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Baillie Gifford funds swept up in China tech sell-off Scottish Mortgage, which holds around one fifth in Chinese stocks, fell 4% on Tuesday, while Baillie Gifford China Growth dived 6% Baillie Gifford’s big bets on China have come back to bite the Edinburgh manager as the government’s latest crackdown on the education sector has prompted investors to flee. Over the weekend Beijing introduced sweeping rule changes to China’s $100bn private tutoring industry, barring businesses from turning a profit, listing on stock exchanges worldwide and accepting foreign investment. The announcement wiped billions off the market value of New York-listed Chinese education companies New Oriental Education and TAL Education and stoked fears of further regulatory intervention. ....
Baillie Gifford China Growth targets ‘exciting’ pipeline of private companies ‘If you’re not looking for growth companies in China, you’re missing the point,’ says Sophie Earnshaw Baillie Gifford China Growth trust manager Sophie Earnshaw is eyeing an “exciting” pipeline of private companies in China, while also playing up themes like the Gen Z consumer and healthcare innovation. Since Earnshaw (pictured) and co-manager Roderick Snell took over the trust from Witan last September, it has undergone a radical transformation. In addition to focusing solely on China as opposed to the broader Asia Pacific region, the trust invests in a slimmer number of 40-80 holdings, representing companies the managers believe will deliver “outstanding growth” in the next five to 10 years. ....
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