Capital at risk

UK OEIC

American Fund

Share class

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Overview

Fund objective

To outperform (after deduction of costs) the S&P 500 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 North America 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

We are bottom-up, growth investors with a long-term horizon. We back our judgement, running a concentrated portfolio (usually between 30-50 stocks) with low turnover. The team aims to outperform by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their stock prices. We take a five-year view when investing in stocks and are not driven by short-term trends.

Share price and charges

Share class

B, Inc

Price

1557.00p

% change

-0.32%

Yield

0.0%

Ex-dividend (XD)

N

Ongoing charges*

0.52%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Fund facts

As at: 30 June 2026

Fund launch date

31 July 1997

Fund size

£1,980.51m

The Investment Association sector

North America

Comparative Index

S&P 500 Index

Active share

78%**

Annual turnover

37%

Guideline number of holdings

30-50

Current number of holdings

50

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 two business days (T+2)

**Relative to S&P 500 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:

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 and currency 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.

Foreign Currency

The Fund has exposure to a foreign currency and changes in the rate 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

Your location indicates you are based in Jersey 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.

Contact us

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

Fund performance

Periodic performance

As at: 30 June 2026

1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc
1.8%
16.5%
-4.6%
-4.5%
12.0%
-5.3%
Index*
0.6%
14.5%
11.7%
26.3%
18.9%
14.3%
Sector Average**
1.6%
14.2%
10.7%
22.4%
15.9%
11.0%
Sector Ranking
113/283
88/282
268/278
269/273
194/246
225/226

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: 30 June 2026

30/06/2021 –
30/06/2022
30/06/2022 –
30/06/2023
30/06/2023 –
30/06/2024
30/06/2024 –
30/06/2025
30/06/2025 –
30/06/2026
Class B-Acc
-56.0%
23.1%
20.4%
22.4%
-4.5%
Index*
1.7%
14.2%
25.3%
6.2%
26.3%
Sector Average**
-3.3%
12.1%
21.3%
4.8%
22.4%

Important information

Your location indicates you are based in Jersey 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.

Contact us

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

Fund portfolio holdings

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

As at: 30 June 2026

#Holding% of total assets
1Amazon.com8.4%
2NVIDIA7.1%
3Meta Platforms5.5%
4Cloudflare4.3%
5DoorDash4.2%
6Shopify4.2%
7Alphabet4.1%
8Broadcom2.8%
9Snowflake2.6%
10The Ensign Group, Inc.2.5%

Sector

As at: 30 June 2026

#
Sector
Fund %
Index % *
Difference %
1
Information Technology
28.2
38.0
-9.8
2
Consumer Discretionary
23.6
9.3
14.3
3
Health Care
16.8
8.9
7.9
4
Communication Services
14.3
9.7
4.6
5
Financials
7.1
11.8
-4.7
6
Industrials
5.0
8.9
-3.9
7
Real Estate
2.0
1.8
0.2
8
Materials
1.3
1.8
-0.6
9
Consumer Staples
0.3
4.6
-4.3
10
Cash
1.4
0.0
1.4
Total
100.0
94.8

Quarterly transactions

Transactions for the three-month period ending 30 June 2026

New purchases

  • Broadcom Inc
  • Idexx Laboratories Inc
  • Mastercard
  • Space Exploration Technologies Corp

Complete sales

  • Datadog
  • Doximity Inc
  • Penumbra Inc

Additions

  • Alphabet Inc Class A
  • Axon Enterprise Inc
  • Block Inc
  • Circle Internet Group
  • Doordash Inc
  • Medline Inc
  • RBC Bearings Inc
  • The Ensign Group
  • United Therapeutics

Reductions

  • Cloudflare Inc
  • Guardant Health Inc
  • Meta Platforms Inc
  • Netflix Inc
  • Space Exploration Technologies Corp
  • Tesla Inc

Important information

Your location indicates you are based in Jersey 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.

Contact us

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

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 27 of 27
  1. US Equity Growth Q2 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    July 2026
    Article7 minutes
  2. US Equity Growth Q2 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    July 2026
    Video6 minutes
  3. Technician in cleanroom examining sample.

    US Perspectives: the lifecycle of healthcare innovation

    Why uncertainty may create meaningful opportunities in healthcare innovation.
    June 2026
    Article4
  4. Driving down a highway in the fall through the Rocky Mountains

    US Perspectives: notes from the road

    From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
    May 2026
    Article4
  5. US Equity Growth Q1 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2026
    ArticleLong read
  6. Hikers on a winding trail beneath hazy peaks, reflecting uncertainty and resilience in volatile markets.

