TIDMBGCG
RNS Number : 4372O
Baillie Gifford China Grwth TrstPLC
03 October 2023
Baillie Gifford China Growth Trust plc
Legal entity identifier: 213800KOK5G3XYI7ZX18
Regulated information classification: Interim financial
report.
Results for the six months to 31 July 2023
Net asset value per
ordinary share* (18.7%)
Share Price* (20.5%)
--------
Benchmark (11.0%)
--------
Source: Refinitiv / Baillie Gifford. All figures are total
return (*) . See disclaimer at the end of this announcement.
* Alternative Performance Measure - see Glossary of Terms and
Alternative Performance Measures at the end of this
announcement.
Benchmark: MSCI China All Shares Index (in sterling terms)
The following is the unaudited Interim Financial Report for the
six months to 31 July 2023 which was approved by the Board on 2
October 2023.
Interim management report
The bright lights of a consumption-led post-Covid recovery,
fuelled by low interest rates and excess savings, have so far
failed to shine. Investors have been left to ponder China's
weaker-than-expected domestic economy, while distrust between the
two largest superpowers continues to act as a headwind.
Towards the end of the reporting period, the property market
deteriorated further, leading to concerns around financial
stability. Property company Country Garden and trust company
Zhongzhi Enterprise Group made headlines for missing coupon
payments on their debt. This led to predictions of the collapse of
China's financial system - the same kind of dire prognostications
made in 2001, 2008 and the Covid lockdowns.
While weakness in property hurts growth within the economy, we
think the risk of financial instability is low. Property sales are
down almost 50 per cent from their 2021 peak but prices have barely
budged. Why? Because China never experienced the asset price bubble
that has precipitated almost every property market collapse in
developed markets. Property prices have grown at around 7 per cent
per annum over the last decade, but income growth has surpassed
this at around 10 per cent per annum. Property should have become
more affordable. And while developers such as Country Garden have
become over-indebted, the Chinese consumer remains in very good
health.
So why is activity so depressed?
-- Firstly, Covid lockdowns undoubtedly hurt consumer
confidence. It's important to remember that lockdowns only ended in
China in January this year, versus almost 18 months ago in the
west. In addition, the size of the Chinese government's stimulus
package equated to around only 10 per cent of GDP versus an average
of 70 per cent in the West, and Chinese stimulus did not take the
form of direct handouts. Instead, consumers saved
up an estimated $7tn of excess savings from their own earnings.
Consumers, therefore, have money to spend and, as the trauma of
Covid fades and income growth continues, we expect confidence to
return and activity to improve.
-- Secondly, the government's regulatory crackdown damaged
private sector confidence. Indeed, the private sector's
contribution to the Chinese economy is frequently underestimated.
It accounts for nearly 50 per cent of tax revenue, 60 per cent of
GDP, 70 per cent of technological innovation and most importantly,
80 per cent of jobs. It's been weak, partly because of Covid, and
partly because of concerns that Xi Jinping no longer supports
entrepreneurs. Over the past 12 months, the government has
attempted to address these concerns by clarifying the rationale
behind the regulatory crackdown. Some of our third party research
providers argue that we're now witnessing the most concerted effort
to support the private sector in the history of the People's
Republic. This culminated in a 31-step support package aimed at
promoting 'a bigger, better and stronger private sector'. The
package seeks to improve market access, level the playing field
with state-owned enterprises, strengthen access to finance and
incorporate more private sector input into policymaking.
Importantly, the latter may reduce the risk of future policy
errors. As with the Chinese consumer, the private sector remains,
on average, in very good health, with strong balance sheets and the
ability to invest once confidence improves.
-- Finally, what about debt and the risk of contagion? Aggregate
debt levels are a challenge, but we think the risk of financial
instability is low. The majority of debt in the Chinese system
circulates within a closed loop, ie it is issued by state-owned
banks to state-owned enterprises within the context of a closed
capital account. This gives the government the ability to decide
how quickly bad debts are recognised and to stagger recognition in
line with economic activity. In addition, the risk of contagion
from hidden debt within the system has been drastically reduced
after the government's 2016-2017 campaign to clean up balance
sheets and reduce shadow banking.
-- Debt levels do limit the government's ability to offer a very
large stimulus package. However, gradual easing remains viable.
Indeed, the government's prudent approach to Covid stimulus and to
the property market over the last decade means that it has many
levers to pull. China is one of the very few countries that can
lower interest rates in response to economic weakness without
raising fears of stagflation. It has also begun to relax the
restrictions it put on property in the early 2010s. For example, in
July it gave local and city governments the go-ahead to relax
restrictions on home purchases. In August we saw Guangzhou, a major
tier-one city, become the first to act. We expect others to follow
suit and for the government's gradual easing approach to bear
fruit.
So, while economic growth is weaker than expected, the current
consensus seems excessively pessimistic. The regulatory crackdown
seems to be over, the government is moving to support the domestic
economy, and the consumer is in rude health. We just need to be
patient.
Indeed, for all the gloomy reporting, the data suggests that
we're starting to see the fruits of this measured approach. There
are signs that household
consumption is gaining momentum. Air passenger numbers and
visits to the casino-rich island of Macau are rapidly returning to
pre-pandemic levels.
Income growth averaged 8 per cent in the most recent quarter, up
from 4 per cent in the first. And our consumer-related holdings in
China have also posted impressive recent quarterly numbers. As the
trauma of Covid and the regulatory crackdown fade, we expect a
private sector and consumer-led recovery to take root.
Unfortunately, weakness in the private sector and the domestic
economy resulted in Chinese equities performing poorly during the
period. In a market where most private sector companies depreciated
in value, we saw state-owned enterprises (SoEs) post significant
gains. SoEs such as PetroChina, China Mobile and Bank of China
delivered around 50 per cent, 30 per cent and 20 per cent share
price appreciation respectively. While investors may look at SoEs
as a hedged play on a subdued economic recovery, we continue to
believe that these types of companies lack the growth profile and
stakeholder alignment that excite us as long-term investors. In
this context, the Trust's overwhelming exposure to private sector
growth companies hurt our relative performance.
