Overview
Fund objective
The Pacific Fund aims to outperform (after deduction of costs) the MSCI AC Asia ex Japan Index, as stated in sterling, over rolling five-year 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.
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.
Investment proposition
Share price and charges
Share class
B, IncPrice
1744.00p% change
1.16%Yield
0.3%Ex-dividend (XD)
XOngoing charges*
0.71%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
17 March 1989
Fund size
£3,729.13m
The Investment Association sector
Asia Pacific Excluding Japan
Comparative Index
MSCI AC Asia ex Japan Index
Active share
66%**
Annual turnover
46%
Guideline number of holdings
50-100
Current number of holdings
68
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
**Relative to MSCI AC Asia ex Japan Index. Source: Baillie Gifford & Co, MSCI.
Ratings
As at: 31 March 2026
FundCalibre Rated Fund
Rayner Spencer Mills Research Rated Fund
Meet the managers
Risk Warnings
Risk Introduction
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. The specific risks associated with the Fund include:
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, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment. The Fund’s investment in frontier markets may increase this risk.
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.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic Performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 19.5% | 10.0% | 22.4% | 70.1% | 21.3% | 7.0% |
Index* | 12.9% | 7.3% | 11.0% | 46.5% | 18.3% | 6.4% |
Sector Average** | 11.9% | 7.8% | 11.5% | 43.3% | 14.5% | 5.7% |
Sector Ranking | 7/116 | 34/116 | 11/116 | 9/116 | 8/112 | 34/108 |
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
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Acc | -5.7% | -10.4% | 8.1% | 0.3% | 34.5% |
Index* | -10.3% | -2.6% | 2.1% | 9.5% | 26.4% |
Sector Average** | -5.2% | -2.5% | 0.3% | 3.8% | 25.4% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Samsung Electronics | 9.6% |
| 2 | TSMC | 9.3% |
| 3 | SK Square | 8.5% |
| 4 | Tencent | 4.9% |
| 5 | MediaTek | 3.9% |
| 6 | CNOOC | 3.9% |
| 7 | SK Hynix | 3.0% |
| 8 | CATL | 2.6% |
| 9 | Chifeng Jilong Gold Mining Industry Co. | 2.5% |
| 10 | Alibaba | 2.3% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 40.6 | 41.5 | -0.9 |
| 2 | Industrials | 16.7 | 8.6 | 8.1 |
| 3 | Consumer Discretionary | 10.7 | 10.2 | 0.5 |
| 4 | Financials | 10.3 | 17.7 | -7.4 |
| 5 | Materials | 9.6 | 3.6 | 6.0 |
| 6 | Communication Services | 4.9 | 6.9 | -2.0 |
| 7 | Energy | 3.9 | 2.6 | 1.3 |
| 8 | Unclassified | 1.2 | 0.0 | 1.2 |
| 9 | Real Estate | 0.4 | 1.7 | -1.3 |
| 10 | Health Care | 0.0 | 2.9 | -2.9 |
| 11 | Cash | 1.7 | 0.0 | 1.7 |
Total | 100.0 | 95.7 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | China | 35.3 | 26.1 | 9.2 |
| 2 | South Korea | 25.2 | 21.2 | 4.0 |
| 3 | Taiwan | 18.4 | 28.1 | -9.8 |
| 4 | India | 5.8 | 13.5 | -7.8 |
| 5 | Hong Kong | 4.6 | 4.2 | 0.4 |
| 6 | Vietnam | 3.9 | 0.0 | 3.9 |
| 7 | Singapore | 1.6 | 3.4 | -1.8 |
| 8 | Kazakhstan | 1.3 | 0.0 | 1.3 |
| 9 | Indonesia | 1.2 | 0.8 | 0.4 |
| 10 | Thailand | 1.2 | 1.2 | 0.0 |
Total | 98.3 | 98.4 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Ase Technology Holding Co Ltd
- Futu Hdgs ADR
- MakeMyTrip
- Minimax
- Montage Technology Co Ltd 'H'
- Samsung C&T Corp
- SK Hynix Inc
- Sungrow Power Supply 'A' - Stock Connect
- Wasion Holdings Limited Shs
Complete sales
- Coupang
- DLF Ltd
- Kuaishou Technology
- Montage Technology Co Ltd 'H'
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Asia’s Next Act
Asia ex Japan managers Roddy Snell and Ben Durrant assess China, AI hardware and resilience.
Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.
Asia's multi-faceted growth story
China's innovation and Vietnam's reforms create a compelling investment case in Asia.
Trip notes: Kazakhstan
Sizing up super-app Kaspi.kz in Almaty.
Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
Asia ex Japan: portfolio manager update
Asia ex Japan Strategy’s performance, portfolio positioning and the region’s attractions for growth investors.
Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.
A long view of the east
With 35 years of investing behind us, we look to the future with our Asia-ex-Japan Strategy.
Asia ex Japan: portfolio manager update
The strategy’s performance, portfolio positioning and the region’s attractions for growth investors.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
Asia ex Japan Strategy
Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.
Asia ex Japan manager update
Roderick Snell and Qian Zhang discuss current views and portfolio positioning for the Asia ex Japan Strategy.
Asia ex Japan: Portfolio manager update
Client director Andrew Keiller and investment manager Roderick Snell discuss the firm’s latest views on investing in the Asia ex Japan region.
Asia ex Japan: Portfolio Manager Update
Join Roddy Snell and Ben Durrant to discuss current views and portfolio positioning for the Asia ex Japan strategy and learn why we continue to believe this is the most attractive region globally for growth investors.
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.
Why China?
Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
Asia’s Next Act
Asia ex Japan managers Roddy Snell and Ben Durrant assess China, AI hardware and resilience.Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.Asia's multi-faceted growth story
China's innovation and Vietnam's reforms create a compelling investment case in Asia.Trip notes: Kazakhstan
Sizing up super-app Kaspi.kz in Almaty.Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.Asia ex Japan: portfolio manager update
Asia ex Japan Strategy’s performance, portfolio positioning and the region’s attractions for growth investors.Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.A long view of the east
With 35 years of investing behind us, we look to the future with our Asia-ex-Japan Strategy.Asia ex Japan: portfolio manager update
The strategy’s performance, portfolio positioning and the region’s attractions for growth investors.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?Asia ex Japan Strategy
Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.Asia ex Japan manager update
Roderick Snell and Qian Zhang discuss current views and portfolio positioning for the Asia ex Japan Strategy.Asia ex Japan: Portfolio manager update
Client director Andrew Keiller and investment manager Roderick Snell discuss the firm’s latest views on investing in the Asia ex Japan region.Asia ex Japan: Portfolio Manager Update
Join Roddy Snell and Ben Durrant to discuss current views and portfolio positioning for the Asia ex Japan strategy and learn why we continue to believe this is the most attractive region globally for growth investors.The real case for China
Willingness to change gives Chinese firms an innovation advantage.Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.Why China?
Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
How to buy
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
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.
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.
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.