1. Overview

    The Baillie Gifford EAFE Plus All Cap Fund seeks capital appreciation.

    Investment Proposition

    The Baillie Gifford EAFE Plus All Cap Fund aims to deliver good long-term performance to shareholders by investing in a portfolio of 60-90 international growth stocks, with up to 15% in Emerging Markets. 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 2126249 US5926881054 Mettler-Toledo Switzerland 22,775 965.75 USD Equity 21994956.25 3.37
    2 BQV0SV7 DE000ZAL1111 Zalando Germany 220,007 79.90 EUR Equity 20613506.47 3.16
    3 B4TX8S1 HK0000069689 AIA Hong Kong 1,825,600 75.90 HKD Equity 17879101.94 2.74
    4 5843329 DE0007165631 Sartorius Group Germany 40,533 350.40 EUR Equity 16654877.46 2.55
    5 2113382 US8740391003 TSMC Taiwan 205,203 81.07 USD Equity 16635807.21 2.55
    6 6763965 JP3162600005 SMC Japan 29,600 58460.00 JPY Equity 16397384.63 2.51
    7 5932409 DE0005158703 Bechtle Germany 76,814 172.90 EUR Equity 15574136.25 2.39
    8 BP41ZD1 US01609W1027 Alibaba China 50,376 293.98 USD Equity 14809536.48 2.27
    9 6658801 JP3201200007 Olympus Japan 681,800 2182.00 JPY Equity 14097295.56 2.16
    10 B929F46 NL0010273215 ASML Netherlands 37,412 314.70 EUR Equity 13806266.88 2.12
        Total 25.82%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2126249 US5926881054 Mettler-Toledo Switzerland 22,775 965.75 USD Equity 21994956.25 3.37
    2 BQV0SV7 DE000ZAL1111 Zalando Germany 220,007 79.90 EUR Equity 20613506.47 3.16
    3 B4TX8S1 HK0000069689 AIA Hong Kong 1,825,600 75.90 HKD Equity 17879101.94 2.74
    4 5843329 DE0007165631 Sartorius Group Germany 40,533 350.40 EUR Equity 16654877.46 2.55
    5 2113382 US8740391003 TSMC Taiwan 205,203 81.07 USD Equity 16635807.21 2.55
    6 6763965 JP3162600005 SMC Japan 29,600 58460.00 JPY Equity 16397384.63 2.51
    7 5932409 DE0005158703 Bechtle Germany 76,814 172.90 EUR Equity 15574136.25 2.39
    8 BP41ZD1 US01609W1027 Alibaba China 50,376 293.98 USD Equity 14809536.48 2.27
    9 6658801 JP3201200007 Olympus Japan 681,800 2182.00 JPY Equity 14097295.56 2.16
    10 B929F46 NL0010273215 ASML Netherlands 37,412 314.70 EUR Equity 13806266.88 2.12
    11 4491235 IE0004927939 Kingspan Group Ireland 147,242 77.70 EUR Equity 13415946.64 2.06
    12 Cash and Deposits International 12,641,624 0.00 USD Equity 12641624.00 1.94
    13 B09M9D2 FI0009013403 Kone Finland 141,110 75.06 EUR Equity 12420381.84 1.90
    14 BFZ1K46 LU1778762911 Spotify Sweden 49,723 242.57 USD Equity 12061308.11 1.85
    15 BVYVFW2 GB00BVYVFW23 Auto Trader United Kingdom 1,635,239 5.63 GBP Equity 11902025.91 1.82
    16 BGDT3G2 GB00BGDT3G23 Rightmove United Kingdom 1,462,026 6.27 GBP Equity 11847189.74 1.82
    17 6883807 JP3351100007 Sysmex Japan 124,200 10030.00 JPY Equity 11804472.66 1.81
    18 4031976 DE000A1EWWW0 adidas Germany 36,438 276.10 EUR Equity 11797487.71 1.81
