1. Overview

    The Multi Asset Growth Fund aims to achieve (after deduction of costs): an annualised return over rolling five-year periods that is 3.5% more than UK Base Rate, a positive return over rolling three-year periods and annualised volatility of returns over rolling five-year periods that is below 10%. There is no guarantee that a positive return will be achieved over rolling three-year periods, or any time period, and capital may be at risk.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing.

    Our investment approach embraces the concept of diversification by investing actively across a very broad range of asset classes to deliver capital growth with low volatility.

    Portfolio

    Top Ten Holdings - 30/09/2020

    Fund %
    1 Baillie Gifford European Fund C Accum 6.7%
    2 Baillie Gifford EM Lead Co Fund C Accum 5.7%
    3 Baillie Gifford EM Government Bonds(Hard Currency) 3.9%
    4 UK T Bill 05/10/2020 3.6%
    5 Ishares Physical Gold ETC 3.2%
    6 Baillie Gifford Worldwide Japanese Fund C GBP Acc 3.1%
    7 Baillie Gifford Emerging Markets Bond Fund C Acc 2.8%
    8 BG Worldwide Global Credit Fund C USD Acc 2.8%
    9 Invesco Gold ETF 2.8%
    10 Baillie Gifford US High Yield Credit 2.6%
    Total 37.2%
    Fund %
    1 Baillie Gifford European Fund C Accum 6.7%
    2 Baillie Gifford EM Lead Co Fund C Accum 5.7%
    3 Baillie Gifford EM Government Bonds(Hard Currency) 3.9%
    4 UK T Bill 05/10/2020 3.6%
    5 Ishares Physical Gold ETC 3.2%
    6 Baillie Gifford Worldwide Japanese Fund C GBP Acc 3.1%
    7 Baillie Gifford Emerging Markets Bond Fund C Acc 2.8%
    8 BG Worldwide Global Credit Fund C USD Acc 2.8%
    9 Invesco Gold ETF 2.8%
    10 Baillie Gifford US High Yield Credit 2.6%
    Total 37.2%
    ASSET ALLOCATION - 30/09/2020
    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    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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    Meet the Managers

    James Squires

    James is Head of the Multi Asset Team and a member of the Investment Risk Committee. He became a Partner in 2018. James joined Baillie Gifford in 2006, initially working in our North American Equity and Fixed Income Teams. He has been a CFA Charterholder since 2010 and graduated BA in Mathematics and Philosophy from the University of Oxford in 2005.

    David McIntyre

    David is an Investment Manager in the Multi Asset Team and is a CFA Charterholder. He joined Baillie Gifford in 2008, initially working in our Fixed Income and European Equity Teams. David previously worked for KPMG and in 2007 qualified as a Chartered Accountant. He graduated BA in History and Politics from the University of Oxford in 2004.

    Felix Amoako

    Felix joined Baillie Gifford in 2011 and is an Investment Manager in the Multi Asset Team. He is a CFA Charterholder. Felix graduated BComm in Accounting from University of Cape Coast, Ghana in 2008 and MSc in Investment Analysis from the University of Stirling in 2010.

    Scott Lothian

    Scott joined Baillie Gifford in 2015 and is an Investment Manager in the Multi Asset Team. Prior to joining Baillie Gifford, he worked for Schroders in London, BEA Union in Hong Kong and Towers Watson. Scott graduated BSc in Actuarial Mathematics and Statistics from Heriot-Watt University in 1999. He is a Fellow of the Institute and Faculty of Actuaries.

    Nicoleta Dumitru

    Nicoleta joined Baillie Gifford in 2013 and is an Investment Manager in the Multi Asset Team. In 2018, she joined the Multi Asset Income Portfolio Construction Group (PCG). Nicoleta graduated BSc (Hons) in Management and Marketing from the University of Manchester in 2013.  

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.

    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.

    Fund Platforms/Supermarkets

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

    Feeder Fund

    The Fund through investing (as a feeder fund) in Baillie Gifford Multi Asset Growth Fund ("Master Fund") aims to achieve (after deduction of costs): an annualised return over rolling five-year periods that is 3% more than UK Base Rate; a positive return over rolling three-year periods; and annualised volatility of returns over rolling five-year periods that is below 10%.

    By clicking the following link you can view daily prices information for the Baillie Gifford Multi Asset Growth Feeder Fund.

    Daily Prices information for the Baillie Gifford Multi Asset Growth Feeder Fund.

    Multi Asset Feeder Fund Enhanced Disclosure of Fund Charges and Costs - July 2020
    Download
    Key Investor Information
    Multi Asset Growth Feeder Fund Class B Shares Key Investor Information Document
    Download
    Baillie Gifford Investment II ICVC Prospectus
    Baillie Gifford Investment Funds III ICVC Prospectus - October 2020
    Download

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). 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.

    Risks

    General Investment Risk

    The Fund does not guarantee positive returns. It aims to limit the extent of loss in any short term period to a lower level than equities. 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.

    Custody

    ​Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Emerging Markets

    The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

    Bonds & Inflation

    Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests, particularly in emerging markets, may not be able to pay the bond income as promised or could fail to repay the capital amount.

    Alternative Assets

    Investments may be made directly in hedge funds or, through specific investment vehicles into property, infrastructure and commodities.

    Returns from these investments are sensitive to various factors including interest and exchange rates, economic growth prospects and inflation, and the cost and availability of gearing (debt finance). Certain specific factors affect these assets such as:

    • Hedge funds – invest in a wide variety of assets and use gearing which may increase losses; it may be difficult to obtain independent verification of the value of shares in hedge funds and there is a risk that investments in them may be difficult to sell; some funds are not directly regulated, increasing the risk of lack of transparency.
    • Property - rents, vacancy rates, the supply of new property, and confidence.
    • Infrastructure – expectations of future cash flow.
    • Commodities – climate, supply, industrial and consumer demand, and tariffs.

    Derivatives

    Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.

    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.

    Dilution

    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Under certain market conditions it can be difficult to buy or sell securities and even small purchases or sales can cause their prices to move significantly. To manage the effects of this, we may apply an increased dilution adjustment. As a result investors may face increased dealing costs.

    Fees from Revenue

    Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.

    Market Conditions

    Market values for illiquid securities which are difficult to trade, or value less frequently than the Fund, such as holdings in weekly or monthly dealt funds, may not be readily available. There can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale.

    Investment in vehicles which themselves invest in a range of assets described previously which may become illiquid may not be easily converted into cash when required.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.