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 - 6/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2000019 US0231351067 Amazon.com United States 17,509 2758.82 USD Equity 48304179.38 4.35
    2 6622691 ZAE000015889 Naspers South Africa 219,646 3163.11 ZAR Equity 39986443.69 3.60
    3 2252058 US6153691059 Moody's United States 116,252 274.73 USD Equity 31937911.96 2.88
    4 BYY88Y7 US02079K1079 Alphabet United States 22,115 1413.61 USD Equity 31261985.15 2.81
    5 2588173 US5949181045 Microsoft United States 137,158 203.51 USD Equity 27913024.58 2.51
    6 B121557 US57636Q1040 Mastercard United States 88,187 295.70 USD Equity 26076895.90 2.35
    7 BP41ZD1 US01609W1027 Alibaba China 118,400 215.70 USD Equity 25538880.00 2.30
    8 BXDZ9Z0 CA82509L1076 Shopify Canada 26,481 949.20 USD Equity 25135765.20 2.26
    9 0709954 GB0007099541 Prudential United Kingdom 1,610,977 12.19 GBP Equity 24254537.13 2.18
    10 BSPHGL4 US0367521038 Anthem United States 85,216 262.98 USD Equity 22410103.68 2.02
        Total 27.26%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 2000019 US0231351067 Amazon.com United States 17,509 2758.82 USD Equity 48304179.38 4.35
    2 6622691 ZAE000015889 Naspers South Africa 219,646 3163.11 ZAR Equity 39986443.69 3.60
    3 2252058 US6153691059 Moody's United States 116,252 274.73 USD Equity 31937911.96 2.88
    4 BYY88Y7 US02079K1079 Alphabet United States 22,115 1413.61 USD Equity 31261985.15 2.81
    5 2588173 US5949181045 Microsoft United States 137,158 203.51 USD Equity 27913024.58 2.51
    6 B121557 US57636Q1040 Mastercard United States 88,187 295.70 USD Equity 26076895.90 2.35
    7 BP41ZD1 US01609W1027 Alibaba China 118,400 215.70 USD Equity 25538880.00 2.30
    8 BXDZ9Z0 CA82509L1076 Shopify Canada 26,481 949.20 USD Equity 25135765.20 2.26
    9 0709954 GB0007099541 Prudential United Kingdom 1,610,977 12.19 GBP Equity 24254537.13 2.18
    10 BSPHGL4 US0367521038 Anthem United States 85,216 262.98 USD Equity 22410103.68 2.02
    11 6658801 JP3201200007 Olympus Japan 1,096,500 2075.50 JPY Equity 21094552.07 1.90
    12 B4TX8S1 HK0000069689 AIA Hong Kong 2,194,000 72.30 HKD Equity 20466708.38 1.84
    13 6770620 JP3436100006 SoftBank Japan 397,100 5450.00 JPY Equity 20060202.99 1.81
    14 Cash and Deposits International 19,859,574 0.00 USD Equity 19859573.79 1.79
    15 4846288 DE0007164600 SAP Germany 140,244 124.32 EUR Equity 19582271.39 1.76
    16 B7TL820 US30303M1027 Facebook United States 85,992 227.07 USD Equity 19526203.44 1.76
    17 B616C79 US88160R1014 Tesla Inc United States 17,707 1079.81 USD Equity 19120195.67 1.72
    18 4682329 FR0000120693 Pernod Ricard France 118,810 140.05 EUR Equity 18688475.81 1.68
    19 2732903 US7611521078 ResMed United States 93,847 192.00 USD Equity 18018624.00 1.62
    20 2886907 US8835561023 Thermo Fisher Scientific United States 45,875 362.34 USD Equity 16622347.50 1.50
    21 B01FLR7 CNE1000003X6 Ping An Insurance China 1,659,000 77.50 HKD Equity 16589036.77 1.49
    22 2359506 US3635761097 AJ Gallagher United States 165,067 97.49 USD Equity 16092381.83 1.45
    23 BGJW376 KYG596691041 Meituan Dianping China 703,300 171.90 HKD Equity 15598742.01 1.40
    24 2113382 US8740391003 TSMC Taiwan 259,306 56.77 USD Equity 14720801.62 1.33
    25 BYWD7L4 US81141R1005 SEA Limited Singapore 133,731 107.24 USD Equity 14341312.44 1.29
    26 BYQRFY1 US87918A1051 Teladoc United States 73,357 190.84 USD Equity 13999449.88 1.26
