1. Overview

    The European Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK Index, as stated in Sterling, by at least 1.5% 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 Europe excluding UK Sector.

    We invest in companies not countries. The view is different from the bottom up than it is from the top down.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/08/2023

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -7.6%0.6%-6.7%2.2%
    Index* 1.1%15.7%9.4%6.7%
    Target Benchmark** 1.9%17.5%11.0%8.3%
    Sector Average*** -0.7%14.2%7.5%5.2%
    Sector Ranking 140/145136/143130/131106/119

    Annual Discrete Performance to 30 June each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc 5.5%25.4%35.7%-39.2%12.1%
    Index* 8.2%0.6%22.6%-9.8%20.0%
    Target Benchmark** 9.8%2.1%24.5%-8.4%21.8%
    Sector Average*** 3.3%0.9%23.7%-12.6%18.4%

    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: Revolution, FE, MSCI, total return in sterling.
    *MSCI Europe ex UK Index.
    **MSCI Europe ex UK Index (in sterling) plus at least 1.5% per annum over rolling five-year periods.
    ***IA Europe Excluding UK Sector.

    Figures for 3 and 5 years show the annual rate of return.

    Performance - 31/08/2023

    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 - 31/08/2023

    Fund %
    1 Prosus 5.8%
    2 Topicus.com 5.0%
    3 Ryanair 4.8%
    4 Richemont 4.3%
    5 ASML 3.8%
    6 Kingspan Group 3.8%
    7 Schibsted 3.6%
    8 Kering 3.5%
    9 Atlas Copco 3.5%
    10 Allegro.eu 3.4%
    Total 41.4%
    Geographic analysis of total assets - 31/08/2023

    Fund %

    • 1 Netherlands 21.96
    • 2 Sweden 17.62
    • 3 France 11.95
    • 4 Germany 11.73
    • 5 Switzerland 9.00
    • 6 Ireland 8.61
    • 7 Norway 6.26
    • 8 Denmark 3.92
    • 9 Poland 3.36
    • 10 Italy 3.03
    • 11 Others 0.79
    • 12 Cash 1.77
    • Total 100.00

    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

    Stephen Paice

    Stephen is Head of the European Equity Team and has been involved in running the European portion of the Managed Fund since 2019. Stephen joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc (Hons) in Financial Mathematics in 2005.

    Chris Davies

    Chris joined Baillie Gifford in 2012 and is an Investment Manager in the Europe Team. He graduated BA (Hons) in Music from the University of Oxford in 2009 and went on to gain an MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    How to Buy

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.


    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.

    Philosophy and Process Documents

    Quarterly Investor Reports


    General Investment Risk

    Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.


    Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.


    The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.

    Foreign Currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.


    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.


    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Fees from Revenue

    Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.