1. BAILLIE GIFFORD GLOBAL ALPHA EQUITIES FUND
    BAILLIE GIFFORD GLOBAL ALPHA EQUITIES FUND

    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.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2000019 US0231351067 Amazon.com United States 12,952 3148.73 USD Equity 40782350.96 3.23
    2 6622691 ZAE000015889 Naspers South Africa 223,785 2960.00 ZAR Equity 39712446.04 3.15
    3 BP41ZD1 US01609W1027 Alibaba China 121,088 293.98 USD Equity 35597450.24 2.82
    4 2252058 US6153691059 Moody's United States 116,252 289.85 USD Equity 33695642.20 2.67
    5 BYY88Y7 US02079K1079 Alphabet United States 22,115 1469.60 USD Equity 32500204.00 2.58
    6 B121557 US57636Q1040 Mastercard United States 88,187 338.17 USD Equity 29822197.79 2.37
    7 2588173 US5949181045 Microsoft United States 137,158 210.33 USD Equity 28848442.14 2.29
    8 BXDZ9Z0 CA82509L1076 Shopify Canada 26,481 1022.97 USD Equity 27089268.57 2.15
    9 6770620 JP3436100006 SoftBank Japan 397,100 6469.00 JPY Equity 24342271.39 1.93
    10 BGJW376 KYG596691041 Meituan Dianping China 747,600 241.80 HKD Equity 23325120.00 1.85
        Total 25.04%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2000019 US0231351067 Amazon.com United States 12,952 3148.73 USD Equity 40782350.96 3.23
    2 6622691 ZAE000015889 Naspers South Africa 223,785 2960.00 ZAR Equity 39712446.04 3.15
    3 BP41ZD1 US01609W1027 Alibaba China 121,088 293.98 USD Equity 35597450.24 2.82
    4 2252058 US6153691059 Moody's United States 116,252 289.85 USD Equity 33695642.20 2.67
    5 BYY88Y7 US02079K1079 Alphabet United States 22,115 1469.60 USD Equity 32500204.00 2.58
    6 B121557 US57636Q1040 Mastercard United States 88,187 338.17 USD Equity 29822197.79 2.37
    7 2588173 US5949181045 Microsoft United States 137,158 210.33 USD Equity 28848442.14 2.29
    8 BXDZ9Z0 CA82509L1076 Shopify Canada 26,481 1022.97 USD Equity 27089268.57 2.15
    9 6770620 JP3436100006 SoftBank Japan 397,100 6469.00 JPY Equity 24342271.39 1.93
    10 BGJW376 KYG596691041 Meituan Dianping China 747,600 241.80 HKD Equity 23325120.00 1.85
    11 B616C79 US88160R1014 Tesla Inc United States 54,091 429.01 USD Equity 23205579.91 1.84
    12 0709954 GB0007099541 Prudential United Kingdom 1,610,977 11.09 GBP Equity 23096817.68 1.83
    13 BSPHGL4 US0367521038 Anthem United States 85,216 268.59 USD Equity 22888165.44 1.82
    14 6889106 TW0002330008 TSMC Taiwan 1,518,000 433.00 TWD Equity 22695048.68 1.80
    15 6658801 JP3201200007 Olympus Japan 1,096,500 2182.00 JPY Equity 22671875.30 1.80
    16 BYYN585 US7835132033 Ryanair Ireland 276,048 81.76 USD Equity 22569684.48 1.79
    17 4846288 DE0007164600 SAP Germany 140,244 132.76 EUR Equity 21833337.56 1.73
    18 BYWD7L4 US81141R1005 SEA Limited Singapore 139,555 154.04 USD Equity 21497052.20 1.71
    19 B4TX8S1 HK0000069689 AIA Hong Kong 2,194,000 75.90 HKD Equity 21487045.16 1.70
    20 BYXJF62 US98954M2008 Zillow United States 210,890 101.59 USD Equity 21424315.10 1.70
    21 2886907 US8835561023 Thermo Fisher Scientific United States 45,875 441.52 USD Equity 20254730.00 1.61
    22 4682329 FR0000120693 Pernod Ricard France 118,810 136.15 EUR Equity 18968772.90 1.50
    23 2359506 US3635761097 AJ Gallagher United States 165,067 105.58 USD Equity 17427773.86 1.38
    24 B01FLR7 CNE1000003X6 Ping An Insurance China 1,659,000 79.50 HKD Equity 17018129.03 1.35
    25 B16CYP9 US7594701077 Reliance Industries India 272,377 60.80 USD Equity 16560521.60 1.31
    26 BYQRFY1 US87918A1051 Teladoc United States 73,357 219.24 USD Equity 16082788.68 1.28
    27 B7TL820 US30303M1027 Facebook United States 60,408 261.90 USD Equity 15820855.20 1.25
    28 0182704 IE0001827041 CRH Ireland 407,407 27.96 GBP Equity 14726410.89 1.17
    29 6883807 JP3351100007 Sysmex Japan 150,900 10030.00 JPY Equity 14342149.15 1.14
    30 4031976 DE000A1EWWW0 adidas Germany 42,784 276.10 EUR Equity 13852124.55 1.10
    31 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 93,552 145.60 USD Equity 13621171.20 1.08
