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 30/04/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc -0.5% -2.3% -0.2% 2.6% Index* 6.8% 7.0% 9.9% 12.3% Target Benchmark** 7.6% 8.6% 11.6% 14.0% Sector Average*** 6.2% 4.3% 8.1% 10.8% Sector Ranking 117/128 111/127 122/125 116/117 Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/202431/03/2024
31/03/2025Class B-Acc 59.9% -14.1% -8.1% 6.3% -8.9% Index* 34.4% 6.3% 9.5% 13.6% 3.3% Target Benchmark** 36.4% 7.9% 11.2% 15.3% 4.9% Sector Average*** 39.6% 4.2% 6.5% 12.3% 0.9% Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: Revolution, FE, MSCI. Total return net of charges, in sterling.Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*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.
Top ten holdings 30/04/2025
Fund % 1 Topicus.com 6.9% 2 DSV 5.7% 3 Ryanair 5.1% 4 Schibsted 4.5% 5 Spotify 4.0% 6 Prosus 3.8% 7 Hypoport 3.5% 8 ASML 3.4% 9 Reply 3.4% 10 Kingspan Group 3.3% Total 43.5% Geographic analysis of total assets 30/04/2025Fund %
- 1 Netherlands 22.79
- 2 Sweden 21.20
- 3 Denmark 11.53
- 4 France 10.44
- 5 Ireland 8.42
- 6 Switzerland 5.56
- 7 Italy 5.44
- 8 Poland 5.37
- 9 Norway 4.71
- 10 Germany 3.47
- 11 Cash 1.06
- Total 100.00
Sector analysis of total assets 30/04/2025Fund %
- 1 Industrials 28.64
- 2 Financials 17.21
- 3 Information Technology 15.66
- 4 Consumer Discretionary 14.03
- 5 Health Care 10.93
- 6 Communication Services 8.46
- 7 Consumer Staples 4.00
- 8 Cash 1.06
- 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.
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. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Insights
View all Insights.Meet the Managers
Stephen Paice
Stephen is head of the European Equity Team. He joined Baillie Gifford in 2005, and became a partner of the firm in 2024. Stephen has been involved in running the European portion of the Global Core Strategy and Managed Strategy since 2019, as well as a member of the International All Cap Portfolio Construction Group. Prior to joining the team he spent time in the US, UK Smaller Companies and Japanese equities teams. Stephen graduated with a BSc (Hons) in Financial Mathematics in 2005.
Chris Davies
Chris is an investment manager in the European Equity Team and has been a member of the International Alpha Portfolio Construction Group since 2021. He joined Baillie Gifford in 2012. He graduated BA (Hons) in Music from the University of Oxford in 2009, MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and MSc in Music, Mind and Brain from Goldsmiths College in 2011.
Christopher Howarth
Christopher is an investment manager in the European Equity Team and a named investment manager on the European Fund. He was previously an analyst in the US Equities Team. Before joining Baillie Gifford in 2019, Christopher was a researcher for a think tank in Westminster. He studied Classics at Trinity College, Cambridge and was the 2015/16 Choate Fellow at Harvard University.
How to Buy
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.
You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com
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.
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.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Sustainability-related disclosures and climate reports
Value assessment
Sustainability disclosure requirements (SDR)
Risks
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
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Concentration
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.
Volatility
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.
Dilution
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.
