Overview
The European Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK Index, as stated in Sterling, by at least 1.5% 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 Europe excluding UK Sector.
We invest in companies not countries. The view is different from the bottom up than it is from the top down.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2023 6 Months
1 Year
3 Years
5 Years
Class B-Acc -16.8% -3.4% -11.1% 1.6% Index* -6.6% 11.6% 9.8% 7.2% Target Benchmark** -5.8% 13.3% 11.4% 8.9%
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2018
30/09/201930/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/2023Class B-Acc -0.1% 45.8% 20.3% -43.1% 9.3% Index* 6.8% 0.2% 21.8% -12.1% 20.0% Target Benchmark** 8.4% 1.7% 23.6% -10.8% 21.8% Sector Average*** 2.2% 3.1% 22.4% -16.1% 18.7% Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: Revolution, FE, MSCI. Total return in sterling.
Share class and Sector returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Europe ex UK Index.
**MSCI Europe ex UK Index (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Europe Excluding UK Sector.Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 Prosus 6.1% 2 Topicus.com 5.1% 3 Ryanair 4.9% 4 ASML 4.1% 5 Schibsted 4.0% 6 Atlas Copco 4.0% 7 Allegro.eu 3.5% 8 Kingspan Group 3.5% 9 Avanza Bank 3.4% 10 Richemont 3.2% Total 41.9% Geographic analysis of total assets - 31/10/2023Fund %
- 1 Netherlands 22.98
- 2 Sweden 18.50
- 3 France 13.06
- 4 Germany 9.78
- 5 Ireland 8.44
- 6 Switzerland 7.59
- 7 Norway 7.30
- 8 Denmark 3.67
- 9 Poland 3.53
- 10 Italy 3.05
- 11 Others 0.77
- 12 Cash 1.33
- 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.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
Please note that totals may not add due to rounding.Meet the Managers
Stephen Paice
Stephen is Head of the European Equity Team and has been involved in running the European portion of the Managed Fund since 2019. Stephen joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc (Hons) in Financial Mathematics in 2005.
Chris Davies
Chris joined Baillie Gifford in 2012 and is an Investment Manager in the Europe Team. He graduated BA (Hons) in Music from the University of Oxford in 2009 and went on to gain an MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011.
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 and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
Sustainability-related Disclosures
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.
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.
Dilution
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
