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 31/05/2022 6 Months
1 Year
3 Years
5 Years
Class B-Acc -32.0% -27.5% 8.7% 5.5% Index* -4.8% -1.2% 8.4% 5.6% Target Benchmark** -4.1% 0.3% 10.0% 7.2%
Annual Discrete Performance to 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2017
31/03/201831/03/2018
31/03/201931/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/2022Class B-Acc 9.9% -2.7% 7.7% 59.9% -14.1% Index* 3.7% 3.1% -7.5% 34.4% 6.3% Target Benchmark** 5.3% 4.6% -6.1% 36.4% 7.9% Sector Average*** 5.6% -1.2% -9.4% 39.6% 4.2% 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.
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 - 31/05/2022The 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 - 31/05/2022
Fund % 1 Prosus 4.9% 2 Ryanair 4.6% 3 Avanza Bank 4.0% 4 Atlas Copco 3.7% 5 Kering 3.4% 6 Schibsted 3.3% 7 ASML 3.3% 8 IMCD 3.2% 9 Kingspan Group 3.2% 10 Adyen 3.2% Total 36.8% Geographic analysis of total assets - 31/05/2022Fund %
- 1 Sweden 22.95
- 2 Netherlands 18.79
- 3 France 11.91
- 4 Germany 11.56
- 5 Switzerland 10.00
- 6 Ireland 7.85
- 7 Norway 6.54
- 8 Italy 3.96
- 9 Poland 2.41
- 10 Others 1.52
- 11 Cash 2.51
- 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.Insights
View all Insights.Meet the Managers
Stephen Paice
Stephen is Head of the European Equity Team and has been involved in running the European portion of the Managed Fund since 2019. Stephen joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated 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.
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
Other Fund Literature
Philosophy and Process Documents
Quarterly Investor Reports
Value Assessment
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.
