1. BAILLIE GIFFORD DEVELOPED EAFE ALL CAP FUND
    BAILLIE GIFFORD DEVELOPED EAFE ALL CAP FUND

    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.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BQV0SV7 DE000ZAL1111 Zalando Germany 220,159 79.90 EUR Equity 20627748.08 3.53
    2 2126249 US5926881054 Mettler-Toledo Switzerland 19,460 965.75 USD Equity 18793495.00 3.22
    3 B929F46 NL0010273215 ASML Netherlands 48,123 314.70 EUR Equity 17758980.57 3.04
    4 6658801 JP3201200007 Olympus Japan 801,400 2182.00 JPY Equity 16570215.10 2.84
    5 B4TX8S1 HK0000069689 AIA Hong Kong 1,603,000 75.90 HKD Equity 15699058.06 2.69
    6 6763965 JP3162600005 SMC Japan 28,000 58460.00 JPY Equity 15511039.51 2.66
    7 BD97BN2 SE0011166610 Atlas Copco Sweden 322,364 428.80 SEK Equity 15444657.34 2.65
    8 6804820 JP3358000002 Shimano Japan 72,600 20720.00 JPY Equity 14254448.97 2.44
    9 4491235 IE0004927939 Kingspan Group Ireland 154,978 77.70 EUR Equity 14120811.85 2.42
    10 5932409 DE0005158703 Bechtle Germany 68,206 172.90 EUR Equity 13828853.30 2.37
        Total 27.85%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BQV0SV7 DE000ZAL1111 Zalando Germany 220,159 79.90 EUR Equity 20627748.08 3.53
    2 2126249 US5926881054 Mettler-Toledo Switzerland 19,460 965.75 USD Equity 18793495.00 3.22
    3 B929F46 NL0010273215 ASML Netherlands 48,123 314.70 EUR Equity 17758980.57 3.04
    4 6658801 JP3201200007 Olympus Japan 801,400 2182.00 JPY Equity 16570215.10 2.84
    5 B4TX8S1 HK0000069689 AIA Hong Kong 1,603,000 75.90 HKD Equity 15699058.06 2.69
    6 6763965 JP3162600005 SMC Japan 28,000 58460.00 JPY Equity 15511039.51 2.66
    7 BD97BN2 SE0011166610 Atlas Copco Sweden 322,364 428.80 SEK Equity 15444657.34 2.65
    8 6804820 JP3358000002 Shimano Japan 72,600 20720.00 JPY Equity 14254448.97 2.44
    9 4491235 IE0004927939 Kingspan Group Ireland 154,978 77.70 EUR Equity 14120811.85 2.42
    10 5932409 DE0005158703 Bechtle Germany 68,206 172.90 EUR Equity 13828853.30 2.37
    11 5843329 DE0007165631 Sartorius Group Germany 32,093 350.40 EUR Equity 13186909.00 2.26
    12 BFZ1K46 LU1778762911 Spotify Sweden 50,883 242.57 USD Equity 12342689.31 2.11
    13 BJXMLF7 SE0012454072 Avanza Bank Sweden 626,528 175.80 SEK Equity 12306549.99 2.11
    14 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 603,483 15.62 GBP Equity 12186453.35 2.09
    15 BGDT3G2 GB00BGDT3G23 Rightmove United Kingdom 1,477,613 6.27 GBP Equity 11973495.38 2.05
    16 B09M9D2 FI0009013403 Kone Finland 135,644 75.06 EUR Equity 11939269.18 2.04
    17 BVYVFW2 GB00BVYVFW23 Auto Trader United Kingdom 1,608,051 5.63 GBP Equity 11704139.07 2.00
    18 BYYT1T6 SE0008321293 NIBE Sweden 447,764 231.10 SEK Equity 11561816.80 1.98
    19 6211798 AU000000COH5 Cochlear Australia 80,965 198.00 AUD Equity 11490266.18 1.97
    20 B0190C7 HK0669013440 Techtronic Industries Hong Kong 851,500 101.60 HKD Equity 11162890.32 1.91
    21 4741714 FR0000130395 Remy Cointreau France 59,766 155.80 EUR Equity 10919185.38 1.87
    22 BP9DL90 ES0148396007 Inditex Spain 374,673 23.80 EUR Equity 10456779.50 1.79
    23 B1L3CS6 FR0000054470 Ubisoft Entertainment France 113,188 77.06 EUR Equity 10228171.15 1.75
    24 6640682 JP3734800000 Nidec Corporation Japan 109,400 9805.00 JPY Equity 10164569.32 1.74
    25 3092725 GB0030927254 ASOS United Kingdom 152,092 51.50 GBP Equity 10126161.74 1.73
    26 Cash and Deposits International 9,746,443 0.00 USD Equity 9746443.47 1.67
    27 6770620 JP3436100006 SoftBank Japan 157,600 6469.00 JPY Equity 9660896.43 1.65