Over more meaningful periods, we note that macroeconomic
forecasts tell us very little about long-term returns from active
stock investing in China. For example, China's nominal GDP in US
dollar terms has grown 10-fold over the last 20 years, yet MSCI
China has returned only 6 per cent per annum. These unimpressive
index-level returns mask fantastic performance at the individual
stock level. For example, over five years to the end of 2022,
Chinese companies accounted for 23 per cent of global companies
that have returned at least 15 per cent per annum share price
return.
On a forward-looking basis, Chinese companies account for more
than 40 per cent of the 'growthy' companies in MSCI AWCI, ie,
companies that are forecast to deliver 15 per cent per annum
three-year revenue growth. This is not to deny that China has
structural issues, but rather to illustrate the persistent gap
between perceived 'macro doom' and hidden 'micro bloom.' The latter
is where we focus our energies. We believe it is here that we can
add value for our clients in the long run.
The Trust portfolio remains overwhelmingly exposed to
longer-term disruptive and structural growth themes, or areas where
we're likely to find 'micro
blooms.' This is reflected in forecast earnings growth for our
portfolio of around 15 per cent per annum over three years versus
the benchmark at 9 per cent. Encouragingly, the operational results
of many of our holdings improved after the reporting period. This
was particularly true for our platform companies where we have
significant exposure.
Alibaba, the world's leading ecommerce platform, and Tencent,
China's most popular social networking app, both saw a return to
double digit top line growth suggesting that the recovery is
gathering steam. More importantly, both companies continue to
benefit from structural growth opportunities in areas such as
ecommerce, cloud and enterprise software, and both remain very
attractively valued. For example, stripping out cash and
investments, Alibaba's ecommerce business is trading on a single
digit price-earnings multiple. ByteDance, our only unlisted
holding, also delivered double digit top
and bottom-line growth. ByteDance's operational performance, in
particular, continues to positively surprise as it executes on big
growth opportunities in advertising and ecommerce. We believe that
it is only a matter of time before this strong operational
performance is rewarded with good share price returns.
But what of the external environment? We continue to expect
geopolitics and the US-China relationship to provide a long-term
headwind to investor sentiment, particularly in the context of the
upcoming election cycle in the US. However, we believe that the
worst-case scenario of a clash of arms is unlikely. Indeed, during
the reporting period, there were tentative signs that both sides
were keen to stabilise their relationship. Treasury Secretary
Yellen's speech in April and reported comments by Secretary of
State Blinken on his visit to Beijing in June both indicated a more
constructive approach.
More importantly, we note that at portfolio level, we remain
very exposed to domestic China. Around 85 per cent of our holdings'
revenue comes from China with only around 5 per cent from the US.
As stock pickers, we try to factor geopolitics into our analysis on
a stock-by-stock basis and are more inclined to invest in companies
with strong domestic exposure, where further transpacific
'decoupling' would be more net benefit than negative.
Portfolio
We continue to believe that balancing global perspectives with
local insights and ensuring a long-term focus in our analytical
framework is the
key to avoiding market noise. During the period, a joint trip
around China by our Edinburgh and Shanghai-based managers
reinforced this approach.
Our philosophy and investment horizons tend to afford excellent
access to company leaders who were thankful not to be bombarded
with
spreadsheet-driven questions about earnings forecasts for the
next three months. We were fortunate to meet with founders and top
management
at ByteDance, Tencent, Alibaba, Meituan and CATL, among others.
This added helpful insights to our ongoing reviews of the platform
companies.
Discussions were broadly positive and complimentary about the
new Premier, Li Qiang. There was renewed confidence in the
regulatory and macroeconomic backdrop, numerous comments on China's
supply chain advantage, plus increasing evidence of localisation in
areas such as automation and robotics.
A large and intensely competitive domestic market plus a supply
chain advantage is allowing China to develop superior products on a
global stage in
various sectors. As an example, with electric vehicle (EV)
penetration now approaching 30 per cent of new car sales, China's
scale and supply chain advantages allow it to produce better
products with smarter features that should increasingly give it
export opportunities that match its exciting domestic growth. This
has led to a new holding in BYD, a company whose vertical
integration should give it an edge in the highly competitive EV
market where cost advantage and ability to innovate quickly are
key.
Some companies acknowledged the technological challenges brought
by the threatened east-west decoupling. China sees the US approach
to chip
export controls as a threat to national development and
technological progress. The US considers that approach critical to
safeguarding its national security and maintaining its
technological advantage.
In the long run, China's strong government backing, abundance of
engineers and large market provide some comfort that the country
can navigate the
challenges. However, in the short term, we should continue to
expect noise around high-end chips and leading-edge manufacturing
capacity. Our exposure to semiconductors within the Trust portfolio
is largely via analogue chip makers such as SG Micro. Analogue
semiconductor companies are likely to be insulated from
geopolitical concerns given their use of lagging-edge technology,
yet still likely to benefit from China's drive to foster a
localised supply chain. SG Micro's performance has been poor
recently, on the back of a cyclical adjustment in the semiconductor
cycle and we have taken advantage of this volatility to add to the
holding.
We also continue to focus on potential winners in the consumer
space. As exemplified by colleagues in our Shanghai office who've
only succumbed to
Covid in the last couple of months, people are now learning to
live with the pandemic. Restaurants and tourist attractions are
busy again, but momentum
in the consumer service sector is only gradually transferring to
consumer products, with job creation slowly feeding into household
income. While China's slower recovery has meant inventory
challenges for retailers such as Li Ning, we have added to
companies in the portfolio that have been disproportionately
affected by Covid. Despite recent operational and share price
weakness, we believe Shenzhou International, one of the world's
leading garment manufacturers, remains an excellent operator with a
top-tier client base, diversified manufacturing sites, and good
growth prospects.
New purchases and additions have been funded by small reductions
to Shenzhen Inovance and Estun Automation, which have delivered
strong operational and share price performance. Inovance, for
example, has seen its share price increase almost threefold since
purchase as rapid technical improvements in its products and
growing market shares have resulted in strong revenue and profit
growth. We also reduced Hangzhou Tigermed to reflect the greater
risks around regulatory change and geopolitical challenges.
