Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Baillie Gifford China Growth

Closed-end funds and OEICs
Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Baillie Gifford China Growth

#410221

Postby Dod101 » May 8th, 2021, 10:41 am

They have recently published their Annual Report, the first covering the period since BG were appointed managers towards the end of last year. The results are good, as to be expected. Interesting that they have continued to issue new shares to satisfy demand and help to keep the premium under control. That has helped the NAV as they have as usual in these cases, been issued at a small premium.

Interestingly, they have also maintained their dividend although there is a hint that it will likely be revised downwards for next year since the emphasis is now, as it says on the tin, on growth. They are to use some of their revenue reserves to cover the dividend for the year just ended.

Sorry I have not got a link but the Report can be found by a simple Google. I do not think this has been posted elsewhere.

Dod

ian56
Lemon Pip
Posts: 55
Joined: November 4th, 2016, 7:55 pm
Has thanked: 108 times
Been thanked: 19 times

Re: Baillie Gifford China Growth

#410335

Postby ian56 » May 8th, 2021, 6:41 pm

Dod101 wrote:They have recently published their Annual Report, the first covering the period since BG were appointed managers towards the end of last year. The results are good, as to be expected. Interesting that they have continued to issue new shares to satisfy demand and help to keep the premium under control. That has helped the NAV as they have as usual in these cases, been issued at a small premium.

Interestingly, they have also maintained their dividend although there is a hint that it will likely be revised downwards for next year since the emphasis is now, as it says on the tin, on growth. They are to use some of their revenue reserves to cover the dividend for the year just ended.

Sorry I have not got a link but the Report can be found by a simple Google. I do not think this has been posted elsewhere.

Dod


Thanks for drawing attention to this Dod.

Here is the link to the report: https://www.bailliegifford.com/en/uk/in ... uary-2021/

Fortunately I bought in October before the premium went crazy. Haven't read the whole report yet but interesting to note that they were buying in shares under the old regime and then issuing new stock once BG had taken over, also most of the growth seems to have occurred in the period under new ownership as they realigned the portfolio to its new remit.

This provides a nice counterpoint to my holding in HFEL, exposure to the Chinese market, one providing good income and this hopefully proving some equally rewarding growth.

Ian

Cornytiv34
Lemon Pip
Posts: 98
Joined: November 8th, 2016, 12:36 pm
Has thanked: 18 times
Been thanked: 60 times

Re: Baillie Gifford China Growth

#410349

Postby Cornytiv34 » May 8th, 2021, 7:51 pm

The only reservations I have, already holding HFEL, is what would be the effect of USA/CHINA confrontation over Taiwan or other possible points of dispute on BGCG and HFEL. Securities held and managed in USA, think of embargo and locked assets re Iran, Iraq.
I think it is a relatively remote possibility but not one to be ignored just taken into account in geographic allocation.
A pairing of the two might balance the capital and dividend expectation.
Mike

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Baillie Gifford China Growth

#410395

Postby Dod101 » May 8th, 2021, 10:01 pm

ian56 wrote:
Thanks for drawing attention to this Dod.

Here is the link to the report: https://www.bailliegifford.com/en/uk/in ... uary-2021/

Fortunately I bought in October before the premium went crazy. Haven't read the whole report yet but interesting to note that they were buying in shares under the old regime and then issuing new stock once BG had taken over, also most of the growth seems to have occurred in the period under new ownership as they realigned the portfolio to its new remit.

This provides a nice counterpoint to my holding in HFEL, exposure to the Chinese market, one providing good income and this hopefully proving some equally rewarding growth.

Ian


At the time of or just before the appointment of BG and the change of mandate, they offered a limited repurchase of shares to then existing holders, I think at something a bit less than NAV. Since BG took over, as you say they have been steadily reselling these shares back into the market at a little over NAV, thus making a painless turn on them. Like you I bought them at £4.184 on 1 October just as BG were getting their feet under the table.

I will never have a very big holding because of the geopolitical exposure but they are doing well and I am happy to hold.

Dod

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Baillie Gifford China Growth

#422519

Postby Dod101 » June 26th, 2021, 10:58 am

Just noticed that last evening they closed at £5 and the premium had come down to 3.4%. Excellent.

Dod

monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Baillie Gifford China Growth

#422525

Postby monabri » June 26th, 2021, 11:10 am

Dod101 wrote:Just noticed that last evening they closed at £5 and the premium had come down to 3.4%. Excellent.

Dod


And a little treat this week as they were ex-dividend last Thursday.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Baillie Gifford China Growth

#422547

Postby Dod101 » June 26th, 2021, 12:08 pm

I notice that they have not sold any new shares into the market since early this month as the premium has come down but I think I read that BG had since taking over the management sold more shares than the old Witan Pacific had bought in at the time of the change of mandate. All gravy trains come to an end eventually but they have had a good run. Now we will all need to concentrate on the investment returns.

I prefer that the premium has come down to a more realistic level.