    28 6883807 JP3351100007 Sysmex Japan 100,700 10030.00 JPY Equity 9570937.17 1.64
    29 6805265 JP3351600006 Shiseido Japan 163,500 6035.00 JPY Equity 9350161.09 1.60
    30 BCRWZ18 CH0210483332 Richemont Switzerland 136,298 61.70 CHF Equity 9153291.54 1.57
    31 5679591 SE0000107419 Investor Sweden 139,255 587.00 SEK Equity 9133260.89 1.56
    32 B1Y1SQ7 PTJMT0AE0001 Jeronimo Martins Portugal 549,707 13.71 EUR Equity 8834437.51 1.51
    33 6483809 JP3205800000 Kao Japan 117,800 7887.00 JPY Equity 8804023.50 1.51
    34 5505072 FR0000121485 Kering France 13,131 567.60 EUR Equity 8739946.69 1.50
    35 4031976 DE000A1EWWW0 adidas Germany 26,088 276.10 EUR Equity 8446480.58 1.45
    36 4061412 FR0000121014 LVMH France 17,472 399.40 EUR Equity 8183126.73 1.40
    37 6610403 JP3914400001 Murata Manufacturing Japan 127,100 6773.00 JPY Equity 8157379.89 1.40
    38 6916781 SG1M31001969 United Overseas Bank Singapore 583,289 19.03 SGD Equity 8131264.87 1.39
    39 6490995 JP3236200006 Keyence Japan 17,200 48980.00 JPY Equity 7983094.85 1.37
    40 6689533 JP3206000006 Kakaku.com Japan 303,400 2767.00 JPY Equity 7955157.78 1.36
    41 B8P4LP4 NZXROE0001S2 Xero New Zealand 105,984 100.75 AUD Equity 7653374.06 1.31
    42 3163836 GB0031638363 Intertek United Kingdom 93,007 63.34 GBP Equity 7615965.28 1.30
    43 6865504 JP3397200001 Suzuki Motor Japan 177,600 4483.00 JPY Equity 7544592.06 1.29
    44 BYYTFB6 GB00BYYTFB60 HomeServe United Kingdom 430,638 12.36 GBP Equity 6881166.73 1.18
    45 B0767Y3 AU000000SEK6 SEEK Australia 450,099 21.29 AUD Equity 6868332.14 1.18
    46 BZ4BQC7 GB00BZ4BQC70 Johnson Matthey United Kingdom 223,006 23.57 GBP Equity 6795280.53 1.16
    47 BJDS7L3 NL0013654783 Prosus Netherlands 68,630 78.70 EUR Equity 6333697.64 1.08
    48 6640381 JP3551500006 DENSO Japan 145,200 4597.00 JPY Equity 6325067.75 1.08
    49 6161525 NZRYME0001S4 Ryman Healthcare New Zealand 604,653 14.08 NZD Equity 5627434.04 0.96
    50 BKDTK92 GB00BKDTK925 Trainline United Kingdom 1,148,091 3.63 GBP Equity 5387833.89 0.92
    51 6688080 JP3801600002 Pigeon Japan 119,700 4700.00 JPY Equity 5331090.69 0.91
    52 3174300 GB0031743007 Burberry United Kingdom 254,013 15.54 GBP Equity 5103148.64 0.87
    53 5633962 DE0006452907 Nemetschek Germany 67,386 62.50 EUR Equity 4938764.19 0.85
    54 BDZV127 SE0011166941 Epiroc Sweden 334,569 124.70 SEK Equity 4661536.79 0.80
    55 B11ZRK9 FR0010307819 Legrand France 55,594 68.18 EUR Equity 4444813.21 0.76
    56 B61JC67 AU000000TWE9 Treasury Wine Estates Australia 631,089 8.94 AUD Equity 4043856.24 0.69
    57 6259011 JP3397060009 Sugi Holdings Japan 53,000 7440.00 JPY Equity 3736567.80 0.64
    58 5910609 DE0007010803 Rational Germany 4,351 669.00 EUR Equity 3413373.38 0.58
    59 6472960 BMG507641022 Jardine Strategic Singapore 143,300 19.81 USD Equity 2838773.00 0.49
    60 0946580 GB0009465807 Weir United Kingdom 175,280 12.53 GBP Equity 2838189.30 0.49
    61 6472119 BMG507361001 Jardine Matheson Singapore 66,600 39.68 USD Equity 2642688.00 0.45
    62 B5N0P84 GB00B5N0P849 Wood Group United Kingdom 726,992 2.13 GBP Equity 2000011.61 0.34
    63 Cash and Deposits International 857,938 0.00 GBP Equity 1109142.05 0.19
    64 Cash and Deposits International 933,674 0.00 EUR Equity 1094873.08 0.19
    65 BDZV116 SE0011166933 Epiroc Sweden 61,598 130.15 SEK Equity 895751.92 0.15
    66 BD97BS7 SE0011166628 Atlas Copco Sweden 20,524 375.20 SEK Equity 860402.77 0.15
    67 Cash and Deposits International 6,182,659 0.00 SEK Equity 690799.87 0.12
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

