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 - 12/31/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 6889106 TW0002330008 TSMC Taiwan 26,041,310 530.00 TWD Equity 491205576.91 7.87
    2 BK6YZP5 KYG017191142 Alibaba China 13,938,120 232.60 HKD Equity 418115737.60 6.70
    3 6771720 KR7005930003 Samsung Electronics South Korea 3,966,017 81000.00 KRW Equity 295726205.47 4.74
    4 BMMV2K8 KYG875721634 Tencent China 3,123,800 564.00 HKD Equity 227219149.20 3.64
    5 BGJW376 KYG596691041 Meituan Dianping China 5,818,300 294.60 HKD Equity 221060657.61 3.54
    6 B01FLR7 CNE1000003X6 Ping An Insurance China 15,827,000 95.00 HKD Equity 193912056.59 3.11
    7 B5SC091 US80585Y3080 Sberbank Russia 12,510,672 14.52 USD Equity 181654957.44 2.91
    8 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,456,054 31.20 USD Equity 170228884.80 2.73
    9 6622691 ZAE000015889 Naspers South Africa 821,637 3019.35 ZAR Equity 168891816.93 2.71
    10 B23X1H3 US58733R1023 MercadoLibre Brazil 98,930 1675.22 USD Equity 165729514.60 2.65
        Total 40.59%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 6889106 TW0002330008 TSMC Taiwan 26,041,310 530.00 TWD Equity 491205576.91 7.87
    2 BK6YZP5 KYG017191142 Alibaba China 13,938,120 232.60 HKD Equity 418115737.60 6.70
    3 6771720 KR7005930003 Samsung Electronics South Korea 3,966,017 81000.00 KRW Equity 295726205.47 4.74
    4 BMMV2K8 KYG875721634 Tencent China 3,123,800 564.00 HKD Equity 227219149.20 3.64
    5 BGJW376 KYG596691041 Meituan Dianping China 5,818,300 294.60 HKD Equity 221060657.61 3.54
    6 B01FLR7 CNE1000003X6 Ping An Insurance China 15,827,000 95.00 HKD Equity 193912056.59 3.11
    7 B5SC091 US80585Y3080 Sberbank Russia 12,510,672 14.52 USD Equity 181654957.44 2.91
    8 BYSW6D0 US55315J1025 Norilsk Nickel Russia 5,456,054 31.20 USD Equity 170228884.80 2.73
    9 6622691 ZAE000015889 Naspers South Africa 821,637 3019.35 ZAR Equity 168891816.93 2.71
    10 B23X1H3 US58733R1023 MercadoLibre Brazil 98,930 1675.22 USD Equity 165729514.60 2.65
    11 6099626 INE002A01018 Reliance Industries India 5,586,668 1985.30 INR Equity 151794053.18 2.43
    12 6171900 INE001A01036 HDFC India 4,311,725 2558.65 INR Equity 150986350.58 2.42
    13 6372480 TW0002454006 Mediatek Taiwan 5,378,000 747.00 TWD Equity 142976937.86 2.29
    14 2857334 US91912E1055 Vale Brazil 8,042,522 16.76 USD Equity 134792668.72 2.16
    15 2616580 US71654V4086 Petrobras Brazil 11,304,950 11.23 USD Equity 126954588.50 2.03
    16 6346913 KR7051910008 LG Chemical South Korea 163,425 824000.00 KRW Equity 123964098.32 1.99
    17 B1DYPZ5 CNE1000002M1 China Merchants Bank China 18,101,000 49.00 HKD Equity 114388207.15 1.83
    18 6771645 KR7006400006 Samsung SDI South Korea 194,981 628000.00 KRW Equity 112720305.62 1.81
    19 6773812 KR7005931001 Samsung Electronics South Korea 1,653,509 73600.00 KRW Equity 112030067.57 1.79
    20 2347608 CA3359341052 First Quantum Minerals Other Emerging Markets 5,275,361 22.85 CAD Equity 94616953.57 1.52
