1. Overview

    The Pacific Fund aims to outperform (after deduction of costs) the MSCI AC Asia ex Japan 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 Asia Pacific excluding Japan Sector.

    Asia is facing a period of change. We look to embrace the opportunities afforded by this change, by investing in companies disrupting the existing order.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -14.0%-10.2%20.6%14.3%
    Index* -6.6%-11.3%6.2%5.2%
    Target Benchmark** -5.7%-9.6%8.3%7.3%
    Sector Average*** -4.0%-6.8%7.8%6.1%
    Sector Ranking 115/12475/1241/1161/108

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    Class B-Acc 22.9%-0.5%-1.2%86.6%-5.7%
    Index* 12.5%2.3%-8.8%41.8%-10.3%
    Target Benchmark** 14.7%4.4%-6.9%44.6%-8.5%
    Sector Average*** 7.3%3.1%-11.3%48.5%-5.2%

    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 AC Asia ex Japan Index.
    **MSCI AC Asia ex Japan Index +2%.
    ***IA Asia Pacific ex Japan Sector.

    Performance - 31/05/2022

    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.
    Please bear in mind that past performance is not a guide to future performance.
    The graph is rebased to 100.

    Top Ten Holdings - 31/05/2022

    Fund %
    1 TSMC 4.8%
    2 Merdeka Copper Gold 4.3%
    3 Reliance Industries 4.1%
    4 JD.com 2.9%
    5 Samsung SDI 2.7%
    6 Samsung Electronics 2.7%
    7 MMG Limited 2.6%
    8 Vedanta 2.4%
    9 SEA Limited 2.3%
    10 Mediatek 2.2%
    Total 31.1%
    Geographic Analysis of Total Assets - 31/05/2022

    Fund %

    • 1 China 31.62
    • 2 India 20.26
    • 3 South Korea 13.81
    • 4 Indonesia 11.30
    • 5 Taiwan 9.94
    • 6 Vietnam 7.87
    • 7 Singapore 2.92
    • 8 Others 1.75
    • 9 Cash 0.53
    • Total 100.0

    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.

    Meet the Managers

    Roderick Snell

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He has managed the Baillie Gifford Pacific Fund since 2010 and has been Manager of Pacific Horizon Investment Trust since 2021 (he was deputy from 2013). Since March 2020, he has also been a manager on the China strategy. He spent time in the UK and European Equity teams prior to joining the Emerging Markets Equity Team in 2008. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    Ben Durrant

    Ben is an Investment Manager in the Emerging Markets Team. He joined Baillie Gifford in 2017 and has also worked in our UK, Global Discovery and Private Companies teams. He previously worked for RBS in their Group Strategy and Corporate Finance Team. He is also a Chartered Accountant and a CFA Charterholder. Ben graduated BSc (Hons) in Mathematics from the University of Edinburgh in 2012.

    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.

    How to Buy

    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.

    Quarterly Investor Reports

    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 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 trading 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.

    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.