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 - 6/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BSLTDM4 JP3835870001 Bengo4.com Japan 700 10260.00 JPY Equity 66570.89 5.00
    2 6510989 KR7012510004 Douzone Bizon Co South Korea 622 102000.00 KRW Equity 52744.73 3.96
    3 B01JCK9 KYG5496K1242 Li Ning China 16,500 24.60 HKD Equity 52371.15 3.93
    4 B28XLF6 DE0005493365 Hypoport Germany 107 394.00 EUR Equity 47349.76 3.56
    5 BJXMLF7 SE0012454072 Avanza Bank Sweden 3,180 132.30 SEK Equity 45157.22 3.39
    6 BN85P68 CA49448Q1090 Kinaxis Canada 300 194.06 CAD Equity 42744.49 3.21
    7 B80VKP3 TW0005274005 ASPEED Technology Taiwan 1,000 1240.00 TWD Equity 42027.49 3.16
    8 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 516.00 TWD Equity 34977.72 2.63
    9 BH57BM3 SE0005568136 ADDTECH Sweden 773 374.40 SEK Equity 31063.87 2.33
    10 BZ1DZ96 IT0005282865 Reply Spa Italy 353 71.85 EUR Equity 28486.51 2.14
        Total 33.30%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BSLTDM4 JP3835870001 Bengo4.com Japan 700 10260.00 JPY Equity 66570.89 5.00
    2 6510989 KR7012510004 Douzone Bizon Co South Korea 622 102000.00 KRW Equity 52744.73 3.96
    3 B01JCK9 KYG5496K1242 Li Ning China 16,500 24.60 HKD Equity 52371.15 3.93
    4 B28XLF6 DE0005493365 Hypoport Germany 107 394.00 EUR Equity 47349.76 3.56
    5 BJXMLF7 SE0012454072 Avanza Bank Sweden 3,180 132.30 SEK Equity 45157.22 3.39
    6 BN85P68 CA49448Q1090 Kinaxis Canada 300 194.06 CAD Equity 42744.49 3.21
    7 B80VKP3 TW0005274005 ASPEED Technology Taiwan 1,000 1240.00 TWD Equity 42027.49 3.16
    8 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 516.00 TWD Equity 34977.72 2.63
    9 BH57BM3 SE0005568136 ADDTECH Sweden 773 374.40 SEK Equity 31063.87 2.33
    10 BZ1DZ96 IT0005282865 Reply Spa Italy 353 71.85 EUR Equity 28486.51 2.14
    11 BFM1K61 JP3967180005 RakSul Japan 1,000 2920.00 JPY Equity 27065.86 2.03
    12 B13V385 JP3952870008 Demae-Can Japan 1,800 1566.00 JPY Equity 26127.82 1.96
    13 B39Q399 KR7098460009 Koh Young Technology South Korea 308 100000.00 KRW Equity 25605.85 1.92
    14 Cash and Deposits International 25,508 0.00 USD Equity 25508.03 1.92
    15 BLNN0G8 CH0238627142 Bossard Switzerland 163 144.80 CHF Equity 24908.87 1.87
    16 B2R9XL5 DE0005111702 Zooplus Germany 151 146.00 EUR Equity 24760.97 1.86
    17 B7K6D18 IT0004764699 Brunello Cucinelli Italy 831 26.44 EUR Equity 24677.45 1.85
    18 BJV2FV3 DE000NWRK013 New Work Germany 80 272.00 EUR Equity 24439.74 1.84
    19 B1QGV49 JP3130300001 eGuarantee Japan 1,000 2552.00 JPY Equity 23654.82 1.78
    20 5982200 GB0059822006 Dialog Semiconductor Germany 508 40.61 EUR Equity 23170.45 1.74
    21 BF0QD69 JP3932950003 KATITAS Japan 1,000 2495.00 JPY Equity 23126.48 1.74
    22 B034DS7 IL0010910656 Maytronics Israel 2,033 39.20 ILS Equity 23026.51 1.73
