Overview
The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the MSCI ACWI, as stated in Sterling, by at least 2.5% 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 Global Sector.
At Baillie Gifford, we ask ourselves one important question: ‘Where are the most exciting investment opportunities over the long term going to be?
Performance & Portfolio
Periodic Performance
All figures to 31/10/2023 6 Months
1 Year
3 Years
5 Years
Class B-Acc 0.2% 5.0% -9.4% 11.0% Index* 1.7% 5.4% 9.5% 9.1% Target Benchmark** 3.0% 8.0% 12.2% 11.8%
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 -1.8% 93.9% 21.3% -38.1% 8.4% Index* 7.8% 5.7% 22.7% -3.6% 10.9% Target Benchmark** 10.5% 8.3% 25.7% -1.2% 13.7% Sector Average*** 6.0% 7.2% 23.2% -8.9% 7.8% 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.
**FTSE All World Index + 2.5% (in Sterling) over rolling five-year periods up to 29/06/2023; from 30/06/2023 MSCI ACWI + 2.5% (in Sterling).
These have been chain-linked for performance figures above.
***IA Global Sector.Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 NVIDIA 7.2% 2 Amazon.com 6.9% 3 PDD Holdings 5.6% 4 Tesla Inc 4.5% 5 ASML 4.4% 6 Atlassian 3.9% 7 The Trade Desk 3.8% 8 Dexcom 3.4% 9 Netflix 3.3% 10 Kering 3.2% Total 46.2% Geographic Analysis of Total Assets 31/10/2023Fund %
- 1 North America 55.85
- 2 Emerging Markets 25.35
- 3 Europe (ex UK) 17.86
- 4 Cash 0.94
- Total 100.00
Total may not sum due to rounding.
Meet the Managers
Mark Urquhart
Mark is a Senior Investment Manager in our Long Term Global Growth Team, a strategy which he co-founded in 2003. Mark joined Baillie Gifford in 1996, initially working as an Investment Analyst and Manager in the US, UK and Japanese Equities Teams. He became a Partner in 2004. Mark graduated BA in Philosophy, Politics and Economics from the University of Oxford in 1992 and spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics at the University of Edinburgh in 1996.
John MacDougall
John is an Investment Manager in the Long Term Global Growth (LTGG) Team and has been a Partner in the firm since 2016. He relocated to Shanghai in September 2019 as Chairman of the Baillie Gifford’s China office. He joined Baillie Gifford in 2000 and after a year in the North American Department John joined the Japanese Team where, from 2007 onwards, he managed the Shin Nippon Investment Trust which invests in high growth, small and medium sized companies. In 2011 John moved to the Global Discovery Team which focuses on identifying rapidly growing, innovation led, smaller businesses from around the world. During this period he had a particular focus on unearthing new investment opportunities in Emerging Markets, and Asia in particular. He joined the LTGG Team in 2015. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.
Michael Pye
Michael joined Baillie Gifford in 2013 and is an Investment Manager in the Long Term Global Growth Team. He is a CFA Charterholder. Michael graduated BA (Hons) in Classics from the University of Cambridge in 2007 before gaining an MLitt (2009) and PhD (2013) in Iranian Studies from the University of St Andrews.
Gemma Barkhuizen
Investment Manager
Gemma joined Baillie Gifford in September 2017. She is one of the managers of the Global Outliers strategy and part of the Long Term Global Growth Team. She graduated MA in Modern History from The University of Durham in 2017. Prior to this, Gemma also graduated BA (Hons) in History and BA double major in History and Philosophy from Rhodes University in South Africa.
Robert Wilson
Robert is an investment manager in the Long-Term Global Growth (LTGG) team. Robert joined Baillie Gifford in 2016, having studied first Philosophy at Cambridge and taking up a Mellon Fellowship to Yale after. Before managing LTGG, Robert worked on Baillie Gifford’s US, European and Multi-Asset & Income strategies. He often works with Baillie Gifford’s private companies team and has particular interests in financial technology, the virtual economy and the changing face of entertainment.
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
Interim Reports
Key Investor Information Documents
Sustainability-related Disclosures
Risks
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.
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.
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.