Overview
Share price and charges
Share class
KTicker
BGEZXNAV
9.56% change
-0.52%Management fee
0.72%Other expenses
26.40%Gross expense ratio
27.12%Fee waiver
-26.25%Net expense ratio
0.87%Fund facts
Fund launch date
December 28, 2021
Fund size
$1.0m
Benchmark
MSCI Emerging Markets ex China Index
Current number of holdings
61
Active share
69%*
Annual turnover
13%
Style
Growth
Guideline number of holdings
40-80
*Relative to MSCI Emerging Markets ex China.
Source: Baillie Gifford & Co and relevant underlying index provider(s).
Portfolio characteristics
The fund's characteristics compared to the index.
As at November 30, 2024
| Fund | MSCI Emerging Markets ex China Index | |
|---|---|---|
| Market cap (weighted average) | $201.75bn | $161.63bn |
| Price / Book | 2.32 | 1.99 |
| Price / Earnings (12 months forward) | 13.32 | 12.74 |
| Earnings growth (5 year historic) | 11.63% | 8.99% |
| Return on equity (12 months forward) | 17.41% | 15.49% |
| Beta | 1.21 | N/A |
Source: Baillie Gifford & Co, FactSet, Revolution, and relevant underlying index provider(s).
Beta is in comparison to MSCI Emerging Markets ex China Index.
A full glossary of definitions can be viewed at the bottom of this page.
Meet the managers
Risks
The most significant risks of an investment in the Baillie Gifford Emerging Markets ex China Fund are: Investment Style Risk, Growth Stock Risk, Emerging Markets Risk, Market Disruption and Geopolitical Risk and Government and Regulatory 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 focuses on investments in emerging markets excluding China, 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. The value of investments could be adversely affected by events such as war, public health crises and changes in economic and political conditions in the US and elsewhere. This could prevent the Fund from implementing its investment strategies and increase exposure to other risks. Governmental and regulatory authorities in the US and elsewhere have intervened in markets and may do so again in the future. The effects of these actions can be uncertain and could restrict the Fund in implementing its investment strategies. Some non-US markets have had little regulation which could increase risk of loss due to fraud or market failures. Governmental and regulatory authorities may adopt or change laws that could adversely impact the Fund. Other Fund risks include: Asia Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets Risk, Geographic Focus Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-Diversification Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds Risk and 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 to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.
Definitions
Active share
A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Annual turnover
Turnover is calculated as the smaller figure of either purchases or sales for the month and dividing it by an average fund market value. Annual Turnover is calculated as the sum of the monthly turnover figures for the 12 month period.
Market cap (weighted average)
The weighted average size of companies represented in the portfolio, denoted by market capitalization.
Price/Book
The weighted average ratio of current share price to last reported company book value per share. This represents a measure of valuation levels.
Price/Earnings (12 months forward)
The weighted average ratio of current share price divided by the 12 month forward earnings per share. This represents a measure of valuation levels.
Earnings growth (5 years historic)
The weighted average growth in earnings per share of current portfolio holdings delivered over the past 5 years, expressed in % per annum. This represents a measure of delivered profits growth for the current holdings in the portfolio or benchmark.
Return on equity (12 months forward)
The weighted average ratio of 12 month forward earnings per share divided by the last reported book value per share. This represents a forward-looking measure of profitability, based on the current holdings of the portfolio or benchmark.
Beta
Beta is a measure of systematic risk, denoting the sensitivity of a fund to the direction of the market. Measures of beta that are significantly higher (lower) than 1.0 indicate a greater (lesser) degree of sensitivity to market direction.
Standard deviation
A measure of the volatility of absolute returns. It is a measure of the dispersion of a set of absolute returns from its mean.
