Baillie Gifford Emerging Markets Equities Fund

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BAILLIE GIFFORD EMERGING MARKETS EQUITIES FUND

We invest with a long-term (3-5 year) perspective, and have a strong preference for growth. We are looking for significant upside in each stock that we invest in. The process is driven by rigorous, fundamental analysis undertaken by our dedicated emerging markets team. The Emerging Markets team draws on this analysis, as well as insights gleaned from discussion with all of Baillie Gifford’s global investors, to produce a portfolio that typically holds 60–100 stocks.

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Baillie Gifford Emerging Markets.

Will Sutcliffe, Sophie Earnshaw and Mike Gush, investment managers in the Emerging Markets team with a combined total of 45 years’ experience, give an introduction to the team’s approach.

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The Shape of Things to Come.

To be equity investors we need to be optimists. To be growth equity investors, even more so. To be emerging market (EM) equity growth investors, we actually need something to bring the optimism levels down a bit.

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Indonesia – Waiting for the Boom?

Ewan Markson-Brown recently visited Jakarta, where he found a changing political and technological landscape which could see Indonesia emerge as one of the most exciting growth stories globally in the next few years.

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Emerging Markets – Reasons to be Cheerful.

In 2017, the Emerging Markets team wrote a paper called ‘Morbid Symptoms’, explaining why they were optimistic despite the confusion of political events in the West. A year on, Will Sutcliffe provides five more reasons to be cheerful about emerging market equities.

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Why Do We Do What We Do?

Active management in emerging markets - Claire Gillies and Andrew Keiller explain why it is important to be selective rather than follow the index and outline the potential rewards such an approach can bring.

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How Do We Do What We Do? - Emerging Markets Investing.

One ought to be an optimist to invest in Emerging Markets, but so very few analysts are. Baillie Gifford’s Emerging Markets team explain how they fly in the face of market inefficiencies in their search for excess returns.

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Baillie Gifford Covid-19 Update

At Baillie Gifford we are now fully adjusted to the ‘new normal’ of working within the restrictions of Covid-19. Almost all of our staff are working from home, and our operations are carrying on very largely as normal. The health and wellbeing of our staff and others remains paramount and we are focused not only on maintaining business as usual but on keeping morale high in an environment of much less social interaction. We have welcomed new hires who were already scheduled to join us and are pushing ahead with further planned recruitment including Client Service Trainee and Modern Apprenticeship positions. We recognise the challenges of juggling home and work life at the moment, and are proud and touched by the positive attitude and versatility with which our staff have responded. The technology of Zoom and Teams has become routine for daily interactions both inside and outside the firm, and we have been communicating with clients as usual. The many investors in our pooled funds can find our up to date thinking via material on our website, blog and social media posts. Specific Fund information can as ever also be found here in our website.

Clients’ investments are being managed as normal by our investment team. We continue to research stocks and have been transacting normally to facilitate client flows and investment decisions. Business travel remains completely at a halt, and most overseas offices in Europe and the Americas are also closed with staff working from home. On a brighter note, our Shanghai office is open and colleagues there are reassuringly reporting a slow return to something resembling life as normal.

It is important during times of extreme market volatility to remember that investing is a long-term activity. History indicates that acting hastily in the midst of a crisis is typically unhelpful, and we would encourage all investors to step back and maintain perspective. When we invest on behalf of clients, it is with a five-year view of the opportunities that a company has to grow. Though markets have been very volatile for weeks, the types of companies we generally favour – those with growing opportunities, competitive advantages and strong balance sheets – are not only well placed to survive short-term pressures, but to thrive when the current crisis is over. We have therefore made few changes to client portfolios. Most of our thinking now has turned to the likely acceleration of trends that were already in place pre-crisis, and the associated long-term investment opportunities. Many of the companies in which we invest for clients have shown their focus on social responsibility by becoming involved in efforts to find treatments for Covid-19, producing much-needed medical supplies, and supporting their own staff rather than focusing relentlessly on short-term profitability. We have encouraged them to do so in the belief that those which act responsibly now will see the benefit in happier times.

Baillie Gifford itself has no short-term pressures. We have no outside shareholders, and the Partners in the firm are committed to seeing through the current challenges without making any material changes to our own firm. No employees have been furloughed, and valuable support staff who are quieter than usual – owing to lack of travel planning and catering requirements – have been redeployed to assist in our charitable efforts. We are fortunate to work in a business which is capable of carrying on essentially as normal, and have put in place various local initiatives to help those who are not so lucky. If you would like to know more about that, or have any specific concerns around business as usual, please get in touch with your usual contacts here at Baillie Gifford or with your financial adviser.

Baillie Gifford & Co
27 April 2020