Overview
Fund objective
To achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index over rolling five-year 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 Global Equity Income Sector.
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.
Investment proposition
Share price and charges
Share class
B, IncPrice
175.50p% change
-0.57%Yield
2.2%Ex-dividend (XD)
XOngoing charges*
0.53%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Sustainability label
Sustainable investment labels help investors find products that have a specific sustainability goal. This product does not have a UK sustainable investment label. This product promotes environmental and/or social characteristics but does not meet the requirements to adopt a label. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.
Fund facts
Fund launch date
6 December 2018
Fund size
£985.67m
The Investment Association sector
Global Equity Income
Comparative Index
MSCI ACWI Index
Active share
85%**
Annual turnover
15%
Guideline number of holdings
50-80
Current number of holdings
53
Style
Income
XD Date
Last day of January, April, July and October each year
Distribution
Last day of March, June, September and December each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to MSCI ACWI Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
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. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
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.
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.
Fees to Capital
The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.
Environmental, Social and Governance
The Fund invests according to responsible investment criteria and with reference to the ten principles of the United Nations Global Compact for business. This means the Fund will not invest in certain sectors and companies and, therefore, the universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions. The Fund therefore may have different returns than a fund which has no such restrictions.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Important information
Your location indicates you are based in Guernsey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Inc | 6.5% | 1.3% | 2.1% | 8.5% | 5.3% | 6.3% |
Index* | 7.0% | 4.7% | 4.4% | 29.3% | 17.2% | 11.6% |
Sector Average** | 4.6% | 3.1% | 5.5% | 19.8% | 11.4% | 9.2% |
Sector Ranking | 15/57 | 49/57 | 44/57 | 48/56 | 46/53 | 39/47 |
Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Inc | 15.7% | 3.9% | 12.8% | -1.0% | 0.2% |
Index* | 12.9% | -0.9% | 21.2% | 5.3% | 18.0% |
Sector Average** | 11.8% | 2.3% | 13.3% | 4.8% | 12.3% |
Important information
Your location indicates you are based in Guernsey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 5.6% |
| 2 | Apple | 4.2% |
| 3 | Analog Devices | 3.6% |
| 4 | Microsoft | 3.4% |
| 5 | Procter & Gamble | 3.2% |
| 6 | CME Group | 3.1% |
| 7 | Watsco | 3.1% |
| 8 | Atlas Copco | 2.9% |
| 9 | Roche | 2.7% |
| 10 | Deutsche Börse | 2.7% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 25.4 | 28.7 | -3.3 |
| 2 | Financials | 21.1 | 16.4 | 4.7 |
| 3 | Industrials | 17.1 | 11.3 | 5.8 |
| 4 | Consumer Staples | 10.9 | 5.1 | 5.8 |
| 5 | Consumer Discretionary | 10.2 | 9.3 | 0.9 |
| 6 | Health Care | 7.7 | 8.1 | -0.4 |
| 7 | Communication Services | 4.9 | 8.8 | -3.9 |
| 8 | Materials | 1.9 | 3.8 | -2.0 |
| 9 | Utilities | 0.9 | 2.7 | -1.8 |
| 10 | Cash | 0.0 | 0.0 | 0.0 |
Total | 100.0 | 94.1 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 44.5 | 63.4 | -19.0 |
| 2 | Taiwan | 6.9 | 2.9 | 4.0 |
| 3 | Switzerland | 6.6 | 2.0 | 4.6 |
| 4 | France | 6.1 | 2.2 | 3.9 |
| 5 | Sweden | 5.4 | 0.8 | 4.6 |
| 6 | UK | 4.5 | 3.2 | 1.3 |
| 7 | China | 3.6 | 2.7 | 0.9 |
| 8 | Germany | 3.2 | 2.0 | 1.2 |
| 9 | Hong Kong | 2.5 | 0.4 | 2.1 |
| 10 | Denmark | 2.4 | 0.4 | 2.0 |
Total | 85.7 | 80.1 |
Region
As at: 30 April 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 44.5 | 66.5 | -22.0 |
| 2 | Europe (ex UK) | 29.6 | 11.2 | 18.4 |
| 3 | Emerging Markets | 13.5 | 11.8 | 1.7 |
| 4 | Developed Asia Pacific | 8.0 | 7.3 | 0.7 |
| 5 | UK | 4.5 | 3.2 | 1.3 |
| 6 | Cash | 0.0 | 0.0 | 0.0 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Kuehne & Nagel
Important information
Your location indicates you are based in Guernsey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Global Income Growth Q1 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.
