Edison issues review on Baillie Gifford China-BGCG
London, UK, 5 May 2021
Edison issues review on Baillie Gifford China Growth Trust (BGCG)
Baillie Gifford China Growth (BGCG) is a recent entrant to Ballie Gifford's (BG) house philosophy of investing alongside current trendsetters and future large-scale potential winners. It emerged in September 2020 as BG took over management of the trust, changing the strategy from broader Asia Pacific equities to a mandate of pure Chinese equities (see our initiation note on BGCG). Despite negative newsflow on China over the past few months clouding last year's euphoria around investing in Chinese equities, the investment case stands firm. Amid heightened risks, for the time being China appears to welcome foreign investors, as it remains in expansion mode within the global financial markets.
EMs have been a 'mixed bag' in terms of performance in the past few years, with big divergences between countries. BGCG's pure China strategy effectively competes with other single EM country and broader Asia mandates. While acknowledging relatively high risk due to short-term market volatility, BG positioned itself to realise the high return potential in the equity market of the second largest world economy over the cycle. Over the past 10 years, the number of listed companies in China has trebled and the managers note their pronounced quality. BG engages with the in-house ESG team and companies regularly. Collaborating with the ESG team forms a crucial part of the core investment process.
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