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Baillie Gifford

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UK OEIC

Global Discovery Fund

Share class

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Overview

Fund objective

The Global Discovery Fund aims to outperform (after deduction of costs) the S&P Global Small Cap 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 Global 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

The Fund invests in companies that offer significant growth prospects with an emphasis on companies operating in industries with potential for structural change and innovation. The Fund's holdings will, by their nature, offer a wide range of potential outcomes. We aim to embrace this uncertainty and believe it is important that the portfolio is adequately diversified by name and thematic influence; and sufficiently broad so as to be open to the inclusion of new ideas. The Fund has a bias towards smaller companies.

Strategy behind the fund

Global Discovery
We look for early-stage transformative companies poised for long-term growth, scaling up to shape the next decade's success.

The capabilities behind this strategy

High growth
Global equities

Share price and charges

Share class

B, Inc

Price

1386.00p

% change

0.36%

Yield

0.0%

Ex-dividend (XD)

X

Ongoing charges*

0.79%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Key documents

Monthly factsheetQuarterly reportProspectusInterim reportAnnual reportValue Assessment

Our OEIC prices are generated on a daily basis by Baillie Gifford & Co. All OEICs operate on a forward dealing basis.

The yield shown above is a historic yield which reflects distributions declared over the past twelve months as a percentage of the mid-market price, as at the date shown. Where a share class has been in issue for less than a full financial year a forecast yield has been provided. The yield does not include any preliminary charge and investors may be subject to tax on distributions.

* The Ongoing Charge Figure (OCF) may vary from year to year and will exclude the costs of buying and selling assets for the Fund. The OCF is at the latest annual or interim period. Further explanation of all the charges and costs relating to this Fund can be found in the Enhanced Disclosure of Fund Charges and Costs document. Where the share class has been launched during the financial period and / or expenses during the period are not representative, an estimate of expenses may have been used instead. 

This limit does not apply to those investing via a platform for which the relevant limit set by the platform will apply.

Key documents

Monthly factsheetQuarterly reportProspectusInterim reportAnnual reportValue Assessment

Fund facts

As at: 30 April 2026

Fund launch date

1 May 2011

Fund size

£339.02m

The Investment Association sector

Global

Comparative Index

S&P Global Small Cap Index

Active share

99%**

Annual turnover

37%

Guideline number of holdings

80-125

Current number of holdings

66

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)

For information on the benchmark index, including the market capitalisation of the largest company in the index, please see here.

**Relative to S&P Global Small Cap Index. Source: Baillie Gifford & Co, S&P.

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:

Market Conditions/Liquidity

Any value assigned to illiquid securities which are difficult to trade, such as those in smaller, immature companies, may not accurately reflect the price the Fund might receive upon their sale.

Custody

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Smaller Immature Companies

Investment in smaller, immature companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for more established companies. As a result, share price fluctuations may be greater. In addition, smaller, immature companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.

Emerging Markets

The Fund invests in 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.

Concentration

The Fund's concentration in a particular geographical area or industry 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

The S&P 500, S&P Global SmallCap and Dow Jones Islamic Market World (index) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Fund performance

Periodic performance

As at: 30 April 2026

1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc
14.8%
-2.5%
-5.5%
28.4%
-0.0%
-13.9%
Index*
6.7%
6.4%
9.4%
33.0%
13.4%
6.9%
Sector Average**
6.7%
2.8%
2.7%
23.3%
12.2%
7.4%
Sector Ranking
19/588
537/585
515/580
160/571
485/500
439/439

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
-27.9%
-27.3%
-12.5%
-11.5%
9.7%
Index*
4.2%
-2.7%
13.8%
-2.6%
21.0%
Sector Average**
8.4%
-2.7%
16.7%
-0.3%
13.4%

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, S&P. Total return net of charges, in sterling.

Share class returns calculated using 10am prices, while the Index is calculated close-to-close.

Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.

*S&P Global Small Cap Index.

