This document is a fund's holdings list as of April 2026. It shows which Chinese companies the fund has invested in and how much. The fund is almost fully invested—99.9% in stocks—with its biggest positions being ByteDance (TikTok's parent), Tencent, and Alibaba. It also holds stakes in private companies like RedNote and AI firm Minimax, which are harder to value and riskier. One healthcare stock is marked at zero, meaning it's a total loss. For ordinary investors, this list reveals how a professional fund bets on China's economy: heavy on internet and green energy, but concentrated and volatile. It's worth reading because real holdings show what "growth investing" actually looks like, including both opportunities and pitfalls.
Baillie Gifford China Growth Trust's portfolio as of April 30, 2026 shows its top three heavy holdings are ByteDance (13.7%), Tencent (9.6%), and Alibaba (5.9%), with the top ten holdings accounting for approximately 48.5% of the total. The portfolio mainly covers growth sectors in China's internet,
As of April 30, 2026, the portfolio's total assets were £196,876,538, with equity holdings of £196,618,867 (99.9%) and net current assets of £257,671 (0.1%); this chapter is a pure holdings list and does not disclose performance, attribution, or manager commentary.
The portfolio is highly concentrated in new-economy leaders: the top three holdings — ByteDance (13.7%), Tencent (9.6%), and Alibaba (5.9%) — together account for 29.2%; the top five for 36.8%; and the top ten for 49.0%. The largest single holding, ByteDance, has a market value of £26,937,096. This list is a point-in-time snapshot of holdings, provides no comparison of increases or decreases versus the prior period, and the direction of all positions is not indicated.
| Instrument | Sector (est.) | Shares | Market Value (GBP) | % |
|---|---|---|---|---|
| ByteDance Ltd Series E-1 Pref | Internet/AI (unlisted preferred shares) | 100,388 | 26,937,096 | 13.7 |
| Tencent | Internet platform | 429,200 | 18,861,608 | 9.6 |
| Alibaba Group Holding | Internet platform | 989,200 | 11,708,828 | 5.9 |
| CATL 'A' | New energy/batteries | 177,086 | 8,314,698 | 4.2 |
| Ping An Insurance | Financials | 1,132,500 | 6,702,511 | 3.4 |
| Zijin Mining Group 'H' | Resources/metals | 1,512,000 | 5,065,145 | 2.6 |
| Kweichow Moutai 'A' | Consumer/baijiu | 33,626 | 5,014,584 | 2.5 |
| China Construction Bank 'H' | Financials | 5,912,000 | 4,876,270 | 2.5 |
| Weichai Power 'H' | New energy/power | 1,257,000 | 4,558,074 | 2.3 |
| China Merchants Bank 'H' | Financials | 1,014,000 | 4,484,698 | 2.3 |
| Zhongji Innolight 'A' | Semiconductors/optical communications | 47,300 | 4,367,629 | 2.2 |
| PDD Holdings Inc | Internet platform | 56,472 | 4,150,464 | 2.1 |
| Pop Mart International Group | Consumer/designer toys | 246,200 | 3,635,795 | 1.8 |
| Petrochina 'H' | Resources/energy | 3,098,000 | 3,501,110 | 1.8 |
| BYD 'H' | New energy vehicles | 360,400 | 3,466,918 | 1.8 |
| NetEase | Internet platform | 188,850 | 3,175,622 | 1.6 |
| Jiangsu Azure 'A' | New energy/materials | 1,365,600 | 3,038,292 | 1.5 |
| H World Group | Consumer/hotels | 774,300 | 2,908,110 | 1.5 |
| Luxshare Precision 'A' | Electronics manufacturing | 393,600 | 2,839,917 | 1.4 |
| NAURA Technology 'A' | Semiconductor equipment | 47,565 | 2,750,459 | 1.4 |
| Midea Group 'A' | Consumer/home appliances | 310,493 | 2,711,742 | 1.4 |
| Sinocera Material 'A' | Materials/electronics | 695,400 | 2,678,733 | 1.4 |
| China Oilfield Services 'H' | Resources/energy services | 2,914,000 | 2,581,428 | 1.3 |
| BeOne Medicines | Healthcare | 156,100 | 2,545,724 | 1.3 |
| Centre Testing 'A' | Healthcare/inspection | 1,338,100 | 2,383,416 | 1.2 |
| Meituan | Local services/internet | 292,510 | 2,287,619 | 1.2 |
| Wanhua Chemical 'A' | Materials/chemicals | 236,800 | 2,283,361 | 1.2 |
| China Yangtze Power 'A' | Utilities/power | 743,300 | 2,186,058 | 1.1 |
| Shenzhen Inovance 'A' | Industrial automation | 281,383 | 2,078,728 | 1.1 |
| Sungrow Power Supply 'A' | New energy/PV & energy storage | 139,840 | 2,069,159 | 1.1 |
| Tianqi Lithium 'H' | New energy/lithium | 331,600 | 2,068,433 | 1.1 |
| ANTA Sports Products | Consumer/sportswear | 270,000 | 2,057,043 | 1.0 |
| Atour Lifestyle Holdings ADR | Consumer/hotels | 72,651 | 2,039,692 | 1.0 |
| Anhui Conch Cement 'H' | Materials/building materials | 1,101,000 | 2,023,089 | 1.0 |
