This factsheet covers Baillie Gifford's China Growth fund. Over the past year, the fund returned 7.5%, beating its benchmark (MSCI China All Shares Index, a broad measure of Chinese stocks). The report doesn't give a direct market view, but the fund uses only 4% gearing (borrowed money) and has a 23% turnover rate (meaning it doesn't trade often), suggesting a long-term approach. Top holdings include ByteDance (14.2%, the largest position), Tencent (9.4%), and Alibaba (5.5%)—all major Chinese tech and consumer companies.
This report focuses on the investment strategy of the Baillie Gifford China Growth Trust and its performance as of August 31, 2026. The core approach is bottom-up fundamental analysis, investing in Chinese growth companies over the long term (5 years). The portfolio typically holds 40-80 stocks, wit
Monthly data was not disclosed separately, but cumulative returns over 1, 3, 5, and 10 years through August 31, 2026, all outperformed the benchmark. The specific performance is as follows:
| Metric | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Fund NAV | 7.5% | 39.8% | -13.8% | 18.5% |
| Benchmark Index* | -0.1% | 28.8% | -4.1% | 32.0% |
| Excess Return | +7.6% | +11.0% | -9.7% | -13.5% |
*Benchmark: MSCI China All Shares Index (Total Return, GBP).
Discrete annual performance (as of June 30 each year) shows that in the most recent full fiscal year (2025/06–2026/06), the NAV returned 22.3%, outperforming the benchmark's 13.3%.
The report did not provide specific contribution/detraction attribution data for the month or the year.
The report did not include commentary on any specific holdings.
[Stance Not Stated] The report did not include direct manager commentary on market outlook, industry trends, or the macroeconomic environment.
Position Structure Clues: Net gearing stood at 4%, a relatively low level; annual turnover was 23%, indicating a low frequency of position adjustments, consistent with a long-term holding strategy.
The report did not disclose any new positions, additions, reductions, or full exits.
Sector Allocation (as of August 31, 2026):
Top 10 Holdings (48.8% of total):
| Rank | Holding | Weight |
|---|---|---|
| 1 | ByteDance Ltd. | 14.2% |
| 2 | Tencent | 9.4% |
| 3 | Alibaba | 5.5% |
| 4 | CATL | 3.6% |
| 5 | Ping An Insurance | 3.1% |
| 6 | China Construction Bank | 2.7% |
| 7 | Zijin Mining Group | 2.7% |
| 8 | Inspire | 2.6% |
| 9 | China Merchants Bank | 2.5% |
| 10 | Kweichow Moutai | 2.5% |
The top 30 holdings collectively accounted for 78.6% of total assets, with a total of 61 positions.