Overview
The Global Income Growth Fund aims to achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index 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 Global Equity Income Sector.
Our Global Income Growth Fund invests in companies which have durable competitive advantages and attractive growth opportunities.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2023 6 Months
1 Year
3 Years
5 Years
Class B-Inc -4.0% 6.1% 8.8% 9.7% Index* 1.8% 5.4% 9.5% 9.1% Target Benchmark** 1.8% 5.4% 9.5% 9.1%
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-Inc 11.5% 9.8% 18.8% -1.4% 9.3% Index* 7.9% 5.8% 22.7% -3.7% 11.0% Target Benchmark** 7.9% 5.7% 22.7% -3.7% 11.0% Sector Average*** 7.0% -3.9% 21.6% -0.6% 9.4% 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: FE, Revolution, MSCI. Total return in sterling.
Share class and Sector returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI ACWI Index.
**IA Global Equity Income Sector.Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 Novo Nordisk 4.9% 2 Microsoft 4.3% 3 Watsco 3.9% 4 Fastenal 3.6% 5 Procter & Gamble 3.4% 6 TSMC 3.0% 7 Apple 2.9% 8 PepsiCo 2.8% 9 Partners 2.6% 10 Atlas Copco 2.5% Total 33.7% SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2023Fund %
- 1 Industrials 20.90
- 2 Information Technology 19.34
- 3 Consumer Staples 16.04
- 4 Financials 16.02
- 5 Health Care 12.48
- 6 Consumer Discretionary 9.48
- 7 Communication Services 3.76
- 8 Utilities 1.10
- 9 Materials 1.06
- 10 Cash -0.19
- Total 100.00
Cash - this figure excludes revenue cash.
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
James Dow
James was appointed Co-Head of the Global Income Growth Team and Co-Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. He became a Partner in the firm from 1 May 2023. He joined Baillie Gifford in 2004 on the Graduate Scheme and became an Investment Manager in our US Equities Team. Previously, James spent three years working at The Scotsman newspaper, where he was the Economics Editor. He is a CFA Charterholder, graduated MA (Hons) in Economics-Philosophy from the University of St Andrews in 2000 and MSc in Development Studies from the London School of Economics in 2001.
Toby Ross
Toby is an Investment Manager on the Sustainable Growth Team and became a Partner in the firm from 1 May 2023. He first joined Baillie Gifford in 2006, as an analyst on the UK equities team. He joined the Global Income Growth team as an Investment Manager in 2013, and in this role, he helped to develop the team’s approach to responsible investment. He became the Joint Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. In 2022, Toby assumed the leadership of the Sustainable Growth Team. He graduated MA in English Literature from the University of Cambridge in 2006 and is a CFA Charterholder.
Ross Mathison
Ross joined Baillie Gifford in 2019 as an investment manager in the Global Income Growth Team and became Deputy Manager of The Scottish American Investment Company PLC (SAINTS) in August 2023. Previously, he spent a year at Aviva Investors and prior to that nine years at Standard Life Investments as an investment manager, first in the European Equity Team and latterly in the Global Equity Team. Ross is a CFA Charterholder and graduated MA (Hons) in Business and Finance from Heriot-Watt University in 2008. He also sits on the board of directors at Aberlour, a Scottish children’s charity.
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.
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.
Emerging Markets
The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
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 to Capital
For distribution purposes the Authorised Corporate Director (ACD) has the facility to allocate some or all expenses to capital. This will reduce the capital value of the Fund. For the year to 31 January 2020 91% of expenses were allocated to capital. The figure for the current financial period has not yet been determined however this number will vary from year to year.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
