Fund Evaluator:
Baillie Gifford China Equities K (BGCDX)
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Best Performing in Greater China Region Over the Last Year
| 53.4% | Fidelity Advisor China Region Z (FIQFX) |
| 53.2% | Fidelity China Region (FHKCX) |
| 36.9% | Oberweis China Opportunities (OBCHX) |
| 12.4% | Goldman Sachs China Equity Inv (GSAEX) |
| 9.9% | Guinness Atkinson China & Hong Kong (ICHKX) |
Fund Details
Baillie Gifford China Equities K Overview
Baillie Gifford China Equities K (BGCDX) is an actively managed International Equity Greater China Region fund. Baillie Gifford Funds launched the fund in 2021.
The investment seeks capital appreciation. The fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of companies located in the People's Republic of China ("China"). Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies located in China, regardless of where their securities are principally listed for trading. The fund is non-diversified.
About Baillie Gifford China Equities K (BGCDX)
There are 2 members of the management team with an average tenure of 3.79 years: Sophie Earnshaw (2021), Linda Lin (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI China All Shares NR USD index with a weighting of 100%. Baillie Gifford China Equities K has 58 securities in its portfolio. The top 10 holdings constitute 43.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Baillie Gifford China Equities K is part of the Equity global asset class and is within the International Equity fund group. Baillie Gifford China Equities K has 97.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.5%. There is 97.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Baillie Gifford China Equities K has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $354 million in total assets, which is below the $82 million average for the Greater China Region category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BGCDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Baillie Gifford China Equities K expense ratio is high compared to funds in the Greater China Region category. Baillie Gifford China Equities K has an expense ratio of 0.87%, which is 32% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Baillie Gifford China Equities K has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 73% for the Greater China Region category.
Recently, in the month of July 2026, Baillie Gifford China Equities K returned 1.8%, which earned it a grade of A, as the Greater China Region category had an average return of -5.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Baillie Gifford China Equities K has a trailing yield of 1.03%, which is below the 1.94% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Baillie Gifford China Equities K Grades
Year to date, the fund has returned -2.6%, 8.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.5% over the past year (grade of D), 6.9% over the past three years (grade of D) and -5.0% per year over the past five years (grade of D).
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BGCDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BGCDX Return (NAV) | 1.8% | -2.3% | 10.5% | 6.9% | -5.0% | na |
| BGCDX Grade | A | C | D | D | D | na |
| +/- Category | 7.5% | 1.1% | -9.2% | -3.5% | -3.0% | na |
| Greater China Region Avg | -5.7% | -3.4% | 19.7% | 10.4% | -2.0% | 7.3% |
| BGCDX Tax Cost Ratio | na | na | 0.4% | 0.6% | 0.4% | na |
BGCDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BGCDX Return (NAV) | -2.6% | 36.8% | 9.8% | -18.1% | -28.4% | na | na | na | na | na | na |
| BGCDX Grade | D | B | D | C | C | na | na | na | na | na | na |
| +/- Category | -8.2% | 3.4% | -1.5% | -4.0% | -0.7% | na | na | na | na | na | na |
| Greater China Region Avg | 5.6% | 33.3% | 11.3% | -14.1% | -27.7% | -9.3% | 44.5% | 32.1% | -17.3% | 51.2% | -2.3% |
| Risk Measures | |
| Standard Deviation: | 22.8% |
| Total Risk Index: | 1.86 - High |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 0.72 |
| R-Squared: | 19% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $2 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Earnshaw Sophie (2021), Lin Linda (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 43.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 97.1% |
Portfolio Allocation |
|
| Domestic Stock: | 1.5% |
| Foreign Stock: | 97.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Baillie Gifford Funds |
| Phone Number: | 844-741-5143 |
| Website: | http://USmutualfund.bailliegifford.com |
| Status: | Open |
| Inception Date: | July 7, 2021 |
| Min. Initial Purchase: | $10,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.27% |
| Share Class: | Baillie Gifford China Equities Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
