1. 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

    Total returns as of month end 5/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class K0.81%0.81%2.61%6.26%7.05%16.88%-7.82%4.33%4.80%
    MSCI Emerging Markets Indexn/an/a0.59%3.61%3.53%12.85%-5.85%3.94%3.04%
    Annualized total returns as of quarter end 3/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class K0.81%0.81%10.19%-7.87%2.72%4.99%
    MSCI Emerging Markets Indexn/an/a8.59%-4.68%2.61%3.33%

    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 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class K28.00%29.56%-9.08%-26.47%14.30%
    MSCI Emerging Markets Index18.88%18.69%-2.22%-19.74%10.27%

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    All figures quoted are in US dollars, net of fees.

     

    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.

    Performance - 5/31/2024
    Baillie Gifford Emerging Markets Equities Fund - Share Class K

    Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

    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 3/31/2024

    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. 


    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.

    Total returns as of month end 5/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class Institutional0.89%0.89%2.61%6.26%7.00%16.72%-7.91%4.24%4.70%
    MSCI Emerging Markets Indexn/an/a0.59%3.61%3.53%12.85%-5.85%3.94%3.04%
    Annualized total returns as of quarter end 3/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class Institutional0.89%0.89%10.15%-7.94%2.64%4.89%
    MSCI Emerging Markets Indexn/an/a8.59%-4.68%2.61%3.33%

    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 Institutional 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 Institutional 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 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class Institutional27.94%29.42%-9.19%-26.52%14.21%
    MSCI Emerging Markets Index18.88%18.69%-2.22%-19.74%10.27%

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    All figures quoted are in US dollars, net of fees.

     

    Returns are based on the Institutional 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 Institutional share class fees where these fees are higher.

    Performance - 5/31/2024
    Baillie Gifford Emerging Markets Equities Fund - Share Class Institutional

    Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

    Returns are based on the Institutional 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 Institutional 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 3/31/2024

    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. 

    Returns are based on the Institutional 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 Institutional 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 5/31/2024

    Stock Name Contribution %
    MercadoLibre 0.61
    Fabrinet 0.26
    Mediatek 0.21
    SK Hynix Inc 0.19
    Allegro.eu 0.13
    PDD Holdings -0.20
    Petrobras -0.17
    Bank Rakyat Indonesia -0.16
    Jio Financial Services Ltd -0.14
    Delhivery Ltd -0.14

    Holdings

    Top Ten Holdings as of month end 5/31/2024
    Company NameFund %
    1TSMC11.85
    2Samsung Electronics5.61
    3Petrobras4.49
    4MercadoLibre4.06
    5Reliance Industries3.91
    6SK Hynix3.69
    7Tencent3.58
    8Alibaba2.54
    9Hyundai Motor Company2.01
    10MediaTek1.89
    Total 43.63%
    Sector Analysis of Total Assets - 5/31/2024
    Fund % Benchmark % Difference %
    1 Information Technology 30.35 23.27 7.09
    2 Consumer Discretionary 20.09 12.98 7.11
    3 Financials 17.24 22.09 -4.85
    4 Energy 10.09 5.30 4.79
    5 Communication Services 7.41 9.04 -1.63
    6 Materials 5.84 7.14 -1.30
    7 Consumer Staples 4.53 5.46 -0.93
    8 Industrials 1.98 7.04 -5.06
    9 Cash 1.14 0.00 1.14
    10 Real Estate 0.80 1.56 -0.76
    11 Health Care 0.52 3.21 -2.69
    12 Utilities 0.00 2.92 -2.92

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 5/31/2024
    Fund % Benchmark % Difference %
    1 Emerging Markets 98.86 99.48 -0.62
    2 Cash 1.14 0.00 1.14
    3 Europe (ex UK) 0.00 0.52 -0.52

    Total may not sum due to rounding

    Country Analysis of Total Assets - 5/31/2024
    Fund % Benchmark % Difference %
    1 China 23.63 27.16 -3.53
    2 Taiwan 15.06 18.05 -2.99
    3 India 13.43 18.12 -4.69
    4 South Korea 12.91 11.57 1.34
    5 Brazil 12.61 4.66 7.95
    6 Mexico 4.50 2.51 1.99
    7 Thailand 3.09 1.46 1.63
    8 South Africa 2.77 2.82 -0.05
    9 Poland 1.73 1.00 0.72
    10 Other Emerging Markets 1.72 0.00 1.72
    11 Indonesia 1.36 1.56 -0.20
    12 Cash 1.14 0.00 1.14
    13 Kazakhstan 1.03 0.00 1.03
    14 Singapore 1.03 0.00 1.03
    15 Saudi Arabia 0.91 3.77 -2.85
    16 Peru 0.86 0.35 0.52
    17 Panama 0.84 0.00 0.84
    18 Chile 0.75 0.49 0.27
    19 Vietnam 0.61 0.00 0.61
    20 Egypt 0.00 0.07 -0.07
    21 Colombia 0.00 0.12 -0.12
    22 Czech Republic 0.00 0.15 -0.15
    23 Hungary 0.00 0.25 -0.25
    24 Greece 0.00 0.52 -0.52
    25 Philippines 0.00 0.56 -0.56
    26 Kuwait 0.00 0.74 -0.74
    27 Qatar 0.00 0.76 -0.76
    28 Turkey 0.00 0.82 -0.82
    29 United Arab Emirates 0.00 1.09 -1.09
    30 Malaysia 0.00 1.42 -1.42

    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. 

    Managers

    Andrew Stobart

    Andrew is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 1991, and prior to joining the team in 2007, he has also spent time working in our UK, Japanese, and North American Equity teams. Andrew has been involved in running the Emerging Markets portion of the Managed Fund since 2012. Prior to joining Baillie Gifford, he previously 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 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.

    Ben Durrant

    Ben is an investment manager in the Emerging Markets Equity Team. He has managed the Pacific Fund since 2021 and became deputy manager of the Pacific Horizon Investment Trust in 2023. He joined Baillie Gifford in 2017, and has also worked in our UK, Global Discovery and Private Companies equity teams. Prior to joining the firm, he worked for RBS in their Group Strategy and Corporate Finance Team. Ben is a Chartered Accountant and a CFA Charterholder, and 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 0.74097 0.00000 0.58781 0.06424 0.00000 0.74097 12/28/2023 12/28/2023 Final
    Baillie Gifford Emerging Markets Equities Fund K Class BGKEX 0.75708 0.00000 0.60059 0.06424 0.00000 0.75708 12/28/2023 12/28/2023 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 Mutual Funds can be found here.

    Secondary ICI File for the Baillie Gifford Mutual Funds can be found here.

    Risks

    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.