    19 6805265 JP3351600006 Shiseido Japan 203,900 6035.00 JPY Equity 11660537.29 1.79
    20 BGJW376 KYG596691041 Meituan Dianping China 363,700 241.80 HKD Equity 11347440.00 1.74
    21 4741714 FR0000130395 Remy Cointreau France 61,044 155.80 EUR Equity 11152674.64 1.71
    22 6211798 AU000000COH5 Cochlear Australia 77,885 198.00 AUD Equity 11053163.48 1.69
    23 BYYT1T6 SE0008321293 NIBE Sweden 424,406 231.10 SEK Equity 10958684.54 1.68
    24 6640682 JP3734800000 Nidec Corporation Japan 116,800 9805.00 JPY Equity 10852117.88 1.66
    25 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 525,264 15.62 GBP Equity 10606935.46 1.63
    26 5679591 SE0000107419 Investor Sweden 153,788 587.00 SEK Equity 10086430.84 1.55
    27 6804820 JP3358000002 Shimano Japan 51,200 20720.00 JPY Equity 10052724.34 1.54
    28 B0190C7 HK0669013440 Techtronic Industries Hong Kong 759,000 101.60 HKD Equity 9950245.16 1.52
    29 BP9DL90 ES0148396007 Inditex Spain 355,185 23.80 EUR Equity 9912887.31 1.52
    30 3163836 GB0031638363 Intertek United Kingdom 120,059 63.34 GBP Equity 9831143.62 1.51
    31 B1L3CS6 FR0000054470 Ubisoft Entertainment France 105,593 77.06 EUR Equity 9541853.16 1.46
    32 6610403 JP3914400001 Murata Manufacturing Japan 148,200 6773.00 JPY Equity 9511594.81 1.46
    33 6770620 JP3436100006 SoftBank Japan 148,400 6469.00 JPY Equity 9096935.47 1.39
    34 B1Y1SQ7 PTJMT0AE0001 Jeronimo Martins Portugal 560,038 13.71 EUR Equity 9000468.81 1.38
    35 3092725 GB0030927254 ASOS United Kingdom 134,775 51.50 GBP Equity 8973209.96 1.38
    36 6490995 JP3236200006 Keyence Japan 19,000 48980.00 JPY Equity 8818535.01 1.35
    37 BD97BN2 SE0011166610 Atlas Copco Sweden 183,169 428.80 SEK Equity 8775739.35 1.34
    38 BCRWZ18 CH0210483332 Richemont Switzerland 130,041 61.70 CHF Equity 8733093.55 1.34
    39 B23X1H3 US58733R1023 MercadoLibre Brazil 8,022 1082.48 USD Equity 8683654.56 1.33
    40 B8P4LP4 NZXROE0001S2 Xero New Zealand 114,753 100.75 AUD Equity 8286605.85 1.27
    41 6916781 SG1M31001969 United Overseas Bank Singapore 564,073 19.03 SGD Equity 7863386.70 1.21
    42 6483809 JP3205800000 Kao Japan 102,100 7887.00 JPY Equity 7630651.95 1.17
    43 6622691 ZAE000015889 Naspers South Africa 42,326 2960.00 ZAR Equity 7511088.73 1.15
    44 6905808 CNE1000004K1 Tsingtao Brewery China 903,943 63.05 HKD Equity 7354013.70 1.13
    45 BYYTFB6 GB00BYYTFB60 HomeServe United Kingdom 451,818 12.36 GBP Equity 7219602.05 1.11
    46 5505072 FR0000121485 Kering France 10,583 567.60 EUR Equity 7044006.99 1.08
    47 BD97BS7 SE0011166628 Atlas Copco Sweden 165,145 375.20 SEK Equity 6923173.63 1.06
    48 6865504 JP3397200001 Suzuki Motor Japan 160,700 4483.00 JPY Equity 6826666.35 1.05
    49 B0767Y3 AU000000SEK6 SEEK Australia 438,802 21.29 AUD Equity 6695944.40 1.03
    50 6640381 JP3551500006 DENSO Japan 145,100 4597.00 JPY Equity 6320711.65 0.97
