2. 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 31/10/2025

    1 Month

    3 Months

    6 Months

    1 Year

    3 Years

    5 Years
    Class B-Inc 1.1%-0.7%5.6%2.1%7.6%8.6%
    Index* 4.8%9.5%23.9%20.5%16.9%14.8%
    Sector Average*** 2.9%4.4%13.6%12.9%11.7%12.3%
    Sector Ranking 49/5752/5650/5650/5444/5143/47

    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 30 September each year

    Annual percentage return (Updated Quarterly)

    30/09/2020
    30/09/2021

    30/09/2021
    30/09/2022

    30/09/2022
    30/09/2023

    30/09/2023
    30/09/2024

    30/09/2024
    30/09/2025
    Class B-Inc 18.8%-1.4%9.3%12.3%0.1%
    Index* 22.7%-3.7%11.0%20.4%17.4%
    Sector Average*** 21.6%-0.6%9.4%15.2%10.3%

    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, MSCI. Total return net of charges, in sterling.

    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.

    * MSCI ACWI Index.

    *** IA Global Equity Income Sector. 

    Top ten holdings 31/10/2025

    Fund %
    1 Microsoft 4.4%
    2 TSMC 4.4%
    3 Apple 4.0%
    4 Procter & Gamble 3.1%
    5 Partners 2.9%
    6 CME Group 2.8%
    7 Atlas Copco 2.8%
    8 Coca-Cola 2.7%
    9 Deutsche Börse 2.7%
    10 Schneider Electric 2.7%
    Total 32.4%
    Sector analysis of total assets 31/10/2025

    Fund %

    • 1 Information Technology 21.78
    • 2 Financials 21.51
    • 3 Industrials 17.64
    • 4 Consumer Staples 14.62
    • 5 Consumer Discretionary 12.98
    • 6 Health Care 6.62
    • 7 Communication Services 3.47
    • 8 Utilities 0.92
    • 9 Materials 0.84
    • 10 Cash -0.38
    • Total 100.00
    Geographic analysis of total assets 31/10/2025

    Fund %

    • 1 United States 41.54
    • 2 Switzerland 7.42
    • 3 France 6.70
    • 4 UK 6.60
    • 5 Sweden 4.66
    • 6 Taiwan 4.39
    • 7 China 3.82
    • 8 Hong Kong 3.73
    • 9 Germany 3.40
    • 10 Denmark 2.69
    • 11 Spain 2.18
    • 12 Others 13.24
    • 13 Cash -0.38
    • 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.

    As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.

    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.

    Meet the Managers

    James Dow

    James is head of Global Income Growth and manager of the Scottish American Investment Company PLC (SAINTS). He joined Baillie Gifford in 2004 and became a partner in the firm in 2023. Prior to this he was an investment manager in our US Equities Team. Before joining the firm, he spent three years at the Scotsman, where he was economics editor. James is a CFA Charterholder. He graduated MA (Hons) in Economics and Philosophy from the University of St Andrews in 2000 and MSc in Development Studies from the London School of Economics in 2001.

    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.

    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.

    Annual reports

    Baillie Gifford UK & Balanced Funds ICVC Annual Report - January 2025
    Download

    Application forms

    OEIC Withdrawal form
    Download
    Request for Income Distribution for Personal Investors Form
    Download
    Stock Transfer Form and Guidance Notes
    Download
    OEIC Application Form for Personal Investors
    Download
    Topping Up Your OEIC Investment Form
    Download

    Bulletins

    Monthly OEIC Fund Bulletin
    Download

    Enhanced disclosure document

    Global Income Growth Fund Enhanced Disclosure of Fund Charges and Costs
    Download

    Factsheets

    Global Income Growth Fund Monthly Factsheet
    Download

    Fund ratings reports

    Global Income Growth Fund B Accumulation Morningstar Report
    Download

    Interim reports

    Baillie Gifford UK & Balanced Funds ICVC Interim Report - July 2025
    Download

    Key investor information documents (KIIDs)

    Supplementary Information Document
    Download
    Global Income Growth Fund Class B Inc Shares Key Investor Information Document
    Download
    Global Income Growth Fund Class B Acc Shares Key Investor Information Document
    Download

    Prospectus

    Baillie Gifford UK & Balanced Funds ICVC Prospectus - November 2025
    Download

    Sustainability-related disclosures and climate reports

    Global Income Growth Fund TCFD Climate Report
    Download

    Value assessment

    Value Assessment Report - 31 March 2025
    Download

    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.