    32 2320524 US5184391044 Estee Lauder United States 62,128 218.25 USD Equity 13559436.00 1.08
    33 BJDS7L3 NL0013654783 Prosus Netherlands 145,040 78.70 EUR Equity 13385392.76 1.06
    34 2572079 US5732841060 Martin Marietta Materials United States 55,921 235.36 USD Equity 13161566.56 1.04
    35 6763965 JP3162600005 SMC Japan 22,800 58460.00 JPY Equity 12630417.89 1.00
    36 2738127 US8125781026 Seattle Genetics United States 63,569 195.69 USD Equity 12439817.61 0.99
    37 BD8FDD1 US88339J1051 The Trade Desk United States 23,318 518.78 USD Equity 12096912.04 0.96
    38 BH0P3Z9 GB00BH0P3Z91 BHP Group United Kingdom 560,706 16.54 GBP Equity 11988075.00 0.95
    39 BDRXDB4 US09857L1089 Booking Holdings United States 6,964 1710.68 USD Equity 11913175.52 0.94
    40 BD97BS7 SE0011166628 Atlas Copco Sweden 283,006 375.20 SEK Equity 11864117.45 0.94
    41 0718875 GB0007188757 Rio Tinto United Kingdom 195,902 46.56 GBP Equity 11790615.06 0.94
    42 Cash and Deposits International 11,654,177 0.00 USD Equity 11654176.89 0.92
    43 B1VP7R6 US11133T1034 Broadridge Financial Solutions United States 84,147 132.00 USD Equity 11107404.00 0.88
    44 2732903 US7611521078 ResMed United States 64,772 171.43 USD Equity 11103863.96 0.88
    45 2884183 US8807701029 Teradyne United States 136,293 79.46 USD Equity 10829841.78 0.86
    46 6870490 JP3122400009 Advantest Japan 223,000 5090.00 JPY Equity 10755898.80 0.85
    47 4790534 NO0003028904 Schibsted Norway 239,866 413.50 NOK Equity 10600494.94 0.84
    48 6220501 JP3311400000 CyberAgent Japan 172,400 6470.00 JPY Equity 10569771.63 0.84
    49 B2Q4CS1 JP3890310000 MS&AD Insurance Japan 394,200 2824.00 JPY Equity 10548856.25 0.84
    50 6171900 INE001A01036 HDFC India 445,641 1740.05 INR Equity 10510133.13 0.83
    51 2797560 US8175651046 Service Corporation International United States 239,589 42.18 USD Equity 10105864.02 0.80
    52 BYQ7X81 US82982L1035 SiteOne Landscape Supply United States 79,269 121.95 USD Equity 9666854.55 0.77
    53 2857817 US64110L1061 Netflix United States 18,607 500.03 USD Equity 9304058.21 0.74
    54 7021963 DE0005810055 Deutsche Boerse Germany 52,714 149.80 EUR Equity 9259901.80 0.73
    55 2613990 US4523271090 Illumina United States 28,975 309.08 USD Equity 8955593.00 0.71
    56 4595739 DK0010272202 Genmab Denmark 23,363 2300.00 DKK Equity 8465188.45 0.67
    57 2566436 US5705351048 Markel United States 8,622 973.70 USD Equity 8395241.40 0.67
    58 BYSS4X4 JE00BYSS4X48 Novocure United States 73,693 111.31 USD Equity 8202767.83 0.65
    59 BQXZP64 US94419L1017 Wayfair United States 27,311 291.01 USD Equity 7947774.11 0.63
    60 BG36ZK1 BRB3SAACNOR6 B3 Brazil 799,700 55.01 BRL Equity 7804823.43 0.62
    61 BKT9Y49 US23804L1035 Datadog United States 74,521 102.16 USD Equity 7613065.36 0.60
    62 2046853 US0126531013 Albemarle United States 84,917 89.28 USD Equity 7581389.76 0.60
    63 BG6N6K6 US1630921096 Chegg United States 105,283 71.44 USD Equity 7521417.52 0.60
    64 2003698 US0036541003 Abiomed United States 26,909 277.06 USD Equity 7455407.54 0.59
    65 BJXC5M2 US18915M1071 Cloudflare United States 179,631 41.06 USD Equity 7375648.86 0.59
    66 BDZV127 SE0011166941 Epiroc Sweden 520,397 124.70 SEK Equity 7250671.05 0.58
    67 BZ1HM42 NL0012969182 Adyen Netherlands 3,839 1572.50 EUR Equity 7079088.83 0.56
    68 BFD20M9 KY30744W1070 Farfetch United Kingdom 277,694 25.16 USD Equity 6986781.04 0.55
    69 BDT5S35 US05464C1018 Axon Enterprise United States 76,855 90.70 USD Equity 6970748.50 0.55
    70 BCRWZ18 CH0210483332 Richemont Switzerland 103,023 61.70 CHF Equity 6918660.24 0.55
    71 BFZ1K46 LU1778762911 Spotify Sweden 27,828 242.57 USD Equity 6750237.96 0.54
    72 BD6P5Q0 US90138F1021 Twilio United States 26,669 247.09 USD Equity 6589643.21 0.52
    73 B5SC091 US80585Y3080 Sberbank Russia 562,030 11.69 USD Equity 6567320.55 0.52
    74 BH5QGR0 US05278C1071 Autohome China 67,590 96.00 USD Equity 6488640.00 0.51
