1. Global Discovery Fund

    Global Discovery Fund

  2. 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 29/02/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -9.4%-17.3%-25.5%-4.7%
    Index* 7.3%4.9%4.6%8.2%
    Target Benchmark** 8.2%6.8%6.6%10.2%

    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 December each year

    Annual percentage return (Updated Quarterly)

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Class B-Acc 23.9%76.8%-20.6%-38.4%-3.9%
    Index* 20.4%12.6%16.4%-7.8%9.4%
    Target Benchmark** 22.3%14.5%18.4%-5.6%11.3%
    Sector Average*** 21.9%15.3%17.7%-11.1%12.7%

    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: FE, Revolution, S&P. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    *S&P Global Small Cap Index.
    **S&P Global Small Cap Index (in sterling) plus at least 2% per annum over rolling five-year periods.
    ***IA Global Sector.

    Top Ten Holdings - 29/02/2024

    Fund %
    1 Alnylam Pharmaceuticals 6.0%
    2 Ocado 3.6%
    3 Zillow 3.5%
    4 AeroVironment 3.3%
    5 STAAR Surgical 3.2%
    6 JFrog 3.2%
    7 Axon Enterprise 3.0%
    8 Appian 2.9%
    9 LiveRamp 2.9%
    10 Sprout Social 2.7%
    Total 34.4%
    SECTOR ANALYSIS OF TOTAL ASSETS - 29/02/2024

    Fund %

    • 1 Health Care 42.63
    • 2 Information Technology 28.95
    • 3 Industrials 13.33
    • 4 Consumer Staples 3.61
    • 5 Real Estate 3.54
    • 6 Financials 3.31
    • 7 Consumer Discretionary 2.36
    • 8 Communication Services 0.98
    • 9 Materials 0.44
    • 10 Cash 0.85
    • 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.

    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

    Svetlana joined Baillie Gifford in 2012 and is an Investment Manager in the Discovery Investment 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 - Investment Manager

    Luke joined Baillie Gifford in 2012. He is an investment manager in the Discovery Team and a deputy manager for the Edinburgh Worldwide Investment Trust. Luke is also an investment analyst for the Private Companies Team. He 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).

    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.