Baillie Gifford Pacific A

Far East equity excluding Australasia and Japan. Mostly targets long term growth opportunities.

  • 1056.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.54%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 25 November 2020, fund data last updated 06 November 2008

This Fund targets long term capital growth in the Far East, excluding Australasia and Japan. It is run by Baillie Gifford's Edinburgh based emerging markets desk which is headed up by Gerald Smith. Stock analysis is split amongst the team by country. The team target companies in growing industries and typically favour financially stable businesses with competitive advantages. Company valuation is also a consideration.

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched March, 1989
Size £1,456m
Yield 0.00%
Charging basis
Dividends paid 31 Jan

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.54%

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Investment process

The fund targets exposure to companies with potential for above average returns. The team has an emphasis on corporate cash flow generation. Companies held will also benefit from at least some of the following criteria: strong industry background, competitive advantage, financial strength and an able management team. Companies are evaluated on standard ratios such as Price/Earnings and Price/Book, where the team do proprietary forecasting of earnings or sum of the parts valuation where applicable. Stock weightings within the portfolio are a factor of conviction and liquidity. Each member of the team maintains a followed list of stocks which in tandem with company meetings in the region lead to idea generation. Returns can be expected to be driven by stock selection. Country and sector allocation are considered secondary as contributors to returns.

Manager research

Average monthly relative returns

  • 15/16 -0.28%
  • 16/17 0.48%
  • 17/18 0.02%
  • 18/19 0.59%
  • 19/20 2.02%

Bestinvest MRI

  • 3 years 0.88%
  • 5 years 0.57%
  • Career 0.44%
  • 3 years 99.60%
  • 5 years 99.30%
  • Career 99.70%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Joe Faraday / Roderick Snell

Faraday graduated MEng in Chemical Engineering from Cambridge University in 2002. He joined Baillie Gifford's graduate scheme in September 2002 and has worked in our European, North American and Developed Asian Equities Investment Teams. He is now an Investment Manager in the Emerging Markets Equities Investment Team. He is a CFA charter holder. Snell graduated from Edinburgh University with a BSc in Biological Sciences with Honours in Medical Biology in 2006. He joined Baillie Gifford in the same year and is an investment manager in the Emerging Markets Investment Team.

Track record

Joe Faraday / Roderick Snell has 10.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.44%. During the worst period of relative performance (from June 2014 - April 2015) there was a decline of 10% relative to the index. The worst absolute loss has been 20%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -20.00% (May 2015 - September 2015)
Relative -10.00% (June 2014 - April 2015)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

7% Sea Ltd
6.9% Alibaba Group Hldg Ltd
4.5% Jd.com
4.4% Taiwan Semiconductor Manufacturing
3.9% Tencent Hldgs Limited
3.5% Reliance Industries
3.4% Meituan Dianping
3.2% Ping An Insurance(Gr)Co Of China
2.6% Samsung Sdi
2.6% Kingdee Intl Software Group
Source: Trustnet

Portfolio

60 to 80 stocks, typically 70.

Constraints

No official constraints. In practice max. stock weight unlikely to exceed 5%. Liquidity constraint on holdings of 8 days traded volume of underlying stock.

Key Investor Information

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