Overview
The UK Equity Core Fund aims to outperform (after deduction of costs) the FTSE All-Share Index by at least 1% 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.
Performance & Portfolio
Periodic performance
All figures to 31/10/2025 1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc 4.1% 3.6% 15.6% 16.2% 14.4% 9.9% Index* 3.7% 6.6% 16.0% 22.5% 14.7% 14.7% Target Benchmark** 3.8% 6.9% 16.6% 23.7% 15.8% 15.8% Sector Average*** 3.2% 4.1% 13.3% 15.5% 12.2% 11.0% Sector Ranking 64/217 131/218 83/218 111/215 82/209 124/201 Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/202430/09/2024
30/09/2025Class B-Acc 30.1% -21.8% 14.7% 18.3% 7.3% Index* 27.9% -4.0% 13.8% 13.4% 16.2% Target Benchmark** 29.2% -3.0% 15.0% 14.6% 17.4% Sector Average*** 32.4% -15.3% 12.8% 14.2% 9.6% Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution, FTSE. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*FTSE All-Share Index +1.0%
**FTSE All-Share Index plus at least 1% per annum over rolling five-year periods.
***IA UK All Companies Sector.
Top ten holdings 31/10/2025
Fund % 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% Total 36.7% Sector analysis of total assets 31/10/2025Fund %
- 1 Industrials 26.65
- 2 Financials 22.76
- 3 Consumer Discretionary 15.74
- 4 Consumer Staples 10.43
- 5 Health Care 8.11
- 6 Technology 7.23
- 7 Real Estate 4.89
- 8 Basic Materials 3.70
- 9 Energy 0.24
- 10 Cash 0.24
- Total 100.00
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.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not add due to rounding.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading and does not necessarily represent a bank overdraft.
Insights
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
James 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.
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FUND PLATFORMS/SUPERMARKETS
Documents
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Application forms
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Quarterly investor reports
Sustainability-related disclosures and climate reports
Sustainability disclosure requirements (SDR)
Important Information
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The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
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This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.
