1. BAILLIE GIFFORD EMERGING MARKETS EQUITIES FUND
    BAILLIE GIFFORD EMERGING MARKETS EQUITIES FUND

    Overview

    The Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation.

    Investment Proposition

    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.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BK6YZP5 KYG017191142 Alibaba China 12,313,720 275.60 HKD Equity 437891771.87 9.42
    2 6889106 TW0002330008 TSMC Taiwan 24,398,310 433.00 TWD Equity 364769982.39 7.85
    3 6622691 ZAE000015889 Naspers South Africa 1,074,106 2960.00 ZAR Equity 190608738.61 4.10
    4 BMMV2K8 KYG875721634 Tencent China 2,821,600 511.50 HKD Equity 186225600.00 4.01
    5 6771720 KR7005930003 Samsung Electronics South Korea 3,704,855 58200.00 KRW Equity 184371578.45 3.97
    6 BGJW376 KYG596691041 Meituan Dianping China 5,723,700 241.80 HKD Equity 178579440.00 3.84
    7 B01FLR7 CNE1000003X6 Ping An Insurance China 15,403,500 79.50 HKD Equity 158010096.77 3.40
    8 6099626 INE002A01018 Reliance Industries India 5,202,652 2234.35 INR Equity 157556864.95 3.39
    9 B5SC091 US80585Y3080 Sberbank Russia 12,020,489 11.69 USD Equity 140459413.97 3.02
    10 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,074,325 24.15 USD Equity 122544948.75 2.64
        Total 45.64%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BK6YZP5 KYG017191142 Alibaba China 12,313,720 275.60 HKD Equity 437891771.87 9.42
    2 6889106 TW0002330008 TSMC Taiwan 24,398,310 433.00 TWD Equity 364769982.39 7.85
    3 6622691 ZAE000015889 Naspers South Africa 1,074,106 2960.00 ZAR Equity 190608738.61 4.10
    4 BMMV2K8 KYG875721634 Tencent China 2,821,600 511.50 HKD Equity 186225600.00 4.01
    5 6771720 KR7005930003 Samsung Electronics South Korea 3,704,855 58200.00 KRW Equity 184371578.45 3.97
    6 BGJW376 KYG596691041 Meituan Dianping China 5,723,700 241.80 HKD Equity 178579440.00 3.84
    7 B01FLR7 CNE1000003X6 Ping An Insurance China 15,403,500 79.50 HKD Equity 158010096.77 3.40
    8 6099626 INE002A01018 Reliance Industries India 5,202,652 2234.35 INR Equity 157556864.95 3.39
    9 B5SC091 US80585Y3080 Sberbank Russia 12,020,489 11.69 USD Equity 140459413.97 3.02
    10 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,074,325 24.15 USD Equity 122544948.75 2.64
    11 6372480 TW0002454006 Mediatek Taiwan 5,342,000 607.00 TWD Equity 111960292.80 2.41
    12 B23X1H3 US58733R1023 MercadoLibre Brazil 98,570 1082.48 USD Equity 106700053.60 2.30
    13 2857334 US91912E1055 Vale Brazil 9,594,045 10.58 USD Equity 101504996.10 2.18
    14 6171900 INE001A01036 HDFC India 4,049,362 1740.05 INR Equity 95501387.21 2.05
    15 6346913 KR7051910008 LG Chemical South Korea 154,793 654000.00 KRW Equity 86562310.39 1.86
    16 B1DYPZ5 CNE1000002M1 China Merchants Bank China 16,591,000 36.55 HKD Equity 78245296.77 1.68
    17 B00G0S5 HK0883013259 CNOOC China 79,692,000 7.45 HKD Equity 76607148.39 1.65
    18 6771645 KR7006400006 Samsung SDI South Korea 183,396 433500.00 KRW Equity 67979620.35 1.46
    19 6773812 KR7005931001 Samsung Electronics South Korea 1,570,976 50500.00 KRW Equity 67836073.54 1.46
    20 BG36ZK1 BRB3SAACNOR6 B3 Brazil 6,799,300 55.01 BRL Equity 66359054.55 1.43
    21 2616580 US71654V4086 Petrobras Brazil 8,672,452 7.12 USD Equity 61747858.24 1.33
    22 Cash and Deposits International 58,200,156 0.00 USD Equity 58200156.19 1.25
    23 6450267 KR7000660001 SK Hynix South Korea 761,272 84000.00 KRW Equity 54678792.65 1.18
    24 BMBX7M2 US4824971042 KE Holdings Inc. China 876,783 61.30 USD Equity 53746797.90 1.16
    25 B01NPJ1 INE467B01029 Tata Consultancy Services India 1,501,535 2492.30 INR Equity 50722088.38 1.09
    26 BHQPSY7 CNE100003662 CATL China 1,561,500 209.20 CNY Equity 47964320.32 1.03
    27 BKPQZT6 KYG8208B1014 JD.com China 1,252,502 293.80 HKD Equity 47481946.79 1.02
    28 BD9GVY0 US98887Q1040 Zai Lab China 548,300 83.17 USD Equity 45602111.00 0.98
    29 2347608 CA3359341052 First Quantum Minerals Other Emerging Markets 5,074,706 11.87 CAD Equity 45095833.97 0.97
    30 BWFGD63 INE669C01036 Tech Mahindra India 4,000,988 791.75 INR Equity 42935514.35 0.92
    31 6531827 KYG3777B1032 Geely Automobile China 21,492,000 15.40 HKD Equity 42706683.87 0.92
