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 - 6/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2126249 US5926881054 Mettler-Toledo Switzerland 17,537 805.55 USD Equity 14126930.35 3.20
    2 B4TX8S1 HK0000069689 AIA Hong Kong 1,437,400 72.30 HKD Equity 13408772.39 3.04
    3 BQV0SV7 DE000ZAL1111 Zalando Germany 168,405 62.78 EUR Equity 11874465.41 2.69
    4 6763965 JP3162600005 SMC Japan 23,200 55180.00 JPY Equity 11866116.70 2.69
    5 B929F46 NL0010273215 ASML Netherlands 29,173 326.90 EUR Equity 10711092.90 2.43
    6 5932409 DE0005158703 Bechtle Germany 59,850 157.00 EUR Equity 10553623.11 2.39
    7 5843329 DE0007165631 Sartorius Group Germany 31,640 292.60 EUR Equity 10397970.24 2.36
    8 6658801 JP3201200007 Olympus Japan 533,300 2075.50 JPY Equity 10259666.77 2.33
    9 6805265 JP3351600006 Shiseido Japan 157,800 6835.00 JPY Equity 9997339.76 2.27
    10 BFZ1K46 LU1778762911 Spotify Sweden 38,425 258.19 USD Equity 9920950.75 2.25
        Total 25.64%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2126249 US5926881054 Mettler-Toledo Switzerland 17,537 805.55 USD Equity 14126930.35 3.20
    2 B4TX8S1 HK0000069689 AIA Hong Kong 1,437,400 72.30 HKD Equity 13408772.39 3.04
    3 BQV0SV7 DE000ZAL1111 Zalando Germany 168,405 62.78 EUR Equity 11874465.41 2.69
    4 6763965 JP3162600005 SMC Japan 23,200 55180.00 JPY Equity 11866116.70 2.69
    5 B929F46 NL0010273215 ASML Netherlands 29,173 326.90 EUR Equity 10711092.90 2.43
    6 5932409 DE0005158703 Bechtle Germany 59,850 157.00 EUR Equity 10553623.11 2.39
    7 5843329 DE0007165631 Sartorius Group Germany 31,640 292.60 EUR Equity 10397970.24 2.36
    8 6658801 JP3201200007 Olympus Japan 533,300 2075.50 JPY Equity 10259666.77 2.33
    9 6805265 JP3351600006 Shiseido Japan 157,800 6835.00 JPY Equity 9997339.76 2.27
    10 BFZ1K46 LU1778762911 Spotify Sweden 38,425 258.19 USD Equity 9920950.75 2.25
    11 B11ZRK9 FR0010307819 Legrand France 122,946 67.62 EUR Equity 9337429.67 2.12
    12 2113382 US8740391003 TSMC Taiwan 157,698 56.77 USD Equity 8952515.46 2.03
    13 BP41ZD1 US01609W1027 Alibaba China 38,747 215.70 USD Equity 8357727.90 1.89
    14 BVYVFW2 GB00BVYVFW23 Auto Trader United Kingdom 1,255,964 5.26 GBP Equity 8169043.14 1.85
    15 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 404,296 16.29 GBP Equity 8135145.50 1.84
    16 6211798 AU000000COH5 Cochlear Australia 59,891 188.93 AUD Equity 7790518.83 1.77
    17 6804820 JP3358000002 Shimano Japan 40,400 20750.00 JPY Equity 7770310.98 1.76
    18 B1Y1SQ7 PTJMT0AE0001 Jeronimo Martins Portugal 434,628 15.59 EUR Equity 7607855.96 1.72
    19 BGDT3G2 GB00BGDT3G23 Rightmove United Kingdom 1,116,727 5.46 GBP Equity 7533864.01 1.71
    20 6883807 JP3351100007 Sysmex Japan 98,400 8230.00 JPY Equity 7506437.41 1.70
    21 B09M9D2 FI0009013403 Kone Finland 107,523 61.22 EUR Equity 7393200.29 1.68
