1. Overview

    The Health Innovation Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2.5% per annum over rolling five-year periods by investing primarily in a global equity portfolio selected from companies engaged in the health care industry. 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 Healthcare Sector.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2024

    6 Months

    1 Year

    3 Years

    Since Inception

    Class B-Acc 4.6%-17.7%-16.7%-15.3%
    Index* 13.7%20.8%9.6%10.3%
    Target Benchmark** 15.2%23.9%12.3%13.1%

    Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc n/an/a-18.3%-10.3%-11.0%
    Index* n/an/a12.9%-0.9%21.2%
    Target Benchmark** n/an/a15.7%1.6%24.2%
    Sector Average*** n/an/a8.8%-2.6%8.8%

    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, MSCI. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    †15 December 2020
    *MSCI ACWI Index.
    **MSCI ACWI Index (in sterling) plus at least 2.5% per annum over rolling five-year periods.
    ***IA Healthcare Sector.

    Top Ten Holdings - 31/05/2024

    Fund %
    1 Moderna 8.7%
    2 ALK-Abello 5.8%
    3 argenx 5.6%
    4 Genmab 5.6%
    5 Ambu 5.4%
    6 Dexcom 5.3%
    7 ShockWave Medical 5.1%
    8 Edwards Lifesciences 4.9%
    9 Alnylam Pharmaceuticals 4.4%
    10 Sartorius Group 3.4%
    Total 54.1%

    Meet the Managers

    Julia Angeles

    Julia joined Baillie Gifford in 2008 and became a partner in 2022. Julia is an investment manager in the Health Innovation Team which she co-founded in 2018 and is also a member of the International Growth Portfolio Construction Group. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. Julia obtained a BSc in 1999, MSc in 2001 and PhD in 2005 in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.

    Marina Record

    Marina joined Baillie Gifford in 2008 and is an investment manager in the Health Innovation Team. She worked in a number of global teams before joining Long Term Global Growth, where she focused on analysing companies with the potential for sustained rapid growth. It was here that Marina developed an interest in healthcare, intrigued by the accelerating pace of progress in the field. She joined the Health Innovation Team in January 2018 as an investment manager, to fully focus her attention on exploring the potential consequences of such progress and how Baillie Gifford can help. Marina graduated from the London School of Economics and the Higher School of Economics in Russia with BSc degrees in Banking and Finance and in Economics, having studied on these programmes simultaneously.

    Rose Nguyen

    Rose joined Baillie Gifford in 2013 and is an investment manager in the Health Innovation Team. Rose worked on various regional and global strategies before joining the Health Innovation Team as an investment manager. Having observed the innovations in multiple industries, she believes that the great convergence of different technologies and sciences will ultimately transform life science. Biology can move from alchemy and randomness to become a more predictable, deterministic and repeatable science, that will give rise to a plethora of exciting investment opportunities. She joined the Health Innovation Team in September 2018 at the inception of the strategy. Rose graduated BA (Hons) in Economics and MPhil in Finance and Economics from the University of Cambridge in 2012 and 2013 respectively.


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    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.