1. Overview

    The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK Index, as stated in Sterling, 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 Global Sector.

    Stocks are picked on the basis of fundamental attractions, irrespective of location. Industry and regional exposure are a derivative of the stock selection process. We focus on companies that we believe can deliver above average growth.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc -22.3%-14.9%9.5%9.2%
    Index* -5.2%5.2%12.5%10.4%
    Target Benchmark** -4.3%7.3%14.8%12.6%
    Sector Average*** -8.4%-0.0%10.3%8.3%

    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 10.8%10.2%1.3%52.4%-4.4%
    Index* 3.1%11.3%-5.5%40.5%12.7%
    Target Benchmark** 5.1%13.5%-3.6%43.3%14.9%
    Sector Average*** 2.7%9.0%-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.
    *MSCI AC World ex UK Index.
    **MSCI AC World ex UK Index +2%.
    ***IA Global Sector.

    Performance - 31/05/2022

    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 - 31/05/2022

    Fund %
    1 Anthem 4.2%
    2 Microsoft 3.2%
    3 Moody's 2.9%
    4 Reliance Industries 2.9%
    5 Alphabet 2.8%
    6 Martin Marietta Materials 2.8%
    7 Prosus 2.6%
    8 TSMC 2.5%
    9 Service Corporation International 2.4%
    10 AJ Gallagher 2.3%
    Total 28.7%
    Geographic Analysis of Total Assets - 31/05/2022

    Fund %

    • 1 North America 57.91
    • 2 Europe (ex UK) 15.91
    • 3 Emerging Markets 12.68
    • 4 Developed Asia Pacific 12.15
    • 5 UK 0.81
    • 6 Cash 0.54
    • Total 100.0

    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

    Spencer Adair

    Spencer joined Baillie Gifford in 2000 and is an Investment Manager in the Global Alpha Team. He became a Partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and UK Equity Teams. Spencer graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh.

    Malcolm MacColl

    Malcolm joined Baillie Gifford in 1999 and spent his graduate rotation in the UK Small Cap Team before joining the North American Team.  When the Global Alpha team was set up in 2005, Malcolm became one of the three Investment Managers for the strategy. Having retained this role ever since, this remains his sole portfolio management responsibility. Malcolm became a partner in 2011 and, in 2021, he became Joint Senior Partner with overall oversight for the investment departments.  Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999 both from the University of St Andrews.  He is a member of the CFA Society of the UK.

    Helen Xiong

    Helen joined Baillie Gifford in 2008 and is a partner and investment manager on the Global Alpha Team. In addition to Global Alpha, Helen has spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, 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.

    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.

    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.

    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.

    Emerging Markets

    The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

    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.