Overview
The Diversified Growth Fund aims to achieve (after deduction of costs): an annualised return over rolling five-year periods that is at least 3.5% more than UK Base Rate, a positive return over rolling three-year periods and annualised volatility of returns over rolling five-year periods that is below 10%. There is no guarantee that a positive return will be achieved over rolling three-year periods, or any time period, and capital may be at risk.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing.
Our investment approach embraces the concept of diversification by investing actively across a very broad range of asset classes to deliver capital growth with low volatility.
Performance & Portfolio
Periodic performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 6.8% 16.7% -1.4% 1.4% Index* 2.6% 5.3% 3.5% 2.2% Target Benchmark** 4.4% 8.8% 7.0% 5.7%
Annual discrete performance 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/2024Class B-Acc -1.2% 11.6% -14.1% -0.8% 15.5% Index* 0.4% 0.1% 0.8% 4.2% 5.5% Target Benchmark** 3.9% 3.6% 4.3% 7.6% 8.8% Please bear in mind that past performance is not a guide to future returns. 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. Total return net of charges, in sterling.Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
*UK Base Rate.
**To outperform the UK Base Rate (as stated in sterling) by at least 3.5% per annum measured over rolling five-year periods.
Top ten holdings 31/10/2024
Fund % 1 Leadenhall UCITS ILS Fund 4.5% 2 Baillie Gifford Emerging Markets Leading Companies Fund 4.5% 3 Baillie Gifford Long Term Global Growth Investment Fund 2.6% 4 Galene Fund 2.6% 5 Baillie Gifford Global Income Growth Fund 2.5% 6 UK T Bill 27/01/2025 2.2% 7 Aegon ABS Opportunity Fund Acc 2.1% 8 Baillie Gifford Worldwide China A Shares Growth Fund 2.0% 9 SparkChange Physical Carbon ETC 2.0% 10 3i Infrastructure 1.9% Total 26.9% Asset allocation - exposure 31/10/2024Fund %
- 1 Listed Equities 14.41
- 2 Property 8.10
- 3 High Yield Credit 2.64
- 4 Structured Finance 10.01
- 5 Commodities 6.76
- 6 Emerging Market Bonds 15.02
- 7 Infrastructure 24.76
- 8 Government Bonds 4.15
- 9 Insurance Linked 10.66
- 10 Special Opportunities -0.48
- 11 Active Rates and Currency 0.00
- 12 Cash and Equivalents 3.96
- 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.
A negative cash position may sometimes occur due to obligations awaiting settlement. Futures positions are included at their net exposure weight, and cash includes collateral held to back all long futures positions. Therefore, total portfolio exposure may not sum to 100%.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Insights
View all Insights.Meet the Managers
James Squires
James is head of the Multi Asset Team and chairs our Multi Asset and Income Leadership Group. He became a partner in 2018. James joined Baillie Gifford in 2006, initially working in our North American Equity and Fixed Income teams. He has been a CFA Charterholder since 2010 and graduated BA in Mathematics and Philosophy from the University of Oxford in 2005.
Felix Amoako-Kwarteng
Felix joined Baillie Gifford in 2011 and is an investment manager in the Multi Asset Team. He is a CFA Charterholder. Felix graduated BComm in Accounting from University of Cape Coast, Ghana, in 2008 and MSc in Investment Analysis from the University of Stirling in 2010.
Scott Lothian
Scott is an investment manager in the Multi Asset Team. He joined Baillie Gifford in 2015. Prior to joining the firm, he worked as a Solutions Strategist for Schroders in London, led a multi-manager team for BEA Union in Hong Kong, and was a senior investment consultant at Towers Watson. Scott is a Fellow of the Institute and Faculty of Actuaries, and graduated BSc (Hons) in Actuarial Mathematics and Statistics from Heriot-Watt University in 1999.
Nicoleta Dumitru
Nicoleta is an investment manager in the Multi Asset Team and part of the Sustainable Income and Multi Asset Income Portfolio Construction Group. She joined Baillie Gifford in 2013 after graduating BSc (Hons) in Management and Marketing from the University of Manchester that same year.
How to Invest
You can invest in our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
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.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
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
Enhanced disclosure document
Factsheets
Interim reports
Key investor information documents (KIIDs)
Sustainability-related disclosures and climate reports
Value assessment
Risks
General Investment Risk
The Fund does not guarantee positive returns. It aims to limit the extent of loss in any short-term period to a lower level than equities. 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.
Bonds and Inflation
Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests, particularly in emerging markets, may not be able to pay the bond income as promised or could fail to repay the capital amount.
Alternative Assets
Investments may be made directly in hedge funds and insurance-linked bonds or, through specific investment vehicles into property, infrastructure, private (unlisted) companies and commodities.
Returns from these investments are sensitive to various factors including interest and exchange rates, economic growth prospects and inflation, and the cost and availability of gearing (debt finance). Certain specific factors affect these assets such as:
- Hedge funds – invest in a wide variety of assets and use gearing which may increase losses; it may be difficult to obtain independent verification of the value of shares in hedge funds and there is a risk that investments in them may be difficult to sell; some funds are not directly regulated, increasing the risk of lack of transparency.
- Insurance-linked bonds (also known as catastrophe bonds) – exposed to the risk of extreme insurance losses should several natural disasters like earthquakes, fire or hurricanes occur during the bond’s life.
- Property - rents, vacancy rates, the supply of new property, and confidence.
- Infrastructure and Private Companies – expectations of future cash flow.
- Commodities – climate, supply, industrial and consumer demand, and tariffs.
Derivatives
Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.
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.
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.
Under certain market conditions it can be difficult to buy or sell securities and even small purchases or sales can cause their prices to move significantly. To manage the effects of this, we may apply an increased dilution adjustment. As a result investors may face increased dealing costs.
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.
Market Conditions
Market values for illiquid securities which are difficult to trade, or value less frequently than the Fund, such as holdings in weekly or monthly dealt funds, may not be readily available. There can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale.
Investment in vehicles which themselves invest in a range of assets described previously which may become illiquid may not be easily converted into cash when required.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