We are very conscious that recent times have not made it easy to
invest in China and that performance has been challenging against
this backdrop. We gain confidence from the fact that the
operational performance of many companies in the portfolio is
strong, often in contrast to share prices. Indeed, our conviction
in our holdings and in the overall shape of the portfolio is
reflected in very low turnover during the period.
Performance
The portfolio underperformed against a weak market backdrop. The
benchmark for the period was minus 11 per cent, NAV was minus 18.7
per cent and the share price was minus 20.5 per cent. All sectors
within the benchmark posted negative returns during the period
other than energy which saw a single digit rise. The worst
returning sectors were healthcare, where the prospect of further
anti-corruption measures spooked the market, and real estate, where
macroeconomic weakness continued to bite. The portfolio
underperformed the benchmark largely due to our exposure to private
companies which were out of favour as expectations of an immediate
recovery in consumption and property disappointed.
Top relative detractors over the period include Li Ning, where
concerns around the speed and timing of China's post-Covid recovery
came to the fore. Although the company reported earnings in-line
with expectations, the market remains concerned about a short-term
rise in inventory levels and increased discounting in the face of
weak demand. We continue to believe the company has strong
potential, given its growing market share and status as a strong
domestic brand which we believe should play well to the consumption
shifts taking place in China.
Glodon, a leading construction software company, also detracted
from performance. We believe this was largely driven by growing
macroeconomic
concerns about the pace of China's recovery, levels of consumer
confidence, and therefore caution in the property sector, rather
than any reflection of changes to the long-term opportunity. The
company, which continues to expect revenues to double in the next
three years, has undergone organisational reforms to strengthen
synergies between departments, and should benefit from rising IT
spend in a sector set to benefit from growth in digitisation over
the coming decade.
Other top detractors included SG Micro, an analogue
semiconductor company that is experiencing a short-term cyclical
dislocation. As noted above, we have taken advantage of share price
weakness to add to our position. China Merchants Bank was also weak
given its lending exposure to the private
sector and wealth management.
The top relative contributors were A-share industrial
manufacturing companies exposed to structurally growing end
markets, along with a mix of relatively defensive companies.
Zhejiang Sanhua delivered mostly flat share price performance
despite profit growth of around 40 per cent in the period. The
company specialises in
intelligent heating control components, where it has a positive
outlook for growth across its businesses: auto, air-conditioning,
electrical appliances, and
energy storage. Auto accounts for 30 per cent of Sanhua's
business and is on an uptrend, supported by the growth tailwind of
its big clients Tesla and the domestic EV maker BYD.
Shenzhen Megmeet was also a top contributor to performance, but
it only delivered a single digit rise in its share price despite
posting around 25 per cent growth in earnings in the period. The
company makes power supply and electric automation products for
both industrial and consumer electronics clients. It is exposed to
exciting end markets that include industrial automation, new energy
vehicles, smart home appliances and advanced intelligent
manufacturing. After reporting solid results for 2022, Megmeet also
beat expectations for its Q1 earnings growth as its economies of
scale strengthen, it expands product capacity, and benefits from
last year's changes to its organisational structure. We remain
focused on the long-term opportunity that its multitier growth
model aims to deliver.
Zijin Mining, a leading copper miner and an enabler of China's
green revolution, was also a top contributor delivering single
digit share price appreciation, as were Netease and Midea. Despite
reporting quarterly results during the period which were relatively
weak, Zijin was a top contributor,
most likely due to its status as a state-owned enterprise (one
of the few we own in the portfolio). Netease is a leading game
developer that continues
to deliver robust revenue and earnings growth, despite the weak
economic backdrop. It was one of the few portfolio companies to
deliver double digit
growth in share price during the period. Midea is a leading
white goods manufacturer that arguably benefited from its status as
an exceptionally
well-managed company and its relatively defensive return profile
and strong balance sheet.
Outlook
Looking back over the last three years, China has faced an
unprecedented series of challenges: Covid, a regulatory clampdown,
and a worsening
geopolitical environment. These challenges have hurt private
sector and consumer confidence, negatively impacted sentiment
towards the asset class, and resulted in very weak returns. Looking
forward, we think prospects for China are much brighter. While
growth in the property sector is likely to remain lacklustre, we
think the risk of financial instability is low. Indeed, we believe
a consumption-led recovery is gradually taking shape and that the
government's support for the private sector is likely to accelerate
this somewhat. Geopolitical concerns may remain a headwind to
sentiment, but there are signs that both sides want to stabilise
the relationship.
More importantly, the attractions that China offers to
bottom-up, active stock pickers remain very much intact. While GDP
growth overall may be
slowing, China continues to offer a number of large and growing
structural opportunities. China's multi-decade investments in
research and development, its investments in next-generation
infrastructure, and its large and growing middle class, provide a
platform for growth across a wide range of industries. We see
'micro blooms' or pockets of opportunity in areas as diverse as
healthcare, renewable energy, semiconductors, automation and
domestic brands. Our active approach to stock picking means that we
can focus on finding the very best Chinese growth companies within
these opportunity sets, while avoiding areas such as property that
are in structural decline. With valuations for our holdings at
attractive levels in both an absolute and relative sense, and with
operational performance continuing to come through, we remain
optimistic about the prospects for future returns.
The principal risks and uncertainties facing the Company are set
out below.
Baillie Gifford & Co
For a definition of terms, see Glossary of Terms and Alternative
Performance Measures at the end of this announcement.
Past performance is not a guide to future performance.
Valuing private companies
We aim to hold our private company investments at 'fair value'
i.e. the price that would be paid in an open-market transaction.
Valuations are adjusted both during regular valuation cycles and on
an ad-hoc basis in response to 'trigger events'. Our valuation
process ensures that private companies are valued in both a fair
and timely manner.
The valuation process is overseen by a valuations group at
Baillie Gifford which takes advice from an independent third party
(S&P Global). The valuations group is independent from the
investment team, with all voting members being from different
operational areas of the firm, and the portfolio managers only
receive final valuation notifications once they have been
applied.
