1. BAILLIE GIFFORD INTERNATIONAL SMALLER COMPANIES FUND
    BAILLIE GIFFORD INTERNATIONAL SMALLER COMPANIES FUND

    Overview

    The Baillie Gifford International Smaller Companies Fund seeks capital appreciation.

    Investment Proposition

    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.

    Holdings - 12/31/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BJXMLF7 SE0012454072 Avanza Bank Sweden 2,893 233.00 SEK Equity 82077.92 4.37
    2 B28XLF6 DE0005493365 Hypoport Germany 107 515.00 EUR Equity 67423.72 3.59
    3 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 900.00 TWD Equity 64061.50 3.41
    4 B80VKP3 TW0005274005 ASPEED Technology Taiwan 1,000 1715.00 TWD Equity 61036.37 3.25
    5 6510989 KR7012510004 Douzone Bizon Co South Korea 622 104000.00 KRW Equity 59548.93 3.17
    6 BSLTDM4 JP3835870001 Bengo4.com Japan 600 10240.00 JPY Equity 59508.94 3.17
    7 BFM1K61 JP3967180005 RakSul Japan 1,200 4445.00 JPY Equity 51663.52 2.75
    8 B7K6D18 IT0004764699 Brunello Cucinelli Italy 991 35.70 EUR Equity 43287.61 2.30
    9 B13V385 JP3952870008 Demae-Can Japan 1,400 3140.00 JPY Equity 42578.33 2.27
    10 BN85P68 CA49448Q1090 Kinaxis Canada 300 180.34 CAD Equity 42466.25 2.26
        Total 30.53%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BJXMLF7 SE0012454072 Avanza Bank Sweden 2,893 233.00 SEK Equity 82077.92 4.37
    2 B28XLF6 DE0005493365 Hypoport Germany 107 515.00 EUR Equity 67423.72 3.59
    3 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 900.00 TWD Equity 64061.50 3.41
    4 B80VKP3 TW0005274005 ASPEED Technology Taiwan 1,000 1715.00 TWD Equity 61036.37 3.25
    5 6510989 KR7012510004 Douzone Bizon Co South Korea 622 104000.00 KRW Equity 59548.93 3.17
    6 BSLTDM4 JP3835870001 Bengo4.com Japan 600 10240.00 JPY Equity 59508.94 3.17
    7 BFM1K61 JP3967180005 RakSul Japan 1,200 4445.00 JPY Equity 51663.52 2.75
    8 B7K6D18 IT0004764699 Brunello Cucinelli Italy 991 35.70 EUR Equity 43287.61 2.30
    9 B13V385 JP3952870008 Demae-Can Japan 1,400 3140.00 JPY Equity 42578.33 2.27
    10 BN85P68 CA49448Q1090 Kinaxis Canada 300 180.34 CAD Equity 42466.25 2.26
    11 BZ1DZ96 IT0005282865 Reply Spa Italy 353 95.30 EUR Equity 41161.32 2.19
    12 BLN8T44 SE0014781795 ADDTECH Sweden 3,092 109.00 SEK Equity 41038.17 2.18
    13 B03XKH2 JP3105270007 Outsourcing Japan 3,000 1381.00 JPY Equity 40127.85 2.14
    14 0371847 GB0003718474 Games Workshop Group United Kingdom 240 112.00 GBP Equity 36743.60 1.96
    15 Cash and Deposits International 36,400 0.00 USD Equity 36400.48 1.94
    16 6906760 JP3531800005 Tsugami Japan 2,400 1559.00 JPY Equity 36240.01 1.93
    17 B39Q399 KR7098460009 Koh Young Technology South Korea 374 105000.00 KRW Equity 36150.23 1.92
    18 BLNN0G8 CH0238627142 Bossard Switzerland 163 178.40 CHF Equity 32896.88 1.75
    19 6123923 JP3920860008 Megachips Japan 1,200 2815.00 JPY Equity 32718.29 1.74
    20 BF0QD69 JP3932950003 KATITAS Japan 1,000 3325.00 JPY Equity 32204.95 1.71
    21 3147777 GB0031477770 First Derivatives United Kingdom 720 32.00 GBP Equity 31494.51 1.68
    22 BLWDVP5 GB00BLWDVP51 FDM United Kingdom 2,049 11.24 GBP Equity 31481.88 1.68
    23 B18RC03 JP3153480003 Infomart Japan 3,300 984.00 JPY Equity 31451.40 1.67
    24 B034DS7 IL0010910656 Maytronics Israel 2,033 48.28 ILS Equity 30569.71 1.63
    25 B0VL7C2 DK0060027142 Alk-Abello Denmark 72 2500.00 DKK Equity 29588.23 1.57
    26 BZ30ML6 SE0009997018 HMS Industrial Networks Sweden 902 260.00 SEK Equity 28556.29 1.52
    27 5982200 GB0059822006 Dialog Semiconductor Germany 508 44.69 EUR Equity 27777.67 1.48
    28 BJV2FV3 DE000NWRK013 New Work Germany 80 280.00 EUR Equity 27407.52 1.46
    29 B056381 TW0003443008 Global UniChip Taiwan 2,000 339.00 TWD Equity 24129.83 1.28
    30 BBQ3850 GB00BBQ38507 Keywords Studios United Kingdom 586 28.60 GBP Equity 22909.52 1.22
    31 BK7C5Q9 JP3386690006 JMDC Japan 400 5840.00 JPY Equity 22625.79 1.20
    32 BZC0LC1 GB00BZC0LC10 Victoria United Kingdom 2,505 6.55 GBP Equity 22428.56 1.19
    33 BD9Y5C0 IT0005162406 Technogym Italy 1,951 9.24 EUR Equity 22057.23 1.17