    US Perspectives: fear, fundamentals and fortitude

    Why indiscriminate market selling may be obscuring resilient company fundamentals.
    April 2026
    Article6
  7. US Equity Growth Q1 update

    Investment specialist Philip Rae reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video6 minutes
  8. Silhouetted construction workers and excavator at building site, sun halo flaring behind scaffolding

    US Perspectives: AI-immunity and The Acronym Fallacy

    How ‘AI-immune’ businesses compound beyond market acronyms.
    March 2026
    Article6
  9. alt="Side-view MRI scan of a human head, showing detailed cross-section of the brain against a navy background"

    AI is coming for your mind

    AI is reshaping human cognition. What does that mean for workers, companies and society?
    March 2026
    ArticleLong read
  10. Person typing on laptop as colourful AI data streams flow into binary digits.

    US Perspectives: is AI eating software?

    Breaking down where software value shifts when AI writes code.
    February 2026
    Article6
  11. Close-up view of the Brooklyn Bridge's criss-crossed steel suspension cables under sunset skies.

    US Perspectives: what really matters?

    A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
    January 2026
    Article8
  12. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2026
    External link
  13. alt=""

    US Equity Growth Q4 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    January 2026
    ArticleLong read
  14. US Equity Growth Q4 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video7 minutes
  15. Yarak: culture in the age of AI

    What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?
    December 2025
    Article8 minutes
  16. US Perspectives: are we in an era of commercial diplomacy?

    US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.
    December 2025
    Article6 minutes
  17. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  18. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  19. US Perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  20. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  21. US Perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  22. US Equity Growth Q3 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes
  23. US Equity Growth Q3 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  24. US Perspectives: things are getting weird, quickly

    An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
    September 2025
    Article8 minutes
  25. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  26. US Perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  27. US Perspectives: infrastructure, the invisible opportunity

    A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
    June 2025
    Article7 minutes

  1. US Equity Growth Q2 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    July 2026
    Article7 minutes
  2. US Equity Growth Q2 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    July 2026
    Video6 minutes
  3. Technician in cleanroom examining sample.

    US Perspectives: the lifecycle of healthcare innovation

    Why uncertainty may create meaningful opportunities in healthcare innovation.
    June 2026
    Article4 minutes
  4. Driving down a highway in the fall through the Rocky Mountains

    US Perspectives: notes from the road

    From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
    May 2026
    Article4 minutes
  5. US Equity Growth Q1 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2026
    ArticleLong read
  6. Hikers on a winding trail beneath hazy peaks, reflecting uncertainty and resilience in volatile markets.

    US Perspectives: fear, fundamentals and fortitude

    Why indiscriminate market selling may be obscuring resilient company fundamentals.
    April 2026
    Article6 minutes
  7. US Equity Growth Q1 update

    Investment specialist Philip Rae reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video6 minutes
  8. Silhouetted construction workers and excavator at building site, sun halo flaring behind scaffolding

    US Perspectives: AI-immunity and The Acronym Fallacy

    How ‘AI-immune’ businesses compound beyond market acronyms.
    March 2026
    Article6 minutes
  9. alt="Side-view MRI scan of a human head, showing detailed cross-section of the brain against a navy background"

    AI is coming for your mind

    AI is reshaping human cognition. What does that mean for workers, companies and society?
    March 2026
    ArticleLong read
  10. Person typing on laptop as colourful AI data streams flow into binary digits.

    US Perspectives: is AI eating software?

    Breaking down where software value shifts when AI writes code.
    February 2026
    Article6 minutes
  11. Close-up view of the Brooklyn Bridge's criss-crossed steel suspension cables under sunset skies.

    US Perspectives: what really matters?

    A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
    January 2026
    Article8 minutes
  12. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2026
    External link
  13. alt=""

    US Equity Growth Q4 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    January 2026
    ArticleLong read
  14. US Equity Growth Q4 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video7 minutes
  15. Yarak: culture in the age of AI

    What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?
    December 2025
    ArticleLong read
  16. US Perspectives: are we in an era of commercial diplomacy?

    US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.
    December 2025
    Article6 minutes
  17. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  18. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  19. US Perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  20. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  21. US Perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  22. US Equity Growth Q3 update

    Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes
  23. US Equity Growth Q3 investor letter

    The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  24. US Perspectives: things are getting weird, quickly

    An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
    September 2025
    Article8 minutes
  25. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  26. US Perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  27. US Perspectives: infrastructure, the invisible opportunity

    A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
    June 2025
    Article7 minutes

Important information

Your location indicates you are based in Jersey 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.

Contact us

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

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.

Important information

Your location indicates you are based in Jersey 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.