We revalue the private holdings on a three-month rolling cycle,
with one-third of the holdings reassessed each month. For
investment trusts, the prices are also reviewed twice per year by
the respective investment trust boards and are subject to the
scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations team also monitors the
portfolio for certain 'trigger events'. These may include: changes
in fundamentals; a takeover approach; an intention to carry out an
Initial Public Offering ('IPO'); company news which is identified
by the valuation team or by the portfolio managers or changes to
the valuation of comparable public companies. Any ad-hoc change to
the fair valuation of any holding is implemented swiftly and
reflected in the next published net asset value ('NAV'). There is
no delay.
The valuations team also monitors relevant market indices on a
weekly basis and updates valuations in a manner consistent with our
external valuer's (S&P Global) most recent valuation report
where appropriate. When market volatility is particularly
pronounced the team undertakes these checks daily.
List of investments as at 31 July 2023 (unaudited)
Name Business Value % of
GBP'000 total
assets
*
------------------------------ --------------------------------------- -------- -------
Online retailer, payments and
Alibaba cloud business 11,984 7.0
Social media and entertainment
Tencent company 11,243 6.6
Social media and entertainment
ByteDance (u) company 10,462 6.1
Kweichow Moutai Luxury baijiu maker 8,677 5.1
Ping An Insurance Life and health insurance 8,482 5.0
Meituan Online food delivery company 6,404 3.7
China Merchants Bank Consumer lending and wealth management 5,531 3.2
Zhejiang Sanhua Intelligent Heating and cooling component
Controls manufacturer 4,850 2.8
Zijin Mining Renewable energy enabler 4,536 2.7
Li Ning Domestic sportswear manufacturer 4,478 2.6
BeiGene Immunotherapy biotechnology company 4,009 2.4
NetEase Gaming and entertainment business 3,577 2.1
CATL Electric vehicle battery maker 3,529 2.1
Proya Cosmetics Cosmetics and personal care company 3,442 2.0
Shandong Sinocera Functional
Material Online retailer 3,410 2.0
JD.com Online retailer 3,354 2.0
Midea White goods and robotics manufacturer 3,116 1.8
Ping An Bank SME and consumer lender 3,065 1.8
Shenzhen Megmeet Electrical Power electronics manufacturer 2,918 1.7
Shenzhou International Garment manufacturer 2,671 1.6
Guangzhou Kingmed Diagnostics Diagnostics company 2,649 1.6
ENN Energy Gas distributor and provider 2,647 1.6
SG Micro Corp Semiconductor designer 2,642 1.5
Robotics and factory automation
Estun Automation company 2,534 1.5
Fuyao Glass Industry Automotive glass manufacturer 2,483 1.5
Centre Testing International Electrical components & equipment 2,334 1.4
Shenzhen Inovance Technology Factory automation company 2,334 1.4
Kingsoft Software for SMEs and corporates 2,327 1.4
Construction machinery and heavy
Weichai Power duty trucks 2,282 1.3
Geely Automobile Domestic automotive manufacturer 2,235 1.3
HUAYU Automotive Systems Automotive parts manufacturer 2,137 1.3
Yonyou Network Technology Software for SMEs and corporates 1,913 1.1
Kingdee International
Software Software for SMEs and corporates 1,888 1.1
KE Holdings Online real estate 1,817 1.1
Brilliance China Automotive Automotive makers and BMW partner 1,761 1.0
Asymchem Laboratories Life sciences contract research
(Tianjin) organisation 1,744 1.0
Software provider to the construction
Glodon industry 1,720 1.0
Minth Automotive parts manufacturer 1,560 0.9
Electronic components for smartphones
Sunny Optical Technology and autos 1,427 0.8
Life sciences contract research
WuXi AppTec organisation 1,419 0.8
Robam Appliances White goods manufacturer 1,385 0.8
Beijing United Information
Tec Industrial ecommerce platform 1,349 0.8
Component supplier to renewables
Sungrow Power Supply industry 1,335 0.8
Longi Solar energy provider 1,272 0.7
Yifeng Pharmacy Chain Drug retailer 1,157 0.7
Sinocare Diagnostics and diabetes company 1,147 0.7
Topchoice Medical Dental services provider 1,133 0.7
Jiangsu Azure Air freight & logistics 1,038 0.6
Pop Mart Toy and collectibles maker 1,009 0.6
Dongguan Yiheda Automation
Co Industrial machinery 939 0.6
Byd Company Electric vehicle manufacturer 865 0.5
Component supplier to renewables
Yunnan Energy New Material industry 763 0.4
Clinical trial contract research
Hangzhou Tigermed Consulting organisation 745 0.4
Kinlong Building products 743 0.4
Hua Medicine (Shanghai) Diabetes drug manufacturer 712 0.4
New Horizon Health Early cancer detection 699 0.4
Medical dictionary and marketing
Medlive Technology organisation 604 0.4
Dada Nexus Logistics and warehousing provider 366 0.2
Liquid biopsy cancer testing
Burning Rock Biotech company 219 0.1
------------------------------ --------------------------------------- -------- -------
Total investments 169,071 99.1
----------------------------------------------------------------------- -------- -------
Net liquid assets 1,501 0.9
----------------------------------------------------------------------- -------- -------
Total assets 170,572 100.0
----------------------------------------------------------------------- -------- -------
Borrowings (5,829) (3.4)
----------------------------------------------------------------------- -------- -------
Shareholders' funds 164,743 96.6
----------------------------------------------------------------------- -------- -------
* Total assets before deduction of loans.
(u) Denotes unlisted investment (private company).
