Fund Evaluator:

Baillie Gifford Emer Mkt Ex Chn K Overview

Baillie Gifford Emer Mkt Ex Chn K (BGEZX) is an actively managed International Equity Diversified Emerging Mkts 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 issuers located in countries of emerging and frontier markets. Under normal circumstances, the fund invests at least 80% of its net assets in companies located in countries represented in the MSCI Emerging Markets ex China Index. The fund invests primarily in equity securities either directly or indirectly and may invest in preferred stocks, convertible securities and warrants. It is non-diversified.

About Baillie Gifford Emer Mkt Ex Chn K (BGEZX)

There are 3 members of the management team with an average tenure of 4.59 years: Mike Gush (2021), Andrew Stobart (2021), Ben Durrant (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM ex China GR USD index with a weighting of 100%. Baillie Gifford Emer Mkt Ex Chn K has 72 securities in its portfolio. The top 10 holdings constitute 59.0% 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 Emer Mkt Ex Chn K is part of the Equity global asset class and is within the International Equity fund group. Baillie Gifford Emer Mkt Ex Chn K has 95.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.3%. There is 95.8% 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 Emer Mkt Ex Chn K has 0.9% of the portfolio in cash.

Assets Under Management

The fund has $936 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts 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.

BGEZX 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 Emer Mkt Ex Chn K expense ratio is high compared to funds in the Diversified Emerging Mkts category. Baillie Gifford Emer Mkt Ex Chn K has an expense ratio of 0.87%, which is 25% 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 Emer Mkt Ex Chn K has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Baillie Gifford Emer Mkt Ex Chn K returned -9.0%, which earned it a grade of F, as the Diversified Emerging Mkts category had an average return of -4.9%. 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 Emer Mkt Ex Chn K has a trailing yield of 1.44%, which is below the 1.72% category average. The fund normally distributes its income annually and its capital gains 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 Emer Mkt Ex Chn K Grades

Year to date, the fund has returned 32.5%, 13.5 percentage points better than the category, which translates into a grade of A. The fund has returned 61.9% over the past year (grade of A) and 26.8% over the past three years (grade of A).

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