Overview
Global Discovery aims to outperform (after deduction of costs) the S&P Global Small Cap Index, as stated in Sterling, by at least 2% 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 Global Sector.
Small is fleet footed. We invest in immature companies because they are more nimble when it comes to exploiting change.
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 3.0% 9.7% 35.8% 18.4% -0.4% -10.0% Index* 2.7% 7.3% 21.6% 12.8% 9.5% 10.7% Target Benchmark** 2.8% 7.7% 22.5% 14.7% 11.4% 12.7% Sector Average*** 4.0% 6.8% 20.1% 15.2% 12.7% 10.8% Sector Ranking 410/573 81/570 29/564 180/545 480/494 420/420
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 5.7% -42.9% -17.0% -3.0% 16.9% Index* 33.5% -9.1% 5.1% 13.1% 11.9% Target Benchmark** 35.5% -6.8% 7.0% 14.9% 13.9% Sector Average*** 23.2% -8.9% 7.8% 16.2% 12.1% 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, 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.
**S&P Global Small Cap Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.
Top ten holdings 31/10/2025
Fund % 1 Alnylam Pharmaceuticals 7.3% 2 AeroVironment 5.2% 3 American Superconductor Corp 3.9% 4 Axon Enterprise 3.7% 5 JFrog 3.1% 6 Zillow 2.9% 7 Oxford Nanopore Tech 2.9% 8 Xometry, Inc. 2.8% 9 Exact Sciences 2.6% 10 DLocal 2.4% Total 36.7% Sector analysis of total assets 31/10/2025Fund %
- 1 Information Technology 33.78
- 2 Health Care 30.82
- 3 Industrials 24.57
- 4 Consumer Discretionary 3.56
- 5 Real Estate 2.86
- 6 Consumer Staples 1.77
- 7 Materials 1.14
- 8 Financials 0.89
- 9 Cash 0.61
- Total 100.00
Geographic analysis of total assets 31/10/2025Fund %
- 1 United States 64.58
- 2 UK 7.88
- 3 China 5.22
- 4 Australia 4.05
- 5 Israel 4.02
- 6 Brazil 4.01
- 7 Taiwan 3.20
- 8 Japan 3.07
- 9 Others 3.37
- 10 Cash 0.61
- 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 sum due to rounding.
Insights
Meet the Managers
Douglas Brodie
Douglas is head of the Discovery Team and has led the strategy since its inception. He is a member of the Discovery Portfolio Construction Groups and also a co-manager of the Edinburgh Worldwide Investment Trust. He joined Baillie Gifford in 2001 and became a partner in 2015. He graduated with a BSc in Molecular Biology and Biochemistry from the University of Durham in 1997 and attained a DPhil in Molecular Immunology from the University of Oxford in 2001.
Svetlana Viteva
Svetlana is an investment manager in the Discovery Team. She is a member of the Discovery Portfolio Construction Groups and a co-manager of the Edinburgh Worldwide Investment Trust. She joined Baillie Gifford in 2012. She graduated with a BA in Economics and Business Administration from the American University in Bulgaria in 2008, an MSc in Investment Analysis in 2009 and a PhD in Accounting and Finance in 2012, both from the University of Stirling. She is a CFA Charterholder.
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
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”)]/[Advice Law] and in the First Addendum to the [Israel Securities Law, 5728-1968 (the “Securities Law”)]/ [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.