Includes investment in American Depositary Receipt (ADR)
Income statement (unaudited)
For the year ended
For the six months ended For the six months ended 31 January 2023
31 July 2023 31 July 2022 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Net losses on
investments - (39,036) (39,036) - (23,719) (23,719) - (12,378) (12,378)
Currency gains - 172 172 - (325) (325) - (216) (216)
Income 1,932 - 1,932 1,944 - 1,944 2,407 - 2,407
Investment management
fee (note 3) (140) (421) (561) (161) (484) (645) (311) (932) (1,243)
Other administrative
expenses (244) - (244) (290) - (290) (550) - (550)
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Net return before
finance costs and
taxation 1,548 (39,285) (37,737) 1,493 (24,528) (23,035) 1,546 (13,526) (11,980)
Finance costs of
borrowings (65) (193) (258) (59) (173) (232) (116) (347) (463)
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Net return on ordinary
activities before
taxation 1,483 (39,478) (37,995) 1,434 (24,701) (23,267) 1,430 (13,873) (12,443)
Tax on ordinary
activities (148) - (148) (78) - (78) (105) - (105)
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Net return on ordinary
activities after
taxation 1,335 (39,478) (38,143) 1,356 (24,701) (23,345) 1,325 (13,873) (12,548)
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Net return per ordinary
share (note 4) 2.15p (63.66p) (61.51p) 2.18p (39.83p) (37.65p) 2.14P (22.37p) (20.23p)
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
Note:
Dividends paid and
payable per share (note
5) nil nil 1.70p
======================== ========= ========= ======== ========= ========= ======== ======== ======== ========
The total column of this statement represents the profit and
loss account of the Company. The supplementary revenue and capital
columns are prepared under guidance published by the Association of
Investment Companies.
All revenue and capital items in this statement derive from
continuing operations.
A Statement of Comprehensive Income is not required as the
Company does not have any other comprehensive income and the net
return on ordinary activities after taxation is both the profit and
comprehensive income for the period.
Balance sheet (unaudited)
At 31 July At 31 January
2023 2023
Notes GBP'000 GBP'000
---------------------------------------------- ------- ---------- -------------
Fixed assets
Investments held at fair value through profit
or loss 6 169,071 209,499
Current assets
Debtors 310 26
Cash and cash equivalents 1,572 1,000
1,882 1,026
Creditors
Amounts falling due within one year 7 (6,210) (6,585)
---------------------------------------------- ------- ---------- -------------
Net current liabilities (4,328) (5,559)
---------------------------------------------- ------- ---------- -------------
Total assets less current liabilities 164,743 203,940
---------------------------------------------- ------- ---------- -------------
Capital and reserves
---------------------------------------------- ------- ---------- -------------
Share capital 17,087 17,087
---------------------------------------------- ------- ---------- -------------
Share premium account 31,780 31,780
Capital redemption reserve 41,085 41,085
---------------------------------------------- ------- ---------- -------------
Capital reserve 68,270 107,748
---------------------------------------------- ------- ---------- -------------
Revenue reserve 6,521 6,240
---------------------------------------------- ------- ---------- -------------
Shareholders' funds 164,743 203,940
---------------------------------------------- ------- ---------- -------------
Net asset value per ordinary share * 265.66p 328.87p
---------------------------------------------- ------- ---------- -------------
Shares in issue 8 62,012,982 62,012,982
---------------------------------------------- ------- ---------- -------------
*See Glossary of Terms and Alternative Performance Measures at
the end of this announcement.
Statement of changes in equity (unaudited)
Six months to 31 July 2023
Share Capital
Share premium redemption Capital Revenue Shareholders'
capital account reserve reserve * reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
Shareholders' funds at 1 February
2023 17,087 31,780 41,085 107,748 6,240 203,940
Net return on ordinary activities
after taxation - - - (39,478) 1,335 (38,143)
Dividends paid (note 5) - - - - (1,054) (1,054)
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
Shareholders' funds at 31 July
2023 17,087 31,780 41,085 68,270 6,521 164,743
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
Six months to 31 July 2022
Share Capital
Share premium redemption Capital Revenue Shareholders'
capital account reserve reserve * reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
Shareholders' funds at 1 February
2022 17,087 31,780 41,085 121,621 7,768 219,341
Net return on ordinary activities
after taxation - - - (24,701) 1,356 (23,345)
Dividends paid (note 5) - - - - (2,854) (2,854)
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
Shareholders' funds at 31 July
2022 17,087 31,780 41,085 96,920 6,270 193,142
---------------------------------- --------- -------- ----------- ----------- --------- ---------------
* The Capital reserve as at 31 July 2023 includes investment
holding losses of GBP64,882,000 (31 July 2022 - losses of
GBP52,916,000)
Condensed statement of cash flows (unaudited)
Six months Six months
to 31 July to 31 July
2023 2022
GBP'000 GBP'000
---------------------------------------------------- ----------- -----------
Cash flows from operating activities
Net return on ordinary activities before taxation (37,995) (23,267)
Net losses on investments 39,036 23,719
Currency (gains)/losses (172) 325
Finance costs of borrowings 258 232
Overseas withholding tax suffered (159) (145)
Overseas withholding tax reclaims received 11 66
Changes in debtors (248) (205)
Changes in creditors (149) (53)
---------------------------------------------------- ----------- -----------
Cash from operations * 582 672
Interest paid (257) (222)
---------------------------------------------------- ----------- -----------
Net cash inflow from operating activities 325 450
---------------------------------------------------- ----------- -----------
Cash flows from investing activities
Acquisitions of investments (1,814) (18,629)
Disposals of investments 3,206 17,466
---------------------------------------------------- ----------- -----------
Net cash inflow/(outflow) from investing activities 1,392 (1,163)
---------------------------------------------------- ----------- -----------
Cash flows from financing activities
Equity dividends paid (note 5) (1,054) (2,854)
---------------------------------------------------- ----------- -----------
Net cash outflow from financing activities (1,054) (2,854)
---------------------------------------------------- ----------- -----------
Increase/(decrease) in cash and cash equivalents 663 (3,567)
---------------------------------------------------- ----------- -----------
Exchange movements (91) 248
Cash and cash equivalents at start of period 1,000 5,496
---------------------------------------------------- ----------- -----------
Cash and cash equivalents at end of period 1,572 2,177
---------------------------------------------------- ----------- -----------
* Cash from operations includes dividends received in the period
of GBP1,614,000 (31 July 2022 - GBP1,642,000) and deposit interest
received of GBP9,000 (31 July 2022 - GBP1,000).
Cash and cash equivalents represent cash at bank and short term
money market deposits repayable on demand.