    21 6450267 KR7000660001 SK Hynix South Korea 820,501 118500.00 KRW Equity 89505080.09 1.43
    22 Cash and Deposits International 88,202,733 0.00 USD Equity 88202732.50 1.41
    23 BG36ZK1 BRB3SAACNOR6 B3 Brazil 7,389,400 61.98 BRL Equity 88174312.12 1.41
    24 BHQPSY7 CNE100003662 CATL China 1,639,675 351.11 CNY Equity 88031176.68 1.41
    25 BMBQDF6 LU2237380790 Allegro Poland 3,547,562 84.70 PLN Equity 80643720.18 1.29
    26 BM8R675 US49639K1016 Kingsoft Cloud China 1,814,707 43.55 USD Equity 79030489.85 1.27
    27 6531827 KYG3777B1032 Geely Automobile China 22,698,000 26.50 HKD Equity 77573979.38 1.24
    28 BD9GVY0 US98887Q1040 Zai Lab China 546,565 135.34 USD Equity 73972107.10 1.18
    29 2866857 CA5503721063 Lundin Mining Chile 7,936,729 11.30 CAD Equity 70396418.92 1.13
    30 BKPQZT6 KYG8208B1014 JD.com China 1,494,252 342.00 HKD Equity 65907153.74 1.06
    31 B01NPJ1 INE467B01029 Tata Consultancy Services India 1,642,637 2862.75 INR Equity 64357738.69 1.03
    32 B00FSK0 US0594603039 Banco Bradesco Brazil 11,516,704 5.26 USD Equity 60577863.04 0.97
    33 2683410 US71654V1017 Petrobras Brazil 5,298,638 11.06 USD Equity 58602936.28 0.94
    34 BWFGD63 INE669C01036 Tech Mahindra India 4,263,318 973.20 INR Equity 56783947.41 0.91
    35 BLD4QD0 CNE1000048K8 Qingdao Haier Company China 15,112,480 28.10 HKD Equity 54767720.29 0.88
    36 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 182,430,000 4170.00 IDR Equity 54144704.63 0.87
    37 BD5CPS4 CNE000000040 Ping An Bank China 18,241,308 19.34 CNY Equity 53944600.25 0.86
    38 BNDK6G5 US54975P1021 Lufax Holding China 3,678,524 14.20 USD Equity 52235040.80 0.84
    39 B0MP1B0 KYG8087W1015 Shenzhou International China 2,366,500 152.00 HKD Equity 46390889.69 0.74
    40 6560393 KR7035420009 NAVER Corp South Korea 166,893 292500.00 KRW Equity 44938048.88 0.72
    41 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 2,275,441 19.24 USD Equity 43779484.84 0.70
    42 B0TNJH9 PAP310761054 Copa Holdings Panama 562,851 77.23 USD Equity 43468982.73 0.70
    43 B01JCK9 KYG5496K1242 Li Ning China 6,059,000 53.30 HKD Equity 41649593.43 0.67
    44 BD5CPP1 CNE100001QQ5 Midea China 2,672,247 98.44 CNY Equity 40223859.24 0.64
    45 BYWD7L4 US81141R1005 SEA Limited Singapore 201,783 199.05 USD Equity 40164906.15 0.64
    46 BMBX7M2 US4824971042 KE Holdings China 652,043 61.54 USD Equity 40126726.22 0.64
    47 2421041 MXP370711014 Grupo Financiero Banorte Mexico 7,241,393 109.93 MXN Equity 39951134.60 0.64
    48 5263251 PLKGHM000017 KGHM Polska Miedz Poland 785,769 183.00 PLN Equity 38592519.32 0.62
    49 6327587 KYG525681477 Kingdee International Software China 9,151,000 31.60 HKD Equity 37293937.85 0.60
    50 2488671 US1512908898 Cemex Mexico 7,195,901 5.17 USD Equity 37202808.17 0.60
    51 B2QKYZ0 US55953Q2021 Magnit Russia 2,109,338 17.60 USD Equity 37124348.80 0.59
    52 B00G0S5 HK0883013259 CNOOC China 40,016,000 7.18 HKD Equity 37054480.03 0.59
