Overview
The European Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK Index, as stated in Sterling, by at least 1.5% 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 Europe excluding UK Sector.
We invest in companies not countries. The view is different from the bottom up than it is from the top down.
Performance & Portfolio
Periodic Performance
All figures to 31/03/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 20.1% 6.3% -5.7% 7.6% Index* 15.2% 13.6% 9.8% 10.4% Target Benchmark** 16.1% 15.3% 11.4% 12.1% 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 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/2024Class B-Acc 7.7% 59.9% -14.1% -8.1% 6.3% Index* -7.5% 34.4% 6.3% 9.5% 13.6% Target Benchmark** -6.1% 36.4% 7.9% 11.2% 15.3% Sector Average*** -9.4% 39.6% 4.2% 6.5% 12.3% 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: Revolution, FE, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI Europe ex UK Index.
**MSCI Europe ex UK Index (in sterling) plus at least 1.5% per annum over rolling five-year periods.
***IA Europe Excluding UK Sector.Top Ten Holdings - 31/03/2024
Fund % 1 Ryanair 5.4% 2 Topicus.com 5.2% 3 ASML 4.9% 4 Schibsted 4.9% 5 Prosus 4.2% 6 Atlas Copco 3.9% 7 Kingspan Group 3.6% 8 IMCD 3.4% 9 Hypoport 3.3% 10 Avanza Bank 3.2% Total 41.8% Geographic analysis of total assets - 31/03/2024Fund %
- 1 Netherlands 23.47
- 2 Sweden 18.76
- 3 France 13.14
- 4 Switzerland 9.15
- 5 Ireland 8.99
- 6 Germany 6.65
- 7 Norway 5.73
- 8 Italy 4.86
- 9 Denmark 4.52
- 10 Poland 3.03
- 11 Others 0.71
- 12 Cash 0.98
- 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.Insights
View all Insights.Meet the Managers
Stephen Paice
Stephen is head of the European Equity Team. He joined Baillie Gifford in 2005, and became a partner of the firm in 2024. Stephen has been involved in running the European portion of the Global Core Strategy and Managed Strategy since 2019, as well as becoming a member of the International All Cap Portfolio Construction Group in 2022. Prior to joining the team he spent time in the US, UK Smaller Companies and Japanese equities teams. Stephen graduated with a BSc (Hons) in Financial Mathematics in 2005.
Chris Davies
Chris joined Baillie Gifford in 2012 and is an Investment Manager in the Europe Team. He graduated BA (Hons) in Music from the University of Oxford in 2009 and went on to gain an MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011.
Christopher Howarth
Christopher is an investment manager in the European Team and a named investment manager on the European Fund. He was previously an analyst in the US Equities Team. Before coming to Baillie Gifford in 2019, Christopher was a researcher for a think tank in Westminster. He studied Classics at Trinity College, Cambridge and was the 2015/16 Choate Fellow at Harvard University.
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.
Bulletins and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
Philosophy and Process Documents
Quarterly Investor Reports
Value Assessment
Sustainability-related Disclosures
Shareholders Rights Directive
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: InstitutionalComplaints@bailliegifford.com. 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.
