Overview
Fund objective
The Pacific Fund aims to outperform (after deduction of costs) the MSCI AC Asia ex Japan Index, as stated in sterling, over rolling five-year periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Asia Pacific Excluding Japan Sector.
There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
Investment proposition
Share price and charges
Share class
B, IncPrice
1263.00p% change
-2.09%Yield
0.7%Ex-dividend (XD)
NOngoing charges*
0.71%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
17 March 1989
Fund size
£3,463.52m
The Investment Association sector
Asia Pacific Excluding Japan
Comparative Index
MSCI AC Asia ex Japan Index
Active share
67%**
Annual turnover
39%
Guideline number of holdings
50-100
Current number of holdings
69
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
**Relative to MSCI AC Asia ex Japan Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment. The Fund’s investment in frontier markets may increase this risk.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic Performance
As at: 28 February 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 7.2% | 24.8% | 37.1% | 53.9% | 19.7% | 6.3% |
Index* | 8.1% | 16.0% | 28.3% | 40.2% | 17.6% | 6.7% |
Sector Average** | 8.1% | 15.7% | 24.6% | 35.8% | 13.6% | 6.2% |
Sector Ranking | 83/116 | 11/116 | 14/116 | 12/116 | 10/113 | 49/108 |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 December 2025
31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 | 31/12/2022 – 31/12/2023 | 31/12/2023 – 31/12/2024 | 31/12/2024 – 31/12/2025 | |
|---|---|---|---|---|---|
Class B-Acc | 6.5% | -20.2% | 0.8% | 11.6% | 28.8% |
Index* | -3.6% | -9.2% | 0.3% | 14.5% | 23.9% |
Sector Average** | 1.5% | -6.9% | -1.0% | 10.0% | 19.0% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Samsung Electronics | 10.5% |
| 2 | TSMC | 9.6% |
| 3 | SK Square | 7.5% |
| 4 | Tencent | 5.6% |
| 5 | MMG Limited | 3.2% |
| 6 | Zijin Mining Group | 3.1% |
| 7 | MediaTek | 3.1% |
| 8 | Chifeng Jilong Gold Mining Industry Co. | 2.7% |
| 9 | Alibaba | 2.6% |
| 10 | Zijin Gold International | 2.2% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 37.3 | 37.8 | -0.5 |
| 2 | Industrials | 14.5 | 8.4 | 6.1 |
| 3 | Materials | 13.6 | 4.0 | 9.6 |
| 4 | Consumer Discretionary | 13.1 | 11.4 | 1.7 |
| 5 | Financials | 12.6 | 18.6 | -6.0 |
| 6 | Communication Services | 6.3 | 7.7 | -1.4 |
| 7 | Energy | 1.1 | 2.6 | -1.5 |
| 8 | Real Estate | 0.9 | 1.8 | -0.9 |
| 9 | Health Care | 0.0 | 3.1 | -3.1 |
| 10 | Cash | 0.7 | 0.0 | 0.7 |
Total | 100.0 | 95.5 |
Top 10 geographical locations
As at: 28 February 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | China | 35.7 | 27.1 | 8.6 |
| 2 | South Korea | 22.3 | 20.6 | 1.7 |
| 3 | Taiwan | 17.4 | 25.7 | -8.3 |
| 4 | Vietnam | 7.3 | 0.0 | 7.3 |
| 5 | India | 7.1 | 14.6 | -7.6 |
| 6 | Hong Kong | 4.0 | 4.3 | -0.3 |
| 7 | Singapore | 2.1 | 3.5 | -1.5 |
| 8 | Thailand | 1.4 | 1.3 | 0.1 |
| 9 | Indonesia | 1.3 | 1.1 | 0.2 |
| 10 | Kazakhstan | 0.7 | 0.0 | 0.7 |
Total | 99.3 | 98.3 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Ase Technology Holding Co Ltd
- Futu Hdgs ADR
- MakeMyTrip
- Minimax
- Montage Technology Co Ltd 'H'
- Samsung C&T Corp
- SK Hynix Inc
- Sungrow Power Supply 'A' - Stock Connect
- Wasion Holdings Limited Shs
Complete sales
- Coupang
- DLF Ltd
- Kuaishou Technology
- Montage Technology Co Ltd 'H'
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.
Trip notes: Kazakhstan
Sizing up super-app Kaspi.kz in Almaty.
Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.
China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.
South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.
Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?
The real case for China
Willingness to change gives Chinese firms an innovation advantage.
Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.
Why China?
Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
Stock story: Accton Technology
Natalie Beattie explains how Accton helps enable the data centres driving AI.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.The opportunity gap in Asia
Why exposure to Asia ex Japan matters for portfolios now.Trip notes: Kazakhstan
Sizing up super-app Kaspi.kz in Almaty.Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.Stock story: Pinduoduo
The innovative ecommerce company poised to take advantage of China’s large consumer base.China: fear or FOMO?
Ben Buckler on how investors should steer between the twin poles of risk in China.South-east Asia’s new export stars
Unearthing growth companies in Vietnam, Indonesia and Thailand.Emerging markets – why bother?
Emerging markets have underperformed developed ones recently. So, why should we invest in them?The real case for China
Willingness to change gives Chinese firms an innovation advantage.Time travel investing
Evaluating emerging market stocks by taking a mental leap into the future.Why China?
Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
How to invest
You can invest in our funds via a number of fund platforms.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Investment platforms
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.