Capital at risk
China A Shares
The world’s second-largest stock market offers a unique opportunity set but is inefficient, underexplored and underappreciated.
Exceptional growth firms are rare, and great long-term returns require participation in disruptive shifts that play out over years, not quarters.
Our portfolio reflects what we think will be China’s critical growth drivers in the next decades.
Short-term market meets long-term investor
A deliberately selective investment approach, helping our clients benefit from China’s engines of growth for the next decade.
China: our philosophy
Investment manager Sophie Earnshaw introduces the China Strategy, reflecting on the exciting opportunities ahead.
Hunting for growth in a growing market
To deliver long-term capital gains, we look for businesses that enjoy sustainable competitive advantages and which we believe will grow their earnings significantly faster than the market average. This requires fundamental research, active engagement and an ability to ignore large parts of the index.
Active management is critical for assessing the risks and opportunities. China is a poorly researched investment universe dominated by short-termism, which makes it an exciting one for patient, curious stock pickers.
Diverse perspectives
An active and engaged approach allows us to navigate over 6,000 companies and deliver a portfolio of just 40-80 Chinese growth stocks.
We benefit from global and local knowledge with a team based across Edinburgh and Shanghai.
Our differentiated horizons, perspectives and relationships provide insights that help us spot opportunities early and exploit persistent inefficiencies.
We have been investing in China since 1994 with a philosophy focused on long-term returns. Our dedicated China Strategy was launched in 2006.
We have always been interested in disruption, no matter where it might occur. It’s this intellectual curiosity that continues to draw us to China’s innovative companies.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | CATL | 9.6% |
| 2 | Midea | 8.2% |
| 3 | Kweichow Moutai | 6.6% |
| 4 | Sungrow Power Supply | 6.4% |
| 5 | Shenzhen Inovance Technology | 6.1% |
| 6 | Zhejiang Sanhua Intelligent Controls | 5.0% |
| 7 | Jiangsu Azure | 3.8% |
| 8 | Anker Innovations | 3.6% |
| 9 | Zhongji Innolight | 3.4% |
| 10 | Zijin Mining Group | 3.4% |
Please note
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.
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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
China Q3 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.
Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
China Q2 investment update
Investment manager Sophie Earnshaw reflects on recent performance, portfolio changes and market developments.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
China Q1 investment update
The China Team reflects on recent performance, portfolio changes and market developments.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
China Q4 update
The China Team reflects on recent performance, portfolio changes and market developments.
China Strategy: manager update
An update on the investment landscape in China, portfolio changes, and key risks and opportunities on our radar.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.
China Strategy
Investment manager, Sophie Earnshaw, discusses the Baillie Gifford China Strategy.
China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?
The ‘S’ of ESG: intangible value
ESG experts Marianne Harper Gow, Ed Whitten and Abhi Parajuli talk about the Social aspect of ESG in the context of investing.
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
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.
Changing China
Ben Buckler explores the A share opportunity in China.
China: our philosophy
Investment manager Sophie Earnshaw introduces the China Strategy, reflecting on the exciting opportunities ahead.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.China Q3 investment update
Investment manager Linda Lin reflects on recent performance, portfolio changes and market developments.Our best ideas in China
Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).China Q2 investment update
Investment manager Sophie Earnshaw reflects on recent performance, portfolio changes and market developments.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.China Q1 investment update
The China Team reflects on recent performance, portfolio changes and market developments.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.China Q4 update
The China Team reflects on recent performance, portfolio changes and market developments.China Strategy: manager update
An update on the investment landscape in China, portfolio changes, and key risks and opportunities on our radar.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Finding China’s A-share jewels
The country’s domestic markets are rich in companies with the know-how to become global leaders.China Strategy
Investment manager, Sophie Earnshaw, discusses the Baillie Gifford China Strategy.China’s energy paradox
How should you consider the country – carbon culprit or climate saviour?The ‘S’ of ESG: intangible value
ESG experts Marianne Harper Gow, Ed Whitten and Abhi Parajuli talk about the Social aspect of ESG in the context of investing.The real case for China
Willingness to change gives Chinese firms an innovation advantage.China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.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.Changing China
Ben Buckler explores the A share opportunity in China.
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account