    34 B1QGV49 JP3130300001 eGuarantee Japan 1,000 2249.00 JPY Equity 21783.14 1.16
    35 BG0SQC9 CH0406705126 Sensirion Switzerland 326 57.30 CHF Equity 21132.19 1.12
    36 BMC6VV7 JP3155360005 WealthNavi Inc Japan 800 2530.00 JPY Equity 19603.85 1.04
    37 BYVX2X2 GB00BYVX2X20 Team 17 Digital Limited United Kingdom 1,781 7.92 GBP Equity 19281.53 1.03
    38 B84B5K9 JP3305960001 COLOPL Japan 1,900 1022.00 JPY Equity 18807.69 1.00
    39 BF52PL1 AU000000NWL7 Netwealth Australia 1,510 15.94 AUD Equity 18573.16 0.99
    40 BFWVYJ2 JP3386670008 GA Technologies Japan 600 3125.00 JPY Equity 18160.69 0.97
    41 B021F83 GB00B021F836 Majestic Wine United Kingdom 1,972 6.69 GBP Equity 18033.73 0.96
    42 6212100 TW0002360005 Chroma Ate Taiwan 3,000 168.00 TWD Equity 17937.22 0.95
    43 BMTCQY6 SE0014428835 Vostok New Ventures Sweden 1,254 117.00 SEK Equity 17865.10 0.95
    44 B2R9XL5 DE0005111702 Zooplus Germany 84 169.80 EUR Equity 17451.74 0.93
    45 B7TYN35 JP3240100002 Kitanotatsujin Japan 3,600 463.00 JPY Equity 16144.12 0.86
    46 BY7QYJ5 GB00BY7QYJ50 Draper Esprit United Kingdom 1,732 6.60 GBP Equity 15625.87 0.83
    47 B1P76L5 FR0010425595 Cellectis France 506 24.40 EUR Equity 15106.44 0.80
    48 BD83SJ6 JP3984120000 Locondo Japan 700 2202.00 JPY Equity 14929.54 0.79
    49 7370063 BE0165385973 Melexis Belgium 147 79.90 EUR Equity 14370.96 0.76
    50 BYZ6P94 JP3944390008 Uzabase Japan 400 3580.00 JPY Equity 13869.92 0.74
    51 6602563 JP3924800000 DMG Mori Japan 900 1569.00 JPY Equity 13677.18 0.73
    52 BY4JZZ0 JP3835100003 Healios Japan 700 1967.00 JPY Equity 13336.24 0.71
    53 BZCRNM6 JP3277040006 KH Neochem Japan 500 2731.00 JPY Equity 13225.82 0.70
    54 B298ZY7 JP3977020001 Link and Motivation Japan 2,300 585.00 JPY Equity 13032.11 0.69
    55 6461128 JP3149800009 Iriso Electronics Japan 300 4460.00 JPY Equity 12959.47 0.69
    56 6660914 JP3197700002 Optex Japan 700 1886.00 JPY Equity 12787.06 0.68
    57 BYXX821 SE0007439443 Storytel Sweden 386 270.00 SEK Equity 12690.33 0.68
    58 BF062T5 KR7042000000 Cafe24 South Korea 217 63500.00 KRW Equity 12684.80 0.68
    59 B3PQXL5 JP3122440005 Anicom Japan 1,200 1077.00 JPY Equity 12517.80 0.67
    60 BF1TM59 GB00BF1TM596 Alpha FX United Kingdom 679 13.00 GBP Equity 12066.06 0.64
    61 B898BV8 SE0004840718 Xvivo Perfusion Sweden 305 314.00 SEK Equity 11661.42 0.62
    62 B3XSP95 KR7095700001 Genexine South Korea 100 124300.00 KRW Equity 11442.51 0.61
    63 6777579 JP3321400008 Sato Holdings Japan 500 2225.00 JPY Equity 10775.34 0.57
    64 BD4F658 SE0008294953 Paradox Interactive Sweden 343 256.00 SEK Equity 10691.93 0.57
    65 B7JCJZ3 JP3102320003 Istyle Japan 2,600 408.00 JPY Equity 10274.59 0.55
    66 BYZC3B0 GB00BYZC3B04 Hotel Chocolat United Kingdom 1,694 4.23 GBP Equity 9783.46 0.52
    67 B6X51B1 TW0008436007 TCI Co Taiwan 1,148 200.00 TWD Equity 8171.40 0.43
    68 BJVSF22 JP3481300006 Daikyonishikawa Japan 1,000 833.00 JPY Equity 8068.19 0.43
    69 6456492 JP3142300007 Ichiyoshi Securities Japan 1,700 467.00 JPY Equity 7689.48 0.41
    70 4031910 FR0004110310 ESI Group France 135 45.80 EUR Equity 7565.21 0.40
    71 6321266 JP3152720003 Inter Action Corporation Japan 400 1932.00 JPY Equity 7485.11 0.40
    72 BP4JH17 BMG5150J1577 Johnson Electric Hong Kong 3,000 19.20 HKD Equity 7428.57 0.40
    73 BNGN4R8 SE0005878741 Bactiguard Sweden 403 143.00 SEK Equity 7017.19 0.37
    74 4018786 SE0000683484 CellaVision Sweden 182 307.00 SEK Equity 6803.49 0.36
    75 B28PS95 CH0033361673 u-blox Switzerland 102 58.85 CHF Equity 6790.77 0.36
    76 BJYJG18 JP3332540008 Sansan Japan 100 6800.00 JPY Equity 6586.28 0.35
    77 B3W40C2 GB00B3W40C23 dotdigital United Kingdom 2,785 1.60 GBP Equity 6091.13 0.32
    78 BWWYKX6 BE0974281132 Biocartis Belgium 862 4.65 EUR Equity 4904.36 0.26
    79 BYZWZT2 KYG468321040 Hypebeast Hong Kong 47,500 0.78 HKD Equity 4778.27 0.25
    80 B04SF48 AU000000MSB8 Mesoblast Australia 1,699 2.25 AUD Equity 2949.83 0.16
    81 BYW82K3 DE000A2DAM03 Aumann Germany 165 11.42 EUR Equity 2305.54 0.12
    82 Cash and Deposits International 11 0.00 TWD Equity 0.39 0.00
                      Total 100.0%

