Overview
The China A-shares strategy is a purely stock-driven, unconstrained equity strategy focused on investing in exceptional growth companies listed on the domestic stock markets in China (known as 'A' shares).
Investment Proposition
The portfolio holds 25-40 companies listed on the Shanghai and Shenzhen stock exchanges. The portfolio is benchmark agnostic. The companies which we invest in are expected to benefit from, and contribute to, China's economic, societal and cultural development, and be capable of growing to a multiple of their current size. We take a long-term approach with an expected investment horizon of 5+ years.
Performance & Portfolio
Total returns as of month end 3/31/2024Gross Expense Ratio
Net Expense Ratio
1 Month*
3 Months*
Share Class K 12.20% 0.87% -2.31% -10.58% MSCI China A Onshore Index n/a n/a -0.23% -0.68% Annualized total returns as of quarter end 3/31/2024Gross Expense Ratio
Net Expense Ratio
1 Year
3 Years
Since Inception†
Share Class K 12.20% 0.87% -34.54% -20.07% -1.74% MSCI China A Onshore Index n/a n/a -17.09% -11.54% -1.01% 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 19, 2019
Share Class launch date: December 19, 2019
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, 2024.
The MSCI China A Onshore Index captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges. 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 A Onshore
Index.
Source: Baillie Gifford & Co, Bank of New York Mellon and MSCI. Share Class launch date: December 19, 2019. NAV returns in US dollars.Performance 3/31/2024Baillie Gifford Emerging Markets ex China Fund - Share Class KSource: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.
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.
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 of quarter end 3/31/2024Source: Bank of New York Mellon and relevant underlying index provider(s).
†Fund inception date: December 19, 2019
Share Class launch date: December 19, 2019
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.
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 3/31/2024Stock Name Contribution % CATL 0.87 Sungrow Power A (HK-C) 0.37 Hangzhou Tigermed Consulting ' 0.29 Midea Group 'A' - Stock Connec 0.15 Beijing United Information Tec 0.14 Asymchem Laboratories 'A' - St -0.66 Glodon 'A' - Stock Connect -0.38 Proya Cosmetics 'A' - Stock Co -0.36 Sanhua Intelligent Controls 'A -0.32 Sinocare 'A' - Stock Connect -0.30 Holdings
Top Ten Holdings as of month end 3/31/2024Company Name Fund % 1 CATL 8.47 2 Midea 8.01 3 Kweichow Moutai 7.58 4 Shenzhen Inovance Technology 6.68 5 Zhejiang Sanhua Intelligent Controls 6.56 6 Asymchem Laboratories 3.76 7 Anker Innovations 3.67 8 Proya Cosmetics 3.57 9 Guangzhou Kingmed Diagnostics Group 3.34 10 Centre Testing International 3.26 Total 54.91% Sector Analysis of Total Assets - 3/31/2024Fund % Benchmark % Difference % 1 Industrials 41.80 15.94 25.86 2 Information Technology 16.70 17.73 -1.03 3 Consumer Staples 13.34 11.47 1.87 4 Health Care 13.20 8.19 5.01 5 Consumer Discretionary 9.72 7.79 1.92 6 Financials 2.67 18.09 -15.42 7 Materials 1.50 11.05 -9.55 8 Cash 1.07 0.00 1.07 9 Real Estate 0.00 1.25 -1.25 10 Communication Services 0.00 2.35 -2.35 11 Energy 0.00 2.88 -2.88 12 Utilities 0.00 3.24 -3.24 Total 100.00 100.00 Total may not sum due to rounding
Regional Analysis of Total Assets - 3/31/2024Fund % Benchmark % Difference % 1 China 98.93 0.00 98.93 2 Cash 1.07 0.00 1.07 3 Emerging Markets 0.00 100.00 -100.00 Total 100.00 100.00 Total may not sum due to rounding
Country Analysis of Total Assets - 3/31/2024Fund % Benchmark % Difference % 1 China 98.93 100.00 -1.07 2 Cash 1.07 0.00 1.07 Total 100.00 100.00 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.Insights
View all Insights.Managers
Sophie Earnshaw
Sophie is an investment manager in the China Equities Team. She is a decision maker on our All China Strategy, which she has managed since 2014, and on our A share Strategy since its inception in 2019. She also provides China insight to the Emerging Markets Leading Companies and International All Cap portfolio construction groups. She is a CFA Charterholder and graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.
Linda Lin
Linda is the head of the China Equities Team, and a decision maker on our All China and China A share strategies. She is also a member of the Long Term Global Growth Team. Linda joined Baillie Gifford in September 2014 and worked in Edinburgh until relocating to Shanghai in 2019 as Head of the Investment Team. She became a partner of the firm in May 2022 and is now based in Edinburgh. Prior to joining Baillie Gifford, Linda spent four years as a global equity analyst with Aubrey Capital and two years in real estate investment in China. She graduated BComm in Accounting and Finance from the University of Auckland, New Zealand in 2007 and MSc in Finance and Investment from the University of Edinburgh in 2011. Linda is a native Mandarin speaker.
John MacDougall
John is an investment manager and decision maker in the Long Term Global Growth (LTGG) Team. He is also a member of the China A share portfolio construction group. John has been a partner in the firm since 2016. He joined Baillie Gifford in 2000 as an investment graduate. Prior to his current roles, he worked in the North American, Japan and Global Discovery teams. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.
TAX & 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.
FREQUENTLY ASKED QUESTIONS
The document in this link contains answers to some of the most commonly asked tax and distribution related questions regarding mutual funds.The below table shows the makeup of the most recent distributions paid.
Fund Name
Ticker
Income Dividends
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
Ex. Date
Pay Date
Status
Baillie Gifford China A Shares Growth Fund Institutional Class BCANX 0.00239 0.00000 0.00239 0.01400 0.00000 0.00239 12/28/2023 12/28/2023 Final Baillie Gifford China A Shares Growth Fund K Class BCAKX 0.00239 0.00000 0.00239 0.01400 0.00000 0.00239 12/28/2023 12/28/2023 Final 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.
**Qualified Dividend Income is a subset of Income Dividends (rather than an additional category of income).
Primary ICI File for the Baillie Gifford Mutual Funds can be found here.
Secondary ICI File for the Baillie Gifford Mutual Funds can be found here.
Documents
Financial Reports
Prospectus
Quarterly Investor Reports
Statement of Additional Information (SAI)
Summary Prospectus
Risks
The most significant risks of an investment in the Baillie Gifford China A Shares Growth Fund are China Risk, Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-Diversification Risk and Geographic Focus Risk. Investing in securities of Chinese issuers involves certain risks such as limits on use of brokers and foreign ownership. 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 may have a smaller number of holdings with larger positions in each relative to other mutual funds. 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 U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium- Capitalization Securities Risk, Underlying Funds Risk and Valuation Risk.
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.
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 here. Please carefully read the Fund’s prospectus and related documents before investing.
