Overview
Fund objective
The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share 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 UK All Companies 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
436.50p% change
-1.00%Yield
2.0%Ex-dividend (XD)
NOngoing charges*
0.49%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
7 April 1995
Fund size
£335.71m
The Investment Association sector
UK All Companies
Comparative Index
FTSE All-Share Index
Active share
91%**
Annual turnover
10%
Current number of holdings
34
Style
Growth
XD Date
Last day of January and July each year
Distribution
Last day of March and September each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to FTSE All-Share Index. Source: Baillie Gifford & Co, FTSE.
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 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.
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-Acc | 7.7% | -1.3% | -2.5% | 8.3% | 4.9% | -3.1% |
Index* | 2.8% | 2.1% | 8.0% | 25.2% | 13.1% | 10.8% |
Sector Average** | 4.1% | -0.5% | 2.8% | 16.5% | 9.0% | 5.7% |
Sector Ranking | 14/204 | 132/205 | 176/205 | 165/205 | 153/196 | 178/189 |
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
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-Acc | -19.1% | -5.5% | 4.2% | 0.3% | 2.4% |
Index* | 13.0% | 2.9% | 8.4% | 10.5% | 21.5% |
Sector Average** | 5.4% | -1.9% | 7.7% | 5.1% | 13.0% |
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 | Games Workshop | 8.3% |
| 2 | 4imprint | 6.0% |
| 3 | AJ Bell | 4.9% |
| 4 | Experian | 4.6% |
| 5 | Wise | 4.5% |
| 6 | Moonpig Group | 4.5% |
| 7 | Softcat | 4.4% |
| 8 | Renishaw | 4.3% |
| 9 | Spirax Sarco | 4.0% |
| 10 | Auto Trader | 3.9% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Industrials | 24.8 | 11.8 | 12.9 |
| 2 | Consumer Discretionary | 24.4 | 6.1 | 18.3 |
| 3 | Financials | 16.3 | 29.0 | -12.7 |
| 4 | Technology | 14.4 | 2.5 | 11.9 |
| 5 | Basic Materials | 5.9 | 7.8 | -1.8 |
| 6 | Health Care | 5.8 | 12.0 | -6.2 |
| 7 | Consumer Staples | 5.7 | 12.5 | -6.8 |
| 8 | Real Estate | 1.2 | 1.9 | -0.7 |
| 9 | Cash | 1.6 | 0.0 | 1.6 |
Total | 100.0 | 83.6 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Ocado
- Trainline Plc
Additions
- Greggs
- Softcat
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
UK Alpha Q1 update
Investment specialist Kathleen Hunter a reflects on recent performance, portfolio changes and market developments.
UK Alpha Q4 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
UK Alpha Q3 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
UK Alpha Q2 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
UK Alpha Q1 update
The UK Alpha Team reflects on recent performance, portfolio changes and market developments.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.
UK Alpha Q1 update
Investment specialist Kathleen Hunter a reflects on recent performance, portfolio changes and market developments.UK Alpha Q4 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.UK Alpha Q3 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.UK Alpha Q2 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.UK Alpha Q1 update
The UK Alpha Team reflects on recent performance, portfolio changes and market developments.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.
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.