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.
Performance & Portfolio
Annualized total returns as of month end** 2/28/2023 1 Month*
3 Months*
YTD*
1 Year
3 Years
5 Years
10 Years
Gross Expense Ratio
Net Expense Ratio
Share Class K -8.27% -0.52% 3.46% -26.47% -4.68% -1.16% 3.56% 0.78% 0.78% MSCI Emerging Markets Index -6.48% -0.45% 0.92% -19.74% -2.34% -1.03% 1.81% n/a n/a **Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of December 31 2022, periods over 1 year are annualized.
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).
Share Class launch date: April 28, 2017
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.
Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.
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 MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
Discrete performance figures to 12/31/2022 12/31/2017
12/31/201812/31/2018
12/31/201912/31/2019
12/31/202012/31/2020
12/31/202112/31/2021
12/31/2022Share Class K -14.91% 28.00% 29.56% -9.08% -26.47% MSCI Emerging Markets Index -14.24% 18.88% 18.69% -2.22% -19.74% Source: Bank of New York Mellon and relevant underlying index provider(s).
All figures quoted are in US dollars, net of fees.
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.
Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
Performance - 2/28/2023Baillie Gifford Emerging Markets Equities 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.
Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.
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 12/31/2022Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
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.
Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.
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 2/28/2023Stock Name Contribution % MercadoLibre 0.37 Tech Mahindra 0.18 Petrobras 0.12 Bank Rakyat Indonesia 0.12 Grupo Financiero Banorte O 0.12 Meituan -0.28 China Merchants Bank -0.24 Alibaba -0.21 B3 S.A. -0.18 Lundin Mining -0.18 Sector Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Consumer Discretionary 22.56 13.61 8.95 2 Energy 10.94 4.71 6.22 3 Information Technology 25.65 20.23 5.42 4 Cash 0.84 0.00 0.84 5 Materials 7.85 8.78 -0.93 6 Real Estate 0.70 1.92 -1.21 7 Communication Services 7.72 10.30 -2.58 8 Utilities 0.00 2.58 -2.58 9 Health Care 1.14 3.86 -2.72 10 Financials 18.57 21.65 -3.08 11 Industrials 2.86 5.95 -3.10 12 Consumer Staples 1.18 6.40 -5.22 Total 100.00 100.00 Total may not sum due to roundingRegional Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Cash 0.84 0.00 0.84 2 Europe (ex UK) 0.00 0.39 -0.39 3 Emerging Markets 99.16 99.61 -0.45 Total 100.00 100.00 Total may not sum due to rounding
Country Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Brazil 11.55 5.05 6.50 2 South Korea 14.90 11.74 3.16 3 Other Emerging Markets 2.72 0.00 2.72 4 Mexico 3.89 2.64 1.24 5 Panama 0.95 0.00 0.95 6 Cash 0.84 0.00 0.84 7 Singapore 0.80 0.00 0.80 8 Peru 0.82 0.27 0.55 9 Chile 0.99 0.59 0.41 10 India 13.60 13.23 0.37 11 Indonesia 2.16 1.93 0.23 12 Egypt 0.00 0.09 -0.09 13 Colombia 0.00 0.10 -0.10 14 Poland 0.58 0.74 -0.16 15 Czech Republic 0.00 0.18 -0.18 16 Hungary 0.00 0.20 -0.20 17 Greece 0.00 0.39 -0.39 18 Turkey 0.14 0.64 -0.51 19 Thailand 1.40 2.07 -0.67 20 Philippines 0.00 0.73 -0.73 21 South Africa 2.67 3.53 -0.86 22 Kuwait 0.00 0.92 -0.92 23 Qatar 0.00 0.96 -0.96 24 United Arab Emirates 0.00 1.30 -1.30 25 Malaysia 0.00 1.48 -1.48 26 China 29.65 32.11 -2.46 27 Taiwan 12.36 15.26 -2.90 28 Saudi Arabia 0.00 3.85 -3.85 Total 100.00 100.00 As at March 3, 2022, the Russian holdings held within the Fund were valued at zero by our Fair Value Pricing Committee due to the ongoing issues in the Russian market. As a result of the 0% weighting they have been excluded from the list above. Details of the stocks can be found in the full holdings list.
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
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.
Ben Durrant - Investment Manager
Ben is an Investment Manager in the Emerging Markets Team. He joined Baillie Gifford in 2017 and has also worked in our UK, Global Discovery and Private Companies teams. He previously worked for RBS in their Group Strategy and Corporate Finance Team. He is also a Chartered Accountant and a CFA Charterholder. Ben graduated BSc (Hons) in Mathematics from the University of Edinburgh in 2012.
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 0.91120 0.00000 0.82027 0.05381 0.00000 0.91120 12/28/2022 12/28/2022 Final Baillie Gifford Emerging Markets Equities Fund K Class BGKEX 0.93028 0.00000 0.83744 0.05381 0.00000 0.93028 12/28/2022 12/28/2022 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 Funds can be found here.
Secondary ICI File for the Baillie Gifford 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 Emerging Markets Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Emerging Markets Risk and Asia Risk. 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 focuses on investments in emerging markets, meaning it may offer less diversification and be more volatile than other funds. Investing in emerging markets can involve additional market, credit, currency, liquidity, legal or political risks than investing in more developed markets. Some Asian securities may be less liquid than US or other foreign securities. They can be affected by high inflation, currency fluctuations, political instability and less efficient markets. Many Asian economies are dependent on international trade and only a few industries and can be badly affected by trade barriers. Other Fund risks include: China Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets 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, 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.
