1. Overview

    The Responsible Global Equity Income Fund aims to achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index over the longer term, by investing responsibly. 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 Equity Income Sector.

    The Baillie Gifford Responsible Global Equity Income Fund is the first and only fund of its type in the Global Equity Income sector.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/06/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 6.2%12.5%8.1%11.1%
    Index* 12.5%20.6%9.1%11.4%
    Sector Average*** 6.8%12.8%7.5%8.0%
    Sector Ranking 33/5430/5221/498/45

    Figures for 3 years and Since Inception 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-Inc 8.4%23.6%-2.1%14.6%12.5%
    Index* 5.7%25.1%-3.7%11.9%20.6%
    Sector Average*** -2.6%21.2%1.0%9.2%12.8%

    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.
    †06 December 2018.
    *MSCI ACWI Index.
    **IA Global Equity Income Sector.

    Top Ten Holdings - 30/06/2024

    Fund %
    1 Novo Nordisk 5.3%
    2 Microsoft 5.2%
    3 TSMC 5.0%
    4 Watsco 4.6%
    5 Schneider Electric 3.9%
    6 Fastenal 3.8%
    7 Procter & Gamble 3.6%
    8 Apple 3.4%
    9 Atlas Copco 3.3%
    10 Analog Devices 3.1%
    Total 41.1%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS 30/06/2024

    Fund %

    • 1 North America 40.09
    • 2 Europe (ex UK) 34.56
    • 3 Emerging Markets 10.44
    • 4 Developed Asia Pacific 8.87
    • 5 UK 6.45
    • 6 Cash -0.40
    • Total 100.00

    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. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.

    Meet the Managers

    James Dow

    James was appointed Co-Head of the Global Income Growth Team and Co-Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. He became Manager of SAINTS when Toby Ross stepped back as Co-Manager in February 2024. He became a Partner in the firm from 1 May 2023. He joined Baillie Gifford in 2004 on the Graduate Scheme and became an Investment Manager in our US Equities Team. Previously, James spent three years working at The Scotsman newspaper, where he was the Economics Editor. He is a CFA Charterholder, graduated MA (Hons) in Economics-Philosophy from the University of St Andrews in 2000 and MSc in Development Studies from the London School of Economics in 2001.

    Ross Mathison

    Ross joined Baillie Gifford in 2019 as an investment manager in the Global Income Growth Team and became Deputy Manager of The Scottish American Investment Company PLC (SAINTS) in August 2023. Previously, he spent a year at Aviva Investors and prior to that nine years at Standard Life Investments as an investment manager, first in the European Equity Team and latterly in the Global Equity Team. Ross is a CFA Charterholder and graduated MA (Hons) in Business and Finance from Heriot-Watt University in 2008. He also sits on the board of directors at Aberlour, a Scottish children’s charity.

    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

    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.

    Responsible Investment

    The Fund invests according to responsible investment criteria and with reference to the ten principles of the United Nations Global Compact for business. This means the Fund will not invest in certain sectors and companies and, therefore, the universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions. The Fund therefore may have different returns than a fund which has no such restrictions.

    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 to Capital

    For distribution purposes the Authorised Corporate Director (ACD) has the facility to allocate some or all expenses to capital. This will reduce the capital value of the Fund. For the year to 31 January 2020 80% of expenses were allocated to capital. The figure for the current financial period has not yet been determined however this number will vary from year to year.

    Tax Rates

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