BAILLIE GIFFORD EMERGING MARKETS EQUITIES FUNDBAILLIE GIFFORD EMERGING MARKETS EQUITIES FUND
The Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation.
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 - 6/30/2020
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 BK6YZP5 KYG017191142 Alibaba China 12,827,320 209.60 HKD Equity 346896795.93 8.42 2 6889106 TW0002330008 TSMC Taiwan 25,070,310 313.00 TWD Equity 265959668.19 6.46 3 BMMV2K8 KYG875721634 Tencent China 3,064,900 498.60 HKD Equity 197170375.91 4.79 4 6622691 ZAE000015889 Naspers South Africa 1,074,106 3163.11 ZAR Equity 195540456.38 4.75 5 6771720 KR7005930003 Samsung Electronics South Korea 3,748,579 52800.00 KRW Equity 164546677.64 3.99 6 B01FLR7 CNE1000003X6 Ping An Insurance China 15,853,000 77.50 HKD Equity 158520795.57 3.85 7 B5SC091 US80585Y3080 Sberbank Russia 12,381,446 11.38 USD Equity 140900855.48 3.42 8 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,239,328 26.19 USD Equity 137218000.32 3.33 9 6099626 INE002A01018 Reliance Industries India 5,769,109 1704.10 INR Equity 130207289.66 3.16 10 BGJW376 KYG596691041 Meituan Dianping China 5,723,700 171.90 HKD Equity 126947987.54 3.08 Total 45.25% SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 BK6YZP5 KYG017191142 Alibaba China 12,827,320 209.60 HKD Equity 346896795.93 8.42 2 6889106 TW0002330008 TSMC Taiwan 25,070,310 313.00 TWD Equity 265959668.19 6.46 3 BMMV2K8 KYG875721634 Tencent China 3,064,900 498.60 HKD Equity 197170375.91 4.79 4 6622691 ZAE000015889 Naspers South Africa 1,074,106 3163.11 ZAR Equity 195540456.38 4.75 5 6771720 KR7005930003 Samsung Electronics South Korea 3,748,579 52800.00 KRW Equity 164546677.64 3.99 6 B01FLR7 CNE1000003X6 Ping An Insurance China 15,853,000 77.50 HKD Equity 158520795.57 3.85 7 B5SC091 US80585Y3080 Sberbank Russia 12,381,446 11.38 USD Equity 140900855.48 3.42 8 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,239,328 26.19 USD Equity 137218000.32 3.33 9 6099626 INE002A01018 Reliance Industries India 5,769,109 1704.10 INR Equity 130207289.66 3.16 10 BGJW376 KYG596691041 Meituan Dianping China 5,723,700 171.90 HKD Equity 126947987.54 3.08 11 6372480 TW0002454006 Mediatek Taiwan 5,769,000 579.00 TWD Equity 113211577.89 2.75 12 B1DYPZ5 CNE1000002M1 China Merchants Bank China 23,781,500 35.65 HKD Equity 109388548.41 2.66 13 B00G0S5 HK0883013259 CNOOC China 91,706,000 8.62 HKD Equity 101994815.78 2.48 14 2857334 US91912E1055 Vale Brazil 9,865,532 10.31 USD Equity 101713634.92 2.47 15 B23X1H3 US58733R1023 MercadoLibre Brazil 98,570 985.77 USD Equity 97167348.90 2.36 16 6171900 INE001A01036 HDFC India 4,124,915 1754.65 INR Equity 95859902.39 2.33 17 Cash and Deposits International 73,268,121 0.00 USD Equity 73268120.96 1.78 18 2616580 US71654V4086 Petrobras Brazil 8,672,452 8.27 USD Equity 71721178.04 1.74 19 BD5CPS4 CNE000000040 Ping An Bank China 37,909,746 12.80 CNY Equity 68594556.03 1.67 20 BG36ZK1 BRB3SAACNOR6 B3 Brazil 6,799,300 55.09 BRL Equity 68218372.00 1.66 21 6773812 KR7005931001 Samsung Electronics South Korea 1,570,976 46500.00 KRW Equity 60731083.68 1.47 22 6450267 KR7000660001 SK Hynix South Korea 761,272 85100.00 KRW Equity 53858957.64 1.31 23 6346913 KR7051910008 LG Chemical South Korea 111,056 490500.00 KRW Equity 45286584.36 1.10 24 BD9GVY0 US98887Q1040 Zai Lab China 548,300 82.13 USD Equity 45031879.00 1.09 25 B01NPJ1 INE467B01029 Tata Consultancy