1. Responsible Global Equity Income Fund

    Responsible Global Equity Income Fund

  2. Overview

    The Responsible Global Equity Income 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 over the longer term, by investing responsibly. 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.

    The Baillie Gifford Responsible Global Equity Income Fund is the first and only fund of its type in the Global Equity Income sector.

    Performance & Portfolio

    Periodic Performance

    All figures to 29/02/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 8.2%12.3%11.1%12.6%
    Index* 12.1%18.4%10.9%12.2%

    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 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-Inc 25.3%14.1%22.1%-6.4%15.3%
    Index* 22.4%13.2%20.1%-7.6%15.9%
    Sector Average*** 18.6%3.3%18.7%-1.2%9.2%

    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.
    †06 December 2018.
    *MSCI ACWI Index.
    **IA Global Equity Income Sector.

    Top Ten Holdings - 29/02/2024

    Fund %
    1 Novo Nordisk 5.3%
    2 Microsoft 5.0%
    3 Fastenal 4.4%
    4 Watsco 4.1%
    5 Schneider Electric 3.8%
    6 TSMC 3.7%
    7 Procter & Gamble 3.5%
    8 Atlas Copco 3.1%
    9 Partners 3.0%
    10 Apple 2.9%
    Total 38.8%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS 29/02/2024

    Fund %

    • 1 North America 40.19
    • 2 Europe (ex UK) 35.04
    • 3 Emerging Markets 9.47
    • 4 Developed Asia Pacific 9.17
    • 5 UK 6.01
    • 6 Cash 0.12
    • Total 100.00

    As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may
    arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
    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 became Manager of SAINTS when Toby Ross stepped back as Co-Manager in February 2024. He became a Partner in the firm from 1 May 2023. 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.

    Ross Mathison

    Ross joined Baillie Gifford in 2019 as an investment manager in the Global Income Growth Team and became Deputy Manager of The Scottish American Investment Company PLC (SAINTS) in August 2023. Previously, he spent a year at Aviva Investors and prior to that nine years at Standard Life Investments as an investment manager, first in the European Equity Team and latterly in the Global Equity Team. Ross is a CFA Charterholder and graduated MA (Hons) in Business and Finance from Heriot-Watt University in 2008. He also sits on the board of directors at Aberlour, a Scottish children’s charity.

    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.