portfolio Construction Group in 2024. Prior to joining the Emerging Markets Equity Team in 2008, he also spent time in the UK and European equity teams. Roddy graduated BSc (Hons) in medical biology from the University of Edinburgh in 2006.

    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 prior to rejoining the team in 2021, he has also worked in our UK, Global Discovery and Private Companies equity teams. Prior to joining Baillie Gifford, he worked for RBS in their Group Strategy and Corporate Finance Team. Ben is a Chartered Accountant and a CFA Charterholder, and graduated BSc (Hons) 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.