    32 BM8R675 US49639K1016 Kingsoft Cloud China 1,420,532 29.53 USD Equity 41948309.96 0.90
    33 2866857 CA5503721063 Lundin Mining Chile 7,413,400 7.43 CAD Equity 41236430.47 0.89
    34 Cash and Deposits International 280,593,456 0.00 CNY Equity 41199520.73 0.89
    35 6560393 KR7035420009 NAVER Corp South Korea 160,033 296500.00 KRW Equity 40572710.13 0.87
    36 B0MP1B0 KYG8087W1015 Shenzhou International China 2,233,000 130.50 HKD Equity 37600838.71 0.81
    37 BD5CPS4 CNE000000040 Ping An Bank China 16,682,646 15.17 CNY Equity 37159096.09 0.80
    38 B00FSK0 US0594603039 Banco Bradesco Brazil 10,585,863 3.43 USD Equity 36309510.09 0.78
    39 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 170,045,600 3040.00 IDR Equity 34740498.92 0.75
    40 B1TL3R8 BMG423131256 Haier Electronics China 9,062,300 28.00 HKD Equity 32741212.90 0.70
    41 BYYWPW6 US07725L1026 BeiGene China 111,911 286.44 USD Equity 32055786.84 0.69
    42 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 2,169,685 14.77 USD Equity 32046247.45 0.69
    43 6181482 BMG1368B1028 Brilliance China Automotive China 33,792,000 7.27 HKD Equity 31699076.13 0.68
    44 6327587 KYG525681477 Kingdee International Software China 11,834,000 20.00 HKD Equity 30539354.84 0.66
    45 6633712 INE585B01010 Maruti Suzuki India 330,347 6743.45 INR Equity 30193527.75 0.65
    46 BYWD7L4 US81141R1005 SEA Limited Singapore 191,821 154.04 USD Equity 29548106.84 0.64
    47 B2QKYZ0 US55953Q2021 Magnit Russia 1,978,530 14.92 USD Equity 29519667.60 0.64
    48 6363172 TH0015010R16 Siam Commercial Bank Thailand 13,896,100 65.00 THB Equity 28504820.51 0.61
    49 BD5CPP1 CNE100001QQ5 Midea China 2,569,932 72.60 CNY Equity 27395099.29 0.59
    50 BF0TRG6 INE795G01014 HDFC Life Insurance India 3,612,973 559.40 INR Equity 27393563.24 0.59
    51 2488671 US1512908898 Cemex Mexico 7,195,901 3.80 USD Equity 27344423.80 0.59
    52 B0TNJH9 PAP310761054 Copa Holdings Panama 536,583 50.34 USD Equity 27011588.22 0.58
    53 B0RJCG9 KYG6145U1094 Minth Group China 6,106,000 33.65 HKD Equity 26511858.06 0.57
    54 B01JCK9 KYG5496K1242 Li Ning China 5,669,500 36.00 HKD Equity 26335741.94 0.57
    55 6100186 INE101A01026 Mahindra & Mahindra India 3,195,699 607.90 INR Equity 26330515.34 0.57
    56 BDVLJ72 KR7271560005 Orion Corporation South Korea 233,208 131000.00 KRW Equity 26122486.53 0.56
    57 BP3R369 CNE0000014W7 Jiangsu Hengrui Medicine China 1,850,623 89.82 CNY Equity 24406507.19 0.53
    58 2421041 MXP370711014 Grupo Financiero Banorte Mexico 6,878,700 76.62 MXN Equity 23874432.08 0.51
    59 B9GFHQ6 RU000A0JR4A1 Moscow Exchange Russia 12,482,180 146.37 RUB Equity 23543650.22 0.51
    60 5263251 PLKGHM000017 KGHM Polska Miedz Poland 747,736 118.00 PLN Equity 22820708.94 0.49
    61 2683410 US71654V1017 Petrobras Brazil 3,141,553 7.04 USD Equity 22116533.12 0.48
    62 BYXH7P9 INE765G01017 ICICI Lombard India 1,251,948 1299.50 INR Equity 22050778.34 0.47
    63 BW1YVH8 MX01WA000038 Walmex Mexico 9,034,160 53.05 MXN Equity 21709893.80 0.47
    64 B01GZF6 INE481G01011 UltraTech Cement India 373,973 4049.55 INR Equity 20526190.87 0.44
    65 BYXL8H0 INE726G01019 ICICI Prudential Life Insurance India 3,295,016 420.90 INR Equity 18797400.85 0.40
    66 2232878 BMG2519Y1084 Credicorp Peru 143,401 123.99 USD Equity 17780289.99 0.38
    67 BCRWL65 INE021A01026 Asian Paints India 653,723 1986.40 INR Equity 17600370.93 0.38
    68 BYX9GP8 KR7241560002 Doosan Bobcat South Korea 749,531 26900.00 KRW Equity 17240174.35 0.37
    69 BD9PXD0 INE203G01027 Indraprastha Gas India 2,962,144 386.80 INR Equity 15529375.16 0.33
    70 6345783 TW0001476000 Eclat Textile Taiwan 1,225,360 359.00 TWD Equity 15189014.57 0.33
    71 B03MYP5 TRAGARAN91N1 Garanti Bank Turkey 14,252,052 7.10 TRY Equity 13134423.55 0.28
    72 B43G057 GB00B43G0577 Premier Oil Other Emerging Markets 41,999,392 0.17 GBP Equity 9015984.23 0.19
    73 BHNWPB7 BRCOGNACNOR2 Cogna Educacao Brazil 7,327,900 5.18 BRL Equity 6734473.29 0.14
    74 Cash and Deposits International 31,732,096 0.00 TWD Equity 1095645.88 0.02
    75 B5YGG00 CA9191444020 Valeura Energy Turkey 4,672,400 0.31 CAD Equity 1084367.58 0.02
    76 Cash and Deposits International 0 0.00 INR Equity 0.00 0.00
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