Notes to the financial statements (unaudited)
1. Basis of accounting
The condensed Financial Statements for the six months to 31 July
2023 comprise the statements set out above. They have been prepared
in accordance with FRS 104 'Interim Financial Reporting' and the
AIC's Statement of Recommended Practice issued in November 2014 and
updated in July 2022 with consequential amendments, and have not
been audited or reviewed by the Auditor pursuant to the Auditing
Practices Board Guidance on 'Review of Interim Financial
Information'. The Financial Statements for the six months to 31
July 2023 have been prepared on the basis of the same accounting
policies as set out in the Company's Annual Report and Financial
Statements at 31 January 2023.
Going concern
The Directors have considered the nature of the Company's
assets, its liabilities, projected income and expenditure together
with its investment objective and policy, dividend policy and
principal risks and uncertainties, as set out below. The Board has,
in particular, considered the impact of heightened market
volatility due to macroeconomic and geopolitical concerns, and
reviewed the results of specific leverage and liquidity stress
testing but does not believe the Company's going concern status is
affected. The Company's assets, the majority of which are
investments in quoted securities which are readily realisable,
exceed its liabilities significantly. All borrowings require the
prior approval of the Board. Gearing levels and compliance with
borrowing covenants are reviewed by the Board on a regular basis.
The Company has continued to comply with the investment trust
status requirements of section 1158 of the Corporation Tax Act 2010
and the Investment Trust (Approved Company) (Tax) Regulations 2011.
Accordingly, the Directors consider it appropriate to adopt the
going concern basis of accounting in preparing these Financial
Statements and confirm that they are not aware of any material
uncertainties which may affect the Company's ability to continue to
do so over a period of at least twelve months from the date of
approval of these Financial Statements.
2. Financial information
The financial information contained within this Interim
Financial Report does not constitute statutory accounts as defined
in sections 434 to 436 of the Companies Act 2006. The financial
information for the year ended 31 January 2023 has been extracted
from the statutory accounts which have been filed with the
Registrar of Companies. The Auditor's Report on those accounts was
not qualified, did not include a reference to any matters to which
the Auditor drew attention by way of emphasis without qualifying
the report, and did not contain a statement under sections 498(2)
or (3) of the Companies Act 2006.
3. Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of
Baillie Gifford & Co, was appointed by the Company as its
Alternative Investment Fund Manager and Company Secretary on 16
September 2020. The investment management function has been
delegated to Baillie Gifford & Co. Dealing activity and
transaction reporting have been further sub-delegated to Baillie
Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong)
Limited. The management agreement is terminable on not less than
three months' notice or on shorter notice in certain circumstances.
The annual management fee is (i) 0.75% of the first GBP50 million
of Net Asset Value; plus (ii) 0.65% of Net Asset Value between
GBP50 million and GBP250 million; plus (iii) 0.55% of Net Asset
Value in excess of GBP250 million, calculated and payable
quarterly.
4. Net return per ordinary share
Six months Six months Year to
to to 31 January
31 July 2023 31 July 2023
GBP'000 2002 GBP'000
GBP'000
--------------------------------------- -------------- ----------- ------------
Revenue return on ordinary activities
after taxation 1,335 1,356 1,325
Capital return on ordinary activities
after taxation (39,478) (24,701) (13,873)
Total net return (38,143) (23,345) (12,548)
--------------------------------------- -------------- ----------- ------------
Weighted average number of ordinary
shares in issue 62,012,982 62,012,982 62,012,982
--------------------------------------- -------------- ----------- ------------
Net return per ordinary share is based on the above totals of
revenue and capital and the weighted average number of ordinary
shares in issue during each period.
There are no dilutive or potentially dilutive shares in
issue.
5. Dividends
Six months Six months
to to
31 July 2023 31 July 2022
GBP'000 GBP'000
---------------------------------------- -------------------- --------------------
Amounts recognised as distributions in
the period:
Previous year's final of 1.70p (2022 -
4.60p) paid on 26 July 2023 1,054 2,854
---------------------------------------- -------------------- --------------------
6. Fixed assets - investments
Fair value hierarchy
The fair value hierarchy used to analyse the basis on which the
fair values of financial instruments held at fair value through the
profit or loss account are measured is described below. Fair value
measurements are determined by the lowest (that is the least
reliable or least independently observable) level of input that is
significant to the fair value measurement for the individual
investment in its entirety as follows:
Level 1 - using unadjusted quoted prices for identical
instruments in an active market;
Level 2 - using inputs, other than quoted prices included within
Level 1, that are directly or indirectly observable (based on
market data); and
Level 3 - using inputs that are unobservable (for which market
data is unavailable).
Level 1 Level 2 Level 3 Level 4
As at 31 July 2023 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- --------
Listed equities 158,609 - - 158,609
Unlisted ordinary shares - - 10,462 10,462
------------------------- -------- -------- -------- --------
Total financial asset
investments 158,609 - 10,462 169,071
------------------------- -------- -------- -------- --------
Level 1 Level 2 Level 3 Level 4
As at 31 January 2023 GBP'000 GBP'000 GBP'000 GBP'000
(audited)
------------------------- -------- -------- -------- --------
Listed equities 197,546 - - 197,546
Unlisted ordinary shares - - 11,953 11,953
------------------------- -------- -------- -------- --------
Total financial asset
investments 197,546 - 11,953 209,499
------------------------- -------- -------- -------- --------
7. Bank loans
The Company has a two year US$40 million revolving credit
facility with The Royal Bank of Scotland (International) Limited
which expires on 13 April 2024. At 31 July 2023 creditors falling
due within one year include borrowings of GBP5.8 million (US$7.5
million) (31 January 2023 - GBP6.1 million (US$7.5 million)) drawn
down under the facility.
8. Share capital
The Company has authority to allot shares under section 551 of
the Companies Act 2006 or sell shares held in treasury. Such
authorities will only be used to issue shares or sell shares from
treasury at, or at a premium to, net asset value and only when the
Directors believe that it would be in the best interests of the
Company to do so. In the six months to 31 July 2023 no ordinary
shares were issued from Treasury (in the year to 31 January 2023 no
shares were issued from Treasury).
