1. Overview

    The British Smaller Companies Fund aims to outperform (after deduction of costs) the Numis Smaller Companies Index (excluding Investment Companies) 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 UK Smaller Companies Sector.

    We invest in companies with strong earnings per share and cashflow growth characteristics, which we believe is consistent with achieving attractive overall returns.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 27.7%80.7%10.8%10.9%
    Index* 33.6%65.6%6.6%8.6%
    Target Benchmark** 34.9%68.9%8.7%10.8%

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2016
    31/03/2017

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    Class B-Acc 18.5%3.9%-8.4%-17.7%80.7%
    Index* 18.8%5.2%-1.2%-25.9%65.6%
    Target Benchmark** 21.2%7.3%0.7%-24.4%68.9%
    Sector Average*** 18.7%14.9%-2.6%-17.9%65.7%

    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 and relevant underlying index provider, single pricing basis, total return.
    Returns reflect the annual charges but exclude any initial charge paid.
    *Numis Smaller Companies Index (ex. Inv Companies).
    **Numis Smaller Companies Index (ex. Inv.Companies) +2%.
    ***IA UK Smaller Companies Sector.

    Performance - 31/03/2021

    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Sector data based on B-Acc share class performance.
    Source: FE and relevant underlying index provider, single pricing basis, total return.
    Please bear in mind that past performance is not a guide to future performance.
    The graph is rebased to 100.

    Top Ten Holdings - 31/03/2021

    Fund %
    1 YouGov 5.0%
    2 Boohoo.com 3.3%
    3 Genus 3.2%
    4 Kainos 3.1%
    5 Ceres Power 3.1%
    6 Creo Medical 3.0%
    7 Renishaw 2.8%
    8 Draper Esprit 2.7%
    9 Victoria 2.5%
    10 AO World 2.4%
    Total 31.1%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/03/2021

    Fund %

    • 1 Industrials 21.61
    • 2 Technology 16.03
    • 3 Health Care 13.97
    • 4 Retailers 9.03
    • 5 Financials 8.37
    • 6 Media 4.99
    • 7 Personal Care, Drug and Grocery Stores 4.70
    • 8 Leisure Goods 4.30
    • 9 Consumer Discretionary 3.90
    • 10 Household Goods and Home Construction 2.53
    • 11 Automobiles and Parts 1.61
    • 12 Travel and Leisure 1.23
    • 13 Basic Materials 0.81
    • 14 Real Estate 0.48
    • 15 Cash 6.45
    • Total 100.0

    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

    Charlie Broughton

    Charlie joined Baillie Gifford in 2014 and is an Investment Manager in the Smaller Companies Team. He graduated MA (Hons) in Medieval History and Archaeology from the University of St Andrews in 2013. Charlie is a CFA Charterholder.

    Steve Vaughan

    Steve joined Baillie Gifford in 2012 and is an Investment Manager in the International Smaller Companies Team. He is a CFA Charterholder. Prior to joining Baillie Gifford, Steve was an Officer in the British Army for nine years. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012.

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    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.

    Complaints

    In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: [email protected]. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.