Services India 1,501,535 2082.15 INR Equity 41407494.33 1.01 26 B00FSK0 US0594603039 Banco Bradesco Brazil 10,585,863 3.81 USD Equity 40332138.03 0.98 27 2866857 CA5503721063 Lundin Mining Chile 7,413,400 7.28 CAD Equity 39625221.73 0.96 28 BMM27D9 US47215P1066 JD.com China 626,251 60.18 USD Equity 37687785.18 0.91 29 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 170,045,600 3030.00 IDR Equity 36068475.18 0.88 30 6560393 KR7035420009 NAVER Corp South Korea 160,033 267000.00 KRW Equity 35522975.43 0.86 31 6771645 KR7006400006 Samsung SDI South Korea 115,769 363500.00 KRW Equity 34985269.57 0.85 32 6363172 TH0015010R16 Siam Commercial Bank Thailand 13,896,100 72.50 THB Equity 32596206.42 0.79 33 6181482 BMG1368B1028 Brilliance China Automotive China 33,792,000 6.94 HKD Equity 30258434.03 0.73 34 BWFGD63 INE669C01036 Tech Mahindra India 4,000,988 543.40 INR Equity 28795084.74 0.70 35 2347608 CA3359341052 First Quantum Minerals Other Emerging Markets 3,536,500 10.82 CAD Equity 28094662.26 0.68 36 BN320P8 CNE100001SR9 China Vanke China 8,853,100 24.50 HKD Equity 27985594.38 0.68 37 6327587 KYG525681477 Kingdee International Software China 11,834,000 18.02 HKD Equity 27514361.10 0.67 38 B1TL3R8 BMG423131256 Haier Electronics China 9,062,300 23.45 HKD Equity 27419173.73 0.67 39 B0MP1B0 KYG8087W1015 Shenzhou International China 2,233,000 93.40 HKD Equity 26909689.11 0.65 40 B43G057 GB00B43G0577 Premier Oil Other Emerging Markets 41,999,392 0.52 GBP Equity 26746412.30 0.65 41 BF0TRG6 INE795G01014 HDFC Life Insurance India 3,612,973 549.00 INR Equity 26270512.09 0.64 42 BM8R675 US49639K1016 Kingsoft Cloud China 830,231 31.52 USD Equity 26168881.12 0.64 43 BDVLJ72 KR7271560005 Orion Corporation South Korea 233,208 134000.00 KRW Equity 25979857.84 0.63 44 B2QKYZ0 US55953Q2021 Magnit Russia 1,978,530 12.99 USD Equity 25701104.70 0.62 45 6633712 INE585B01010 Maruti Suzuki India 330,347 5838.30 INR Equity 25543961.59 0.62 46 2683410 US71654V1017 Petrobras Brazil 3,141,553 7.97 USD Equity 25038177.41 0.61 47 6531827 KYG3777B1032 Geely Automobile China 15,390,000 12.20 HKD Equity 24225432.07 0.59 48 BP3R369 CNE0000014W7 Jiangsu Hengrui Medicine China 1,850,623 92.30 CNY Equity 24146181.55 0.59 49 2421041 MXP370711014 Grupo Financiero Banorte Mexico 6,878,700 79.72 MXN Equity 23731768.04 0.58 50 BD5CPP1 CNE100001QQ5 Midea China 2,569,932 59.79 CNY Equity 21720958.75 0.53 51 6100186 INE101A01026 Mahindra & Mahindra India 3,195,699 510.70 INR Equity 21615396.31 0.52 52 BW1YVH8 MX01WA000038 Walmex Mexico 9,034,160 55.15 MXN Equity 21562034.19 0.52 53 BYYWPW6 US07725L1026 BeiGene China 111,911 188.40 USD Equity 21084032.40 0.51 54 BYXH7P9 INE765G01017 ICICI Lombard India 1,251,948 1266.60 INR Equity 21001835.50 0.51 55 2488671 US1512908898 Cemex Mexico 7,195,901 2.88 USD Equity 20724194.88 0.50 56 B01GZF6 INE481G01011 UltraTech Cement India 373,973 3893.55 INR Equity 19284904.05 0.47 57 2232878 BMG2519Y1084 Credicorp Peru 143,401 133.67 USD Equity 19168411.67 0.47 58 BYXL8H0 INE726G01019 ICICI Prudential Life Insurance India 3,295,016 425.80 INR Equity 18582094.44 0.45 59 6651048 ID1000095003 Bank Mandiri Indonesia 52,360,600 4950.00 IDR Equity 18143855.09 0.44 60 B0TNJH9 PAP310761054 Copa Holdings Panama 356,741 50.56 USD Equity 18036824.96 0.44 61 B01JCK9 KYG5496K1242 Li Ning China 5,669,500 24.60 HKD Equity 17995045.45 0.44 62 B03MYP5 TRAGARAN91N1 Garanti