1. Overview

    Global Discovery aims to outperform (after deduction of costs) the S&P Global Small Cap Index, as stated in Sterling, by at least 2% 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.

    Small is fleet footed. We invest in immature companies because they are more nimble when it comes to exploiting change.


    The Global Discovery Fund invests on a five to ten year view. The price of the Fund could change materially based on the valuations of a few companies. As such, it may not suit your investment needs.

    Prior to considering an investment please take into account your tolerance for volatility in the value of the Fund’s share price and whether your investment time horizon aligns with the Fund’s. Company share prices can rise and fall significantly in the short run, particularly the immature companies in which this Fund seeks to invest. They can be dominated by the sentiment of other investors, and are often swayed by news and events. We will not attempt to predict or control for short-term price changes; looking beyond the immediate environment is an important part of our process.

    We manage the Fund this way because it is where we believe we have the greatest investment insight, which in turn gives us the best chance to deliver outstanding investment returns to shareholders over the next five years and beyond. The businesses we invest in are immature, disruptive and run very differently to the average. Our investment horizon of at least five years, combined with our creative approach to research, helps us to see value where others don’t. But we cannot guarantee that we will be proven right, or that the Fund will achieve the returns we aim for.

    If you are interested in finding out more then there is additional information in the Insights and Documents sections of the website.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/06/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -13.3%-13.2%-26.5%-6.3%
    Index* 3.1%10.5%2.0%7.1%
    Target Benchmark** 4.1%12.5%4.0%9.1%
    Sector Average*** 8.6%14.9%5.1%9.0%
    Sector Ranking 552/560537/548482/482404/404

    Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.

    Annual Discrete Performance to 30 June each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc 36.4%33.1%-50.0%-8.3%-13.2%
    Index* -2.8%36.8%-11.3%8.2%10.5%
    Target Benchmark** -0.9%38.7%-9.4%10.4%12.5%
    Sector Average*** 5.4%25.9%-8.8%10.8%14.9%

    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, S&P. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    *S&P Global Small Cap Index.
    **S&P Global Small Cap Index (in sterling) plus at least 2% per annum over rolling five-year periods.
    ***IA Global Sector.

    Top Ten Holdings - 30/06/2024

    Fund %
    1 Alnylam Pharmaceuticals 6.9%
    2 AeroVironment 4.8%
    3 STAAR Surgical 3.3%
    4 American Superconductor Corp 3.2%
    5 LiveRamp 3.0%
    6 Appian 2.9%
    7 JFrog 2.9%
    8 Zillow 2.8%
    9 Axon Enterprise 2.8%
    10 Oxford Nanopore Tech 2.4%
    Total 35.1%
    Sector analysis of total assets - 30/06/2024

    Fund %

    • 1 Health Care 43.91
    • 2 Information Technology 26.93
    • 3 Industrials 15.36
    • 4 Financials 3.15
    • 5 Real Estate 2.83
    • 6 Consumer Discretionary 2.61
    • 7 Consumer Staples 2.38
    • 8 Materials 0.83
    • 9 Communication Services 0.71
    • 10 Cash 1.29
    • 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

    Douglas Brodie - Manager

    Douglas joined Baillie Gifford in 2001 and is Head of the Global Discovery Team. Douglas became a Partner in 2015 and is a CFA Charterholder. He graduated BSc in Molecular Biology & Biochemistry from the University of Durham in 1997 and attained a DPhil in Molecular Immunology from the University of Oxford in 2001.

    Svetlana Viteva

    Svetlana joined Baillie Gifford in 2012 and is an Investment Manager in the Discovery Investment Team. She is a CFA Charterholder. Svetlana is also a Deputy Manager of our global small cap investment trust, Edinburgh Worldwide Investment Trust. She graduated BA in Economics and BA in Business Administration from the American University in Bulgaria in 2008, MSc in Investment Analysis in 2009 and PhD in Accounting and Finance in 2012, both from the University of Stirling.

    Luke Ward - Investment Manager

    Luke joined Baillie Gifford in 2012. He is an investment manager in the Discovery Team and a deputy manager for the Edinburgh Worldwide Investment Trust. Luke is also an investment analyst for the Private Companies Team. He graduated MEng (Hons) in Mechanical Engineering from the University of Edinburgh in 2012.

    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, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk


    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.


    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 of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Immature Companies

    Investment in smaller, immature companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for more established companies. As a result, share price fluctuations may be greater. In addition smaller, immature companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.

    Market Conditions 

    Any value assigned to illiquid securities which are difficult to trade, such as those in smaller, immature companies, may not accurately reflect the price the Fund might receive upon their sale.

    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.


    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.


    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.