1. Overview

    The Baillie Gifford Global Alpha Equities Fund seeks capital appreciation.

    Investment Proposition

    The Baillie Gifford Global Alpha Equities Fund aims to find companies that can deliver sustainable, above-average earnings growth over the long-term from a global opportunity set. The portfolio is vastly differentiated from the index with an Active Share of c. 90%, and we expect annual turnover to be typically less than 20%, implying an average holding period for each stock of over five years. We seek to take meaningful allocations in our best ideas, combined with our long-term investment horizon, which underpins our confidence in achieving the objective.

    Performance & Portfolio

    Annualized total returns as of month end** 6/30/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K3.13%7.25%10.70%45.34%20.36%21.27%15.78%0.65%0.65%
    MSCI AC World Index1.35%7.53%12.56%39.87%15.11%15.19%12.17%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 June 30 2021, periods over 1 year are annualized.

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    Fund inception date: November 15, 2011

    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 All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Discrete performance figures to 12/31/2020

    12/31/2015
    12/31/2016

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    Share Class K4.95%34.52%-9.38%32.48%36.41%
    MSCI AC World Index8.49%24.62%-8.93%27.30%16.82%

    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 All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

     

    Performance - 6/30/2021
    Baillie Gifford Global Alpha Equities 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 6/30/2021

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: November 15, 2011
    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** 6/30/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional3.13%7.19%10.63%45.21%20.30%21.22%15.67%0.74%0.74%
    MSCI AC World Index1.35%7.53%12.56%39.87%15.11%15.19%12.17%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 June 30 2021, periods over 1 year are annualized.

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    Fund inception date: November 15, 2011

    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 All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Discrete performance figures to 12/31/2020

    12/31/2015
    12/31/2016

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    Share Class Institutional4.79%34.53%-9.42%32.56%36.28%
    MSCI AC World Index8.49%24.62%-8.93%27.30%16.82%

    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 All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Performance - 6/30/2021
    Baillie Gifford Global Alpha Equities 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 6/30/2021

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: November 15, 2011
    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 6/30/2021

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 6622691 ZAE000015889 Naspers South Africa 189,985 2998.19 ZAR Equity 39892226.36 2.83
    2 2252058 US6153691059 Moody's United States 98,519 362.37 USD Equity 35700330.03 2.53
    3 BXDZ9Z0 CA82509L1076 Shopify Canada 22,378 1460.98 USD Equity 32693810.44 2.32
    4 BYWD7L4 US81141R1005 SEA Limited Singapore 116,610 274.60 USD Equity 32021106.00 2.27
    5 BYY88Y7 US02079K1079 Alphabet United States 12,732 2506.32 USD Equity 31910466.24 2.26
    6 2588173 US5949181045 Microsoft United States 117,763 270.90 USD Equity 31901996.70 2.26
    7 2000019 US0231351067 Amazon.com United States 8,287 3440.16 USD Equity 28508605.92 2.02
    8 6889106 TW0002330008 TSMC Taiwan 1,320,000 595.00 TWD Equity 28188425.30 2.00
    9 BSPHGL4 US0367521038 Anthem United States 72,090 381.80 USD Equity 27523962.00 1.95
    10 B121557 US57636Q1040 Mastercard United States 74,837 365.09 USD Equity 27322240.33 1.94
    Total 22.39%
    Sector Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 Consumer Discretionary 19.41
    • 2 Information Technology 16.64
    • 3 Financials 14.89
    • 4 Health Care 13.84
    • 5 Communication Services 11.93
    • 6 Industrials 9.09
    • 7 Materials 7.11
    • 8 Consumer Staples 2.78
    • 9 Real Estate 1.77
    • 10 Energy 1.37
    • 11 Cash 1.18
    • Total 100.0
    Total may not sum due to rounding
    Regional Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 North America 54.12
    • 2 Emerging Markets 15.19
    • 3 Europe (ex UK) 12.95
    • 4 Developed Asia Pacific 10.10
    • 5 UK 6.46
    • 6 Cash 1.18
    • 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. 

    Managers

    Helen Xiong

    Helen joined Baillie Gifford in 2008 and is an Investment Manager in the US Equities Team. She has also spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.

    Malcolm MacColl

    Malcolm is an Investment Manager in the Global Alpha Team, having been involved with Global Alpha since the product’s inception in 2005. He became a Partner of the firm in 2011. Malcolm joined Baillie Gifford in 1999 and has spent time working in the UK Small Cap and North American Teams. He is a member of the UK Society of Investment Professionals. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999, both from the University of St Andrews.

    Spencer Adair

    Spencer joined Baillie Gifford in 2000 and is an Investment Manager in the Global Alpha Team. He became a Partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and UK Equity Teams. Spencer graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh.

    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 Global Alpha Equities Fund Institutional Class BGASX 0.12691 0.00702 0.10849 0.00806 1.11622 1.25015 12/29/2020 12/29/2020 Final
    Baillie Gifford Global Alpha Equities Fund K Class BGAKX 0.13809 0.00702 0.11804 0.00806 1.11622 1.26133 12/29/2020 12/29/2020 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 2020 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 Global Alpha Equities Fund are Investment Style Risk, Growth Stock Risk and Long-Term Investment Strategy 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. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets 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 Securities 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.