    23 BLWDVP5 GB00BLWDVP51 FDM United Kingdom 2,049 9.04 GBP Equity 22886.98 1.72
    24 B18RC03 JP3153480003 Infomart Japan 3,300 744.00 JPY Equity 22757.57 1.71
    25 3147777 GB0031477770 First Derivatives United Kingdom 720 25.55 GBP Equity 22730.11 1.71
    26 0371847 GB0003718474 Games Workshop Group United Kingdom 212 80.15 GBP Equity 20995.08 1.58
    27 B0VL7C2 DK0060027142 Alk-Abello Denmark 72 1771.00 DKK Equity 19215.33 1.44
    28 B03XKH2 JP3105270007 Outsourcing Japan 3,000 680.00 JPY Equity 18909.02 1.42
    29 B84B5K9 JP3305960001 COLOPL Japan 1,900 983.00 JPY Equity 17311.95 1.30
    30 B7TYN35 JP3240100002 Kitanotatsujin Japan 3,600 514.00 JPY Equity 17151.60 1.29
    31 B056381 TW0003443008 Global UniChip Taiwan 2,000 252.50 TWD Equity 17116.03 1.29
    32 BZ30ML6 SE0009997018 HMS Industrial Networks Sweden 902 173.80 SEK Equity 16826.61 1.26
    33 6906760 JP3531800005 Tsugami Japan 2,000 899.00 JPY Equity 16665.89 1.25
    34 BG0SQC9 CH0406705126 Sensirion Switzerland 326 45.35 CHF Equity 15602.45 1.17
    35 6212100 TW0002360005 Chroma Ate Taiwan 3,000 151.50 TWD Equity 15404.43 1.16
    36 6123923 JP3920860008 Megachips Japan 700 2086.00 JPY Equity 13534.78 1.02
    37 BBQ3850 GB00BBQ38507 Keywords Studios United Kingdom 586 18.12 GBP Equity 13120.00 0.99
    38 6648783 JP3759500006 Noritsu Koki Japan 900 1497.00 JPY Equity 12488.30 0.94
    39 BYVX2X2 GB00BYVX2X20 Team 17 Digital Limited United Kingdom 1,781 5.47 GBP Equity 12037.31 0.90
    40 BD83SJ6 JP3984120000 Locondo Japan 700 1744.00 JPY Equity 11315.75 0.85
    41 BY4JZZ0 JP3835100003 Healios Japan 700 1725.00 JPY Equity 11192.47 0.84
    42 BVYPCH8 FI4000123195 Asiakastieto Group Finland 270 36.80 EUR Equity 11159.62 0.84
    43 6602563 JP3924800000 DMG Mori Japan 900 1307.00 JPY Equity 10903.28 0.82
    44 6777579 JP3321400008 Sato Holdings Japan 500 2332.00 JPY Equity 10807.80 0.81
    45 B021F83 GB00B021F836 Majestic Wine United Kingdom 1,972 4.43 GBP Equity 10794.16 0.81
    46 B6X51B1 TW0008436007 TCI Co Taiwan 1,148 273.50 TWD Equity 10641.70 0.80
    47 BD9Y5C0 IT0005162406 Technogym Italy 1,247 7.42 EUR Equity 10392.22 0.78
    48 6461128 JP3149800009 Iriso Electronics Japan 300 3520.00 JPY Equity 9788.20 0.73
    49 BF062T5 KR7042000000 Cafe24 South Korea 217 52800.00 KRW Equity 9525.38 0.72
    50 6297497 AU000000IRE2 IRESS Australia 1,257 10.95 AUD Equity 9476.62 0.71
    51 BZCRNM6 JP3277040006 KH Neochem Japan 500 2035.00 JPY Equity 9431.34 0.71
    52 B1P76L5 FR0010425595 Cellectis France 506 15.86 EUR Equity 9013.46 0.68
    53 B3PQXL5 JP3122440005 Anicom Japan 200 4565.00 JPY Equity 8462.71 0.64
    54 BY7QYJ5 GB00BY7QYJ50 Draper Esprit United Kingdom 1,506 4.51 GBP Equity 8392.27 0.63
    55 B298ZY7 JP3977020001 Link and Motivation Japan 2,300 387.00 JPY Equity 8250.45 0.62
    56 BYZ6P94 JP3944390008 Uzabase Japan 400 2210.00 JPY Equity 8193.91 0.62
