Overview
The Baillie Gifford U.S. Equity Growth Fund seeks capital appreciation.
Investment Proposition
We aim to identify the exceptional growth businesses in America and own them for long enough that the advantages of their business models and strength of their cultures become the dominant drivers of their stock prices. We believe this long-term horizon allows us to harness the asymmetry inherent in equity markets to capture the disproportionate impact of successful investments. We run concentrated portfolios as we do not want to dilute the impact of such companies in the name of diversification.
Performance & Portfolio
Annualized total returns as of month end** 5/31/2023 Gross Expense Ratio
Net Expense Ratio
1 Month*
3 Months*
YTD*
1 Year
3 Years
5 Years
Since Inception†
Share Class K 0.97% 0.65% 12.10% 10.74% 24.23% -29.29% 6.78% 7.51% 12.76% Russell 1000 Growth n/a n/a 4.56% 12.81% 20.76% -10.90% 18.58% 13.64% 15.89% **Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of March 31 2023, periods over 1 year are annualized.
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 05, 2016
Share Class launch date: April 28, 2017
The fund's benchmark changed on May 1, 2020. Performance is being shown against the new benchmark.
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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2024.
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes Russell 1000 companies with higher forecasted growth values. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Fund is more concentrated than the Russell 1000 Growth Index.
Discrete performance figures to 12/31/2022 12/31/2017
12/31/201812/31/2018
12/31/201912/31/2019
12/31/202012/31/2020
12/31/202112/31/2021
12/31/2022Share Class K 8.60% 29.78% 125.57% -4.17% -55.58% Russell 1000 Growth -1.51% 36.39% 38.49% 27.60% -29.14% Source: Bank of New York Mellon and relevant underlying index provider(s).
The fund's benchmark changed on May 1, 2020. Performance is being shown against the new benchmark.
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 Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes Russell 1000 companies with higher forecasted growth values. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Fund is more concentrated than the Russell 1000 Growth Index.
Performance - 5/31/2023Baillie Gifford U.S. Equity Growth Fund - Share Class KSource: 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.Stock Level Attribution
Top and bottom 5 relative contributors
One month to 4/30/2023Stock Name Contribution % CoStar Group 0.39 The Trade Desk 0.37 Watsco Inc 0.26 Novocure Ltd 0.14 Chegg 0.10 Moderna Inc -0.96 Tesla Inc -0.85 Cloudflare Inc -0.75 Microsoft -0.62 Roblox -0.54 Sector Analysis of Total Assets - 4/30/2023Fund % Benchmark % Difference % 1 Consumer Discretionary 34.88 17.47 17.40 2 Health Care 18.70 11.54 7.17 3 Real Estate 4.63 1.45 3.18 4 Cash 1.98 0.00 1.98 5 Telecommunications 1.46 0.45 1.01 6 Unclassified 0.00 0.00 0.00 7 Utilities 0.00 0.38 -0.38 8 Financials 2.43 2.90 -0.47 9 Basic Materials 0.00 0.83 -0.83 10 Energy 0.00 1.51 -1.51 11 Consumer Staples 0.00 4.36 -4.36 12 Industrials 4.03 12.79 -8.76 13 Technology 31.89 46.31 -14.42 Total 100.00 100.00 Total may not sum due to roundingRegional Analysis of Total Assets - 4/30/2023Fund % Benchmark % Difference % 1 Cash 1.98 0.00 1.98 2 North America 98.02 100.00 -1.98 Total 100.00 100.00 Total may not sum due to rounding
Country Analysis of Total Assets - 4/30/2023Fund % Benchmark % Difference % 1 Canada 8.17 0.00 8.17 2 Cash 1.98 0.00 1.98 3 United States 89.85 100.00 -10.15 Total 100.00 100.00 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.Insights
View all Insights.Managers
Tom Slater - Manager
Tom joined Baillie Gifford in 2000 and became a Partner of the firm in 2012. After serving as Deputy Manager for five years, Tom was appointed Joint Manager of Scottish Mortgage Investment Trust in 2015. During his time at Baillie Gifford he has worked in the Developed Asia, UK Equity and Long Term Global Growth teams. Tom’s investment interest is focused on high growth companies both in listed equity markets and as an investor in private companies. He graduated BSc in Computer Science with Mathematics from the University of Edinburgh in 2000.
Gary Robinson
Gary has been a member of the Global Stewardship Portfolio Construction Group since its inception in 2015 and is an Investment Manager in the US Equities Team. He graduated MBiochem in Biochemistry from the University of Oxford in 2003 and joined Baillie Gifford the same year. He spent time working on our Japanese, UK and European Equity Teams before moving to the US Equities Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector dating back to his undergraduate degree. Gary became a Partner of the firm in 2019.
Kirsty Gibson
Kirsty is an Investment Manager in the US Equities Team. Kirsty joined Baillie Gifford in 2012 and began her career on the US Equities Team, moving on to spend several years in small and large cap global equities departments, before returning to the US Equities Team. She graduated MA (Hons) in Economics in 2011and MSc in Carbon Management in 2012, both from the University of Edinburgh.
Dave Bujnowski
Dave joined Baillie Gifford in 2018 as a Senior Analyst and is now a portfolio manager in the US Equities team. Prior to joining Baillie Gifford, he cofounded Coburn Ventures in 2005. In his 13 years at Coburn Ventures, was a Partner, primary client facing consultant, research analyst and portfolio manager of a long-short, market neutral hedge fund. He started his career in 1996, joining Warburg Dillon Read’s equity research group as an associate semiconductor analyst before joining UBS’s Global Tech Strategy team. Dave graduated from Boston College in 1993, where he majored in Finance and Philosophy. He has been a member of the team since 2020.
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 U.S. Equity Growth Fund Institutional Class BGGSX 0.00000 0.00000 0.00000 0.00000 1.37494 1.37494 12/28/2022 12/28/2022 Final Baillie Gifford U.S. Equity Growth Fund K Class BGGKX 0.00000 0.00000 0.00000 0.00000 1.37494 1.37494 12/28/2022 12/28/2022 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 Funds can be found here.
Secondary ICI File for the Baillie Gifford Funds can be found here.
Documents
Financial Reports
Prospectus
Quarterly Investor Reports
Statement of Additional Information (SAI)
Summary Prospectus
Risks
The most significant risks of an investment in the Baillie Gifford US Equity Growth Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk and Non-Diversification 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. The Fund focuses on investments in the US, meaning it may offer less diversification and be more volatile than other funds. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Other Fund risks include: Conflicts of Interest 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, New and Smaller-Sized Funds Risk, Service Provider 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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.”
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.
