1. Overview

    The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the FTSE All World Index, as stated in Sterling, by at least 2.5% 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.

    At Baillie Gifford, we ask ourselves one important question: ‘Where are the most exciting investment opportunities over the long term going to be?

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -43.1%-32.3%15.0%14.3%
    Index* -4.3%5.6%12.2%10.0%
    Target Benchmark** -3.1%8.2%15.0%12.7%

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    Class B-Acc n/a17.4%18.5%78.5%-10.3%
    Index* n/a10.7%-6.2%39.6%12.8%
    Target Benchmark** n/a13.5%-3.9%43.1%15.6%
    Sector Average*** n/a9.0%-6.0%40.6%8.4%

    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.

    *FTSE All-World Index.

    **FTSE All-World Index +2.5%.

    ***IA Global Sector.

    Performance - 31/05/2022

    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 and relevant underlying index provider, single pricing basis, total return.
    The graph is rebased to 100.

    Top Ten Holdings - 31/05/2022

    Fund %
    1 Tesla Inc 6.3%
    2 Amazon.com 6.2%
    3 Meituan 5.5%
    4 NVIDIA 5.2%
    5 ASML 5.2%
    6 Tencent 5.0%
    7 Kering 4.5%
    8 Illumina 4.2%
    9 Moderna 4.1%
    10 BioNTech 3.1%
    Total 49.3%
    Geographic Analysis of Total Assets 31/05/2022

    Fund %

    • 1 North America 53.78
    • 2 Emerging Markets 26.14
    • 3 Europe (ex UK) 18.90
    • 4 Cash 1.18
    • Total 100.0

    Total may not sum due to rounding.

    Meet the Managers

    Mark Urquhart

    Mark is a Senior Investment Manager in our Long Term Global Growth Team, a strategy which he co-founded in 2003. Mark joined Baillie Gifford in 1996, initially working as an Investment Analyst and Manager in the US, UK and Japanese Equities Teams. He became a Partner in 2004. Mark graduated BA in Philosophy, Politics and Economics from the University of Oxford in 1992 and spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics at the University of Edinburgh in 1996.

    John MacDougall

    John is an Investment Manager in the Long Term Global Growth (LTGG) Team and has been a Partner in the firm since 2016. He relocated to Shanghai in September 2019 as Chairman of the Baillie Gifford’s China office. He joined Baillie Gifford in 2000 and after a year in the North American Department John joined the Japanese Team where, from 2007 onwards, he managed the Shin Nippon Investment Trust which invests in high growth, small and medium sized companies. In 2011 John moved to the Global Discovery Team which focuses on identifying rapidly growing, innovation led, smaller businesses from around the world. During this period he had a particular focus on unearthing new investment opportunities in Emerging Markets, and Asia in particular. He joined the LTGG Team in 2015. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.

    Michael Pye

    Michael joined Baillie Gifford in 2013 and is an Investment Manager in the Long Term Global Growth Team. He is a CFA Charterholder. Michael graduated BA (Hons) in Classics from the University of Cambridge in 2007 before gaining an MLitt (2009) and PhD (2013) in Iranian Studies from the University of St Andrews.

    Gemma Barkhuizen

    Investment Manager

    Gemma joined Baillie Gifford in September 2017. She is one of the managers of the Global Outliers strategy and part of the Long Term Global Growth Team. She graduated MA in Modern History from The University of Durham in 2017. Prior to this, Gemma also graduated BA (Hons) in History and BA double major in History and Philosophy from Rhodes University in South Africa.

    Robert Wilson

    Robert is an investment manager in the Long-Term Global Growth (LTGG) team. Robert joined Baillie Gifford in 2016, having studied first Philosophy at Cambridge and taking up a Mellon Fellowship to Yale after. Before managing LTGG, Robert worked on Baillie Gifford’s US, European and Multi-Asset & Income strategies. He often works with Baillie Gifford’s private companies team and has particular interests in financial technology, the virtual economy and the changing face of entertainment.

    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.