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
Share price and charges
Share class
B, IncPrice
2142.00p% change
0.14%Yield
0.5%Ex-dividend (XD)
NOngoing 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
£169.91m
The Investment Association sector
Europe excluding UK
Comparative Index
MSCI Europe ex UK Index
Active share
76%**
Annual turnover
44%
Guideline number of holdings
40-80
Current number of holdings
45
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
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 June 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | -0.5% | 11.2% | -2.0% | -1.6% | 2.6% | -6.0% |
Index* | 3.0% | 12.8% | 10.4% | 22.9% | 15.0% | 10.5% |
Sector Average** | 1.9% | 12.7% | 8.9% | 17.7% | 12.8% | 8.2% |
Sector Ranking | 122/141 | 99/141 | 138/141 | 137/141 | 133/136 | 132/132 |
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 | -39.2% | 12.1% | 8.0% | 1.5% | -1.6% |
Index* | -9.8% | 20.0% | 13.0% | 9.6% | 22.9% |
Sector Average** | -12.6% | 18.4% | 11.7% | 9.1% | 17.7% |
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 June 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | ASML | 9.7% |
| 2 | Roche | 5.0% |
| 3 | ASM International | 5.0% |
| 4 | DSV | 3.8% |
| 5 | Lonza | 3.5% |
| 6 | KBC Group | 3.1% |
| 7 | Ryanair | 3.1% |
| 8 | Avanza Bank | 2.9% |
| 9 | TotalEnergies | 2.5% |
| 10 | Kingspan Group | 2.5% |
Sector
As at: 30 June 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Industrials | 22.8 | 20.7 | 2.1 |
| 2 | Financials | 21.4 | 23.7 | -2.3 |
| 3 | Information Technology | 15.9 | 12.7 | 3.2 |
| 4 | Health Care | 14.7 | 12.9 | 1.8 |
| 5 | Consumer Discretionary | 8.2 | 7.1 | 1.2 |
| 6 | Consumer Staples | 5.1 | 6.9 | -1.8 |
| 7 | Communication Services | 3.7 | 3.4 | 0.3 |
| 8 | Energy | 2.5 | 2.8 | -0.2 |
| 9 | Materials | 2.0 | 4.4 | -2.4 |
| 10 | Utilities | 1.9 | 4.9 | -3.1 |
| 11 | Cash | 1.8 | 0.0 | 1.8 |
Total | 100.0 | 99.4 |
Geographical location
As at: 30 June 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Netherlands | 25.3 | 12.6 | 12.7 |
| 2 | Switzerland | 16.0 | 18.8 | -2.7 |
| 3 | Sweden | 13.4 | 6.7 | 6.6 |
| 4 | Germany | 8.6 | 17.2 | -8.6 |
| 5 | Poland | 7.9 | 0.0 | 7.9 |
| 6 | France | 5.8 | 19.5 | -13.7 |
| 7 | Ireland | 5.6 | 0.8 | 4.9 |
| 8 | Spain | 4.2 | 7.8 | -3.6 |
| 9 | Denmark | 3.8 | 3.3 | 0.4 |
| 10 | Belgium | 3.1 | 2.3 | 0.9 |
Total | 93.7 | 88.9 |
Quarterly transactions
Transactions for the three-month period ending 30 June 2026
New purchases
- Airbus SE
- Allianz SE
- Bending Spoons Spa
- CaixaBank
- Coca Cola HBC
- Deutsche Telekom AG
- GALDERMA GROUP AG
- Iberdrola SA
- Investor AB-B
- LPP
- Mtu Aero Engines Ag
- OHB SE
- Piraeus Financial Holdings SA
- Rheinmetall
- WARTSILA
Complete sales
- Amplifon
- Assa Abloy 'B'
- CSG B.V.
- Edenred
- Epiroc B
- LVMH
- Novo Nordisk
- Royal Unibrew A/S
- Vend Marketplaces ASA CL-B
Additions
- Lonza Group
- Roche Holding AG
- TotalEnergies
Reductions
- Allegro.eu
- Atlas Copco B
- Kingspan Group
- Moncler
- Nexans
- Prosus N.V.
- Sandoz Group AG Shs
- Topicus.Com Inc
- Topicus.Com 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
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.
Upfront: Europe, chips and rising Japan
Learn why Europe is back in fashion, what makes TSMC special, and why Japan is on the up.
Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?
European Fund: Europe's next chapter
How geopolitical challenges and macroeconomic changes are reshaping Europe's investment landscape.
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.Upfront: Europe, chips and rising Japan
Learn why Europe is back in fashion, what makes TSMC special, and why Japan is on the up.Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?European Fund: Europe's next chapter
How geopolitical challenges and macroeconomic changes are reshaping Europe's investment landscape.
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.