1. Overview

    The Global Alpha Growth Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in Sterling, 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 Global Sector.

    Our Global Alpha investment managers draw on the broad capabilities of our 100 research analysts and insights of the Baillie Gifford investment teams.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/10/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 5.7%26.1%22.6%17.6%
    Index* 8.3%30.0%15.3%12.7%
    Target Benchmark** 9.4%32.6%17.6%14.9%

    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 22.2%15.5%5.5%25.8%20.9%
    Index* 15.5%13.5%7.9%5.8%22.7%
    Target Benchmark** 17.8%15.8%10.1%7.9%25.2%
    Sector Average*** 14.9%11.6%6.0%7.2%23.2%

    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 AC World Index.
    **MSCI AC World Index +2%.
    ***IA Global 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 Moody's 2.8%
    2 SEA Limited 2.8%
    3 Microsoft 2.7%
    4 Alphabet 2.6%
    5 Prosus 2.4%
    6 Tesla Inc 2.3%
    7 Anthem 2.2%
    8 Cloudflare 2.1%
    9 Prudential 2.0%
    10 Amazon.com 1.9%
    Total 23.8%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 31/10/2021

    Fund %

    • 1 North America 57.30
    • 2 Europe (ex UK) 14.65
    • 3 Emerging Markets 12.01
    • 4 Developed Asia Pacific 9.44
    • 5 UK 5.76
    • 6 Cash 0.85
    • 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

    Malcolm MacColl

    Malcolm joined Baillie Gifford in 1999 and spent his graduate rotation in the UK Small Cap Team before joining the North American Team.  When the Global Alpha team was set up in 2005, Malcolm became one of the three Investment Managers for the strategy. Having retained this role ever since, this remains his sole portfolio management responsibility. Malcolm became a partner in 2011 and, in 2021, he became Joint Senior Partner with overall oversight for the investment departments.  Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999 both from the University of St Andrews.  He is a member of the CFA Society of the UK.

    Spencer Adair

    Spencer joined Baillie Gifford in 2000 and is an Investment Manager in the Global Alpha Team. He became a Partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and UK Equity Teams. Spencer graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh.

    Helen Xiong

    Helen joined Baillie Gifford in 2008 and is a partner and investment manager on the Global Alpha Team. In addition to Global Alpha, Helen has spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.

    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.