US mutual fund

Baillie Gifford Emerging Markets ex China Fund

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Baillie Gifford Emerging Markets Ex China Fund seeks capital appreciation.

The Emerging Markets ex China strategy is philosophically identical to the existing EM strategy (long term, active, focused on growth), the exception being that it will not invest in Chinese companies. The increased appetite for China-dedicated strategies by some investors runs the risk that the rest of EM is neglected. An EM ex China portfolio may be a useful strategy in this regard.

Overview

Share price and charges

Share class
K
Ticker
BGEZX
NAV
9.66
% change
-0.62%
Management fee
0.72%
Other expenses
26.40%
Gross expense ratio
27.12%
Fee waiver
-26.25%
Net expense ratio
0.87%

Fund facts

As at: November 30, 2024

Fund launch date

December 28, 2021

Fund size

$1.0m

Benchmark

MSCI Emerging Markets ex China Index

Current number of holdings

61

Active share

69%*

Annual turnover

13%

Style

Growth

Guideline number of holdings

40-80

*Relative to MSCI Emerging Markets ex China.

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 Emerging Markets ex China Index
Market cap (weighted average)$201.75bn$161.63bn
Price / Book2.321.99
Price / Earnings (12 months forward)13.3212.74
Earnings growth (5 year historic)11.63%8.99%
Return on equity (12 months forward)17.41%15.49%
Beta1.21N/A

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

Beta is in comparison to MSCI Emerging Markets ex China 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 Emerging Markets ex China Fund are: Investment Style Risk, Growth Stock Risk, Emerging Markets Risk, Market Disruption and Geopolitical Risk and Government and Regulatory Risk. 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 focuses on investments in emerging markets excluding China, meaning it may offer less diversification and be more volatile than other funds. Investing in emerging markets can involve additional market, credit, currency, liquidity, legal or political risks than investing in more developed markets. The value of investments could be adversely affected by events such as war, public health crises and changes in economic and political conditions in the US and elsewhere. This could prevent the Fund from implementing its investment strategies and increase exposure to other risks. Governmental and regulatory authorities in the US and elsewhere have intervened in markets and may do so again in the future. The effects of these actions can be uncertain and could restrict the Fund in implementing its investment strategies. Some non-US markets have had little regulation which could increase risk of loss due to fraud or market failures. Governmental and regulatory authorities may adopt or change laws that could adversely impact the Fund. Other Fund risks include: Asia Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets Risk, Geographic Focus Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy 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

Since inception†

Share class K27.12%0.87%-1.46%-3.96%9.75%15.85%0.70%
MSCI Emerging Markets ex China Indexn/an/a-3.26%-5.63%5.38%12.17%1.12%

Annualized total returns – as at quarter end

As at: September 30, 2024

Gross expense ratio

Net expense ratio

1 year

Since inception†

Share class K27.12%0.87%26.56%2.16%
MSCI Emerging Markets ex China Indexn/an/a27.97%3.82%

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: December 28, 2021

Share Class launch date: December 28, 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 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.

The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding 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 Emerging Markets ex China 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.

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
TSMC0.49%
Mediatek0.32%
Impala Platinum Holdings0.25%
Nu Holdings Ltd.0.16%
MercadoLibre0.14%
Hon Hai Precision-0.19%
Hyundai Motor-0.17%
Reliance Industries Ltd-0.16%
Samvardhana Motherson International-0.14%
Delhivery Ltd-0.14%

Source: Revolution, MSCI.

Benchmark: MSCI Emerging Markets ex China Index

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
1TSMC18.87
2Samsung Electronics5.94
3MercadoLibre4.78
4MediaTek3.94
5Reliance Industries3.85
6Naspers3.83
7Petrobras3.64
8Sea Limited3.07
9SK Hynix2.84
10Axis Bank2.61

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
Information Technology
37.91%
30.16%
7.75%
2
Financials
19.61%
25.25%
-5.64%
3
Consumer Discretionary
14.93%
6.61%
8.32%
4
Energy
8.61%
5.11%
3.50%
5
Materials
7.83%
7.72%
0.11%
6
Communication Services
3.96%
4.61%
-0.66%
7
Industrials
3.33%
7.34%
-4.01%
8
Consumer Staples
3.17%
5.34%
-2.17%
9
Cash
0.66%
0.00%
0.66%
10
Real Estate
0.00%
1.39%
-1.39%
11
Utilities
0.00%
3.02%
-3.02%
12
Health Care
0.00%
3.45%
-3.45%
Total
100.00%
100.00%

Holdings by region

As at: October 31, 2024

#
Region
Fund %
Benchmark % *
Difference %
1
Emerging Markets
99.34%
99.39%
-0.04%
2
Cash
0.66%
0.00%
0.66%
3
Europe (ex UK)
0.00%
0.61%
-0.61%
Total
100.00%
100.00%

Holdings by country

As at: October 31, 2024

Showing 10 of 30 holdings

#
Country
Fund %
Benchmark % *
Difference %
1
Taiwan
24.50%
26.24%
-1.74%
2
India
19.72%
25.94%
-6.22%
3
Brazil
13.93%
6.57%
7.35%
4
South Korea
12.84%
13.86%
-1.02%
5
South Africa
6.52%
4.36%
2.16%
6
Mexico
3.83%
2.57%
1.26%
7
Singapore
3.07%
0.00%
3.07%
8
Thailand
2.90%
2.08%
0.83%
9
Indonesia
2.25%
2.25%
0.00%
10
Other Emerging Markets
2.15%
0.00%
2.15%

Quarterly transactions

Transactions for the three-month period ending 30 September 2024

New purchases

  • Kotak Mahindra Bank

Complete sales

  • Advantech Co.

 

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 KShare class Institutional
Income dividends0.236940.23694
Short-term capital gains *0.000000.00000
Long-term capital gains0.000000.00000
Total per share0.236940.23694
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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