Capital at risk
UK Core
The UK Equity Core Strategy invests in a collection of tremendously exciting UK businesses. Many may not be household names, but they are typically leaders in their fields with attractive competitive positions.
We pride ourselves on the strength of our relationships with companies and the level of corporate access and insight this affords us.
Investing in Britain’s best
The UK Equity Core Strategy invests for at least five years in a range of carefully selected, high-quality British businesses which we believe have the potential to deliver superior earnings growth.
UK Core Q3 update
Investment manager James Smith reflects on recent performance, portfolio changes and market developments.
Seeking out superior potential
We aim to outperform the FTSE All-Share Index by at least 1 per cent per annum over rolling five-year periods.
To achieve this, we aim to identify well-managed, high-quality growth companies which enjoy sustainable competitive advantages. We seek out businesses that have the potential to deliver superior earnings growth over many years and hold onto them long enough for their strengths to emerge as the dominant influence on share prices.
We also take stewardship seriously, meeting with management and boards regularly, voting thoughtfully at general meetings and advocating for change where needed.
A diverse blend of growth companies
The portfolio has between 45-65 holdings. Therefore, it looks different to the broader UK equity index and has a high active share.
This is because we believe that to add value over the long term, we need to take a differentiated approach.
Given this is a core portfolio, it has a diverse blend of exposure to different types of growth companies – some will grow very rapidly, others will compound over time. Though we can group our holdings into several exciting themes, we aim to have a broad exposure to all.
Meet the managers
Iain McCombie
Iain is the head of our UK Equity Team and co-manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000. Iain joined Baillie Gifford in 1994 and became a partner of the firm in 2005. He has previously spent time on the US Equities Team. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.
James Smith
Investment ManagerJames is an investment manager in the UK Equity Team. He is co-manager of the UK Core Strategy and lead manager for Great British Growth. James joined Baillie Gifford in 2022, and prior to joining the firm, worked as a senior investment manager at ADIA in Abu Dhabi covering UK Equities. He began his career at Martin Currie in Edinburgh in 2012. James graduated BSc (Hons) in Economics from UCL in 2010.
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Standard Chartered | 4.6% |
| 2 | AstraZeneca | 4.5% |
| 3 | Prudential | 3.9% |
| 4 | Rio Tinto | 3.7% |
| 5 | Marks and Spencer Group | 3.6% |
| 6 | Babcock International Group | 3.5% |
| 7 | St. James's Place | 3.4% |
| 8 | Unilever | 3.3% |
| 9 | RELX | 3.1% |
| 10 | Legal & General | 3.0% |
Please note
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.
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Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
UK Core Q3 update
Investment manager James Smith reflects on recent performance, portfolio changes and market developments.
Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
UK Core Q2 update
Investment manager Iain McCombie reflects on recent performance, portfolio changes and market developments.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
UK Core Q1 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
UK Core Q4 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
Stock story: Diploma
Iain McCombie explores Diploma's journey to distribution excellence
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK equities: Home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
UK Core Q3 update
Investment manager James Smith reflects on recent performance, portfolio changes and market developments.
UK Core Q3 update
Investment manager James Smith reflects on recent performance, portfolio changes and market developments.Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.UK Core Q2 update
Investment manager Iain McCombie reflects on recent performance, portfolio changes and market developments.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.UK Core Q1 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.UK Core Q4 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.Stock story: Diploma
Iain McCombie explores Diploma's journey to distribution excellenceAshtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.UK equities: Home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
Scottish Mortgage Investment Trust PLC (the “Company”) is an alternative investment fund for the purpose of Directive 2011/61/EU (the “AIFM Directive”). Baillie Gifford & Co Limited is the alternative investment fund manager (“AIFM”) of the Company and has been authorised for marketing to Professional Investors in this jurisdiction. This website is made available by Baillie Gifford Investment Management (Europe) Limited (“BGE”), which has been engaged by the AIFM to carry out promotional activities relating to the Company. BGE is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation. BGE also has regulatory permissions to perform promotional, advisory and Individual Portfolio Management activities. BGE has passported its authorisations under the mechanisms set out in the AIFM Directive.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.