EMERGING MARKETS LEADING COMPANIES FUNDEMERGING MARKETS LEADING COMPANIES FUND
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 & PortfolioPeriodic PerformanceAll figures to 31/03/2021
6 Months 1 Year 3 Years 5 Years Class B-Acc 17.6% 59.2% 15.2% 20.3% Index* 14.9% 42.8% 7.4% 13.4% Target Benchmark** 16.0% 45.7% 9.6% 15.7% Sector Average*** 17.3% 46.8% 6.9% 12.4% Sector Ranking 63/126 14/124 5/113 1/96Annual Discrete Performance figures to 31 March each yearAnnual percentage return (Updated Quarterly) 31/03/2016
Class B-Acc 41.8% 16.0% 4.3% -7.8% 59.2% Index* 35.2% 11.8% 0.1% -13.2% 42.8% Target Benchmark** 37.9% 14.0% 2.0% -11.4% 45.7% Sector Average*** 35.3% 8.5% -1.5% -15.4% 46.8%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 Emerging Markets Index.
**MSCI Emerging Markets Index +2%.
***IA Global Emerging Markets Sector.Performance - 31/03/2021The 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.
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Top Ten Holdings - 31/03/2021
Fund % 1 TSMC 9.7% 2 Samsung Electronics 9.1% 3 Alibaba 6.5% 4 Sberbank 4.8% 5 Samsung SDI 4.5% 6 Naspers 4.5% 7 Ping An Insurance 4.4% 8 Tencent 4.2% 9 MercadoLibre 4.2% 10 Meituan Dianping 3.5% Total 55.4% Fund % 1 TSMC 9.7% 2 Samsung Electronics 9.1% 3 Alibaba 6.5% 4 Sberbank 4.8% 5 Samsung SDI 4.5% 6 Naspers 4.5% 7 Ping An Insurance 4.4% 8 Tencent 4.2% 9 MercadoLibre 4.2% 10 Meituan Dianping 3.5% Total 55.4%Geographic analysis of total assets - 31/03/2021As 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.
InsightsView all Insights.November 2020
Emerging Markets Webinar: Coming of Age.
Client director Tim Campbell introduces the highlights of the recent Emerging Markets webinar, in which Tim and investment manager Will Sutcliffe discuss their outlook for the future, whilst keeping in mind the performance of emerging markets in the past.October 2020
Emerging Markets Article: Coming of Age.
It’s time to stop looking in the rear-view mirror when it comes to emerging markets. Conventional wisdom always extrapolates recent experience, but after a decade in which both economic growth and equity returns have been lacklustre relative to the rest of the world – and with relative valuations now back at multi-decade lows – we worry that investors have badly misunderstood the depth of the transformation that has been taking place in our asset class.October 2020
The Great Divergence Between East and West.
China has defied recession in 2020, but where to now? Investment manager Roderick Snell anticipates big things ahead.June 2020
How Do We Do What We Do? - Emerging Markets Investing.
One ought to be an optimist to invest in Emerging Markets, but so very few analysts are. Baillie Gifford’s Emerging Markets team explain how they fly in the face of market inefficiencies in their search for excess returns.February 2020
Governance in China: Risk or Opportunity?
Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.Third Quarter 2019
Ben Buckler explores the A share opportunity in China.Third Quarter 2017
Why Do We Do What We Do? - Emerging Market Investing.
Active management in emerging markets - Claire Gillies and Andrew Keiller explain why it is important to be selective rather than follow the index and outline the potential rewards such an approach can bring.
View all Insights.
Meet the Manager
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 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.
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.
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.
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.
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.
Bulletins and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
Philosophy and Process Documents
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 of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
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.
The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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.
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.
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 and the tax treatment of OEICs can change at any time.