    75 BDRYVB3 KYG711391022 Ping An Healthcare & Tech China 506,200 99.25 HKD Equity 6482625.81 0.51
    76 BKM1QM4 NL0012015705 Just Eat Takeaway.com Netherlands 56,922 86.92 GBP Equity 6396333.93 0.51
    77 2860826 US8589121081 Stericycle United States 101,242 63.06 USD Equity 6384320.52 0.51
    78 B1L3CS6 FR0000054470 Ubisoft Entertainment France 69,550 77.06 EUR Equity 6284847.36 0.50
    79 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 422,719 14.77 USD Equity 6243559.63 0.50
    80 6181482 BMG1368B1028 Brilliance China Automotive China 6,366,000 7.27 HKD Equity 5971718.71 0.47
    81 BYV2325 US78409V1044 S&P Global Inc United States 15,623 360.60 USD Equity 5633653.80 0.45
    82 2983154 US87236Y1082 TD Ameritrade United States 143,883 39.15 USD Equity 5633019.45 0.45
    83 2318024 US26875P1012 EOG Resources United States 154,533 35.94 USD Equity 5553916.02 0.44
    84 B6WVMH3 US12504L1098 CBRE Group Inc United States 112,928 46.97 USD Equity 5304228.16 0.42
    85 2566351 CA3039011026 Fairfax Financial Canada 17,992 392.10 CAD Equity 5281424.82 0.42
    86 BV8TD84 US52603B1070 LendingTree United States 16,829 306.89 USD Equity 5164651.81 0.41
    87 2202729 CA7677441056 Ritchie Bros. Auctioneers Canada 82,238 59.25 USD Equity 4872601.50 0.39
    88 2569286 US45104G1040 ICICI Bank India 495,044 9.83 USD Equity 4866282.52 0.39
    89 BJ0DP40 NO0010844038 Adevinta Norway 277,389 160.30 NOK Equity 4752309.25 0.38
    90 2955733 US9297401088 Wabtec United States 76,292 61.88 USD Equity 4720948.96 0.37
    91 BJT1RW7 US55087P1049 Lyft United States 156,302 27.55 USD Equity 4306120.10 0.34
    92 BG0Q4Z2 US47233W1099 Jefferies Financial Group United States 237,117 18.00 USD Equity 4268106.00 0.34
    93 B5VR4H9 US44267D1072 Howard Hughes United States 72,631 57.60 USD Equity 4183545.60 0.33
    94 B53NQB3 US5603172082 Mail.ru Group Russia 152,544 27.40 USD Equity 4179705.60 0.33
    95 B3FF8W8 JP3845770001 Hoshizaki Corp Japan 51,900 8380.00 JPY Equity 4121311.48 0.33
    96 B1WT4X2 US45841N1072 Interactive Brokers Group United States 79,044 48.33 USD Equity 3820196.52 0.30
    97 6458001 AU000000ORI1 Orica Australia 318,624 15.43 AUD Equity 3523806.00 0.28
    98 BMBX7M2 US4824971042 KE Holdings Inc. China 48,799 61.30 USD Equity 2991378.70 0.24
    99 B5B23W2 KYG7800X1079 Sands China Hong Kong 775,600 29.85 HKD Equity 2987310.97 0.24
    100 0416102 GB0004161021 Hays United Kingdom 1,947,643 1.13 GBP Equity 2845241.00 0.23
    101 BN134B7 US8334451098 Snowflake United States 10,823 251.00 USD Equity 2716573.00 0.22
    102 2493534 US4972661064 Kirby Corp United States 66,734 36.17 USD Equity 2413768.78 0.19
    103 BWVFKQ3 NO0010736879 Schibsted Norway 31,958 373.00 NOK Equity 1274002.74 0.10
                      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

    Charles Plowden

    Since the inception of Global Alpha in 2005, Mr. Plowden has been one of the three portfolio managers for the strategy. After becoming a Partner in 1988, he became Joint Senior Partner with overall responsibility for the investment departments in 2006. Mr. Plowden is also Chair of the Strategic Leadership Group. He joined Baillie Gifford in 1983 and was a portfolio manager in the UK Equity Team for over 20 years notably developing Baillie Gifford’s specialist UK capabilities, and was latterly head of the team. Charles graduated BA in Modern History from the University of Oxford in 1983.

    Mr. Plowden is expected to retire from the Manager and cease to serve as Portfolio Manager for the Fund effective on or about April 30, 2021.

    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 0.57038 0.00649 0.18281 0.00323 0.37022 0.94710 12/27/2019 12/27/2019 Final
    Baillie Gifford Global Alpha Equities Fund K Class BGAKX 0.57693 0.00649 0.18491 0.00323 0.37022 0.95364 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 Global Alpha Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, 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.