Overview
Fund objective
The European Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK Index, as stated in sterling, 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 Europe excluding UK 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
Strategy behind the fund
Europe ex UKShare price and charges
Share class
B, IncPrice
2144.00p% change
-0.88%Yield
0.5%Ex-dividend (XD)
XOngoing charges*
0.61%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
17 June 1985
Fund size
£172.96m
The Investment Association sector
Europe excluding UK
Comparative Index
MSCI Europe ex UK Index
Active share
82%**
Annual turnover
29%
Guideline number of holdings
40-80
Current number of holdings
40
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to MSCI Europe ex UK 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 involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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.
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
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 5.1% | -7.4% | -9.1% | -1.3% | 0.2% | -6.4% |
Index* | 4.7% | 0.3% | 5.6% | 19.3% | 11.5% | 9.6% |
Sector Average** | 5.2% | -0.2% | 3.4% | 15.8% | 9.7% | 7.3% |
Sector Ranking | 70/141 | 140/141 | 139/141 | 136/141 | 132/136 | 130/130 |
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 | -14.1% | -8.1% | 6.3% | -8.9% | -3.4% |
Index* | 6.3% | 9.5% | 13.6% | 3.3% | 15.7% |
Sector Average** | 4.2% | 6.5% | 12.3% | 0.9% | 12.1% |
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | ASML | 7.2% |
| 2 | Prosus | 4.6% |
| 3 | ASM International | 4.3% |
| 4 | Roche | 4.3% |
| 5 | DSV | 4.0% |
| 6 | Topicus.com | 3.7% |
| 7 | Nexans | 3.5% |
| 8 | Kingspan Group | 3.3% |
| 9 | KBC Group | 3.2% |
| 10 | Sandoz Group AG | 3.1% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Industrials | 24.8 | 21.4 | 3.5 |
| 2 | Financials | 16.6 | 23.4 | -6.7 |
| 3 | Health Care | 16.4 | 12.7 | 3.7 |
| 4 | Information Technology | 15.2 | 10.5 | 4.7 |
| 5 | Consumer Discretionary | 13.1 | 7.2 | 5.9 |
| 6 | Consumer Staples | 5.2 | 7.1 | -1.9 |
| 7 | Communication Services | 3.5 | 3.8 | -0.3 |
| 8 | Energy | 2.1 | 3.4 | -1.3 |
| 9 | Materials | 2.0 | 4.6 | -2.6 |
| 10 | Cash | 1.0 | 0.0 | 1.0 |
Total | 100.0 | 94.0 |
Geographical location
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Netherlands | 26.9 | 10.6 | 16.3 |
| 2 | Sweden | 17.2 | 7.1 | 10.1 |
| 3 | Switzerland | 12.0 | 18.4 | -6.4 |
| 4 | France | 11.0 | 20.1 | -9.0 |
| 5 | Denmark | 7.9 | 3.4 | 4.6 |
| 6 | Poland | 7.5 | 0.0 | 7.5 |
| 7 | Ireland | 6.1 | 0.9 | 5.2 |
| 8 | Belgium | 3.2 | 2.2 | 1.0 |
| 9 | Italy | 3.0 | 6.6 | -3.7 |
| 10 | Norway | 2.7 | 1.4 | 1.3 |
Total | 97.4 | 70.6 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- CSG B.V.
- KBC GROUP NV
- SalMar
- TotalEnergies
Complete sales
- Kinnevik
- Reply Spa
- Soitec
Additions
- Adyen NV
- Dino Polska
- EXOR
- Instalco
- Lonza Group
- Roche
- Royal Unibrew A/S
Reductions
- Allegro.eu
- EQT
- Ryanair
- Sandoz Group AG Shs
- Vend Marketplaces ASA CL-B
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.
European Equities Q3 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.
Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?
European Equities Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.
How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.
European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.
European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
Finding Europe's hidden champions
There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.European Equities Q3 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?European Equities Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.Finding Europe's hidden champions
There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
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
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.