    Sector Analysis of Total Assets - 12/31/2020

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    Regional Analysis of Total Assets - 12/31/2020

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    Country Analysis of Total Assets - 12/31/2020

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    Industry Analysis of Total Assets - 12/31/2020

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    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

    Brian Lum (Chair)

    Brian is an Investment Manager in our International Growth Research Team and became a member of the International Growth Portfolio Construction Group in May 2015. He also Chairs our International Smaller Companies Portfolio Construction Group. Brian joined Baillie Gifford in 2006 and initially worked in the North American and Emerging Markets Departments, before spending a number of years focused on investment in smaller companies. He is a CFA Charterholder. Brian graduated MSci and BA (Hons) in Physics from the University of Cambridge in 2006.

    Praveen Kumar

    Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities Team. He previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from Bangalore University in 2001 and gained an MBA from the University of Cambridge in 2008.

    Milena Mileva

    Milena joined Baillie Gifford in 2009 and is an Investment Manager in the UK Equity Team. She has also been a member of the Pan-European Portfolio Construction Group since 2014. Milena graduated BA in Social & Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.

    Steve Vaughan

    Steve joined Baillie Gifford in 2012 and is an Investment Manager in the International Smaller Companies Team. He is a CFA Charterholder. Prior to joining Baillie Gifford, Steve was an Officer in the British Army for nine years. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012.

    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 International Smaller Companies Fund Institutional Class BICIX 0.00000 0.01292 0.00000 0.00000 0.77033 0.78325 12/29/2020 12/29/2020 Final
    Baillie Gifford International Smaller Companies Fund K Class BICKX 0.00000 0.01292 0.00000 0.00000 0.77033 0.78325 12/29/2020 12/29/2020 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).

     

    Full details of the 2020 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.

    Risks & Disclaimers

    The most significant risks of an investment in The Baillie Gifford International Smaller Companies Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Japan Risk, Small-and Medium-Capitalization Securities Risk, Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Geographic Focus Risk, Information Technology Risk, IPO Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, 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 here. Please carefully read the Fund’s prospectus and related documents before investing.