The Company also has authority to buy back shares. In the six
months to 31 July 2023 no ordinary shares were bought back for
cancellation (in the year to 31 January 2023 no ordinary shares
were bought back for cancellation) therefore the Company's
authority remains unchanged at 9,295,746 ordinary shares.
9. Related party transactions
There have been no transactions with related parties during the
first six months of the current financial year that have materially
affected the financial position or the performance of the Company
during that period and there have been no changes in the related
party transactions described in the last Annual Report and
Financial Statements that could have had such an effect on the
Company during that period.
None of the views expressed in this document should be construed
as advice to buy or sell a particular investment.
10. Contingent asset
HMRC have indicated they will repay overpaid taxes for the
accounting periods ending 2008 and 2009 of GBP1.1 million plus
interest. As the repayment is probable, but not virtually certain,
the Company is disclosing GBP1.1 million as a contingent asset
.
Principal risks and uncertainties
The principal risks facing the Company are inappropriate
business strategy, adverse market conditions, poor investment
performance, operational risk, tax and regulatory change or breach,
single country risk, emerging market risk, unlisted securities,
gearing, cyber security risk, and climate and governance risk. An
explanation of these risks and how they are managed is set out on
pages 23 to 25 of the Company's Annual Report and Financial
Statements for the year to 31 January 2023 which is available on
the Company's website: bailliegiffordchinagrowthtrust.com.
The principal risks and uncertainties have not changed since the
date of the Annual Report.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared
in accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule
4.2.7R (indication of important events during the first six months,
their impact on the Financial Statements and a description of the
principal risks and uncertainties for the remaining six months of
the year); and
c. the Interim Financial Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule
4.2.8R (disclosure of related party transactions and changes
therein).
On behalf of the Board
Susan Platts-Martin
Chair
2 October 2023
Glossary of terms and Alternative Performance Measures (APM)
An alternative performance measure is a financial measure of
historical or future financial performance, financial position, or
cash flows, other than a financial measure defined or specified in
the applicable financial reporting framework.
Total assets
This is the Company's definition of Adjusted Total Assets, being
the total of all assets less current liabilities, before deduction
of all borrowings.
Shareholders' funds and Net Asset Value
Shareholders' Funds is the value of all assets held less all
liabilities, with borrowings deducted at book cost. Net Asset
Value ('NAV') is the value of all assets held less all
liabilities, with borrowings deducted at either book value or fair
value. Per share amounts are calculated by dividing the relevant
figure by the number of ordinary shares in issue.
Net liquid assets
Net liquid assets comprise current assets less current
liabilities, excluding borrowings.
Net Asset Value (borrowings at book value) (APM)
Borrowings are valued at adjusted net issue proceeds. Book value
approximates amortised cost.
31 July 31 January
2023 2023
---------------------------- -------------- --------------
Shareholders' funds GBP164,743,000 GBP203,940,000
(borrowings at book
value)
---------------------------- -------------- --------------
Shares in issue 62,012,982 62,012,982
---------------------------- -------------- --------------
Net asset value per
ordinary share (borrowings
at book value) 265.66p 328.87p
---------------------------- -------------- --------------
Discount/premium (APM)
As stockmarkets and share prices vary, an investment trust's
share price is rarely the same as its net asset value. When the
share price is lower than the net asset value per share it is said
to be trading at a discount. The size of the discount is calculated
by subtracting the share price from the net asset value per share
and is usually expressed as a percentage of the net asset value per
share. If the share price is higher than the net asset value per
share, this situation is called a premium.
31 July 31 January
2023 2023
---------------------- ------- ----------
Closing NAV per share 265.66p 328.87p
Closing share price 243.00p 308.00p
---------------------- ------- ----------
Discount (8.5%) (6.3%)
---------------------- ------- ----------
Total return (APM)
The total return is the return to shareholders after reinvesting
the dividend on the date that the share price goes ex-dividend.
31 July 31 July 31 January 31 January
2023 2023 2023 2023
NAV Share price NAV Share price
-------------------------------------- --------------- --------- ------------- ----------- -------------
Closing NAV per share/share
price (a) 265.66p 243.00p 328.87p 308.00p
Dividend adjustment factor* (b) 1.006801 1.007763 1.014030 1.014557
Adjusted closing NAV per share/share
price (c=a x b) 267.47p 244.89p 333.48p 312.48p
Opening NAV per share/share
price (d) 328.87p 308.00p 353.70p 339.25p
-------------------------------------- --------------- --------- ------------- ----------- -------------
Total return (c ÷d)-1 (18.7%) (20.5) (5.7%) (7.9%)
-------------------------------------- --------------- --------- ------------- ----------- -------------
* The dividend adjustment factor is calculated on the assumption
that the dividends paid out by the Company are reinvested into the
shares of the Company at the cum income NAV at the ex-dividend
date.
Ongoing charges (APM)
The total expenses (excluding borrowing costs) incurred by the
Company as a percentage of the average net asset value. The ongoing
charges are calculated on the basis prescribed by the Association
of Investment Companies.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other
public company, an investment trust can borrow money to invest in
additional investments for its portfolio. The effect of the
borrowing on the shareholders' assets is called 'gearing'. If the
Company's assets grow, the shareholders' assets grow
proportionately more because the debt remains the same. But if the
value of the Company's assets falls, the situation is reversed.
Gearing can therefore enhance performance in rising markets but can
adversely impact performance in falling markets.
Gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
Gross gearing is the Company's borrowings at book value less
cash and cash equivalents (as adjusted for investment and share
buy-back/issuance transactions awaiting settlement) expressed as a
percentage of shareholders' funds.
Leverage (APM)
For the purposes of the UK Alternative Investment Fund Managers
Regulations, leverage is any method which increases the Company's
exposure, including the borrowing of cash and the use of
derivatives. It is expressed as a ratio between the Company's
exposure and its net asset value and can be calculated on a gross
and a commitment method. Under the gross method, exposure
represents the sum of the Company's positions after the deduction
of sterling cash balances, without taking into account any hedging
and netting arrangements. Under the commitment method, exposure is
calculated without the deduction of sterling cash balances and
after certain hedging and netting positions are offset against each
other.