    22 4491235 IE0004927939 Kingspan Group Ireland 112,701 57.35 EUR Equity 7259370.55 1.65
    23 BYYT1T6 SE0008321293 NIBE Sweden 327,181 205.90 SEK Equity 7230771.56 1.64
    24 BP9DL90 ES0148396007 Inditex Spain 272,208 23.57 EUR Equity 7206066.09 1.63
    25 4031976 DE000A1EWWW0 adidas Germany 27,461 233.60 EUR Equity 7204883.46 1.63
    26 B2Q4CS1 JP3890310000 MS&AD Insurance Japan 256,300 2961.00 JPY Equity 7034381.98 1.59
    27 6610403 JP3914400001 Murata Manufacturing Japan 117,500 6316.00 JPY Equity 6878898.83 1.56
    28 B1L3CS6 FR0000054470 Ubisoft Entertainment France 81,933 73.40 EUR Equity 6754491.98 1.53
    29 BCRWZ18 CH0210483332 Richemont Switzerland 100,545 60.44 CHF Equity 6413318.35 1.45
    30 BD97BS7 SE0011166628 Atlas Copco Sweden 172,615 344.60 SEK Equity 6384604.87 1.45
    31 3163836 GB0031638363 Intertek United Kingdom 94,674 54.40 GBP Equity 6363671.36 1.44
    32 BGJW376 KYG596691041 Meituan Dianping China 286,900 171.90 HKD Equity 6363257.62 1.44
    33 6916781 SG1M31001969 United Overseas Bank Singapore 433,873 20.23 SGD Equity 6291710.54 1.43
    34 5679591 SE0000107419 Investor Sweden 117,942 491.70 SEK Equity 6224563.70 1.41
    35 6490995 JP3236200006 Keyence Japan 14,900 45030.00 JPY Equity 6219094.41 1.41
    36 6483809 JP3205800000 Kao Japan 78,000 8540.00 JPY Equity 6174352.32 1.40
    37 6622691 ZAE000015889 Naspers South Africa 33,363 3163.11 ZAR Equity 6073717.35 1.38
    38 6770620 JP3436100006 SoftBank Japan 116,900 5450.00 JPY Equity 5905408.54 1.34
    39 6640682 JP3734800000 Nidec Corporation Japan 88,100 7196.00 JPY Equity 5876327.57 1.33
    40 B0190C7 HK0669013440 Techtronic Industries Hong Kong 596,500 75.80 HKD Equity 5833816.10 1.32
    41 BYYTFB6 GB00BYYTFB60 HomeServe United Kingdom 349,199 13.05 GBP Equity 5630690.03 1.28
    42 B8P4LP4 NZXROE0001S2 Xero New Zealand 90,120 90.11 AUD Equity 5591110.36 1.27
    43 BKDTK92 GB00BKDTK925 Trainline United Kingdom 994,926 4.34 GBP Equity 5340214.65 1.21
    44 6905808 CNE1000004K1 Tsingtao Brewery China 715,943 57.50 HKD Equity 5311526.75 1.20
    45 B0767Y3 AU000000SEK6 SEEK Australia 351,453 21.89 AUD Equity 5296840.66 1.20
    46 BDZV127 SE0011166941 Epiroc Sweden 418,987 113.95 SEK Equity 5124542.48 1.16
    47 B01FLR7 CNE1000003X6 Ping An Insurance China 453,000 77.50 HKD Equity 4529736.98 1.03
    48 6640381 JP3551500006 DENSO Japan 114,100 4205.00 JPY Equity 4447240.12 1.01
    49 6689533 JP3206000006 Kakaku.com Japan 171,700 2729.00 JPY Equity 4343229.36 0.98
    50 6865504 JP3397200001 Suzuki Motor Japan 127,200 3657.00 JPY Equity 4311724.52 0.98
    51 3092725 GB0030927254 ASOS United Kingdom 101,619 34.23 GBP Equity 4297935.89 0.97
    52 BD97BN2 SE0011166610 Atlas Copco Sweden 100,159 394.60 SEK Equity 4242162.30 0.96
    53 6688080 JP3801600002 Pigeon Japan 104,200 4170.00 JPY Equity 4027566.39 0.91
