1. Overview

    The Health Innovation Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2.5% per annum over rolling five-year periods by investing primarily in a global equity portfolio selected from companies engaged in the health care industry. 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 Healthcare Sector.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/06/2024

    6 Months

    1 Year

    3 Years

    Since Inception

    Class B-Acc -2.4%-12.8%-19.7%-14.1%
    Index* 12.5%20.6%9.1%11.0%
    Target Benchmark** 13.9%23.7%11.9%13.8%
    Sector Average*** 6.4%7.2%1.8%3.7%
    Sector Ranking 20/2220/2018/1817/17

    Figures for 3 years and Since Inception 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 n/an/a-41.4%1.4%-12.8%
    Index* n/an/a-3.7%11.9%20.6%
    Target Benchmark** n/an/a-1.3%14.7%23.7%
    Sector Average*** n/an/a-4.7%3.1%7.2%

    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 net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    †15 December 2020
    *MSCI ACWI Index.
    **MSCI ACWI Index (in sterling) plus at least 2.5% per annum over rolling five-year periods.
    ***IA Healthcare Sector.

    Top Ten Holdings - 30/06/2024

    Fund %
    1 Alnylam Pharmaceuticals 7.1%
    2 Moderna 7.0%
    3 argenx 6.5%
    4 ALK-Abello 5.6%
    5 Ambu 5.3%
    6 Dexcom 4.9%
    7 Edwards Lifesciences 4.9%
    8 Genmab 4.8%
    9 Ionis Pharmaceuticals 4.0%
    10 Insulet Corporation 3.6%
    Total 53.6%

    Meet the Managers

    Julia Angeles

    Julia joined Baillie Gifford in 2008 and became a partner in 2022. Julia is an investment manager in the Health Innovation Team which she co-founded in 2018 and is also a member of the International Growth Portfolio Construction Group. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. Julia obtained a BSc in 1999, MSc in 2001 and PhD in 2005 in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.

    Marina Record

    Marina joined Baillie Gifford in 2008 and is an investment manager in the Health Innovation Team. She worked in a number of global teams before joining Long Term Global Growth, where she focused on analysing companies with the potential for sustained rapid growth. It was here that Marina developed an interest in healthcare, intrigued by the accelerating pace of progress in the field. She joined the Health Innovation Team in January 2018 as an investment manager, to fully focus her attention on exploring the potential consequences of such progress and how Baillie Gifford can help. Marina graduated from the London School of Economics and the Higher School of Economics in Russia with BSc degrees in Banking and Finance and in Economics, having studied on these programmes simultaneously.

    Rose Nguyen

    Rose joined Baillie Gifford in 2013 and is an investment manager in the Health Innovation Team. Rose worked on various regional and global strategies before joining the Health Innovation Team as an investment manager. Having observed the innovations in multiple industries, she believes that the great convergence of different technologies and sciences will ultimately transform life science. Biology can move from alchemy and randomness to become a more predictable, deterministic and repeatable science, that will give rise to a plethora of exciting investment opportunities. She joined the Health Innovation Team in September 2018 at the inception of the strategy. Rose graduated BA (Hons) in Economics and MPhil in Finance and Economics from the University of Cambridge in 2012 and 2013 respectively.

    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.

    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.


    Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.


    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.

    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.


    The Fund’s concentrated portfolio relative to similar funds and in a particular industry may result in large movements in the share price in the short term.

    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.