Dod

77ss
Lemon Quarter
Posts: 1271
Joined: November 4th, 2016, 10:42 am
Has thanked: 233 times
Been thanked: 414 times

Re: Baillie Gifford China Growth

#422629

Postby 77ss » June 26th, 2021, 4:22 pm

Dod101 wrote:....
I will never have a very big holding because of the geopolitical exposure but they are doing well and I am happy to hold.

Dod


I wonder what you (and others) would regard as a 'big holding' in Chinese companies.

The other day, I checked out my geographical exposure - all held vs ITs, and it adds up to 6%. With another 2.5% in Taiwan and Hong Kong.

Mainly through JCGI, with appreciable amounts in JAGI and PHI. Very satisfied with JCGI & PHI, and not at all unhappy with JAGI.

monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Baillie Gifford China Growth

#422649

Postby monabri » June 26th, 2021, 5:58 pm

77ss wrote:
Dod101 wrote:....
I will never have a very big holding because of the geopolitical exposure but they are doing well and I am happy to hold.

Dod


I wonder what you (and others) would regard as a 'big holding' in Chinese companies.

The other day, I checked out my geographical exposure - all held vs ITs, and it adds up to 6%. With another 2.5% in Taiwan and Hong Kong.

Mainly through JCGI, with appreciable amounts in JAGI and PHI. Very satisfied with JCGI & PHI, and not at all unhappy with JAGI.


My calculations indicate :

4.8% China
5.3% ASIA Pacific (ex China).

(all held via ITs and 1 ETF (Vanguard's VFEM - emerging mkts))

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Baillie Gifford China Growth

#422657

Postby Dod101 » June 26th, 2021, 6:11 pm

77ss wrote:
Dod101 wrote:....
I will never have a very big holding because of the geopolitical exposure but they are doing well and I am happy to hold.

Dod


I wonder what you (and others) would regard as a 'big holding' in Chinese companies.

The other day, I checked out my geographical exposure - all held vs ITs, and it adds up to 6%. With another 2.5% in Taiwan and Hong Kong.

Mainly through JCGI, with appreciable amounts in JAGI and PHI. Very satisfied with JCGI & PHI, and not at all unhappy with JAGI.


BG China Growth only makes up 1.4% of my 31 share portfolio so as I said it is not very much. I have other China exposure through Scottish Mortgage and probably HFEL. I am well pleased with BG though because its share price has increased by about 20% on my buying price in October 2020. It is doing what it says on the tin. On the whole, though, I am not very keen on specialist one country ITs like BG China Growth, hence the small holding.

Dod

monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Baillie Gifford China Growth

#449778

Postby monabri » October 13th, 2021, 11:21 am

https://www.investegate.co.uk/baillie-g ... 00088517O/

"The Board of Baillie Gifford China Growth Trust plc announces that it is declaring an interim dividend of 2.55p per ordinary share in respect of the year to 31 January 2022, payable on 12 November 2021 to shareholders on the register at the close of business on 22 October 2021. The ex-dividend date is 21 October 2021. "

Capital performance this year has been poor - current shareprice 383p, my avg price paid is 446p.

edit : bit of a difference since June 21. Similar story with JP Morgan's China Growth & Income (JCGI). I hold both JCGI & BGCG in equal measure, totalling 3.3% of the total p/folio value.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Baillie Gifford China Growth

#449786

Postby Dod101 » October 13th, 2021, 11:37 am

monabri wrote:https://www.investegate.co.uk/baillie-giffordchina/rns/dividend-declaration/202110130700088517O/

"The Board of Baillie Gifford China Growth Trust plc announces that it is declaring an interim dividend of 2.55p per ordinary share in respect of the year to 31 January 2022, payable on 12 November 2021 to shareholders on the register at the close of business on 22 October 2021. The ex-dividend date is 21 October 2021. "

Capital performance this year has been poor - current shareprice 383p, my avg price paid is 446p.

edit : bit of a difference since June 21. Similar story with JP Morgan's China Growth & Income (JCGI). I hold both JCGI & BGCG in equal measure, totalling 3.3% of the total p/folio value.


Thanks monabri. I did not expect a dividend from them this year. My buying price was about £4.20 a year ago. It is coming back quite well, currently about £3.90. I have always expected them to be volatile.

Dod

monabri
Lemon Half
Posts: 8396
Joined: January 7th, 2017, 9:56 am
Has thanked: 1539 times
Been thanked: 3428 times

Re: Baillie Gifford China Growth

#450757

Postby monabri » October 17th, 2021, 12:24 pm

(BGCG holds BGI Genomics at 0.6% of the portfolio...quite a low holding).

https://www.telegraph.co.uk/business/20 ... hina-ties/

"Baillie Gifford has been criticised for backing a company linked to human rights abuses. Baillie Gifford China holds a stake in BGI Genomics, which has been blacklisted in the US over its alleged role in repression in the Communist country.

"Two BGI subsidiaries were added to an export ban last year by the US commerce department for “conducting genetic analyses used to further the repression of Uighurs and other Muslim minorities” in the province of Xinjiang."

"Dame Helena Morrissey, a Conservative peer and chairman of the investment firm AJ Bell, called for the City to review its practices in China."


Return to “Investment Trusts and Unit Trusts”

Who is online

Users browsing this forum: No registered users and 11 guests