US mutual fund

Baillie Gifford China Equities Fund

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The Baillie Gifford China Equities Fund seeks capital appreciation.

We seek to produce a portfolio of 40-80 of China's growing companies regardless of their location of listing, market capitalisation or size in the Index. We have a long-term (5+ year) investment horizon, a focus on growth stocks, and employ rigorous fundamental analysis to stock selection. This benefits from balancing global perspectives with local insights from our offices in Edinburgh and Shanghai.

Overview

Share price and charges

Share class
K
Ticker
BGCDX
NAV
5.30
% change
1.34%
Management fee
0.72%
Other expenses
10.45%
Gross expense ratio
11.17%
Fee waiver
-10.30%
Net expense ratio
0.87%

Fund facts

As at: November 30, 2024

Fund launch date

July 7, 2021

Fund size

$2.6m

Benchmark

MSCI China All Shares Index

Current number of holdings

53

Active share

68%*

Annual turnover

23%

Style

Growth

Guideline number of holdings

40-80

*Relative to MSCI China All Shares Index.

Source: Baillie Gifford & Co and relevant underlying index provider(s).

Portfolio characteristics

The fund's characteristics compared to the index.

As at November 30, 2024

FundMSCI China All Shares Index
Market cap (weighted average)$122.75bn$105.53bn
Price / Book2.841.47
Price / Earnings (12 months forward)12.9810.55
Earnings growth (5 year historic)6.76%4.26%
Return on equity (12 months forward)20.22%13.54%
Beta1.16N/A

Source: Baillie Gifford & Co, FactSet, Revolution, and relevant underlying index provider(s).

Beta is in comparison to MSCI China All Shares Index.

A full glossary of definitions can be viewed at the bottom of this page.

Meet the managers

Risks

The most significant risks of an investment in the Baillie Gifford China Equities Fund are: China Risk, Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk and Geographic Focus Risk. Investing in securities of Chinese issuers involves certain risks not typically associated with investing in securities of U.S. issuers, including more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, different financial reporting standards, custody risks, and potential adverse tax consequences. Investing in securities of Chinese issuers involves certain risks such as limits on use of brokers and foreign ownership. There can be a higher dependence on exports and international trade with the potential for increased trade tariffs, sanctions and embargoes. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Chinese securities can become illiquid quickly as Chinese issuers have the ability to suspend trading and have done so in response to market volatility and other events. The Fund is managed on a bottom up basis and stock selection is likely to be the main driver of investment returns. Returns are unlikely to track the movements of the benchmark. The prices of growth stocks can be based largely on expectations of future earnings and can decline significantly in reaction to negative news. The Fund is managed on a long-term outlook, meaning that the Fund managers look for investments that they think will make returns over a number of years, rather than over shorter time periods. The Fund focuses on investments in China, meaning it may offer less diversification and be more volatile than other funds. Other Fund risks include: Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-Diversification Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds Risk and Valuation Risk.

Index disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

Definitions

Active share

A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.

Annual turnover

Turnover is calculated as the smaller figure of either purchases or sales for the month and dividing it by an average fund market value. Annual Turnover is calculated as the sum of the monthly turnover figures for the 12 month period.

Market cap (weighted average)

The weighted average size of companies represented in the portfolio, denoted by market capitalization.

Price/Book

The weighted average ratio of current share price to last reported company book value per share. This represents a measure of valuation levels.

Price/Earnings (12 months forward)

The weighted average ratio of current share price divided by the 12 month forward earnings per share. This represents a measure of valuation levels.

Earnings growth (5 years historic)

The weighted average growth in earnings per share of current portfolio holdings delivered over the past 5 years, expressed in % per annum. This represents a measure of delivered profits growth for the current holdings in the portfolio or benchmark.

Return on equity (12 months forward)

The weighted average ratio of 12 month forward earnings per share divided by the last reported book value per share. This represents a forward-looking measure of profitability, based on the current holdings of the portfolio or benchmark.

Beta

Beta is a measure of systematic risk, denoting the sensitivity of a fund to the direction of the market. Measures of beta that are significantly higher (lower) than 1.0 indicate a greater (lesser) degree of sensitivity to market direction.

Standard deviation

A measure of the volatility of absolute returns. It is a measure of the dispersion of a set of absolute returns from its mean.

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Fund performance

Annualized total returns – as at month end

As at: November 30, 2024

Gross expense ratio

Net expense ratio

1 month*

3 months*

Year-to-date*

1 year

3 years

Since inception†

Share class K11.17%0.87%-3.14%14.91%10.32%7.31%-14.89%-16.80%
MSCI China All Shares Indexn/an/a-3.22%12.96%14.94%12.67%-8.42%-10.57%

Annualized total returns – as at quarter end

As at: September 30, 2024

Gross expense ratio

Net expense ratio

1 year

3 years

Since inception†

Share class K11.17%0.87%13.90%-12.54%-15.69%
MSCI China All Shares Indexn/an/a20.59%-6.05%-8.65%

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

†Fund inception date: July 07, 2021

Share Class launch date: July 07, 2021

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time. The net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30 2025.

