Overview
The Baillie Gifford Developed EAFE All Cap Fund seeks capital appreciation.
Investment Proposition
The Baillie Gifford Developed EAFE All Cap Fund aims to deliver good long-term performance by investing in a portfolio of 50-90 developed market international growth stocks. The portfolio is built through bottom-up stock selection by the International All Cap Portfolio Construction Group (formerly known as International Focus PCG). As active growth investors we differ from the benchmark, and look for businesses that seek to outperform the market over the long-term. Portfolio guidelines ensure a level of diversification across sectors and regions.
Performance & Portfolio
Total returns as of month end 10/31/2023Gross Expense Ratio
Net Expense Ratio
1 Month*
3 Months*
YTD*
Share Class K 0.64% 0.64% -4.42% -18.54% -6.81% MSCI EAFE Index n/a n/a -4.04% -10.82% 3.24% Annualized total returns as of quarter end 9/30/2023Gross Expense Ratio
Net Expense Ratio
1 Year
3 Years
5 Years
Since Inception†
Share Class K 0.64% 0.64% 13.08% -6.51% 0.05% 2.61% MSCI EAFE Index n/a n/a 26.31% 6.28% 3.74% 4.04% 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: April 15, 2014
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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
Discrete performance figures to 12/31/202212/31/2017
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 -16.05% 32.24% 27.98% 7.47% -32.33% MSCI EAFE Index -13.36% 22.66% 8.28% 11.78% -14.01% 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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
Performance 10/31/2023Baillie Gifford Developed EAFE All Cap 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.Annualized total returns as of quarter end 9/30/2023Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
All figures quoted are in US dollars, net of fees.
*Not annualizedThe 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.
Stock Level Attribution
Top and bottom 5 relative contributors
One month to 10/31/2023Stock Name Contribution % Nemetschek 0.24 Spotify Technology SA 0.19 AIA 0.19 Jeronimo Martins 0.17 Shimano 0.17 Sartorius Pref -0.54 Rightmove -0.29 Lonza Group -0.24 DSV -0.23 Novo Nordisk -0.19 Sector Analysis of Total Assets - 10/31/2023Fund % Benchmark % Difference % 1 Industrials 21.18 15.68 5.50 2 Communication Services 8.49 4.19 4.30 3 Consumer Discretionary 15.71 11.87 3.83 4 Information Technology 11.43 7.86 3.56 5 Consumer Staples 13.07 9.95 3.13 6 Cash 1.08 0.00 1.08 7 Real Estate 0.00 2.34 -2.34 8 Financials 16.28 19.10 -2.82 9 Health Care 9.81 13.13 -3.31 10 Utilities 0.00 3.49 -3.49 11 Materials 2.96 7.49 -4.53 12 Energy 0.00 4.90 -4.90 Total 100.00 100.00 Total may not sum due to rounding
Regional Analysis of Total Assets - 10/31/2023Fund % Benchmark % Difference % 1 Developed Asia Pacific 37.80 34.06 3.74 2 UK 17.19 15.32 1.87 3 Cash 1.08 0.00 1.08 4 Europe (ex UK) 43.93 50.62 -6.69 Total 100.00 100.00 Total may not sum due to roundingCountry Analysis of Total Assets - 10/31/2023Fund % Benchmark % Difference % 1 Sweden 10.80 3.07 7.72 2 Netherlands 8.86 4.41 4.45 3 Hong Kong 5.69 2.35 3.34 4 Japan 25.35 22.87 2.48 5 Portugal 2.66 0.23 2.44 6 Singapore 3.77 1.46 2.31 7 New Zealand 2.11 0.19 1.92 8 UK 17.19 15.32 1.87 9 Cash 1.08 0.00 1.08 10 Belgium 1.98 0.99 0.99 11 Austria 0.00 0.19 -0.19 12 Ireland 0.00 0.53 -0.53 13 Israel 0.00 0.63 -0.63 14 Norway 0.00 0.71 -0.71 15 Finland 0.00 0.86 -0.86 16 Denmark 1.32 3.42 -2.10 17 Spain 0.00 2.62 -2.62 18 Italy 0.00 2.68 -2.68 19 France 8.83 12.10 -3.27 20 Germany 4.23 8.29 -4.06 21 Switzerland 5.25 9.89 -4.64 22 Australia 0.88 7.19 -6.31 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
Joe Faraday
Joe is a Client Service Director where he is responsible for servicing International All Cap Clients. He has been a member of the International All Cap Portfolio Construction Group since 2007. Joe joined Baillie Gifford’s Graduate Scheme in 2002 and worked in our European, North America, Developed Asian and Emerging Markets Equity Teams before transferring to the Clients Department in 2013. Following an engineering scholarship with the Smallpeice Trust in his gap year, Joe graduated MEng in Chemical Engineering from the University of Cambridge in 2002 and gained an MBA from the University of Edinburgh in 2009. He is also a CFA Charterholder.
Iain Campbell
Iain joined Baillie Gifford in 2004 and is a member of the Japanese Specialist Team. Most of Iain’s investment career has been focused on Emerging and Developed Asian markets. He has responsibility for managing various specialist Developed Asia, including Japan, portfolios and is also a member of the International All Cap Portfolio Construction Group. Prior to joining Baillie Gifford, Iain worked for Goldman Sachs as an analyst in the Investment Banking division. He graduated BA in Modern History from the University of Oxford in 2000.
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.
Sophie Earnshaw
Sophie joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets Equity Team and a decision maker on the China A Share Fund. She has also been Co-Manager of the China Fund and a member of the International All Cap Portfolio Construction Group since 2014. Sophie is a CFA Charter holder. She graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.
Stephen Paice
Stephen is Head of the European Equity Team. He is a co-manager of the Baillie Gifford European Fund and also a member of the Global Stewardship Portfolio Construction Group. He joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc in Financial Mathematics in 2005.
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 Developed EAFE All Cap Fund Institutional Class BSGPX 0.00000 0.00000 0.00000 0.00720 0.11324 0.11324 12/28/2022 12/28/2022 Final Baillie Gifford Developed EAFE All Cap Fund K Class BGPKX 0.00000 0.00000 0.00000 0.00720 0.11324 0.11324 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.
Capital Gains
Please click here to view estimated capital gain distributions for 2023.
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 Developed EAFE All Cap Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-U.S. Investment Risk, Asia Risk and Japan 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. Some Asian securities may be less liquid than US or other foreign securities. They can be affected by high inflation, currency fluctuations, political instability and less efficient markets. Many Asian economies are dependent on international trade and only a few industries and can be badly affected by trade barriers. Since 2000, Japan’s growth rate has been relatively low and may remain low. Japan’s economic recovery has been affected by economic distress as a result of natural disasters. It continues to be subject to the risk of natural disasters, which could negatively affect the economy. Other Fund risks include: China Risk, Conflicts of Interest Risk, Currency 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, 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.