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    Regional Analysis of Total Assets - 9/30/2020

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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

    Gerard Callahan

    Gerard joined Baillie Gifford in 1991 and is head of our UK Equity Team and Chairman of the International All Cap Portfolio Construction Group. He became a Partner of the firm in 2000 and Lead Manager of our UK Alpha Strategy in the same year. Gerard has been involved as a Portfolio Manager in our International strategies since 1998, initially in selecting UK stocks. He graduated BA in Politics, Philosophy and Economics from the University of Oxford in 1991.

    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.

    Moritz Sitte

    Moritz joined Baillie Gifford in September 2010 and is an Investment Manager in the European Equity Team. He graduated BSc in Business Administration from the University of Regensburg, Germany in 2009 where he took part in the Honours Elite Degree Programme. Moritz then went on to complete an MSc in Finance and Investment from the University of Edinburgh in 2010.

    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.

    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 0.15561 0.00000 0.15561 0.01972 0.00000 0.15561 12/27/2019 12/27/2019 Final
    Baillie Gifford Developed EAFE All Cap Fund K Class BGPKX 0.15417 0.00000 0.15417 0.01972 0.00000 0.15417 12/27/2019 12/27/2019 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 2019 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here.

    Further details of these rates can be found here

    The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

    Distribution Year

    Record Date

    ex Date

    Payable Date

    2020 12/28/2020 12/29/2020 12/29/2020

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

    Capital Gains

    Please click here to view estimated capital gain distributions for 2020.

    Risks & Disclaimers

    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, Geographic Focus Risk, Asia Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Focused Investment Risk, Information Technology Risk, IPO Risk, Japan Risk, Large Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization 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.