1. Baillie Gifford Global Alpha Equities Fund

    Baillie Gifford Global Alpha Equities Fund

  2. Overview

    The Baillie Gifford Global Alpha Equities Fund seeks capital appreciation.

    Investment Proposition

    The Baillie Gifford Global Alpha Equities Fund aims to find companies that can deliver sustainable, above-average earnings growth over the long-term from a global opportunity set. The portfolio is vastly differentiated from the index with an Active Share of c. 90%, and we expect annual turnover to be typically less than 20%, implying an average holding period for each stock of over five years. We seek to take meaningful allocations in our best ideas, combined with our long-term investment horizon, which underpins our confidence in achieving the objective.

    Performance & Portfolio

    Total returns as of month end 2/29/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    Share Class K0.67%0.67%6.90%12.61%5.76%
    MSCI ACWI Indexn/an/a4.33%10.04%4.96%
    Annualized total returns as of quarter end 12/31/2023

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class K0.67%0.67%19.65%-2.99%10.53%8.42%
    MSCI ACWI Indexn/an/a22.81%6.26%12.27%8.48%

    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: November 15, 2011

    Share Class launch date: April 28, 2017

    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.

    Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

    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 MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Discrete performance figures to 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class K32.48%36.41%7.59%-29.08%19.65%
    MSCI ACWI Index27.30%16.82%19.04%-17.96%22.81%

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

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

     

    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.

     

    Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

     

    The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

     

    Performance - 2/29/2024
    Baillie Gifford Global Alpha Equities Fund - Share Class K

    Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

    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.

    Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

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

    The graph is rebased to 100.

    Annualized total returns as of quarter end 12/31/2023

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: November 15, 2011
    Share Class launch date: April 28, 2017
    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.

    Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

    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.

    Total returns as of month end 2/29/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    Share Class Institutional0.76%0.76%6.90%12.55%5.76%
    MSCI ACWI Indexn/an/a4.33%10.04%4.96%
    Annualized total returns as of quarter end 12/31/2023

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class Institutional0.76%0.76%19.50%-3.09%10.46%8.33%
    MSCI ACWI Indexn/an/a22.81%6.26%12.27%8.48%

    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: November 15, 2011

    Share Class launch date: April 28, 2017

    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.

    Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

    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 MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Discrete performance figures to 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class Institutional32.56%36.28%7.48%-29.14%19.50%
    MSCI ACWI Index27.30%16.82%19.04%-17.96%22.81%

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

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

     

    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.

     

    Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

     

    The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Performance - 2/29/2024
    Baillie Gifford Global Alpha Equities Fund - Share Class Institutional

    Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

    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.

    Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

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

    The graph is rebased to 100.

    Annualized total returns as of quarter end 12/31/2023

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: November 15, 2011
    Share Class launch date: April 28, 2017
    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.

    Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

    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.

    Stock Level Attribution

    Top and bottom 5 relative contributors
    One month to 2/29/2024

    Stock Name Contribution %
    Meta Platforms Inc. 0.46
    Martin Marietta Materials 0.31
    CRH 0.28
    Apple 0.25
    Li Auto 'H' 0.22
    NVIDIA -0.22
    Moody's -0.21
    Alnylam Pharmaceuticals -0.16
    MercadoLibre -0.13
    BHP Group -0.13

    Holdings

    Top Ten Holdings as of month end 2/29/2024
    Company NameFund %
    1Meta Platforms4.09
    2Martin Marietta Materials3.81
    3Microsoft3.80
    4Amazon.com3.71
    5Elevance Health Inc.3.32
    6Ryanair2.99
    7CRH2.83
    8Moody's2.82
    9Reliance Industries2.52
    10Service Corporation International2.18
    Total 32.06%
    Sector Analysis of Total Assets - 2/29/2024
    Fund % Benchmark % Difference %
    1 Consumer Discretionary 19.26 11.11 8.15
    2 Information Technology 16.83 23.96 -7.13
    3 Financials 14.22 15.89 -1.67
    4 Health Care 11.58 11.22 0.37
    5 Communication Services 10.57 7.52 3.05
    6 Industrials 10.30 10.70 -0.40
    7 Materials 9.14 4.14 5.00
    8 Energy 2.74 4.37 -1.63
    9 Real Estate 2.25 2.21 0.04
    10 Consumer Staples 2.12 6.47 -4.36
    11 Cash 0.99 0.00 0.99
    12 Utilities 0.00 2.41 -2.41

    Total may not sum due to rounding.