    54 5633962 DE0006452907 Nemetschek Germany 57,904 61.20 EUR Equity 3980134.62 0.90
    55 BZ4BQC7 GB00BZ4BQC70 Johnson Matthey United Kingdom 150,359 20.98 GBP Equity 3897741.47 0.88
    56 5505072 FR0000121485 Kering France 6,955 484.25 EUR Equity 3782722.98 0.86
    57 4061412 FR0000121014 LVMH France 8,101 390.50 EUR Equity 3553018.30 0.81
    58 3174300 GB0031743007 Burberry United Kingdom 176,282 16.00 GBP Equity 3483937.30 0.79
    59 6259011 JP3397060009 Sugi Holdings Japan 48,600 7300.00 JPY Equity 3288501.65 0.75
    60 B7FQV64 BRRADLACNOR0 Raia Drogasil Brazil 156,600 110.62 BRL Equity 3154930.43 0.72
    61 4741714 FR0000130395 Remy Cointreau France 23,117 121.20 EUR Equity 3146819.74 0.71
    62 BJDS7L3 NL0013654783 Prosus Netherlands 33,775 82.74 EUR Equity 3138691.62 0.71
    63 B61JC67 AU000000TWE9 Treasury Wine Estates Australia 433,142 10.48 AUD Equity 3125327.06 0.71
    64 B23X1H3 US58733R1023 MercadoLibre Brazil 2,850 985.77 USD Equity 2809444.50 0.64
    65 6472960 BMG507641022 Jardine Strategic Singapore 116,200 21.55 USD Equity 2504110.00 0.57
    66 BK1K3N2 US89677Q1076 Trip.com Group China 86,867 25.92 USD Equity 2251592.64 0.51
    67 0946580 GB0009465807 Weir United Kingdom 157,355 10.64 GBP Equity 2067741.10 0.47
    68 B0FXT17 US0567521085 Baidu.com China 17,201 119.89 USD Equity 2062227.89 0.47
    69 6472119 BMG507361001 Jardine Matheson Singapore 35,800 41.74 USD Equity 1494292.00 0.34
    70 B5N0P84 GB00B5N0P849 Wood Group United Kingdom 622,077 1.94 GBP Equity 1490006.18 0.34
    71 B53P200 GB00B53P2009 Jupiter Fund Management United Kingdom 376,718 2.56 GBP Equity 1192541.82 0.27
    72 B552PC2 MU0295S00016 MakeMyTrip India 71,341 15.32 USD Equity 1092944.12 0.25
    73 Cash and Deposits International 790,474 0.00 EUR Equity 887820.73 0.20
    74 Cash and Deposits International 447,982 0.00 GBP Equity 553526.49 0.13
    75 Cash and Deposits International 4,910,388 0.00 SEK Equity 527055.16 0.12
    76 Cash and Deposits International 201,701 0.00 CHF Equity 212865.51 0.05
    77 B28PS95 CH0033361673 u-blox Switzerland 592 64.80 CHF Equity 40485.04 0.01
    78 BDZV116 SE0011166933 Epiroc Sweden 2,797 116.10 SEK Equity 34854.99 0.01
    79 Cash and Deposits International -449,232 0.00 USD Equity -449231.53 -0.10
                      Total 100.0%

    Sector Analysis of Total Assets - 6/30/2020

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    Regional Analysis of Total Assets - 6/30/2020

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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.

    RECENT DISTRIBUTIONS

    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.

    UPCOMING DISTRIBUTIONS

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

    Capital Gains

    Estimated capital gains distributions will appear here when they become available.

    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.