Baillie Gifford China Equities Fund

Overview

The Baillie Gifford China Equities Fund seeks capital appreciation.

Investment Proposition

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.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class K	9.21%	0.87%	-4.97%	-17.30%	-18.85%
MSCI China All Shares Index	n/a	n/a	-3.80%	-14.21%	-11.35%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	Since Inception†
Share Class K	9.21%	0.87%	-4.41%	-26.31%
MSCI China All Shares Index	n/a	n/a	0.56%	-19.37%

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 2024.

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.

Annualized total returns as of quarter end 9/30/2023

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.

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.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class Institutional	9.30%	0.96%	-4.98%	-17.33%	-18.74%
MSCI China All Shares Index	n/a	n/a	-3.80%	-14.21%	-11.35%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	Since Inception†
Share Class Institutional	9.30%	0.96%	-4.29%	-26.34%
MSCI China All Shares Index	n/a	n/a	0.56%	-19.37%

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 2024.

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.

Annualized total returns as of quarter end 9/30/2023

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.

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 10/31/2023

Stock Name	Contribution %
Baidu.com Group Holding	0.24
BeiGene	0.18
SG Micro 'A' - Stock Connect	0.18
Sinocare 'A' - Stock Connect	0.17
Weichai Power 'H'	0.15
Li Ning	-0.36
Shenzhen Megmeet Electrical 'A	-0.22
Centre Testing 'A' - Stock Con	-0.21
Ping An Insurance	-0.18
JD.com	-0.17

Holdings

Top 10
All

Top Ten Holdings as of month end 10/31/2023

	Company Name	Fund %
1	Tencent	9.06
2	Alibaba	7.04
3	Kweichow Moutai	5.42
4	Meituan	3.92
5	Ping An Insurance	3.50
6	China Merchants Bank	2.87
7	PDD Holdings	2.79
8	Zijin Mining	2.64
9	JD.com	2.57
10	NetEase	2.43
Total	42.24%