What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?
What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compounders
Global Income Growth Q3 update
Investment manager Alistair Way reflects on recent performance, portfolio changes and market developments.
Responsible Global Equity Income Q2 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.
Global Income Growth Q2 update
Investment manager Ross Mathison reflects on recent performance, portfolio changes and market developments.Responsible Global Equity Income Q1 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.
L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.
Responsible Global Equity Income Q4 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.
Five years of Responsible Global Equity Income
Investment specialists reflect on the first five years of the Responsible Global Equity Income Strategy.
How dividend growth signals compounding
Investor James Dow explains why dividend growth indicates a company can compound its earnings.
A new recipe for weight loss
The huge growth potential of Novo Nordisk’s anti-obesity medicines.
Albemarle: salt flats and social responsibility
Why the lithium giant Albemarle engages in research and data monitoring.
TSMC’s decarbonisation dilemmas
TSMC’s progress in securing greener energy supplies in Taiwan.
Responsible Global Equity Income strategy update
Portfolio managers James Dow and Ross Mathison discuss current views and portfolio positioning against the backdrop of rising interest rates and market volatility.
Resilient growth for the long term
Why long-term growth firms such as battery-maker Albemarle and data aggregator Experian are the ones to watch.
Responsible Global Equity Income webinar
In the context of high inflation and market volatility, portfolio managers James Dow and Toby Ross discuss current views and explain how focusing on long-term income growth remains critical to facing these challenges.
Impact, Ambition and Trust
If ESG scores are not the answer, how does Global Income Growth Team’s ESG approach measure up?
Actual Income: We need to talk about inflation
When discussing investing, it's hard not to hear concerns surrounding inflation. Watch this webinar recording to hear some of the thoughts and opinions on this hot topic direct from five of our fund managers.
Pointers from the past, lessons for the future
With charities facing pandemic-driven uncertainty over future funding, the need for investment income has been magnified. Anthony Dickson outlines some of the options and explains the benefits of focusing on ethical investments that combine a rising income with sustainable growth.
Watsco - a cool investment
Investment manager Toby Ross discusses recent investment, Watsco.
Global Income Growth Q1 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compoundersGlobal Income Growth Q3 update
Investment manager Alistair Way reflects on recent performance, portfolio changes and market developments.Responsible Global Equity Income Q2 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.Global Income Growth Q2 update
Investment manager Ross Mathison reflects on recent performance, portfolio changes and market developments.Responsible Global Equity Income Q1 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.Responsible Global Equity Income Q4 investor letter
The Responsible Global Equity Income Team reflects on recent performance, portfolio changes and market developments.Five years of Responsible Global Equity Income
Investment specialists reflect on the first five years of the Responsible Global Equity Income Strategy.How dividend growth signals compounding
Investor James Dow explains why dividend growth indicates a company can compound its earnings.A new recipe for weight loss
The huge growth potential of Novo Nordisk’s anti-obesity medicines.Albemarle: salt flats and social responsibility
Why the lithium giant Albemarle engages in research and data monitoring.TSMC’s decarbonisation dilemmas
TSMC’s progress in securing greener energy supplies in Taiwan.Responsible Global Equity Income strategy update
Portfolio managers James Dow and Ross Mathison discuss current views and portfolio positioning against the backdrop of rising interest rates and market volatility.Resilient growth for the long term
Why long-term growth firms such as battery-maker Albemarle and data aggregator Experian are the ones to watch.Responsible Global Equity Income webinar
In the context of high inflation and market volatility, portfolio managers James Dow and Toby Ross discuss current views and explain how focusing on long-term income growth remains critical to facing these challenges.Impact, Ambition and Trust
If ESG scores are not the answer, how does Global Income Growth Team’s ESG approach measure up?Actual Income: We need to talk about inflation
When discussing investing, it's hard not to hear concerns surrounding inflation. Watch this webinar recording to hear some of the thoughts and opinions on this hot topic direct from five of our fund managers.Pointers from the past, lessons for the future
With charities facing pandemic-driven uncertainty over future funding, the need for investment income has been magnified. Anthony Dickson outlines some of the options and explains the benefits of focusing on ethical investments that combine a rising income with sustainable growth.Watsco - a cool investment
Investment manager Toby Ross discusses recent investment, Watsco.
Important information
Your location indicates you are based in Guernsey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Documents
You can access any literature about the Fund here.
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.
Important information
Your location indicates you are based in Guernsey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.