The MSCI China All Shares Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red- chips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Fund is more concentrated than the MSCI China All Shares Index.

Performance

As at: November 30, 2024

View by date range:

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

All performance figures are cumulative.
All figures quoted are in US dollars, net of fees.
The graph is rebased to 100.

Annualized total returns – as at quarter end

As at: September 30, 2024

Source: Bank of New York Mellon and relevant underlying index provider(s).
†Fund inception date: July 07, 2021
Share Class launch date: July 07, 2021
All figures quoted are in US dollars, net of fees.
*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. 

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

Stock level attribution

Top and bottom 5 relative contributors

One month to: October 31, 2024

HoldingContribution
Shenzhen Megmeet Electrical1.01%
Meituan0.48%
Pop Mart International Group L0.32%
Silergy0.25%
Fuyao Glass Industry Grp 'H'0.12%
XIAOMI CORPORATION - B-0.30%
Kweichow Moutai-0.24%
Zhongji Innolight 'A' - Stock Connect-0.23%
BeiGene -0.19%
Weichai Power 'H'-0.17%

Source: Revolution, MSCI.

Benchmark: MSCI China All Shares

The performance data quoted represents past performance and it should not be assumed that transactions made in the future will be profitable or will equal the performance of the securities mentioned. 

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Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: October 31, 2024

#Holding% of portfolio
1Tencent11.72
2Meituan7.79
3Alibaba5.97
4Kweichow Moutai4.76
5Ping An Insurance3.77
6PDD Holdings3.77
7CATL3.57
8China Merchants Bank3.34
9BYD Company2.67
10Midea2.63

For extra details including SEDOLs, ISINs, countries, holding, asset price, currency, asset type and market value, view the spreadsheet.

Top ten holdings is at month end. Full list of holdings is at quarter end.

Holdings by sector

As at: October 31, 2024

#
Sector
Fund %
Benchmark % *
Difference %
1
Consumer Discretionary
33.58%
22.37%
11.21%
2
Communication Services
15.29%
13.38%
1.91%
3
Industrials
14.73%
8.95%
5.78%
4
Information Technology
10.32%
10.32%
0.00%
5
Consumer Staples
7.73%
6.96%
0.77%
6
Financials
7.11%
19.38%
-12.26%
7
Materials
3.89%
5.67%
-1.77%
8
Health Care
3.48%
4.73%
-1.25%
9
Real Estate
1.31%
1.77%
-0.46%
10
Cash
1.12%
0.00%
1.12%
11
Utilities
1.01%
3.19%
-2.17%
12
Energy
0.41%
3.29%
-2.88%
Total
100.00%
100.00%

Holdings by region

As at: October 31, 2024

#
Region
Fund %
Benchmark % *
Difference %
1
Emerging Markets
97.20%
100.00%
-2.80%
2
Developed Asia Pacific
1.68%
0.00%
1.68%
3
Cash
1.12%
0.00%
1.12%
Total
100.00%
100.00%

Holdings by country

As at: October 31, 2024

#
Country
Fund %
Benchmark % *
Difference %
1
China
98.88%
100.00%
-1.12%
2
Cash
1.12%
0.00%
1.12%
Total
100.00%
100.00%

Quarterly transactions

Transactions for the three-month period ending 30 September 2024

Complete sales

  • LONGi Green Energy Technology 'A'
  • Ping An Bank 'A'

Additions

  • PDD Holdings Inc
  • Sunny Optical Technology

Reductions

  • Fuyao Glass Industry Grp 'H'
  • Meituan
  • Pop Mart International Group L

 

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

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Tax and distributions

The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus.

You can find answers to some of our most common questions about tax and distribution for mutual funds in our frequently asked questions document.

Recent distributions

The below table shows the makeup of the most recent distributions paid.

Share class InstitutionalShare class K
Income dividends0.071080.07439
Short-term capital gains *0.000000.00000
Long-term capital gains0.000000.00000
Total per share0.071080.07439
Ex-dividend date12/28/202312/28/2023
Pay date12/28/202312/28/2023
StatusFinalFinal

Source: Bank of New York Mellon and Baillie Gifford & Co

*Short-term capital gains are treated as ordinary income for U.S. Federal Income Tax Purposes.

 

Upcoming distributions

Please click here to view estimated capital gain distributions for 2024.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

Distribution year

2024

Record date

December 27, 2024

Ex-dividend date

December 30, 2024

Payable date

December 30, 2024

Source: Bank of New York Mellon and Baillie Gifford & Co

Primary ICI file for the Baillie Gifford Mutual Funds

Secondary ICI file for the Baillie Gifford Mutual Funds

Tax and distributions FAQs

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Documents

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