US mutual fund

Baillie Gifford International Smaller Companies Fund

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The Baillie Gifford International Smaller Companies Fund seeks capital appreciation.

Great companies can be so for different reasons. Some are driven by a vision to shape and transform industries. Some have unique skillsets to exploit emerging opportunities. Some simply operate at a superior level through distinctive culture or thoughtful stewardship. At the lower end of the market cap spectrum, many of these are often underappreciated, and even ignored, by the market given many narrowly focused and short-term driven participants. We focus on unearthing the most exceptional smaller international companies and, by harnessing the asymmetry inherent in equity markets, aim to capture the disproportionate impact of successful investments.

Overview

Share price and charges

Share class
K
Ticker
BICKX
NAV
12.76
% change
-0.16%
Management fee
0.75%
Other expenses
1.13%
Gross expense ratio
1.88%
Fee waiver
-0.98%
Net expense ratio
0.90%

Fund facts

As at: November 30, 2024

Fund launch date

December 19, 2018

Fund size

$14.1m

Benchmark

MSCI ACWI ex USA Investable Market Index

Current number of holdings

86

Active share

100%*

Annual turnover

13%

Style

International Small Cap

Guideline number of holdings

75+

*Relative to MSCI ACWI ex USA Investable Market Index.

Source: Baillie Gifford & Co and relevant underlying index provider(s).

Portfolio characteristics

The fund's characteristics compared to the index.

As at November 30, 2024

FundMSCI ACWI ex USA Investable Market Index
Market cap (weighted average)$2.55bn$91.87bn
Price / Book3.121.78
Price / Earnings (12 months forward)23.4113.14
Earnings growth (5 year historic)5.94%5.12%
Return on equity (12 months forward)14.31%13.47%
Standard deviation (trailing 3 years)23.21%16.79%
Beta1.38N/A

Source: Baillie Gifford & Co, FactSet, Revolution, and relevant underlying index provider(s).

Beta is in comparison to MSCI ACWI ex USA Investable Market Index.

A full glossary of definitions can be viewed at the bottom of this page.

Meet the managers

Risks

The most significant risks of an investment in the Baillie Gifford International Smaller Companies Fund are: Small-and Medium Capitalization Securities Risk, Growth Stock Risk, Investment Style Risk, Long-Term Investment Strategy Risk, and Non-U.S. Investment Risk. The shares of small-and medium -capitalization companies can be more volatile than larger companies. This can be more evident during market downturns as they may have potentially reduced liquidity and shorter operating histories. The prices of growth stocks can be based largely on expectations of future earnings and can decline significantly in reaction to negative news. The Fund is managed on a bottom-up basis and stock selection is likely to be the main driver of investment returns. Returns are unlikely to track the movements of the benchmark. The Fund is managed on a long-term outlook, meaning that the Fund managers look for investments that they think will make returns over a number of years, rather than over shorter time periods. Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes and increased vulnerability to adverse changes in local and global economic conditions. Other Fund risks include: Asia Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Japan Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risks, Service Provider Risk, Settlement Risk and Valuation Risk.

Index disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

Definitions

Active share

A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.

Annual turnover

Turnover is calculated as the smaller figure of either purchases or sales for the month and dividing it by an average fund market value. Annual Turnover is calculated as the sum of the monthly turnover figures for the 12 month period.

Market cap (weighted average)

The weighted average size of companies represented in the portfolio, denoted by market capitalization.

Price/Book

The weighted average ratio of current share price to last reported company book value per share. This represents a measure of valuation levels.

Price/Earnings (12 months forward)

The weighted average ratio of current share price divided by the 12 month forward earnings per share. This represents a measure of valuation levels.

Earnings growth (5 years historic)

The weighted average growth in earnings per share of current portfolio holdings delivered over the past 5 years, expressed in % per annum. This represents a measure of delivered profits growth for the current holdings in the portfolio or benchmark.

Return on equity (12 months forward)

The weighted average ratio of 12 month forward earnings per share divided by the last reported book value per share. This represents a forward-looking measure of profitability, based on the current holdings of the portfolio or benchmark.

Beta

Beta is a measure of systematic risk, denoting the sensitivity of a fund to the direction of the market. Measures of beta that are significantly higher (lower) than 1.0 indicate a greater (lesser) degree of sensitivity to market direction.

Standard deviation

A measure of the volatility of absolute returns. It is a measure of the dispersion of a set of absolute returns from its mean.

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Fund performance

Annualized total returns – as at month end

As at: November 30, 2024

Gross expense ratio

Net expense ratio

1 month*

3 months*

Year-to-date*

1 year

3 years

5 years

Since inception†

Share class K1.88%0.90%0.24%-3.52%-1.17%7.96%-11.32%1.77%5.28%
MSCI ACWI ex USA Investable Market Indexn/an/a-0.82%-3.06%7.87%13.52%3.07%5.95%7.65%
MSCI ACWI ex USA Small Cap Indexn/an/a-0.42%-2.72%6.08%12.86%1.12%6.23%7.96%

Annualized total returns – as at quarter end

As at: September 30, 2024

Gross expense ratio

Net expense ratio

1 year

3 years

5 years

Since inception†

Share class K1.88%0.90%19.50%-9.65%4.84%6.48%
MSCI ACWI ex USA Investable Market Indexn/an/a25.67%4.26%8.16%8.97%
MSCI ACWI ex USA Small Cap Indexn/an/a23.84%1.90%8.68%9.28%

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

†Fund inception date: December 19, 2018

Share Class launch date: December 19, 2018

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

The Fund's primary benchmark is the MSCI ACWI ex USA Investible Market Index. The benchmark changed on April 30, 2024. Performance is shown against the primary and secondary benchmarks. The secondary benchmark is the MSCI ACWI ex USA Smaller Companies Index.