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    Country Analysis of Total Assets - 9/30/2020

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    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. 

    Managers

    Will Sutcliffe

    William is Head of our Emerging Markets Equity Team and has been a Manager on the Emerging Markets Leading Company Strategy since 2009. William is also a member of the Emerging Markets Product Group. William joined Baillie Gifford in 1999 and became a Partner of the firm in 2010 and has also spent time working in the UK and US Equities teams. William graduated MA in History from the University of Glasgow in 1996.

    Andrew Stobart

    Andrew Stobart has been an Investment Manager in the Emerging Markets Team since 2007 and sits on the Emerging Markets All Cap Portfolio Construction Group. Andrew has also been a member of the International Alpha Portfolio Construction Group since 2008. Since joining Baillie Gifford as an Investment Analyst in 1991, Andrew has worked in the UK, Japanese and North American Teams. Prior to joining Baillie Gifford, Andrew spent three years working in Investment Banking in London. Andrew graduated MA in Economics from the University of Cambridge in 1987.

    Mike Gush

    Mike is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. He has also been a member of the Global Stewardship strategy since its inception in 2015. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003. 

    Ewan Markson-Brown

    Ewan is an Investment Manager in the Emerging Markets Equity Team. He has co-managed the Pacific Fund since May 2014 and has managed Pacific Horizon Investment Trust PLC since March 2014. Prior to joining Baillie Gifford in 2013, Ewan was a Senior Vice President in Emerging Markets at PIMCO. He previously worked at Newton for five years, most recently as Lead Portfolio Manager on an Asia Pacific Equity Strategy, as well as segregated Asian income and Japanese Equities Strategies. Ewan also previously worked for Merrill Lynch Investment Managers as a Portfolio Manager in the Asia-Pacific region for six years. He graduated MA in Politics, Philosophy and Economics from the University of Oxford in 2000.

    Roderick Snell

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He previously worked in the UK and European Equity Teams and has managed the Baillie Gifford Pacific Fund since 2010. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    Sophie Earnshaw

    Sophie joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets Equity Team and a decision maker on the China A Share Fund. She has also been Co-Manager of the China Fund and a member of the International All Cap 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.

    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 Emerging Markets Equities Fund Institutional Class BGEGX 0.64062 0.03365 0.34261 0.01997 0.15575 0.83002 12/27/2019 12/27/2019 Final
    Baillie Gifford Emerging Markets Equities Fund K Class BGKEX 0.66457 0.03365 0.35541 0.01997 0.15575 0.85396 12/27/2019 12/27/2019 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).

     

    Full details of the 2019 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.


    Further details of these rates can be found here.

    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

    2020 12/28/2020 12/29/2020 12/29/2020

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

    Capital Gains

    Please click here to view estimated capital gain distributions for 2020.

    Risks & Disclaimers

    The most significant risks of an investment in The Baillie Gifford Emerging Markets Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Emerging Markets Risk, Asia Risk, Conflicts of Interest Risk, China Risk, Currency Risk, Equity Securities Risk, Focused Investment Risk, Frontier Markets Risk, Information Technology Risk, IPO Risk, Large Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, 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 here. Please carefully read the Fund’s prospectus and related documents before investing.