1. Baillie Gifford Emerging Markets ex China Fund

    Baillie Gifford Emerging Markets ex China Fund

  2. Overview

    Baillie Gifford Emerging Markets Ex China Fund seeks capital appreciation.

    Investment Proposition

    The Emerging Markets ex China strategy is philosophically identical to the existing EM strategy (long term, active, focused on growth), the exception being that it will not invest in Chinese companies.  The increased appetite for China-dedicated strategies by some investors runs the risk that the rest of EM is neglected. An EM ex China portfolio may be a useful strategy in this regard.

    Performance & Portfolio

    Annualized total returns as of month end** 8/31/2022

    1 Month*

    3 Months*

    YTD*

    Since Inception*†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K-0.92%-8.93%-24.65%-28.70%17.76%0.87%
    MSCI Emerging Markets ex China0.56%-7.71%-16.25%-20.55%n/an/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 June 30 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).

    †Fund inception date: December 28, 2021

    Share Class launch date: December 28, 2021

    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.

     

     

    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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2023.

     

    The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries* excluding China. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Annualized total returns as of quarter end 6/30/2022

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: December 28, 2021
    Share Class launch date: December 28, 2021
    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.

    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.

     

    Annualized total returns as of month end** 8/31/2022

    1 Month*

    3 Months*

    YTD*

    Since Inception*†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional-0.92%-8.93%-24.65%-28.70%17.91%1.02%
    MSCI Emerging Markets ex China0.56%-7.71%-16.25%-20.55%n/an/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 June 30 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).

    †Fund inception date: December 28, 2021

    Share Class launch date: December 28, 2021

    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.

     

    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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2023.

     

    The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries* excluding China. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Annualized total returns as of quarter end 6/30/2022

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: December 28, 2021
    Share Class launch date: December 28, 2021
    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.

    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.

     

    Holdings 6/30/2022

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 6889106 TW0002330008 TSMC Taiwan 6,000 476.00 TWD Equity 96053.27 13.26
    2 B16CYP9 US7594701077 Reliance Industries India 874 65.05 USD Equity 56853.70 7.85
    3 6771720 KR7005930003 Samsung Electronics South Korea 1,099 57000.00 KRW Equity 48246.30 6.66
    4 2616580 US71654V4086 Petrobras Brazil 3,892 11.68 USD Equity 45458.56 6.27
    5 Cash and Deposits International 35,511 0.00 USD Equity 35510.62 4.90
    6 2781648 US40415F1012 HDFC Bank India 525 54.96 USD Equity 28854.00 3.98
    7 2398822 US4567881085 Infosys India 1,244 18.51 USD Equity 23026.44 3.18
    8 6372480 TW0002454006 Mediatek Taiwan 1,000 651.00 TWD Equity 21894.50 3.02
    9 2569286 US45104G1040 ICICI Bank India 1,232 17.74 USD Equity 21855.68 3.02
    10 6622691 ZAE000015889 Naspers South Africa 130 2367.72 ZAR Equity 18788.56 2.59
    Total 54.72%
    Sector Analysis of Total Assets - 6/30/2022

    Fund %

    • 1 Information Technology 35.58
    • 2 Financials 16.79
    • 3 Energy 15.99
    • 4 Materials 10.87
    • 5 Consumer Discretionary 10.25
    • 6 Communication Services 2.58
    • 7 Consumer Staples 1.61
    • 8 Industrials 1.43
    • 9 Cash 4.90
    • Total 100.0

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 6/30/2022

    Fund %

    • 1 Emerging Markets 95.10
    • 2 Cash 4.90
    • Total 100.0

    Total may not sum due to rounding

    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

    Mike Gush

    Mike has been involved with the Global Stewardship strategy since inception as a member of the Portfolio Construction Group. He 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. 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

    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.

    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.

    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 table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

    Distribution Year

    Record Date

    ex Date

    Payable Date

    2022 12/27/2022 12/28/2022 12/28/2022

    Source: Bank of New York Mellon and Baillie Gifford & Co

    Risks

    The most significant risks of an investment in the Baillie Gifford Emerging Markets ex China Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Emerging Markets Risk, Asia Risk and Non-Diversification 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 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. 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. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Other Fund risks include: 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, New and Smaller-Sized Funds 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 EM ex China. 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.