**IA Global Sector.

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 April 2026

#Holding% of total assets
1Alnylam Pharmaceuticals5.2%
2Twist Bioscience3.8%
3ASPEED Technology3.7%
4Axon Enterprise3.6%
5American Superconductor Corp2.9%
6Aehr Test Systems2.8%
7Xometry, Inc.2.8%
8MercadoLibre2.6%
9Astera Labs2.6%
10Oxford Nanopore Tech2.4%
Full portfolio spreadsheet

Sector

As at: 30 April 2026

#
Sector
Fund %
Index % *
Difference %
1
Information Technology
34.9
16.9
17.9
2
Health Care
27.8
10.1
17.7
3
Industrials
23.5
19.6
4.0
4
Consumer Discretionary
4.5
9.9
-5.4
5
Real Estate
2.4
6.4
-4.0
6
Financials
2.1
13.5
-11.4
7
Materials
1.5
8.8
-7.3
8
Consumer Staples
1.1
3.8
-2.7
9
Cash
2.3
0.0
2.3
Total
100.0
88.9

Top 10 geographical locations

As at: 30 April 2026

#
Top 10 locations
Fund %
Index % *
Difference %
1
United States
56.6
63.5
-6.9
2
UK
7.1
2.8
4.3
3
China
5.9
2.0
3.9
4
Japan
5.4
6.1
-0.7
5
Brazil
4.9
0.4
4.5
6
Taiwan
4.8
2.6
2.1
7
Australia
3.6
1.6
2.0
8
Israel
3.4
0.4
3.0
9
France
1.6
1.8
-0.2
10
Netherlands
1.6
0.8
0.8
Total
94.9
82.2

Region

As at: 30 April 2026

#
Region
Fund %
Index % *
Difference %
1
North America
56.6
66.9
-10.3
2
Emerging Markets
20.3
11.0
9.3
3
Developed Asia Pacific
9.0
8.6
0.4
4
UK
7.1
2.8
4.3
5
Europe (ex UK)
4.6
10.6
-6.0
6
Cash
2.3
0.0
2.3
Total
100.0
100.0

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.

Totals may not sum due to rounding.

*S&P Global Small Cap Index.

Quarterly transactions

Transactions for the three-month period ending 31 March 2026

New purchases

  • Circle Internet Group
  • Rubrik
  • Stoke Therapeutics, Inc. Com

Complete sales

  • Ilika
  • SkyWater Technology
  • Upwork Inc

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 10 of 10
  1. alt=""

    Discovery Q1 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video8 minutes
  2. alt=""

    Discovery Q4 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video8 minutes

  3. Discovery Q3 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes

  4. Discovery Q2 update

    Investment manager Douglas Brodie reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video5 minutes

  5. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes

  6. Discovery Q1 update

    The Discovery Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video12 minutes

  7. Our best disruptive ideas

    Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
    September 2024
    Video3 minutes

  8. Small caps: Beyond the myths

    Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
    November 2023
    Article

  9. Global Discovery manager update

    Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
    September 2023
    Video47 minutes

  10. Space: the final investment frontier

    Fifty years on from the first moon landing, entrepreneurs on the west coast of America are stepping up spending on space. To discuss how this new space race might impact investment, Malcolm Borthwick is joined by Luke Ward – space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust and the Global Discovery Fund.
    June 2019
    Podcast15 minutes

  1. alt=""

    Discovery Q1 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video8 minutes
  2. alt=""

    Discovery Q4 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video8 minutes

  3. Discovery Q3 update

    Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes

  4. Discovery Q2 update

    Investment manager Douglas Brodie reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video5 minutes

  5. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes

  6. Discovery Q1 update

    The Discovery Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video12 minutes

  7. Our best disruptive ideas

    Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
    September 2024
    Video3 minutes

  8. Small caps: Beyond the myths

    Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
    November 2023
    Article

  9. Global Discovery manager update

    Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
    September 2023
    Video47 minutes

  10. Space: the final investment frontier

    Fifty years on from the first moon landing, entrepreneurs on the west coast of America are stepping up spending on space. To discuss how this new space race might impact investment, Malcolm Borthwick is joined by Luke Ward – space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust and the Global Discovery Fund.
    June 2019
    Podcast15 minutes

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

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.

Contact us

Still have a question?  Please get in touch with us.

View our contact information

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.