This is about Baillie Gifford China Growth fund's performance last month. The fund lost 6.5%, but beat its benchmark (MSCI China All Shares Index) by 3.8%. The manager didn't state a clear market view, but the low borrowing (4% gearing, meaning borrowed money used for investments) suggests caution. Top holdings include ByteDance (14.5%), Tencent (9.5%), and Alibaba (5.4%)—all big Chinese tech firms, but no recent price changes mentioned.
Baillie Gifford China Growth Trust’s report for the period ending 30 September 2026 shows that the trust seeks long-term capital growth through active management of a portfolio of Chinese companies (with up to 20% permitted in unlisted companies), holding 40–80 stocks. The core thesis is to adhere t
The fund's NAV returned -6.5% for the month, versus the MSCI China All Shares Index benchmark at -10.3%, generating an excess return of +3.8%. Year-to-date cumulative NAV return stands at -6.5%, compared to the benchmark's -10.3%.
| Metric | Month | Year-to-Date |
|---|---|---|
| Fund (NAV) | -6.5% | -6.5% |
| Benchmark (MSCI China All Shares) | -10.3% | -10.3% |
| Excess Return | +3.8% | +3.8% |
The report does not provide attribution data for individual stock contributions/detractions for the month, only disclosing the portfolio structure.
The report does not include commentary on specific holdings.
[Stance: Not Explicitly Stated] The report does not contain the manager's direct assessment of market outlook, industry trends, or the macroeconomic environment. Regarding position structure clues: Net Gearing stands at 4%, and Gross Gearing at 5%, both at low levels, suggesting a generally cautious portfolio stance by the manager.
The report does not disclose any new positions, additions, reductions, or full exits for the month. No sector/theme/geographic fund flows are mentioned. Active Share is 65%, indicating a high degree of deviation from the benchmark, though the direction of recent changes is not specified.