2. Overview

    To produce capital growth over the long term by investing primarily in equities outside of the US. Performance will be measured against the MSCI ACWI ex US Index.

    Investment Proposition

    The Fund invests in exceptional growth companies operating in international markets. We invest with a 10-year investment horizon which we believe differentiates us from the market and allows us to benefit from the power of compound returns. We run a concentrated portfolio to avoid diluting the growth stocks in which we have the highest conviction.

    Holdings 12/31/2022

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (CAD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 5,196 846.24 USD Equity 5957800.60 10.04
    2 B929F46 NL0010273215 ASML Netherlands 7,877 503.80 EUR Equity 5738551.96 9.67
    3 BGJW376 KYG596691041 Meituan China 138,000 174.70 HKD Equity 4185285.95 7.05
    4 BGSXTS3 US60770K1079 Moderna United States 16,959 179.62 USD Equity 4127415.62 6.95
    5 BZCNB42 DE000A2E4K43 Delivery Hero Germany 63,255 44.78 EUR Equity 4096021.80 6.90
    6 BZ1HM42 NL0012969182 Adyen Netherlands 2,040 1288.40 EUR Equity 3800705.27 6.40
    7 5505072 FR0000121485 Kering France 5,347 475.50 EUR Equity 3676579.96 6.19
    8 BD6G507 NL0011585146 Ferrari Italy 10,653 200.20 EUR Equity 3084035.08 5.19
    9 BMMV2K8 KYG875721634 Tencent China 51,600 334.00 HKD Equity 2991915.42 5.04
    10 5253973 FR0000052292 Hermès International France 1,082 1445.00 EUR Equity 2260884.71 3.81
    Total 67.24%

    Total may not sum due to rounding

    Sector Analysis of Total Assets - 12/31/2022

    Fund %

    • 1 Consumer Discretionary 48.26
    • 2 Information Technology 19.05
    • 3 Health Care 16.09
    • 4 Communication Services 7.56
    • 5 Consumer Staples 5.23
    • 6 Industrials 1.29
    • 7 Financials 1.27
    • 8 Materials 0.45
    • 9 Cash 0.81
    • Total 100.00

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 12/31/2022

    Fund %

    • 1 Europe (ex UK) 52.15
    • 2 Emerging Markets 25.99
    • 3 North America 14.09
    • 4 UK 3.66
    • 5 Developed Asia Pacific 3.31
    • 6 Cash 0.81
    • Total 100.00

    Total may not sum due to rounding

    ASSET CLASS ANALYSIS 12/31/2022

    Fund %

    • 1 Listed Equities 85.36
    • 2 Cash and Equivalents 0.81
    • 3 Unclassified 13.83
    • Total 100.00

    It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

    There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. 

    TAX & DISTRIBUTIONS

    The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus. 

    The below table shows the makeup of the most recent distributions paid.

    Fund Name

    Income Dividends

    Capital Gain

    Total Per Share

    Ex. Date

    Pay Date

    Status
    International Concentrated Growth Fund Series Z 0.04517 0.00000 0.04517 12/30/2022 12/30/2022 Final
    International Concentrated Growth Fund Series F 0.00000 0.00000 0.00000 12/30/2022 12/30/2022 Final

    Source: StatPro, MSCI. Canadian dollars. Fund performance shown is based on the NAV calculated by CIBC Mellon Trust Company.

    Index Disclaimer

    Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.