2. Overview

    The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares 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 China/Greater China Sector.

    We do not believe that knowledge of present fundamentals is enough. Expectations of changes in those fundamentals are equally important.

    Performance & Portfolio

    Periodic Performance
    All figures to 31/03/2021
      6 Months 1 Year 3 Years 5 Years
    Class B-Acc 9.6% 58.5% 17.7% 24.6%
    Index* 4.6% 31.2% 10.8% 16.9%
    Target Benchmark** 5.7% 33.9% 13.0% 19.3%
    Sector Average*** 9.6% 40.9% 12.4% 18.1%
    Sector Ranking 20/42 2/41 5/36 3/33
    Annual Discrete Performance figures to 31 March each year
    Annual percentage return (Updated Quarterly)
      31/03/2016
    31/03/2017    		 31/03/2017
    31/03/2018    		 31/03/2018
    31/03/2019    		 31/03/2019
    31/03/2020    		 31/03/2020
    31/03/2021
    Class B-Acc 45.5% 26.4% -2.7% 5.8% 58.5%
    Index* 38.2% 16.3% 4.0% -0.3% 31.2%
    Target Benchmark** 40.9% 18.7% 6.1% 1.7% 33.9%
    Sector Average*** 36.0% 19.1% 0.9% -0.2% 40.9%
    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: FE and relevant underlying index provider, single pricing basis, total return.
    Returns reflect the annual charges but exclude any initial charge paid.
    *(MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 27/11/19 thereafter MSCI China All Shares Index).
    **(MSCI Golden Dragon Index to 02/05/2019, MSCI All China Index to 27/11/19 thereafter MSCI China All Shares Index) +2%.
    Both have been chain-linked for performance figures above.
    ***IA China/Greater China Sector.
    Performance - 31/03/2021
    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 and relevant underlying index provider, single pricing basis, total return.
    The graph is rebased to 100.
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    Top Ten Holdings - 31/03/2021

    Fund %
    1 Alibaba 9.4%
    2 Tencent 8.5%
    3 Meituan Dianping 4.9%
    4 Ping An Insurance 4.6%
    5 JD.com 4.2%
    6 Kweichow Moutai 3.4%
    7 China Merchants Bank 2.8%
    8 Bilibili 2.5%
    9 CATL 2.4%
    10 Kuaishou Technology 2.3%
    Total 45.0%
    Fund %
    1 Alibaba 9.4%
    2 Tencent 8.5%
    3 Meituan Dianping 4.9%
    4 Ping An Insurance 4.6%
    5 JD.com 4.2%
    6 Kweichow Moutai 3.4%
    7 China Merchants Bank 2.8%
    8 Bilibili 2.5%
    9 CATL 2.4%
    10 Kuaishou Technology 2.3%
    Total 45.0%
    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.
    Sector Analysis of Total Assets - 31/03/2021
    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.
    Unfortunately we were unable to load the chart. Please try again later.

    Insights

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    April 2021

    The Future of Mobility - Part 1.

    A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.

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    April 2021

    The Future of Mobility - Part 2.

    A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.

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    April 2021

    The Future of Mobility - Part 3.

    A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.

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    April 2021

    The Future of Mobility - Part 4.

    A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.

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    March 2021

    Actual ESG.

    The logic of long-term investing means that companies harming the planet and its people will ultimately be losers.

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    March 2021

    Humans, a Growth Species.

    On the back of humanity's innate ability to innovate, invent and improve, Hamish Maxwell is reminded of why growth investing yields such promise over the long-term.

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    January 2021

    Sustainable investing: Finding the innovative companies of the future.

    Investment manager Lee Qian learned first-hand the difference growth made to China. He explains how innovative firms can help nurture economic expansion, while creating a more sustainable world.

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    December 2020

    Innovation: Why it’s Crucial for Sustainability.

    Lee Qian, Investment Manager in Baillie Gifford’s Positive Change Strategy, tells us why we should harness innovation and economic growth to create a more prosperous, sustainable and inclusive world.

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    November 2020

    STOPCOVID Webinar.

    This webinar, moderated by Mark Urquhart, head of our Long Term Global Growth Team, includes an update from the STOPCOVID team based at Edinburgh University. STOPCOVID is a global initiative to harness and progress medical science across sectors to improve treatments and end the pandemic. We hear from Kev Dhaliwal, Professor of Molecular Imaging and Healthcare Technology and Honorary Consultant in Respiratory Medicine.

    Watch
    November 2020

    The S in ESG.

    The complexity of assessing societal impact shouldn’t deter investors from looking at a company from every angle, argues Marianne Harper Gow.

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    Meet the Managers

    Mike Gush

    Mike is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. He has also been a member of the Global Stewardship strategy since its inception in 2015. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003. 

    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.

    Roderick Snell

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He previously worked in the UK and European Equity Teams and has managed the Baillie Gifford Pacific Fund since 2010. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. 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. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    Fund Platforms/Supermarkets

    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, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    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.

    Risks

    General Investment Risk

    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.

    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 where difficulties with dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

    Single Country

    The Fund’s exposure to a single market and currency may increase share price movements.

    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.

    Dilution

    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Fees from Revenue

    Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.