1. 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

    Annualized total returns as of month end** 5/31/2022

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K0.24%-12.46%-28.19%-14.97%8.76%7.59%5.60%0.61%0.61%
    MSCI EAFE Index0.89%-4.83%-11.02%1.65%8.27%7.22%5.06%n/an/a

    **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 2022, 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: 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 12/31/2021

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    Share Class K28.67%-16.05%32.24%27.98%7.47%
    MSCI EAFE Index25.62%-13.36%22.66%8.28%11.78%

    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 5/31/2022
    Baillie Gifford Developed EAFE All Cap 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 3/31/2022

    Source: 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 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.

    Annualized total returns as of month end** 5/31/2022

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional0.24%-12.49%-28.20%-14.98%8.71%7.54%5.51%0.67%0.67%
    MSCI EAFE Index0.89%-4.83%-11.02%1.65%8.27%7.22%5.06%n/an/a

    **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 2022, 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: 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 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 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 12/31/2021

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    Share Class Institutional28.61%-16.13%32.28%27.77%7.36%
    MSCI EAFE Index25.62%-13.36%22.66%8.28%11.78%

    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 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 5/31/2022
    Baillie Gifford Developed EAFE All Cap 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 3/31/2022

    Source: 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 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.

    Holdings 3/31/2022

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 40,471 610.00 EUR Equity 27468342.32 4.52
    2 2126249 US5926881054 Mettler-Toledo Switzerland 18,491 1373.19 USD Equity 25391656.29 4.18
    3 BN7BZM3 SE0015988019 NIBE Sweden 1,731,685 105.05 SEK Equity 19519873.52 3.21
    4 BD97BN2 SE0011166610 Atlas Copco Sweden 360,913 491.70 SEK Equity 19042097.36 3.13
    5 BCRWZ18 CH0210483332 Richemont Switzerland 146,565 118.00 CHF Equity 18793447.43 3.09
    6 6916781 SG1M31001969 United Overseas Bank Singapore 740,989 32.02 SGD Equity 17531656.84 2.89
    7 B4TX8S1 HK0000069689 AIA Hong Kong 1,638,200 82.45 HKD Equity 17247183.13 2.84
    8 6804820 JP3358000002 Shimano Japan 73,900 28155.00 JPY Equity 17142364.57 2.82
    9 6763965 JP3162600005 SMC Japan 29,300 68840.00 JPY Equity 16618018.54 2.73
    10 6658801 JP3201200007 Olympus Japan 848,800 2339.00 JPY Equity 16357101.54 2.69
    Total 32.11%
    Sector Analysis of Total Assets - 3/31/2022

    Fund %

    • 1 Industrials 21.97
    • 2 Consumer Discretionary 20.29
    • 3 Health Care 13.76
    • 4 Information Technology 12.61
    • 5 Communication Services 10.57
    • 6 Financials 10.57
    • 7 Consumer Staples 8.19
    • 8 Cash 2.04
    • Total 100.0

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 3/31/2022

    Fund %

    • 1 Europe (ex UK) 45.20
    • 2 Developed Asia Pacific 38.08
    • 3 UK 14.68
    • 4 Cash 2.04
    • Total 100.0
    Total may not sum due to rounding

    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

    No insights available.

    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.

    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.

    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.

    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 0.20992 0.00000 0.14128 0.01783 0.33135 0.54128 12/29/2021 12/29/2021 Final
    Baillie Gifford Developed EAFE All Cap Fund K Class BGPKX 0.20779 0.00000 0.13985 0.01783 0.33135 0.53915 12/29/2021 12/29/2021 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 2021 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.

    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 and Asia 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. 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, Japan 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.