Active share (APM)
Active share, a measure of how actively a portfolio is managed,
is the percentage of the portfolio that differs from its
comparative index. It is calculated by deducting from 100 the
percentage of the portfolio that overlaps with the comparative
index. An active share of 100 indicates no overlap with the index
and an active share of zero indicates a portfolio that tracks the
index.
Private (unlisted) company
An unlisted (private) company means a company whose shares are
not available to the general public for trading and not listed on a
stock exchange.
Participatory notes (or P notes)
A P-note is a certificate-based instrument that can be issued by
a counterparty bank and provides a synthetic stock exposure to an
underlying equity instrument. The synthetic exposure results in the
P-note having the same performance as the underlying stock but
carries an additional currency exposure due to the P-note being
denominated in US$. P-notes are unleveraged instruments.
Variable Interest Entity (VIE')
VIE structures are used by some Chinese companies to facilitate
access to foreign investors in sectors of the Chinese domestic
economy which prohibit foreign ownership. The purpose of the VIE
structure is to give the economic benefits and operational control
of ownership without direct equity ownership itself. The structures
are bound together by contracts and foreign investors are not
directly invested in the underlying company.
None of the views expressed in this document should be construed
as advice to buy or sell a particular investment.
Baillie Gifford China Growth Trust aims to achieve long term
capital growth through investment principally in Chinese companies
which are believed to have above average prospects for growth. At
31 July 2023 the Company had total assets of GBP171m.
You can find up-to-date performance information about Baillie
Gifford China Growth Trust at bailliegiffordchinagrowthtrust.com ++
.
Baillie Gifford China Growth Trust is managed by Baillie
Gifford, the Edinburgh based fund management group with around
GBP213 billion under management and advice in active equity and
bond portfolios for clients in the UK and throughout the world (as
at 2 October 2023).
Investment Trusts are UK public limited companies and are not
authorised or regulated by the Financial Conduct Authority.
++ Neither the contents of the Managers' website nor the
contents of any website accessible from hyperlinks on the Managers'
website (or any other website) is incorporated into, or forms part
of, this announcement.
Past performance is not a guide to future performance. The value
of an investment and any income from it is not guaranteed and may
go down as well as up and investors may not get back the amount
invested. This is because the share price is determined by the
changing conditions in the relevant stock markets in which the
Company invests and by the supply and demand for the Company's
shares.
For further information please contact:
Naomi Cherry, Baillie Gifford & Co
Tel: 0131 474 5548
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
Third party data provider disclaimer
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express or implied, as to the accuracy, completeness or timeliness
of the data contained herewith nor as to the results to be obtained
by recipients of the data. No Provider shall in any way be liable
to any recipient of the data for any inaccuracies, errors or
omissions in the index data included in this document, regardless
of cause, or for any damages (whether direct or indirect) resulting
therefrom.
No Provider has any obligation to update, modify or amend the
data or to otherwise notify a recipient thereof in the event that
any matter stated herein changes or subsequently becomes
inaccurate.
Without limiting the foregoing, no Provider shall have any
liability whatsoever to you, whether in contract (including under
an indemnity), in tort (including negligence), under a warranty,
under statute or otherwise, in respect of any loss or damage
suffered by you as a result of or in connection with any opinions,
recommendations, forecasts, judgements, or any other conclusions,
or any course of action determined, by you or any third party,
whether or not based on the content, information or materials
contained herein.
MSCI index data
Source: MSCI. The MSCI information may only be used for your
internal use, may not be reproduced or redisseminated in any form
and may not be used as a basis for or a component of any financial
instruments or products or indices. None of the MSCI information is
intended to constitute investment advice or a recommendation to
make (or refrain from making) any kind of investment decision and
may not be relied on as such. Historical data and analysis should
not be taken as an indication or guarantee of any future
performance analysis, forecast or prediction.
The MSCI information is provided on an 'as is' basis and the
user of this information assumes the entire risk of any use made of
this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating
any MSCI information (collectively, the 'MSCI Parties') expressly
disclaims all warranties (including, without limitation, any
warranties of originality, accuracy, completeness, timeliness,
non-infringement, merchantability and fitness for a particular
purpose) with respect to this information. Without limiting any of
the foregoing, in no event shall any MSCI Party have any liability
or any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any
other damages. (msci.com).
Sustainable finance disclosure regulation ('SFDR')
The EU SFDR does not have a direct impact in the UK due to
Brexit, however, it applies to third-country products marketed in
the EU. As Baillie Gifford China Growth Trust is marketed in the EU
by the AIFM, Baillie Gifford & Co Limited, via the National
Private Placement Regime (NPPR) the following disclosures have been
provided to comply with the high-level requirements of SFDR. The
AIFM has adopted Baillie Gifford & Co's ESG Principles and
Guidelines as its policy on integration of sustainability risks in
investment decisions.
Baillie Gifford & Co's approach to investment is based on
identifying and holding high quality growth businesses that enjoy
sustainable competitive advantages in their marketplace. To do this
it looks beyond current financial performance, undertaking
proprietary research to build an in-depth knowledge of an
individual company and a view on its long-term prospects. This
includes the consideration of sustainability factors
(environmental, social and/or governance matters) which it believes
will positively or negatively influence the financial returns of an
investment.
The likely impact on the return of the portfolio from a
potential or actual material decline in the value of investment due
to the occurrence of an environmental, social or governance event
or condition will vary and will depend on several factors including
but not limited to the type, extent, complexity and duration of an
event or condition, prevailing market conditions and existence of
any mitigating factors.
Whilst consideration is given to sustainability matters, there
are no restrictions on the investment universe of the Company,
unless otherwise stated within in its Investment Objective &
Policy. Baillie Gifford & Co can invest in any companies it
believes could create beneficial long-term returns for investors.
However, this might result in investments being made in companies
that ultimately cause a negative outcome for the environment or
society.
More detail on the Investment Manager's approach to
sustainability can be found in the ESG Principles and Guidelines
document, available publicly on the Baillie Gifford website
bailliegifford.com.
The underlying investments do not take into account the EU
criteria for environmentally sustainable economic activities
established under the EU Taxonomy Regulation.
- ends -
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