1. Overview

    The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share Index 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 UK All Companies Sector.

    The important point for long-term equity investment is that you can get the broad direction of travel right.

    Gerard Callahan


    Top Ten Holdings - 31/05/2022

    Fund %
    1 Games Workshop 5.4%
    2 Experian 4.5%
    3 4imprint 4.2%
    4 Auto Trader 4.1%
    5 HomeServe 3.7%
    6 Abcam 3.5%
    7 Burberry 3.3%
    8 Renishaw 3.2%
    9 Softcat 3.0%
    10 Rio Tinto 3.0%
    Total 37.9%

    Fund %

    • 1 Consumer Discretionary 25.11
    • 2 Industrials 20.07
    • 3 Financials 16.70
    • 4 Technology 15.37
    • 5 Health Care 10.64
    • 6 Consumer Staples 6.81
    • 7 Basic Materials 3.00
    • 8 Real Estate 1.94
    • 9 Cash 0.36
    • Total 100.0

    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

    Milena Mileva

    Milena joined Baillie Gifford in 2009 and is an Investment Manager in the UK Equity Team. She graduated BA in Social & Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.


    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.


    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.