All Holdings as of quarter end 9/30/2023

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (USD)	Fund %
1	BMMV2K8	KYG875721634	Tencent	China	4,900	306.20	HKD	Equity	191574.15	9.04
2	BK6YZP5	KYG017191142	Alibaba Group Holding	China	13,800	85.60	HKD	Equity	150830.26	7.11
3	BP3R2F1	CNE0000018R8	Kweichow Moutai 'A'	China	400	1798.55	CNY	Equity	98496.04	4.65
4	BGJW376	KYG596691041	Meituan	China	5,590	114.60	HKD	Equity	81796.00	3.86
5	B01FLR7	CNE1000003X6	Ping An Insurance	China	14,000	44.85	HKD	Equity	80172.63	3.78
6	B1DYPZ5	CNE1000002M1	China Merchants Bank 'H'	China	15,000	32.70	HKD	Equity	62628.88	2.95
7	BKPQZT6	KYG8208B1014	JD.com	China	4,019	115.10	HKD	Equity	59064.83	2.79
8			USD Uncommitted Cash	International	58,375	0.00	USD	Equity	58375.42	2.75
9	BD5CDC4	CNE000001M22	Sanhua Intelligent Controls 'A'	China	13,400	29.70	CNY	Equity	54487.58	2.57
10	BYVW0F7	US7223041028	PDD Holdings Inc	China	554	98.07	USD	Equity	54330.78	2.56
11	BHQPSY7	CNE100003662	CATL 'A'	China	1,900	203.03	CNY	Equity	52814.12	2.49
12	6725299	CNE100000502	Zijin Mining Group Co Ltd 'H'	China	34,000	11.98	HKD	Equity	52008.15	2.45
13	BD760X4	CNE100001FB0	Sinocera Material 'A'	China	12,600	27.33	CNY	Equity	47146.17	2.22
14	BM93SF4	KYG6427A1022	NetEase HK Line	China	2,300	159.50	HKD	Equity	46840.78	2.21
15	BGDY260	KYG1146Y1017	BeiGene HK Line	China	3,391	107.60	HKD	Equity	46588.18	2.20
16	BD5CPP1	CNE100001QQ5	Midea Group 'A'	China	5,800	55.48	CNY	Equity	44055.56	2.08
17	B0MP1B0	KYG8087W1015	Shenzhou International Group Holdings	China	4,200	75.00	HKD	Equity	40220.38	1.90
18	BD5CMN8	CNE100000V46	Shenzhen Inovance 'A'	China	4,300	66.49	CNY	Equity	39143.63	1.85
19	B01JCK9	KYG5496K1242	Li Ning	China	9,000	32.95	HKD	Equity	37864.62	1.79
20	BHQPRT5	CNE100002JV8	Shenzhen Megmeet Electrical 'A'	China	8,725	30.71	CNY	Equity	36684.41	1.73
21	BFYX689	CNE100002VW1	Guangzhou Kingmed 'A'	China	4,200	62.36	CNY	Equity	35858.46	1.69
22	BLD4QD0	CNE1000048K8	Haier Smart Home 'H'	China	10,800	24.65	HKD	Equity	33991.97	1.60
23	BKM3FN4	CNE100002TP9	Proya Cosmetics 'A'	China	2,296	101.60	CNY	Equity	31937.57	1.51
24	BP3R4T9	CNE000000M15	Huayu Auto Systems 'A'	China	12,300	18.77	CNY	Equity	31608.63	1.49
25	BWGCFG4	CNE100001TR7	Fuyao Glass Industry Grp 'H'	China	6,800	35.90	HKD	Equity	31170.16	1.47
26	BFCCQJ9	CNE100001X35	Estun Automation 'A'	China	10,100	22.06	CNY	Equity	30504.45	1.44
27	B4VM756	CNE100000GV8	Centre Testing 'A' - Local	China	11,500	18.68	CNY	Equity	29411.08	1.39
28	BD5CPS4	CNE000000040	Ping An Bank 'A'	China	18,600	11.20	CNY	Equity	28521.16	1.35
29	BH4DMW9	KYG8190F1028	Silergy	China	3,000	304.50	TWD	Equity	28298.82	1.33
30	BD6V5C4	CNE100002BZ6	Asymchem Laboratories 'A'	China	1,260	151.70	CNY	Equity	26169.32	1.23
31	6531827	KYG3777B1032	Geely Automobile Holdings	China	22,000	9.24	HKD	Equity	25955.55	1.22
32	6743956	CNE1000004L9	Weichai Power 'H'	China	17,000	10.66	HKD	Equity	23138.85	1.09
33	BP3R6C6	CNE0000017Y6	Yonyou 'A'	China	10,100	16.62	CNY	Equity	22982.04	1.08
34	6327587	KYG525681477	Kingdee Int'l Software Group	China	17,000	9.64	HKD	Equity	20924.81	0.99
35	B0RJCG9	KYG6145U1094	Minth Group	China	8,000	20.15	HKD	Equity	20582.62	0.97
36	BGHH0L6	CNE100003F19	WuXi AppTec 'H'	China	1,700	93.75	HKD	Equity	20349.60	0.96
37	BHQPSR0	CNE100002NT4	SG Micro 'A'	China	1,877	77.77	CNY	Equity	19985.39	0.94
38	6333937	KYG3066L1014	ENN Energy Holdings	China	2,400	65.00	HKD	Equity	19918.67	0.94
39	BD5CGX6	CNE100000WY9	Robam Appliances 'A'	China	5,300	26.95	CNY	Equity	19555.59	0.92
40	6181482	BMG1368B1028	Brilliance China Automotive	China	38,000	3.87	HKD	Equity	18777.17	0.89
41	BLC90T0	KYG532631028	Kuaishou Technology	China	2,300	62.85	HKD	Equity	18457.32	0.87
42	BD5LWM4	CNE100001CJ0	Sinocare 'A'	China	4,800	25.66	CNY	Equity	16862.97	0.80
43	BRTL411	CNE100001FR6	LONGi Green Energy Technology 'A'	China	4,500	27.28	CNY	Equity	16807.11	0.79
44	BD5CK01	CNE100000PH8	Glodon 'A'	China	5,040	23.36	CNY	Equity	16119.06	0.76
45	BD5CGB4	CNE1000018M7	Sungrow Power Supply 'A' - Stock Connect	China	1,300	89.51	CNY	Equity	15931.30	0.75
46	BK71CY3	CNE100003M28	Beijing United IT 'A'	China	3,488	33.23	CNY	Equity	15868.76	0.75
47	6536651	CNE100000296	Byd Company 'H'	China	500	242.00	HKD	Equity	15449.73	0.73
48	BYYFJV2	CNE100001TS5	Yifeng Pharmacy Chain 'A'	China	3,200	35.07	CNY	Equity	15364.63	0.72
49	BN7SX97	KYG5223Y1089	KE Holdings (HK Line)	China	2,867	41.70	HKD	Equity	15265.09	0.72
50	B27WRM3	KYG5264Y1089	Kingsoft Corp Ltd	China	4,200	28.40	HKD	Equity	15230.12	0.72
51	BN6PP37	KYG7170M1033	Pop Mart International Group L	China	5,000	23.15	HKD	Equity	14779.39	0.70
52	BYYFJH8	CNE000000MZ8	Topchoice Medical Investment 'A'	China	1,200	88.20	CNY	Equity	14490.59	0.68
53	B1YBT08	KYG8586D1097	Sunny Optical Technology	China	2,000	54.70	HKD	Equity	13968.60	0.66
54	BD5LV83	CNE100000BT3	Jiangsu Azure Corp 'A'	China	9,700	9.09	CNY	Equity	12071.80	0.57
55	BQ3RQL2	CNE100004N75	Dongguan Yiheda Automation Co 'A'	China	2,360	35.68	CNY	Equity	11528.51	0.54
56	BN7RMD1	KYG5961B1041	Medlive Technology Co Ltd	China	10,500	7.91	HKD	Equity	10604.77	0.50
57	BFCCR30	CNE100002BR3	Yunnan Energy New Material 'A'	China	1,100	59.90	CNY	Equity	9021.02	0.43
58	BD73MS4	CNE100002649	Guangdong KinLong Hardware 'A'	China	1,200	51.93	CNY	Equity	8531.71	0.40
59	BMBX7M2	US4824971042	KE Holdings ADR	China	325	15.52	USD	Equity	5044.00	0.24
60			CNY Uncommitted Cash	International	28,111	0.00	CNY	Equity	3848.68	0.18
Total	100.00%