Returns are based on the K share class from December 19, 2018.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time. The net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2025.

The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 24 Emerging Markets (EM) countries. The MSCI ACWI ex USA Small Cap Index captures small cap representation across Developed Market countries (excluding the United States). These unmanaged indexes do not reflect fees and expenses. The Fund is more concentrated than the indexes shown.

Stock level attribution

Top and bottom 5 relative contributors

One month to: November 30, 2024

HoldingContribution
Auto1 Group Se0.52%
Kinaxis0.49%
Games Workshop Group0.46%
Netwealth Gp0.26%
Trustpilot Group Plc0.24%
Hypoport-0.37%
AirTac International Group-0.34%
Sensirion Holding AG-0.26%
Infomart Corp-0.21%
Raksul Inc-0.19%

Source: Revolution, MSCI.

Benchmark: MSCI ACWI ex USA Investable Market Index

The performance data quoted represents past performance and it should not be assumed that transactions made in the future will be profitable or will equal the performance of the securities mentioned. 

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Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: November 30, 2024

#Holding% of portfolio
1Chroma ATE3.70
2Kinaxis3.04
3Games Workshop3.00
4Reply2.99
5Hypoport 2.88
6Brunello Cucinelli2.81
7ASPEED Technology2.77
8Global UniChip2.61
9Netwealth2.52
10Addtech2.51

For extra details including SEDOLs, ISINs, countries, holding, asset price, currency, asset type and market value, view the spreadsheet.

Top ten holdings is at month end. Full list of holdings is at quarter end.

Holdings by sector

As at: November 30, 2024

#
Sector
Fund %
Benchmark % *
Difference %
1
Information Technology
33.45%
12.83%
20.62%
2
Financials
17.93%
21.96%
-4.03%
3
Consumer Discretionary
15.42%
10.93%
4.50%
4
Industrials
14.15%
14.99%
-0.84%
5
Communication Services
7.26%
5.55%
1.72%
6
Health Care
5.78%
8.72%
-2.94%
7
Materials
2.32%
7.25%
-4.92%
8
Cash
1.50%
0.00%
1.50%
9
Real Estate
1.13%
2.90%
-1.77%
10
Consumer Staples
1.05%
6.90%
-5.85%
11
Utilities
0.00%
3.09%
-3.09%
12
Energy
0.00%
4.90%
-4.90%
Total
100.00%
100.00%

Holdings by region

As at: November 30, 2024

#
Region
Fund %
Benchmark % *
Difference %
1
Europe (ex UK)
33.70%
30.30%
3.40%
2
Developed Asia Pacific
26.90%
22.97%
3.93%
3
Emerging Markets
20.74%
29.17%
-8.43%
4
UK
11.86%
9.29%
2.56%
5
North America
5.31%
8.27%
-2.96%
6
Cash
1.50%
0.00%
1.50%
Total
100.00%
100.00%

Holdings by country

As at: November 30, 2024

Showing 10 of 48 holdings

#
Country
Fund %
Benchmark % *
Difference %
1
Japan
22.04%
15.43%
6.61%
2
Taiwan
12.31%
5.63%
6.68%
3
UK
9.83%
9.29%
0.53%
4
Sweden
8.50%
2.38%
6.12%
5
Italy
7.85%
1.73%
6.12%
6
Germany
6.19%
5.21%
0.98%
7
Canada
5.31%
8.27%
-2.96%
8
Switzerland
4.17%
5.60%
-1.44%
9
Australia
3.53%
5.10%
-1.57%
10
South Korea
3.33%
2.89%
0.44%

Quarterly transactions

Transactions for the three-month period ending 30 September 2024

New purchases

  • Andes Technology
  • Philippine Seven
  • Xtep International

Complete sales

  • Istyle
  • Keywords Studios
  • New Work

Additions

  • Auto1 Group SE
  • GMO Financial Gate Inc
  • PVR Inox Ltd
  • Sensirion Holding AG

Reductions

  • Addtech 'B'
  • Hypoport

 

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

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Tax and distributions

The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus.

You can find answers to some of our most common questions about tax and distribution for mutual funds in our frequently asked questions document.

Recent distributions

The below table shows the makeup of the most recent distributions paid.

Share class InstitutionalShare class K
Income dividends0.329970.00000
Short-term capital gains *0.000000.00000
Long-term capital gains0.000000.00000
Total per share0.329970.00000
Ex-dividend date12/28/202312/28/2023
Pay date12/28/202312/28/2023
StatusFinalFinal

Source: Bank of New York Mellon and Baillie Gifford & Co

*Short-term capital gains are treated as ordinary income for U.S. Federal Income Tax Purposes.

Upcoming distributions

Please click here to view estimated capital gain distributions for 2024.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

Distribution year

2024

Record date

December 27, 2024

Ex-dividend date

December 30, 2024

Payable date

December 30, 2024

Source: Bank of New York Mellon and Baillie Gifford & Co

Primary ICI file for the Baillie Gifford Mutual Funds

Secondary ICI file for the Baillie Gifford Mutual Funds

Tax and distributions FAQs

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Documents

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