Bank Turkey 14,252,052 8.46 TRY Equity 17589607.20 0.43 63 B0RJCG9 KYG6145U1094 Minth Group China 6,106,000 22.05 HKD Equity 17371546.17 0.42 64 BD9PXD0 INE203G01027 Indraprastha Gas India 2,962,144 442.30 INR Equity 17352201.60 0.42 65 5263251 PLKGHM000017 KGHM Polska Miedz Poland 747,736 90.90 PLN Equity 17182815.06 0.42 66 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 1,263,602 13.46 USD Equity 17008082.92 0.41 67 BYX9GP8 KR7241560002 Doosan Bobcat South Korea 749,531 26300.00 KRW Equity 16388298.87 0.40 68 BCRWL65 INE021A01026 Asian Paints India 653,723 1687.45 INR Equity 14610199.84 0.35 69 6345783 TW0001476000 Eclat Textile Taiwan 1,225,360 342.00 TWD Equity 14203701.81 0.34 70 6155250 KR7000810002 Samsung Fire & Marine Insurance South Korea 87,531 176000.00 KRW Equity 12807462.28 0.31 71 BHNWPB7 BRCOGNACNOR2 Cogna Educacao Brazil 7,327,900 6.61 BRL Equity 8821559.52 0.21 72 B00FM53 BRBBDCACNPR8 Banco Bradesco Brazil 2,286,246 20.70 BRL Equity 8619015.84 0.21 73 B5YGG00 CA9191444020 Valeura Energy Turkey 4,672,400 0.32 CAD Equity 1080621.15 0.03 74 Cash and Deposits International 6 0.00 BRL Equity 1.08 0.00 75 Cash and Deposits International 0 0.00 INR Equity 0.00 0.00 76 Cash and Deposits International -1,948,854,117 0.00 KRW Equity -1620197.13 -0.04 Total 100.0%
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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.
InsightsAll insightsFebruary 2020
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.November 2019
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.Third Quarter 2019
Recent reforms in China are a big deal for investors. The sheer size of the market, the ability to access unique companies in a relatively new universe, and the speed of change, have encouraged conversation about the position of China in client portfolios. While conscious of the risks, we are excited by the opportunities that exist in China’s A-share market.Second Quarter 2018
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.Second Quarter 2018
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.First Quarter 2018
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.Second Quarter 2017
Over recent years, India has created the world’s largest digitalised database of people. As Ewan Markson-Brown explains, this has enabled it to leapfrog other countries in areas such as banking, and should also increase investment opportunities.
View all Insights.
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 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 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 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 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 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.
The below table shows the makeup of the most recent distributions paid.
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
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).
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2020 12/28/2020 12/29/2020 12/29/2020
Source: Bank of New York Mellon and Baillie Gifford & Co
Estimated capital gains distributions will appear here when they become available.
Other Fund Literature
Quarterly Investor Reports
Semi Annual Reports
Statement of Additional Information (SAI)
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.
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.