1. Overview

    The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the FTSE All World Index, 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 28/02/2023

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -4.9%-14.4%9.1%10.7%
    Index* -0.4%2.3%11.3%9.1%
    Target Benchmark** 0.8%4.9%14.1%11.8%
    Sector Average*** 0.7%1.8%10.2%7.8%
    Sector Ranking 491/520497/508285/43132/355

    Annual Discrete Performance to 31 December each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc 3.3%29.9%95.6%3.9%-40.1%
    Index* -3.4%22.3%13.0%20.0%-7.3%
    Target Benchmark** -1.0%25.4%15.8%23.0%-5.0%
    Sector Average*** -5.7%21.9%15.3%17.7%-11.1%

    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.

    Performance source: FE, StatPro, FTSE, total return in sterling.
    *FTSE All-World Index.
    **FTSE All World Index (in sterling) plus at least 2.5% per annum over rolling five-year periods.
    ***IA Global Sector.

    Figures for 3 and 5 years show the annual rate of return.

    Performance - 28/02/2023

    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 and relevant underlying index provider, single pricing basis, total return.
    The graph is rebased to 100.

    Top Ten Holdings - 28/02/2023

    Fund %
    1 NVIDIA 6.5%
    2 ASML 5.2%
    3 Tesla Inc 5.1%
    4 Pinduoduo 4.8%
    5 Amazon.com 4.8%
    6 Kering 4.7%
    7 Moderna 4.6%
    8 Dexcom 4.2%
    9 Meituan 3.7%
    10 Atlassian 3.5%
    Total 47.0%
    Geographic Analysis of Total Assets 28/02/2023

    Fund %

    • 1 North America 52.33
    • 2 Emerging Markets 25.05
    • 3 Europe (ex UK) 20.56
    • 4 Cash 2.06
    • 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.

    How to Invest

    You can invest in our funds via a number of fund platforms and supermarkets, 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.

    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 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.


    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.