1. Overview

    The Emerging Markets Growth 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 have over 70 investors across both our Edinburgh and Shanghai offices covering emerging market companies, giving us a wealth of investment experience on which to draw.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/04/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 15.8%14.6%-5.1%3.3%
    Index* 12.0%10.7%-2.1%3.1%
    Target Benchmark** 13.1%12.9%-0.1%5.2%
    Sector Average*** 11.9%10.1%-2.8%2.6%
    Sector Ranking 26/16730/16599/14951/130

    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 -12.3%58.0%-16.0%-5.9%8.4%
    Index* -13.2%42.8%-6.8%-4.5%6.3%
    Target Benchmark** -11.4%45.7%-5.0%-2.5%8.4%
    Sector Average*** -15.4%46.8%-8.7%-4.4%6.0%

    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 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.

    Top Ten Holdings - 30/04/2024

    Fund %
    1 TSMC 9.2%
    2 Samsung Electronics 8.9%
    3 Tencent 5.3%
    4 Petrobras 5.1%
    5 Reliance Industries 4.1%
    6 MercadoLibre 3.5%
    7 SK Hynix 2.9%
    8 Alibaba 2.7%
    9 Hyundai Motor Company 2.1%
    10 Tata Consultancy Services 1.9%
    Total 45.7%
    Geographic analysis of total assets - 30/04/2024

    Fund %

    • 1 China 26.18
    • 2 South Korea 15.46
    • 3 India 14.41
    • 4 Brazil 13.06
    • 5 Taiwan 12.06
    • 6 Mexico 4.89
    • 7 Thailand 3.28
    • 8 Others 11.72
    • 9 Cash -1.06
    • 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

    Andrew Stobart

    Andrew is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 1991, and prior to joining the team in 2007, he has also spent time working in our UK, Japanese, and North American Equity teams. Andrew has been involved in running the Emerging Markets portion of the Managed Fund since 2012. Prior to joining Baillie Gifford, he previously spent three years working in investment banking in London. Andrew graduated MA in economics from the University of Cambridge in 1987.

    Mike Gush

    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 the team in 2005, he also 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 an investment scout. Mike is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

    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.

    How to Buy

    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.

    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

    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).

    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.

    Philosophy and Process Documents

    Sustainability-related Disclosures

    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 in dealing, settlement and custody 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.

    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.