Sector Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Consumer Discretionary	31.59	20.72	10.87
2	Industrials	14.73	9.03	5.70
3	Cash	1.86	0.00	1.86
4	Health Care	8.71	7.10	1.60
5	Communication Services	12.97	12.50	0.47
6	Real Estate	1.16	2.25	-1.10
7	Consumer Staples	7.90	9.17	-1.27
8	Materials	5.21	6.56	-1.36
9	Utilities	0.90	2.95	-2.05
10	Information Technology	7.26	9.64	-2.38
11	Energy	0.00	3.06	-3.06
12	Financials	7.70	16.99	-9.29
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Cash	1.86	0.00	1.86
2	Emerging Markets	98.14	100.00	-1.86
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Cash	1.86	0.00	1.86
2	China	98.14	100.00	-1.86
	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 joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets and China A-share Teams. She has also been Co-Manager of the China Fund and a member of the International Focus Portfolio Construction Group since 2014. Sophie is a CFA Charter holder. She 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.

Mike Gush

Mike is an Investment Manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in our UK and Japanese Equity Teams. Mike has also been a member of the Sustainable Growth strategy since its inception in 2015, where he is an investment scout. Mike is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

Roderick Snell

Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He has managed the Baillie Gifford Pacific Fund since 2010 and has been Manager of Pacific Horizon Investment Trust since 2021 (he was deputy from 2013). Since March 2020, he has also been a manager on the China strategy. He spent time in the UK and European Equity teams prior to joining the Emerging Markets Equity Team in 2008. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

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.

UPCOMING DISTRIBUTIONS

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	Record Date	ex Date	Payable Date
2023	12/27/2023	12/28/2023	12/28/2023

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

Capital Gains

Please click here to view estimated capital gain distributions for 2023.

Documents

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, Non-Diversification 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 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.

Baillie Gifford China Equities Fund

Baillie Gifford China Equities Fund

Overview

Investment Proposition

Performance & Portfolio

Stock Level Attribution

Holdings

Insights

Managers

Sophie Earnshaw

Mike Gush

Roderick Snell

TAX & DISTRIBUTIONS

Capital Gains

Documents

Factsheets

Financial Reports

Prospectus

Quarterly Investor Reports

Statement of Additional Information (SAI)

Summary Prospectus

Risks

Index Disclaimer