Overview
Investment proposition
Share price and charges
Share class
C, Acc, GBPNAV per share
75.01% change
-1.66%Ongoing charges*
0.11%Initial charge
0%Fund facts
Current number of holdings
47
Guideline number of holdings
30-50
Benchmark
S&P 500 Index
Active share
76%**
Annual turnover
45%
Fund launch date
13 November 2012
Style
Growth
Fund Settlement Cycle
Trade date plus two business days (T+2)
Fund size calculated using base currency in US dollars and converted into listed currencies.
**Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Meet the managers
Risks
General Investment Risk
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.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
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 Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
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 | 4.6% |
| 6 | Shopify | 4.6% |
| 7 | DoorDash | 3.5% |
| 8 | Netflix | 3.4% |
| 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 | 23.8 | 10.0 | 13.8 |
| 3 | Communication Services | 16.0 | 11.0 | 5.0 |
| 4 | Health Care | 15.8 | 8.5 | 7.3 |
| 5 | Industrials | 4.9 | 8.8 | -3.9 |
| 6 | Financials | 4.8 | 12.0 | -7.2 |
| 7 | Real Estate | 2.5 | 1.9 | 0.5 |
| 8 | Materials | 1.6 | 1.9 | -0.3 |
| 9 | Consumer Staples | 0.3 | 4.9 | -4.6 |
| 10 | Cash | 1.0 | 0.0 | 1.0 |
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
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.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
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.