1. Overview

    Global Discovery aims to outperform (after deduction of costs) the S&P Global Small Cap 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.

    Small is fleet footed. We invest in immature companies because they are more nimble when it comes to exploiting change.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 8.5%74.1%27.3%26.4%
    Index* 25.1%61.1%11.3%14.1%
    Target Benchmark** 25.8%63.5%13.4%16.2%

    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 24.3%25.3%19.9%-0.9%74.1%
    Index* 35.2%3.9%4.9%-18.4%61.1%
    Target Benchmark** 37.6%5.6%7.3%-16.9%63.5%
    Sector Average*** 28.6%2.7%9.0%-6.0%40.6%

    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.
    *S&P Global Small Cap Index.
    **S&P Global Small Cap Index +2%.
    ***IA Global Sector.

    Performance - 31/03/2021

    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 Tesla Inc 4.3%
    2 Ocado 4.0%
    3 Zillow 3.7%
    4 Alnylam Pharmaceuticals 3.4%
    5 STAAR Surgical 3.3%
    6 Chegg 3.0%
    7 Appian 2.7%
    8 Upwork 2.7%
    9 Exact Sciences 2.7%
    10 Teladoc 2.7%
    Total 32.5%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/03/2021

    Fund %

    • 1 Health Care 33.81
    • 2 Information Technology 26.88
    • 3 Consumer Discretionary 14.70
    • 4 Industrials 7.84
    • 5 Communication Services 6.39
    • 6 Financials 4.69
    • 7 Materials 0.16
    • 8 Energy 0.00
    • 9 Cash 5.52
    • 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

    Douglas Brodie - Manager

    Douglas joined Baillie Gifford in 2001 and is Head of the Global Discovery Team. Douglas became a Partner in 2015 and is a CFA Charterholder. He graduated BSc in Molecular Biology & Biochemistry from the University of Durham in 1997 and attained a DPhil in Molecular Immunology from the University of Oxford in 2001.

    Svetlana Viteva - Deputy Manager

    Svetlana joined Baillie Gifford in 2012 and is an Investment Manager in the Global Discovery Team. She is a CFA Charterholder. Svetlana is also a Deputy Manager of our global small cap investment trust, Edinburgh Worldwide Investment Trust. She graduated BA in Economics and BA in Business Administration from the American University in Bulgaria in 2008, MSc in Investment Analysis in 2009 and PhD in Accounting and Finance in 2012, both from the University of Stirling.

    Luke Ward - Deputy Manager

    Luke joined Baillie Gifford in 2012 and is an Investment Manager in the Global Discovery Team. He is a Deputy Manager of our Global small cap investment trust, Edinburgh Worldwide Investment Trust. Luke graduated MEng (Hons) in Mechanical Engineering from the University of Edinburgh 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.