1. Overview

    The Managed Fund aims to achieve capital growth over rolling five-year periods.

    The manager believes an appropriate comparison for this Fund is the Investment Association Mixed Investment 40 – 85% Shares sector median given the investment policy of the Fund and the approach taken by the manager when investing.

    Some things are timeless. For over 30 years we have developed a time-honoured approach that rises above passing trends.

    Performance & Portfolio

    Periodic Performance

    All figures to 29/02/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Acc 6.7%6.8%-4.0%6.1%
    Sector Median*** 6.5%6.1%3.3%5.0%
    Sector Ranking 107/22098/214198/19845/168

    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 31 December each year

    Annual percentage return (Updated Quarterly)

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Class B-Acc 21.3%33.9%4.3%-24.3%10.7%
    Sector Median*** 15.8%5.1%11.1%-9.5%8.1%

    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.

    Sector data based on B-Acc share class performance.
    Source: FE, Revolution. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    *IA Mixed Investment 40-85% Shares Sector.

    Top Ten Equity Holdings - 29/02/2024

    Fund %
    1 NVIDIA 1.8%
    2 Amazon.com 1.5%
    3 The Trade Desk 1.5%
    4 Shopify 1.4%
    5 TSMC 1.3%
    6 ASML 1.3%
    7 Meta Platforms 1.0%
    8 Kingspan Group 1.0%
    9 Prosus 1.0%
    10 Ryanair 1.0%
    Total 12.9%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 29/02/2024

    Fund %

    • 1 Europe (ex UK) 20.35
    • 2 UK 20.25
    • 3 North America 18.82
    • 4 Overseas Bonds 16.39
    • 5 Developed Asia Pacific 11.83
    • 6 Emerging Markets 9.83
    • 7 UK Bonds 3.51
    • 8 Cash & Derivatives -1.00
    • 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

    Iain McCombie

    Iain is the head of our UK Equity Team and lead manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000, and became a partner of the firm in 2005. Since joining Baillie Gifford in 1994, Iain has spent time on the US Equities Team. Iain graduated with a MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.

    Steven Hay

    Steven joined Baillie Gifford in 2004 and is Head of the Income Research Team. Prior to joining Baillie Gifford, Steven was a Fixed Income Investment Manager with Scottish Widows. His experience includes seven years undertaking analysis and research for the Bank of England’s Monetary Policy Committee, and involvement in managing the UK’s foreign exchange reserves. Steven graduated BAcc (Hons) in Economics and Accountancy from the University of Glasgow in 1992 and MSc in Economics from the University of Warwick in 1993.

    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.

    Philosophy and Process Documents

    Quarterly Investor Reports

    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.

    Bonds & Inflation

    Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests may not be able to pay the bond income as promised or could fail to repay the capital amount.

    Derivatives

    Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.

    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.