Baillie Gifford Emerging Markets ex China Fund
Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
9.4%
1 yr return
11.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$930 K
Holdings in Top 10
46.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 27.12%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BGEWX - Profile
Distributions
- YTD Total Return 9.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 17.62%
- Dividend Yield 2.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameBaillie Gifford Emerging Markets ex China Fund
-
Fund Family NameBaillie Gifford Funds
-
Inception DateDec 28, 2021
-
Shares Outstanding50000
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryGB
-
ManagerAndrew Stobart
Fund Description
The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies located in countries represented in the MSCI Emerging Markets ex China Index. The Fund invests primarily in equity securities either directly or indirectly (such as through depositary receipts or participatory notes) and may invest in preferred stocks, convertible securities and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the U.S. The portfolio managers have flexibility to gain exposure to one or more emerging markets through investing in ETFs that track relevant equity indices.
The portfolio managers select companies without being constrained by the MSCI Emerging Markets ex China benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The intended investment universe comprises primarily issuers located in countries with emerging market economies, with the exception of China, though the Fund may gain limited exposure to the Chinese economy, as a consequence of the indirect exposure that companies in other emerging market countries have to China. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation.
The intended outcome is a portfolio of between 40 and 80 growth stocks with the potential to outperform the Fund's benchmark over the long term. The Fund intends to operate as a non-diversified fund, which means that it may invest a relatively large
percentage of its assets in a small number of issuers, industries, or sectors. The process can result in significant exposure to a single country or a small number of countries, which in recent periods has included India and Taiwan. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. Consistent with this investment outlook, the portfolio managers seek to identify companies with the potential to sustain financial growth over the long term. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.
The portfolio managers primarily employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers seek to identify companies that are likely to generate above average growth in earnings and cash flows, based on fundamental research.
The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.
The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.
BGEWX - Performance
Return Ranking - Trailing
Period | BGEWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.4% | -8.8% | 19.4% | 8.77% |
1 Yr | 11.7% | -12.3% | 23.7% | 10.58% |
3 Yr | N/A* | -19.2% | 10.9% | N/A |
5 Yr | N/A* | -6.8% | 11.5% | N/A |
10 Yr | N/A* | -2.9% | 6.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | BGEWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 20.6% | -6.5% | 35.5% | 4.87% |
2022 | N/A | -50.1% | -2.4% | N/A |
2021 | N/A | -33.1% | 22.5% | N/A |
2020 | N/A | -22.1% | 80.1% | N/A |
2019 | N/A | -0.7% | 42.0% | N/A |
Total Return Ranking - Trailing
Period | BGEWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.4% | -8.8% | 19.4% | 8.77% |
1 Yr | 11.7% | -12.3% | 23.7% | 10.58% |
3 Yr | N/A* | -19.2% | 10.9% | N/A |
5 Yr | N/A* | -6.8% | 11.5% | N/A |
10 Yr | N/A* | -2.9% | 6.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | BGEWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 23.9% | -2.7% | 42.0% | 3.48% |
2022 | N/A | -42.2% | 1.9% | N/A |
2021 | N/A | -32.5% | 33.1% | N/A |
2020 | N/A | -20.0% | 81.6% | N/A |
