Capital at risk
Emerging Markets Concentrated Growth
This is a concentrated portfolio of 15-25 companies.
We’ve been investing in Emerging Markets (EM) for decades and are grateful to be entrusted by a wide range of long-standing clients across the world.
Developed investing in the developing world
EM investors should be open-minded about where growth can come from. We take a patient approach in the least patient markets; helping our clients benefit from powerful growth tailwinds in developing countries.
Turning time to your advantage
Our goal is to build strong relationships with like-minded clients. We can only do this if we deliver strong investment performance, net of costs, over the long term.
The number of genuinely world-class companies in emerging markets is growing and we feel very fortunate to be tasked with seeking these out. We must invest with patience and give decisions time to prove themselves.
EM companies often have substantial addressable opportunities and decades of growth ahead of them. We believe that being selective is imperative to those seeking the best results: the index is not the best reflection of future growth.
Appreciating the underappreciated
We believe there are three persistent inefficiencies that we are well-placed to exploit for our clients:
- Growth duration: many companies grow for much longer than expected
- Growth pace: many companies grow much faster than expected
- Growth surprise: many companies grow when it’s least expected
Much of our process relies on the interplay of data, experience, educated creativity and probability. This does not necessarily lend itself to a matrix or a flowchart.
The quality of companies is increasing, growth is very much on offer, yet because of external factors and risk perceptions, we have an opportunity to invest at what look like very low prices.
Meet the managers
Will is Head of our Emerging Markets Equity Team. He joined Baillie Gifford in 1999 and became a partner of the firm in 2010. Prior to joining the team in 2001, he spent time working in our UK and US equity teams. Will graduated with MA in History from the University of Glasgow in 1996.
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 Emerging Markets in 2005, he 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 currently an investment scout. Mike is a CFA Charterholder and graduated with an MEng from the University of Durham in 2003.
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 Pacific Fund since 2010 and the Pacific Horizon Investment Trust since 2021 (having been deputy since 2013). Since March 2020, he has also been a manager on the China Strategy. He has also spent time in the UK and European equity teams. Roddy graduated with a BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.
Andrew has been an investment manager in the Emerging Markets Equity Team since 2007 and involved in running the Emerging Markets portion of the Managed Strategy since 2012. He sits on the Emerging Markets All Cap and International Alpha Portfolio Construction Groups. Since joining Baillie Gifford in 1991, he has worked in the UK, Japanese and North American Equities teams. Andrew graduated MA in Economics from the University of Cambridge in 1987.
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.
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 with a BSc in Mathematics from the University of Edinburgh in 2012.
Michelle is a senior ESG analyst in the Emerging Markets Equity Team. She joined Baillie Gifford in 2021. Before this, she led sustainability and social responsibility programmes for the University of Edinburgh. She is a fellow of the Institute of Environmental Management and Assessment and the Institute of Corporate Responsibility and Sustainability. She graduated BA (Hons) in Sociology from Bishops University, Canada, in 1995 and MA in Development Studies from the University of Leeds in 1997.
Alex is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2022. Prior to joining the firm, he worked as a senior investment analyst (EM/Asia) at Stewart Investors from 2013. Alex is a CFA Charterholder and graduated with a BBA (First Class Honours) in Accounting and Finance from the University of New Brunswick, Canada.
Grace is an investment manager in the Emerging Markets Equity Team. She joined Baillie Gifford in 2022. Prior to joining the firm, she worked as an investment analyst at Millennium Management in Hong Kong. She began her career at Citadel in 2013 and has also worked for Wellington Management in Boston as a US generalist. Grace graduated with an MBA from Harvard Business School in 2018 and a BSc (Hons) in Computer Science from Cornell University in 2013.
Ian is an investment analyst in the Emerging Markets Equity Team. He joined Baillie Gifford in 2020, and prior to joining the team spent time in our Global Discovery and Global Income Growth equity teams. Ian was awarded a PhD in English literature from the University of Edinburgh in 2021.
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.