1. 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 31/10/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 7.0%26.0%24.8%18.5%
    Index* 7.3%33.2%12.6%10.1%
    Target Benchmark** 8.1%35.2%14.3%11.7%

    Annual Discrete Performance to 30 September each year

    Annual percentage return (Updated Quarterly)

    30/09/2016
    30/09/2017

    30/09/2017
    30/09/2018

    30/09/2018
    30/09/2019

    30/09/2019
    30/09/2020

    30/09/2020
    30/09/2021

    Class B-Acc 26.1%5.0%-0.1%45.8%20.3%
    Index* 22.4%2.2%6.8%0.2%21.8%
    Target Benchmark** 24.2%3.7%8.4%1.7%23.6%
    Sector Average*** 21.9%1.9%2.2%3.1%22.4%

    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.
    *MSCI Europe ex UK Index.
    **MSCI Europe ex UK Index +1.5%.
    ***IA Europe ex UK Sector.

    Performance - 31/10/2021

    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.
    Please bear in mind that past performance is not a guide to future performance.
    The graph is rebased to 100.

    Top Ten Holdings - 31/10/2021

    Fund %
    1 IMCD 6.7%
    2 Avanza Bank 4.2%
    3 Zalando 4.2%
    4 Adyen 4.0%
    5 Prosus 3.9%
    6 ASML 3.8%
    7 NIBE 3.7%
    8 Ryanair 3.5%
    9 Atlas Copco 3.3%
    10 Spotify 2.9%
    Total 40.2%
    Geographic analysis of total assets - 31/10/2021

    Fund %

    • 1 Sweden 25.73
    • 2 Netherlands 19.95
    • 3 Germany 16.66
    • 4 France 8.95
    • 5 Switzerland 7.83
    • 6 Norway 6.22
    • 7 Ireland 6.12
    • 8 Italy 3.65
    • 9 Denmark 2.35
    • 10 Others 0.91
    • 11 Cash 1.63
    • Total 100.0

    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.

    Meet the Managers

    Stephen Paice

    Stephen is Head of the European Equity Team. He joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc in Financial Mathematics in 2005.

    Moritz Sitte

    Moritz joined Baillie Gifford in September 2010 and is an Investment Manager in the European Equity Team. He graduated BSc in Business Administration from the University of Regensburg, Germany in 2009 where he took part in the Honours Elite Degree Programme. Moritz then went on to complete an MSc in Finance and Investment from the University of Edinburgh in 2010.

    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.

    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: 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.