1. Overview

    The Global Income Growth Fund aims to achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index. 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 Equity Income Sector.

    Our Global Income Growth Fund invests in companies which have durable competitive advantages and attractive growth opportunities.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 8.3%24.2%12.7%14.6%
    Target Benchmark** 9.2%23.9%11.9%15.3%

    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-Inc 28.5%2.5%9.7%-1.8%33.4%
    Target Benchmark** 33.0%2.9%11.1%-6.2%39.6%
    Sector Average*** 25.4%-1.4%8.5%-9.8%32.0%

    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 ACWI Index.
    ***IA Global Equity Income Sector.

    Performance - 31/05/2021

    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    *FTSE All World Index (25% FTSE All Share / 75% FTSE All World ex UK prior to 31 May 2012).
    Source: FE and relevant underlying index provider(s), 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 - 31/05/2021

    Fund %
    1 United Parcel Service 4.0%
    2 TSMC 3.5%
    3 Anta Sports Products 3.3%
    4 Fastenal 3.0%
    5 Partners 2.9%
    6 Sonic Healthcare 2.8%
    7 Microsoft 2.8%
    8 Roche 2.8%
    9 Procter & Gamble 2.7%
    10 Novo Nordisk 2.6%
    Total 30.5%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/05/2021

    Fund %

    • 1 Industrials 20.17
    • 2 Financials 18.65
    • 3 Information Technology 18.31
    • 4 Consumer Staples 15.07
    • 5 Health Care 10.75
    • 6 Consumer Discretionary 9.43
    • 7 Communication Services 3.59
    • 8 Materials 2.99
    • 9 Utilities 1.07
    • 10 Cash -0.03
    • Total 100.0

    Cash - this figure excludes revenue cash.

    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

    James Dow

    James was appointed Co-Head of the Global Income Growth Team and Co-Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. He joined Baillie Gifford in 2004 on the Graduate Scheme and became an Investment Manager in our US Equities team. Previously, James spent three years working at The Scotsman newspaper, where he was the Economics Editor. He is a CFA Charterholder, graduated MA (Hons) in Economics-Philosophy from the University of St Andrews in 2000 and MSc in Development Studies from the London School of Economics in 2001.

    Toby Ross

    Toby joined Baillie Gifford in 2006 and is Co-Head of the Global Income Growth Team and Joint Manager of The Scottish American Investment Company PLC (SAINTS). He has also been a member of the International Alpha Portfolio Construction Group since 2018. Since joining Baillie Gifford, Toby has also spent time as an Investment Analyst in the UK Equity Team and as a Global Sector Specialist. He graduated MA in English Literature from the University of Cambridge in 2006 and is a CFA Charterholder.

    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.