1. Overview

    The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the MSCI ACWI, as stated in Sterling, by at least 2.5% 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 Global Sector.

    At Baillie Gifford, we ask ourselves one important question: ‘Where are the most exciting investment opportunities over the long term going to be?

    Performance & Portfolio

    Periodic Performance

    All figures to 30/06/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 14.2%23.6%-5.6%14.6%
    Index* 12.5%20.6%9.1%11.4%
    Target Benchmark** 13.9%23.7%11.9%14.2%
    Sector Average*** 8.6%14.9%5.1%9.0%
    Sector Ranking 85/56069/548460/48216/404

    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 to 30 June each year

    Annual percentage return (Updated Quarterly)

    30/06/2019
    30/06/2020

    30/06/2020
    30/06/2021

    30/06/2021
    30/06/2022

    30/06/2022
    30/06/2023

    30/06/2023
    30/06/2024

    Class B-Acc 59.8%47.0%-42.1%17.4%23.6%
    Index* 5.7%25.0%-3.6%11.7%20.6%
    Target Benchmark** 8.4%28.1%-1.2%14.5%23.7%
    Sector Average*** 5.4%25.9%-8.8%10.8%14.9%

    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.
    *MSCI ACWI.
    **FTSE All World Index + 2.5% (in Sterling) over rolling five-year periods up to 29/06/2023; from 30/06/2023 MSCI ACWI + 2.5% (in Sterling).
    These have been chain-linked for performance figures above.
    ***IA Global Sector.

    Top Ten Holdings - 30/06/2024

    Fund %
    1 NVIDIA 7.7%
    2 Amazon.com 7.0%
    3 ASML 5.3%
    4 PDD Holdings 4.3%
    5 Intuitive Surgical 3.7%
    6 The Trade Desk 3.7%
    7 Netflix 3.5%
    8 Cloudflare 3.2%
    9 Meituan 3.2%
    10 Dexcom 3.0%
    Total 44.4%
    Geographic Analysis of Total Assets - 30/06/2024

    Fund %

    • 1 North America 56.60
    • 2 Emerging Markets 24.41
    • 3 Europe (ex UK) 17.77
    • 4 Cash 1.22
    • Total 100.00

    Total may not sum due to rounding.

    Meet the Managers

    Gemma Barkhuizen

    Gemma is a decision maker on the Long Term Global Growth Team and co-manager of the Global Outliers Strategy. She is also an advisor to Global Alpha. Gemma joined Baillie Gifford in September 2017, after graduating with a Masters degree in Modern History from Durham University. She also has degrees in History and Philosophy from Rhodes University in South Africa.

    John MacDougall

    John is an investment manager and decision maker in the Long Term Global Growth (LTGG) Team. He is also a member of the China A share portfolio construction group. John has been a partner in the firm since 2016. He joined Baillie Gifford in 2000 as an investment graduate. Prior to his current roles, he worked in the North American, Japan and Global Discovery teams. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.

    Michael Pye

    Michael is an investment manager in the Long Term Global Growth Team. He joined Baillie Gifford in 2013. He is also a CFA Charterholder. Michael graduated MA in Classics from the University of Cambridge in 2007 and gained a PhD in International Relations from the University of St Andrews in 2013. 

    Mark Urquhart

    Mark is an investment manager who joined Baillie Gifford in 1996. He is head of the Long Term Global Growth Team, which he co-founded in 2003. He has previously worked in the US, UK and Japanese Equity teams. He became a partner in 2004. Mark graduated BA in Philosophy, Politics and Economics from the University of Oxford in 1992 and spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics at the University of Edinburgh in 1996. 

    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.

    Philosophy and Process Documents

    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.

    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.

    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.