1. Overview

    The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK 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.

    Stocks are picked on the basis of fundamental attractions, irrespective of location. Industry and regional exposure are a derivative of the stock selection process. We focus on companies that we believe can deliver above average growth.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/03/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 11.9%52.4%19.3%20.7%
    Index* 12.5%40.5%13.8%15.2%
    Target Benchmark** 13.6%43.3%16.1%17.5%

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc 35.8%10.8%10.2%1.3%52.4%
    Index* 33.6%3.1%11.3%-5.5%40.5%
    Target Benchmark** 36.3%5.1%13.5%-3.6%43.3%
    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.
    *MSCI AC World ex UK Index.
    **MSCI AC World ex UK Index +2%.
    ***IA Global Sector.

    Performance - 31/03/2021

    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 - 31/03/2021

    Fund %
    1 Naspers 3.6%
    2 Amazon.com 2.7%
    3 Moody's 2.4%
    4 Microsoft 2.2%
    5 TSMC 2.2%
    6 Ryanair 2.1%
    7 Mastercard 2.1%
    8 AIA 2.1%
    9 Alphabet 2.1%
    10 SEA Limited 2.1%
    Total 23.5%
    Geographic Analysis of Total Assets - 31/03/2021

    Fund %

    • 1 North America 51.75
    • 2 Emerging Markets 16.98
    • 3 Developed Asia Pacific 14.83
    • 4 Europe (ex UK) 12.79
    • 5 UK 1.57
    • 6 Cash 2.08
    • 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

    Charles Plowden

    Since the inception of Global Alpha in 2005, Mr. Plowden has been one of the three portfolio managers for the strategy. After becoming a Partner in 1988, he became Joint Senior Partner with overall responsibility for the investment departments in 2006. Mr. Plowden is also Chair of the Strategic Leadership Group. He joined Baillie Gifford in 1983 and was a portfolio manager in the UK Equity Team for over 20 years notably developing Baillie Gifford’s specialist UK capabilities, and was latterly head of the team. Charles graduated BA in Modern History from the University of Oxford in 1983.

    Mr. Plowden is expected to retire from the Manager and cease to serve as Portfolio Manager for the Fund effective on or about April 30, 2021.

    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.

    Malcolm MacColl

    Malcolm is an Investment Manager in the Global Alpha Team, having been involved with Global Alpha since the product’s inception in 2005. He became a Partner of the firm in 2011. Malcolm joined Baillie Gifford in 1999 and has spent time working in the UK Small Cap and North American Teams. He is a member of the UK Society of Investment Professionals. 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.


    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.


    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.