1. Overview

    The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association UK All Companies Sector.

    The important point for long-term equity investment is that you can get the broad direction of travel right.

    Gerard Callahan

    Portfolio

    Top Ten Holdings - 30/09/2020

    Fund %
    1 Ocado 8.9%
    2 Rightmove 8.2%
    3 Auto Trader 5.8%
    4 Aveva 5.8%
    5 Renishaw 5.3%
    6 HomeServe 4.7%
    7 Trainline 4.3%
    8 Hargreaves Lansdown 4.0%
    9 ASOS 4.0%
    10 Abcam 4.0%
    Total 55.0%
    Fund %
    1 Ocado 8.9%
    2 Rightmove 8.2%
    3 Auto Trader 5.8%
    4 Aveva 5.8%
    5 Renishaw 5.3%
    6 HomeServe 4.7%
    7 Trainline 4.3%
    8 Hargreaves Lansdown 4.0%
    9 ASOS 4.0%
    10 Abcam 4.0%
    Total 55.0%
    Sector Analysis of Total Assets - 30/09/2020
    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 Manager

    Gerard Callahan

    Gerard joined Baillie Gifford in 1991 and is head of our UK Equity Team and Chairman of the International All Cap Portfolio Construction Group. He became a Partner of the firm in 2000 and Lead Manager of our UK Alpha Strategy in the same year. Gerard has been involved as a Portfolio Manager in our International strategies since 1998, initially in selecting UK stocks. He graduated BA in Politics, Philosophy and Economics from the University of Oxford in 1991.

    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.

    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

    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.

    Single Country

    The Fund’s exposure to a single market may increase share price movements.

    Concentration

    The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.

    Volatility

    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.

    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.

    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.

    Tax Rates

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