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
Share price and charges
Share class
B, IncPrice
1499.00p% change
-1.64%Yield
0.0%Ex-dividend (XD)
XOngoing charges*
0.52%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
31 July 1997
Fund size
£1,967.76m
The Investment Association sector
North America
Comparative Index
S&P 500 Index
Active share
76%**
Annual turnover
37%
Guideline number of holdings
30-50
Current number of holdings
47
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
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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 8.2% | -6.4% | -18.8% | 3.5% | 15.8% | -5.1% |
Index* | 7.2% | 5.2% | 2.5% | 28.8% | 18.5% | 13.6% |
Sector Average** | 6.8% | 4.1% | 1.8% | 24.0% | 15.2% | 10.1% |
Sector Ranking | 101/283 | 280/282 | 278/280 | 260/273 | 127/244 | 222/223 |
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 | -20.1% | -29.1% | 37.2% | 6.0% | -4.9% |
Index* | 21.2% | -1.7% | 27.1% | 5.9% | 15.3% |
Sector Average** | 16.1% | -4.0% | 25.1% | 2.2% | 11.8% |
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Amazon.com | 9.8% |
| 2 | NVIDIA | 7.4% |
| 3 | Meta Platforms | 6.2% |
| 4 | Cloudflare | 5.7% |
| 5 | Alphabet | 4.7% |
| 6 | Shopify | 4.6% |
| 7 | DoorDash | 3.5% |
| 8 | Netflix | 3.3% |
| 9 | Broadcom | 3.2% |
| 10 | Guardant Health | 2.8% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 29.2 | 35.0 | -5.8 |
| 2 | Consumer Discretionary | 23.9 | 10.0 | 14.0 |
| 3 | Communication Services | 16.1 | 11.0 | 5.0 |
| 4 | Health Care | 15.7 | 8.5 | 7.2 |
| 5 | Industrials | 5.0 | 8.8 | -3.8 |
| 6 | Financials | 4.8 | 12.0 | -7.2 |
| 7 | Real Estate | 2.4 | 1.9 | 0.5 |
| 8 | Materials | 1.6 | 1.9 | -0.3 |
| 9 | Consumer Staples | 0.3 | 4.9 | -4.6 |
| 10 | Cash | 0.9 | 0.0 | 0.9 |
Total | 100.0 | 94.1 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Axon Enterprise Inc
- RBC Bearings Inc
Complete sales
- Globant Sa
Reductions
- Datadog
- Netflix Inc
- Wayfair 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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
US Perspectives: notes from the road
From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Perspectives: fear, fundamentals and fortitude
Why indiscriminate market selling may be obscuring resilient company fundamentals.
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.
AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?
US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.
US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Equity Growth Q3 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
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?
Cultural architects
How great founders shape exceptional companies in changing times.
US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US Equity Growth Q2 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
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.
US Perspectives: notes from the road
From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Perspectives: fear, fundamentals and fortitude
Why indiscriminate market selling may be obscuring resilient company fundamentals.US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.US Equity Growth Q3 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.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?Cultural architects
How great founders shape exceptional companies in changing times.US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.US Equity Growth Q2 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.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.
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.
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 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.