| ENN Energy Holdings | Utilities/gas | 338,500 | 1,941,347 | 1.0 |
| Advanced Micro-Fabrication 'A' | Semiconductor equipment | 47,902 | 1,941,119 | 1.0 |
| Sunny Optical Technology | Electronics/optics | 319,700 | 1,910,111 | 1.0 |
| Fuyao Glass 'H' | Auto parts | 334,400 | 1,869,141 | 0.9 |
| Anker Innovations 'A' | Consumer electronics | 125,470 | 1,694,795 | 0.9 |
| Horizon Robotics Inc | AI/autonomous driving chips | 2,098,200 | 1,427,067 | 0.7 |
| Luckin Coffee ADR | Consumer/coffee | 54,423 | 1,399,374 | 0.7 |
| Ganfeng Lithium | New energy/lithium | 173,200 | 1,355,351 | 0.7 |
| Inspire Inc (RedNote) | Internet/AI (unlisted) | 97,664 | 1,348,329 | 0.7 |
| SG Micro 'A' | Semiconductors | 135,758 | 1,343,997 | 0.7 |
| BOE Technology 'A' | Electronics/display panels | 3,030,100 | 1,331,352 | 0.7 |
| Shenzhou International Group | Consumer/textile manufacturing | 297,500 | 1,307,951 | 0.7 |
| Zijin Gold International | Resources/precious metals | 92,041 | 1,303,027 | 0.7 |
| Montage Technology 'H' | Semiconductors | 49,488 | 1,217,106 | 0.6 |
| Sanhua Intelligent Controls 'A' | New energy/thermal management | 239,275 | 1,208,756 | 0.6 |
| Silergy | Semiconductors | 122,000 | 1,208,539 | 0.6 |
| Yifeng Pharmacy Chain 'A' | Pharmacy retail | 440,515 | 1,099,638 | 0.6 |
| DiDi Global ADR | Internet/mobility | 409,124 | 1,092,924 | 0.6 |
| Minth Group | Auto parts | 320,000 | 1,023,890 | 0.5 |
| Air China 'H' | Aviation | 2,190,000 | 962,828 | 0.5 |
| Innovent Biologics | Healthcare/innovative drugs | 110,500 | 934,251 | 0.5 |
| Inner Mongolia Xingye Silver 'A' | Resources/precious metals | 196,400 | 896,140 | 0.5 |
| Laopu Gold 'H' | Consumer/gold jewelry | 15,900 | 823,761 | 0.4 |
| Minimax | AI (unlisted) | 12,040 | 805,880 | 0.4 |
| Dpc Dash | Consumer/restaurants | 168,000 | 795,424 | 0.4 |
| Inspire Inc (RedNote) Series A Pref | Internet/AI (unlisted preferred shares) | 48,911 | 675,255 | 0.3 |
| Inspire Inc (RedNote) Series B-1 Pref | Internet/AI (unlisted preferred shares) | 48,912 | 675,269 | 0.3 |
| Inspire Inc (RedNote) Series C Pref | Internet/AI (unlisted preferred shares) | 24,417 | 337,096 | 0.2 |
| Inspire Inc (RedNote) Series E Pref | Internet/AI (unlisted preferred shares) | 24,417 | 337,096 | 0.2 |
| New Horizon Health Limited | Healthcare (market value zeroed) | 265,000 | 0 | 0.0 |
| Aggregate Basis | Market Value (GBP) | Weight |
|---|---|---|
| Total equities | 196,618,867 | 99.9% |
| Net current assets | 257,671 | 0.1% |
| Total assets | 196,876,538 | 100.0% |
Based on estimated holding market values, Internet/platform/content/AI is approximately 37.5%, industrials and resources approximately 15.6%, the new energy value chain approximately 13.3%, consumer approximately 12.9%, semiconductors/electronics hardware approximately 9.6%, financials approximately 8.2%, and healthcare approximately 3.0%.
The sector classifications are approximate groupings based on name and business, not the report's original categories; percentages may differ slightly due to rounding. See the full list above for each holding's detailed weight.
| Sector (est.) | Est. Weight | Key Holdings |
|---|---|---|
| Internet/Platform/Content/AI | 37.5% | ByteDance, Tencent, Alibaba, PDD, NetEase, Meituan, DiDi, Horizon Robotics, Inspire Inc (RedNote), Minimax |
| Industrials/Manufacturing/Resources/Utilities | 15.6% | Zijin Mining, Petrochina, China Oilfield, Wanhua, Sinocera, Anhui Conch, Shenzhen Inovance, Fuyao, Minth, Air China, Zijin Gold, Xingye Silver, ENN, China Yangtze Power |
| New Energy Value Chain | 13.3% | CATL, BYD, Weichai, Jiangsu Azure, Sungrow, Tianqi, Ganfeng, Sanhua |
| Consumer/Brand/Services | 12.9% | Kweichow Moutai, Pop Mart, ANTA, H World, Atour, Luckin, Dpc Dash, Laopu, Anker, Midea, Shenzhou, Yifeng |
| Semiconductors/Electronics Hardware | 9.6% | Zhongji Innolight, NAURA, Luxshare, Advanced Micro-Fabrication, Sunny Optical, Montage, SG Micro, Silergy, BOE |
| Financials | 8.2% | Ping An, China Construction Bank, China Merchants Bank |
| Healthcare | 3.0% | BeOne, Centre Testing, Innovent, New Horizon Health |
Structural clues: approximately 15.8% of assets are held in unlisted/primary market securities (ByteDance 13.7%, Inspire Inc/RedNote approximately 1.7%, Minimax 0.4%); New Horizon Health's valuation has been written down to zero; cash is near zero, and derivative exposure must be checked separately in the factsheet.