    57 6660914 JP3197700002 Optex Japan 700 1223.00 JPY Equity 7935.30 0.60
    58 BYXX821 SE0007439443 Storytel Sweden 386 191.40 SEK Equity 7929.93 0.60
    59 B3XSP95 KR7095700001 Genexine South Korea 100 93900.00 KRW Equity 7806.46 0.59
    60 BD4F658 SE0008294953 Paradox Interactive Sweden 343 201.00 SEK Equity 7399.98 0.56
    61 BMTCQY6 SE0014428835 Vostok New Ventures Sweden 951 71.60 SEK Equity 7308.59 0.55
    62 7370063 BE0165385973 Melexis Belgium 96 67.50 EUR Equity 7278.01 0.55
    63 6456492 JP3142300007 Ichiyoshi Securities Japan 1,700 454.00 JPY Equity 7153.91 0.54
    64 B28PS95 CH0033361673 u-blox Switzerland 102 64.80 CHF Equity 6975.46 0.52
    65 BZC0LC1 GB00BZC0LC10 Victoria United Kingdom 1,904 2.78 GBP Equity 6540.18 0.49
    66 BYZC3B0 GB00BYZC3B04 Hotel Chocolat United Kingdom 1,694 3.12 GBP Equity 6530.50 0.49
    67 B7JCJZ3 JP3102320003 Istyle Japan 2,600 268.00 JPY Equity 6458.73 0.48
    68 4018786 SE0000683484 CellaVision Sweden 182 281.00 SEK Equity 5489.31 0.41
    69 BP4JH17 BMG5150J1577 Johnson Electric Hong Kong 3,000 13.74 HKD Equity 5318.40 0.40
    70 4031910 FR0004110310 ESI Group France 135 34.40 EUR Equity 5215.91 0.39
    71 BYM5YY2 JP3173560008 OpenDoor Japan 400 1296.00 JPY Equity 4805.12 0.36
    72 BK8FL36 GB00BK8FL363 Horizon Discovery United Kingdom 3,928 0.97 GBP Equity 4727.25 0.35
    73 BMQWJ06 CH0242214887 Fenix Outdoor Sweden 51 838.00 SEK Equity 4587.27 0.34
    74 BWWYKX6 BE0974281132 Biocartis Belgium 862 4.62 EUR Equity 4472.88 0.34
    75 BJVSF22 JP3481300006 Daikyonishikawa Japan 1,000 481.00 JPY Equity 4458.45 0.33
    76 BF1TM59 GB00BF1TM596 Alpha FX United Kingdom 459 7.25 GBP Equity 4111.77 0.31
    77 B3W40C2 GB00B3W40C23 dotdigital United Kingdom 2,785 1.02 GBP Equity 3509.97 0.26
    78 BYW82K3 DE000A2DAM03 Aumann Germany 165 11.80 EUR Equity 2186.77 0.16
    79 BYZWZT2 KYG468321040 Hypebeast Hong Kong 15,000 0.82 HKD Equity 1587.00 0.12
    80 Cash and Deposits International 11 0.00 TWD Equity 0.37 0.00
                      Total 100.0%

    Sector Analysis of Total Assets - 6/30/2020

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    Regional Analysis of Total Assets - 6/30/2020

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    Country Analysis of Total Assets - 6/30/2020

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    Industry Analysis of Total Assets - 6/30/2020

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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.

    RECENT DISTRIBUTIONS

    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 2019 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.

    UPCOMING DISTRIBUTIONS

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

    Capital Gains

    Estimated capital gains distributions will appear here when they become available.

    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.