    51 BKDTK92 GB00BKDTK925 Trainline United Kingdom 1,331,203 3.63 GBP Equity 6247153.44 0.96
    52 4061412 FR0000121014 LVMH France 12,970 399.40 EUR Equity 6074585.26 0.93
    53 BDZV127 SE0011166941 Epiroc Sweden 432,200 124.70 SEK Equity 6021825.70 0.92
    54 6688080 JP3801600002 Pigeon Japan 135,200 4700.00 JPY Equity 6021415.71 0.92
    55 B01FLR7 CNE1000003X6 Ping An Insurance China 583,000 79.50 HKD Equity 5980451.61 0.92
    56 BZ4BQC7 GB00BZ4BQC70 Johnson Matthey United Kingdom 196,264 23.57 GBP Equity 5980417.29 0.92
    57 6689533 JP3206000006 Kakaku.com Japan 225,900 2767.00 JPY Equity 5923105.28 0.91
    58 5633962 DE0006452907 Nemetschek Germany 75,863 62.50 EUR Equity 5560049.09 0.85
    59 B11ZRK9 FR0010307819 Legrand France 65,195 68.18 EUR Equity 5212425.76 0.80
    60 6259011 JP3397060009 Sugi Holdings Japan 64,800 7440.00 JPY Equity 4568482.90 0.70
    61 3174300 GB0031743007 Burberry United Kingdom 219,929 15.54 GBP Equity 4418397.39 0.68
    62 BJDS7L3 NL0013654783 Prosus Netherlands 46,141 78.70 EUR Equity 4258241.92 0.65
    63 B7FQV64 BRRADLACNOR0 Raia Drogasil Brazil 1,022,000 23.42 BRL Equity 4246509.77 0.65
    64 5910609 DE0007010803 Rational Germany 4,928 669.00 EUR Equity 3866031.72 0.59
    65 B61JC67 AU000000TWE9 Treasury Wine Estates Australia 569,235 8.94 AUD Equity 3647511.70 0.56
    66 6472960 BMG507641022 Jardine Strategic Singapore 181,000 19.81 USD Equity 3585610.00 0.55
    67 BK1K3N2 US89677Q1076 Trip.com Group China 114,113 31.14 USD Equity 3553478.82 0.54
    68 0946580 GB0009465807 Weir United Kingdom 206,467 12.53 GBP Equity 3343179.10 0.51
    69 B0FXT17 US0567521085 Baidu.com China 22,601 126.59 USD Equity 2861060.59 0.44
    70 B5N0P84 GB00B5N0P849 Wood Group United Kingdom 794,013 2.13 GBP Equity 2184391.59 0.33
    71 B552PC2 MU0295S00016 MakeMyTrip India 97,790 15.36 USD Equity 1502054.40 0.23
    72 6472119 BMG507361001 Jardine Matheson Singapore 35,800 39.68 USD Equity 1420544.00 0.22
    73 Cash and Deposits International 7,145,895 0.00 HKD Equity 922051.00 0.14
    74 Cash and Deposits International 1,010,663 0.00 AUD Equity 724392.75 0.11
    75 Cash and Deposits International -226,187 0.00 EUR Equity -265238.29 -0.04
                      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. 

    Meet the 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 EAFE Plus All Cap Fund Institutional Class BGCSX 0.32388 0.00088 0.20414 0.01454 0.28860 0.61336 12/27/2019 12/27/2019 Final
    Baillie Gifford EAFE Plus All Cap Fund K Class BKGCX 0.33588 0.00088 0.21171 0.01454 0.28860 0.62537 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 and Disclaimers

    The most significant risks of an investment in The Baillie Gifford EAFE Plus All Cap Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Information Technology Risk, Japan Risk, IPO 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.