2019 | N/A | 2.3% | 42.0% | N/A |
NAV & Total Return History
BGEWX - Holdings
Concentration Analysis
BGEWX | Category Low | Category High | BGEWX % Rank | |
---|---|---|---|---|
Net Assets | 930 K | 682 K | 103 B | 99.58% |
Number of Holdings | 62 | 10 | 7137 | 80.42% |
Net Assets in Top 10 | 459 K | 290 K | 21.1 B | 99.17% |
Weighting of Top 10 | 46.60% | 2.9% | 140.4% | 10.29% |
Top 10 Holdings
- Taiwan Semiconductor Manufacturing Co Ltd 14.59%
- Samsung Electronics Co Ltd 6.64%
- Reliance Industries Ltd 4.35%
- MercadoLibre Inc 4.14%
- SK Hynix Inc 3.71%
- MediaTek Inc 3.68%
- Petroleo Brasileiro SA 3.63%
- Fomento Economico Mexicano SAB de CV 1.97%
- Bank Rakyat Indonesia Persero Tbk PT 1.96%
- Samsung Electronics Co Ltd 1.93%
Asset Allocation
Weighting | Return Low | Return High | BGEWX % Rank | |
---|---|---|---|---|
Stocks | 90.97% | 0.00% | 102.46% | 92.08% |
Cash | 6.39% | -2.03% | 40.36% | 3.19% |
Preferred Stocks | 2.64% | 0.00% | 14.66% | 16.25% |
Other | 0.00% | -0.45% | 37.51% | 57.08% |
Convertible Bonds | 0.00% | 0.00% | 7.40% | 49.79% |
Bonds | 0.00% | 0.00% | 92.29% | 56.53% |
Stock Sector Breakdown
Weighting | Return Low | Return High | BGEWX % Rank | |
---|---|---|---|---|
Technology | 39.25% | 0.00% | 47.50% | 0.84% |
Financial Services | 16.54% | 0.00% | 48.86% | 78.48% |
Energy | 13.67% | 0.00% | 24.80% | 1.41% |
Basic Materials | 13.57% | 0.00% | 30.03% | 7.03% |
Consumer Cyclical | 8.49% | 0.00% | 48.94% | 88.75% |
Communication Services | 5.22% | 0.00% | 39.29% | 82.70% |
Industrials | 1.64% | 0.00% | 43.53% | 94.51% |
Consumer Defense | 1.62% | 0.00% | 25.90% | 96.48% |
Utilities | 0.00% | 0.00% | 39.12% | 84.67% |
Real Estate | 0.00% | 0.00% | 17.15% | 92.55% |
Healthcare | 0.00% | 0.00% | 16.53% | 98.73% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | BGEWX % Rank | |
---|---|---|---|---|
Non US | 71.02% | 0.00% | 101.28% | 87.78% |
US | 19.95% | 0.00% | 99.51% | 19.58% |
BGEWX - Expenses
Operational Fees
BGEWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 27.12% | 0.03% | 29.98% | 0.42% |
Management Fee | 0.72% | 0.00% | 2.00% | 23.50% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
BGEWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
BGEWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
BGEWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 0.00% | 0.00% | 189.00% | 0.17% |
BGEWX - Distributions
Dividend Yield Analysis
BGEWX | Category Low | Category High | BGEWX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.46% | 0.00% | 9.74% | 29.31% |
Dividend Distribution Analysis
BGEWX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annual |
Net Income Ratio Analysis
BGEWX | Category Low | Category High | BGEWX % Rank | |
---|---|---|---|---|
Net Income Ratio | 17.62% | -1.98% | 17.62% | 0.14% |
Capital Gain Distribution Analysis
BGEWX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 28, 2023 | $0.237 | OrdinaryDividend |
Dec 28, 2022 | $0.357 | OrdinaryDividend |
BGEWX - Fund Manager Analysis
Managers
Andrew Stobart
Start Date
Tenure
Tenure Rank
Dec 28, 2021
0.42
0.4%
Andrew Stobart joined Baillie Gifford in 1991. He has worked in the Japanese, North American and UK Equity Teams. Prior to joining Baillie Gifford, Mr. Stobart worked for three years in investment banking in London.
Ben Durrant
Start Date
Tenure
Tenure Rank
Dec 28, 2021
0.42
0.4%
Mr. Durrant is an Investment Manager in the Emerging Markets Team and before that he was an Investment Analyst in the Private Companies Team. He joined Baillie Gifford in 2017. 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.
Mike Gush
Start Date
Tenure
Tenure Rank
Dec 28, 2021
0.42
0.4%
Mike graduated MEng in Mechanical Engineering from Durham University in 2003. He joined Baillie Gifford in the same year and worked in the UK and Japanese Equity Teams before moving to the Emerging Markets Equity Team in 2005, where he is an Investment Manager. Mike is CFA Charter holder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 33.71 | 6.64 | 13.42 |