Fund performance
Annualized total returns – as at month end
As at: November 30, 2024
Gross expense ratio | Net expense ratio | 1 month* | 3 months* | Year-to-date* | 1 year | Since inception† | |
|---|---|---|---|---|---|---|---|
| Share class K | 27.12% | 0.87% | -1.46% | -3.96% | 9.75% | 15.85% | 0.70% |
| MSCI Emerging Markets ex China Index | n/a | n/a | -3.26% | -5.63% | 5.38% | 12.17% | 1.12% |
Annualized total returns – as at quarter end
As at: September 30, 2024
Gross expense ratio | Net expense ratio | 1 year | Since inception† | |
|---|---|---|---|---|
| Share class K | 27.12% | 0.87% | 26.56% | 2.16% |
| MSCI Emerging Markets ex China Index | n/a | n/a | 27.97% | 3.82% |
Performance
As at: November 30, 2024
Stock level attribution
Top and bottom 5 relative contributors
One month to: November 30, 2024
| Holding | Contribution |
|---|---|
| SEA Ltd | 0.77% |
| Accton Technology | 0.33% |
| Petrobras | 0.27% |
| Valeura Energy | 0.20% |
| First Quantum Minerals | 0.20% |
| SK Hynix Inc | -0.19% |
| Nu Holdings Ltd. | -0.17% |
| Impala Platinum Holdings | -0.16% |
| Allegro.eu | -0.15% |
| HDFC Bank Ltd | -0.11% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: November 30, 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | TSMC | 18.47 |
| 2 | Samsung Electronics | 5.58 |
| 3 | MercadoLibre | 4.78 |
| 4 | Petrobras | 3.96 |
| 5 | MediaTek | 3.88 |
| 6 | Reliance Industries | 3.82 |
| 7 | Sea Limited | 3.82 |
| 8 | Naspers | 3.77 |
| 9 | Axis Bank | 2.61 |
| 10 | SK Hynix | 2.47 |
Holdings by sector
As at: November 30, 2024
# | Sector | Fund % | Benchmark % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 37.34% | 29.43% | 7.90% |
| 2 | Financials | 19.02% | 25.96% | -6.94% |
| 3 | Consumer Discretionary | 14.59% | 6.74% | 7.86% |
| 4 | Energy | 9.11% | 5.32% | 3.78% |
| 5 | Materials | 7.89% | 7.23% | 0.66% |
| 6 | Communication Services | 4.85% | 4.84% | 0.01% |
| 7 | Industrials | 3.30% | 7.53% | -4.22% |
| 8 | Consumer Staples | 3.09% | 5.25% | -2.16% |
| 9 | Cash | 0.82% | 0.00% | 0.82% |
| 10 | Real Estate | 0.00% | 1.46% | -1.46% |
| 11 | Utilities | 0.00% | 2.89% | -2.89% |
| 12 | Health Care | 0.00% | 3.35% | -3.35% |
Total | 100.00% | 100.00% |
Holdings by region
As at: November 30, 2024
# | Region | Fund % | Benchmark % * | Difference % |
|---|---|---|---|---|
| 1 | Emerging Markets | 99.18% | 99.40% | -0.22% |
| 2 | Cash | 0.82% | 0.00% | 0.82% |
| 3 | Europe (ex UK) | 0.00% | 0.60% | -0.60% |
Total | 100.00% | 100.00% |
Holdings by country
As at: November 30, 2024
Showing 10 of 30 holdings
# | Country | Fund % | Benchmark % * | Difference % |
|---|---|---|---|---|
| 1 | Taiwan | 24.37% | 25.86% | -1.49% |
| 2 | India | 20.05% | 27.30% | -7.25% |
| 3 | Brazil | 13.73% | 6.16% | 7.57% |
| 4 | South Korea | 12.30% | 13.32% | -1.02% |
| 5 | South Africa | 6.28% | 4.23% | 2.05% |
| 6 | Singapore | 3.82% | 0.00% | 3.82% |
| 7 | Mexico | 3.78% | 2.49% | 1.29% |
| 8 | Thailand | 3.13% | 2.02% | 1.11% |
| 9 | Other Emerging Markets | 2.33% | 0.00% | 2.33% |
| 10 | Indonesia | 2.05% | 2.12% | -0.07% |
Quarterly transactions
Transactions for the three-month period ending 30 September 2024
New purchases
- Kotak Mahindra Bank
Complete sales
- Advantech Co.
Tax and 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.
You can find answers to some of our most common questions about tax and distribution for mutual funds in our frequently asked questions document.
Recent distributions
The below table shows the makeup of the most recent distributions paid.
| Share class K | Share class Institutional | |
|---|---|---|
| Income dividends | 0.23694 | 0.23694 |
| Short-term capital gains * | 0.00000 | 0.00000 |
| Long-term capital gains | 0.00000 | 0.00000 |
| Total per share | 0.23694 | 0.23694 |
| Ex-dividend date | 12/28/2023 | 12/28/2023 |
| Pay date | 12/28/2023 | 12/28/2023 |
| Status | Final | 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.
Upcoming distributions
Please click here to view estimated capital gain distributions for 2024.
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2024
December 27, 2024
December 30, 2024
December 30, 2024
Source: Bank of New York Mellon and Baillie Gifford & Co