    Country Analysis of Total Assets - 2/29/2024
    Fund % Benchmark % Difference %
    1 United States 60.26 63.79 -3.53
    2 Ireland 5.82 0.08 5.74
    3 Japan 4.36 5.55 -1.19
    4 India 3.41 1.76 1.64
    5 Netherlands 3.17 1.19 1.98
    6 Sweden 2.54 0.74 1.80
    7 China 2.27 2.58 -0.31
    8 France 2.02 2.84 -0.81
    9 Brazil 2.01 0.55 1.46
    10 Hong Kong 1.70 0.47 1.23
    11 Taiwan 1.68 1.67 0.00
    12 Denmark 1.53 0.84 0.69
    13 Australia 1.48 1.70 -0.23
    14 Canada 1.22 2.73 -1.51
    15 Switzerland 1.22 2.24 -1.01
    16 UK 1.13 3.37 -2.24
    17 Norway 1.13 0.14 0.99
    18 South Korea 1.02 1.25 -0.23
    19 Cash 0.99 0.00 0.99
    20 Germany 0.58 2.03 -1.45
    21 Singapore 0.46 0.31 0.15
    22 Colombia 0.00 0.01 -0.01
    23 Egypt 0.00 0.01 -0.01
    24 Czech Republic 0.00 0.01 -0.01
    25 Hungary 0.00 0.03 -0.03
    26 Peru 0.00 0.03 -0.03
    27 Austria 0.00 0.04 -0.04
    28 Portugal 0.00 0.04 -0.04
    29 New Zealand 0.00 0.05 -0.05
    30 Chile 0.00 0.05 -0.05
    31 Greece 0.00 0.05 -0.05
    32 Philippines 0.00 0.07 -0.07
    33 Turkey 0.00 0.07 -0.07
    34 Kuwait 0.00 0.08 -0.08
    35 Qatar 0.00 0.09 -0.09
    36 Poland 0.00 0.10 -0.10
    37 United Arab Emirates 0.00 0.12 -0.12
    38 Malaysia 0.00 0.14 -0.14
    39 Thailand 0.00 0.16 -0.16
    40 Israel 0.00 0.18 -0.18
    41 Indonesia 0.00 0.19 -0.19
    42 Belgium 0.00 0.21 -0.21
    43 Finland 0.00 0.24 -0.24
    44 Mexico 0.00 0.26 -0.26
    45 South Africa 0.00 0.27 -0.27
    46 Saudi Arabia 0.00 0.44 -0.44
    47 Spain 0.00 0.59 -0.59
    48 Italy 0.00 0.64 -0.64

    As at March 3, 2022, the Russian holdings held within the Fund were valued at zero by our Fair Value Pricing Committee due to the ongoing issues in the Russian market. As a result of the 0% weighting they have been excluded from the list above. Details of the stocks can be found in the full holdings list.

    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. 

    Managers

    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.

    Malcolm MacColl

    Malcolm is an Investment Manager in the Global Alpha Team. He has been involved in Global Alpha since the product’s inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and spent his graduate rotation in the UK Small Cap Team before joining the North American Team. Malcolm managed the North American portion of wider Global portfolios whilst in the North American Team. He became a Partner of the firm in 2011 and, in 2021, he became a Managing Partner with overall oversight for the investment department. He is a member of the CFA Society of the UK. 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.

    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.

    TAX & 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. 

    FREQUENTLY ASKED QUESTIONS

    The document in this link contains answers to some of the most commonly asked tax and distribution related questions regarding mutual funds.

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

    Fund Name

    Ticker

    Income Dividends

    Short-Term Capital Gains *

    Qualified Dividend Income **

    Foreign Tax Credits

    Long-Term Capital Gains

    Total Per Share

    Ex. Date

    Pay Date

    Status

    Baillie Gifford Global Alpha Equities Fund Institutional Class BGASX 0.17484 0.00000 0.17484 0.00000 0.00000 0.17484 12/28/2023 12/28/2023 Final
    Baillie Gifford Global Alpha Equities Fund K Class BGAKX 0.18311 0.00000 0.18311 0.00000 0.00000 0.18311 12/28/2023 12/28/2023 Final

    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.

    **Qualified Dividend Income is a subset of Income Dividends (rather than an additional category of income).

    Primary ICI File for the Baillie Gifford Mutual Funds can be found here.

    Secondary ICI File for the Baillie Gifford Mutual Funds can be found here.

     

    Risks

    The most significant risks of an investment in the Baillie Gifford Global Alpha Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk and Non-U.S. Investment Risk. 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 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 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. There can be less regulation and possible fluctuation in value due to adverse political conditions. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk and Valuation Risk.

    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.

    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 here. Please carefully read the Fund’s prospectus and related documents before investing.