    53 BMH5F39 US23344D1081 Dada Nexus China 1,008,466 36.50 USD Equity 36809009.00 0.59
    54 6633712 INE585B01010 Maruti Suzuki India 350,372 7649.60 INR Equity 36681228.33 0.59
    55 BF0TRG6 INE795G01014 HDFC Life Insurance India 3,822,263 676.50 INR Equity 35388660.07 0.57
    56 BP3R369 CNE0000014W7 Jiangsu Hengrui Medicine China 1,972,623 111.46 CNY Equity 33620073.94 0.54
    57 B0RJCG9 KYG6145U1094 Minth Group China 6,106,000 40.90 HKD Equity 32207922.52 0.52
    58 6100186 INE101A01026 Mahindra & Mahindra India 3,195,699 720.60 INR Equity 31516347.20 0.50
    59 BYYWPW6 US07725L1026 BeiGene China 119,817 258.39 USD Equity 30959514.63 0.50
    60 6181482 BMG1368B1028 Brilliance China Automotive China 33,792,000 7.06 HKD Equity 30768137.12 0.49
    61 B9GFHQ6 RU000A0JR4A1 Moscow Exchange Russia 13,569,500 159.57 RUB Equity 29274693.16 0.47
    62 B01GZF6 INE481G01011 UltraTech Cement India 398,087 5288.15 INR Equity 28810945.62 0.46
    63 BN10NX3 US69269L1044 Ozon Holdings Russia 675,409 41.41 USD Equity 27968686.69 0.45
    64 6363172 TH0015010R16 Siam Commercial Bank Thailand 9,425,900 87.50 THB Equity 27528913.55 0.44
    65 BCRWL65 INE021A01026 Asian Paints India 707,921 2764.50 INR Equity 26784105.17 0.43
    66 BYXH7P9 INE765G01017 ICICI Lombard India 1,251,948 1520.85 INR Equity 26058440.70 0.42
    67 BW1YVH8 MX01WA000038 Walmex Mexico 9,034,160 55.98 MXN Equity 25381158.66 0.41
    68 BYXL8H0 INE726G01019 ICICI Prudential Life Insurance India 3,587,228 498.85 INR Equity 24490897.98 0.39
    69 2232878 BMG2519Y1084 Credicorp Peru 143,401 164.02 USD Equity 23520632.02 0.38
    70 BN10NY4 US9851941099 Yatsen Holding Limited China 1,337,823 17.00 USD Equity 22742991.00 0.36
    71 BYX9GP8 KR7241560002 Doosan Bobcat South Korea 807,374 29650.00 KRW Equity 22036858.23 0.35
    72 BMXZ8G7 US48581R2058 Kaspi.Kz JSC Kazakhstan 319,758 67.10 USD Equity 21455761.80 0.34
    73 Cash and Deposits International 163,513,259 0.00 HKD Equity 21088009.06 0.34
    74 BD9PXD0 INE203G01027 Indraprastha Gas India 2,962,144 502.35 INR Equity 20365183.40 0.33
    75 B5YGG00 CA9191444020 Valeura Energy Turkey 4,672,400 0.57 CAD Equity 2090477.24 0.03
    76 Cash and Deposits International 31,732,096 0.00 TWD Equity 1129336.47 0.02
    77 Cash and Deposits International 0 0.00 INR Equity 0.00 0.00
                      Total 100.0%

    Sector Analysis of Total Assets - 12/31/2020

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    Country Analysis of Total Assets - 12/31/2020

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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 0.34005 0.00000 0.20757 0.02957 0.00000 0.34005 12/29/2020 12/29/2020 Final
    Baillie Gifford Emerging Markets Equities Fund K Class BGKEX 0.35866 0.00000 0.21893 0.02957 0.00000 0.35866 12/29/2020 12/29/2020 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 2020 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.

    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.