    27 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 93,552 148.11 USD Equity 13855986.72 1.25
    28 0182704 IE0001827041 CRH Ireland 407,407 27.50 GBP Equity 13843289.39 1.25
    29 BJDS7L3 NL0013654783 Prosus Netherlands 143,343 82.74 EUR Equity 13320783.80 1.20
    30 B2PZN04 US92826C8394 Visa United States 64,442 193.17 USD Equity 12448261.14 1.12
    31 B16CYP9 US7594701077 Reliance Industries India 258,564 46.20 USD Equity 11945656.80 1.08
    32 6870490 JP3122400009 Advantest Japan 208,700 6120.00 JPY Equity 11838939.61 1.07
    33 6763965 JP3162600005 SMC Japan 22,800 55180.00 JPY Equity 11661528.48 1.05
    34 2572079 US5732841060 Martin Marietta Materials United States 55,921 206.57 USD Equity 11551600.97 1.04
    35 BYXJF62 US98954M2008 Zillow United States 199,505 57.61 USD Equity 11493483.05 1.03
    36 2884183 US8807701029 Teradyne United States 134,878 84.51 USD Equity 11398539.78 1.03
    37 4031976 DE000A1EWWW0 adidas Germany 42,784 233.60 EUR Equity 11225145.98 1.01
    38 6883807 JP3351100007 Sysmex Japan 142,800 8230.00 JPY Equity 10893488.44 0.98
    39 B2Q4CS1 JP3890310000 MS&AD Insurance Japan 394,200 2961.00 JPY Equity 10819170.41 0.97
    40 2613990 US4523271090 Illumina United States 28,771 370.35 USD Equity 10655339.85 0.96
    41 2738127 US8125781026 Seattle Genetics United States 62,556 169.92 USD Equity 10629515.52 0.96
    42 BD97BS7 SE0011166628 Atlas Copco Sweden 283,006 344.60 SEK Equity 10467696.82 0.94
    43 B1VP7R6 US11133T1034 Broadridge Financial Solutions United States 82,602 126.19 USD Equity 10423546.38 0.94
    44 6171900 INE001A01036 HDFC India 445,641 1754.65 INR Equity 10356359.53 0.93
    45 7021963 DE0005810055 Deutsche Boerse Germany 52,714 161.05 EUR Equity 9535082.94 0.86
    46 BD8FDD1 US88339J1051 The Trade Desk United States 23,318 406.50 USD Equity 9478767.00 0.85
    47 BYQ7X81 US82982L1035 SiteOne Landscape Supply United States 78,024 113.97 USD Equity 8892395.28 0.80
    48 2797560 US8175651046 Service Corporation International United States 223,676 38.89 USD Equity 8698759.64 0.78
    49 2857817 US64110L1061 Netflix United States 18,607 455.04 USD Equity 8466929.28 0.76
    50 6220501 JP3311400000 CyberAgent Japan 172,400 5290.00 JPY Equity 8453408.72 0.76
    51 BH0P3Z9 GB00BH0P3Z91 BHP Group United Kingdom 409,578 16.54 GBP Equity 8372501.99 0.75
    52 2566436 US5705351048 Markel United States 8,622 923.17 USD Equity 7959571.74 0.72
    53 2493534 US4972661064 Kirby Corp United States 147,309 53.56 USD Equity 7889870.04 0.71
    54 2318024 US26875P1012 EOG Resources United States 154,533 50.66 USD Equity 7828641.78 0.70
    55 BYYN585 US7835132033 Ryanair Ireland 114,384 66.34 USD Equity 7588234.56 0.68
    56 BDT5S35 US05464C1018 Axon Enterprise United States 76,855 98.13 USD Equity 7541781.15 0.68
    57 BG36ZK1 BRB3SAACNOR6 B3 Brazil 748,500 55.09 BRL Equity 7509810.05 0.68
    58 BDRYVB3 KYG711391022 Ping An Healthcare & Tech China 479,600 117.90 HKD Equity 7295684.77 0.66
    59 4595739 DK0010272202 Genmab Denmark 21,498 2220.00 DKK Equity 7191971.01 0.65
    60 BG6N6K6 US1630921096 Chegg United States 105,283 67.26 USD Equity 7081334.58 0.64
    61 BCRWZ18 CH0210483332 Richemont Switzerland 103,023 60.44 CHF Equity 6571378.95 0.59
    62 2046853 US0126531013 Albemarle United States 84,917 77.21 USD Equity 6556441.57 0.59
    63 2003698 US0036541003 Abiomed United States 26,909 241.56 USD Equity 6500138.04 0.59
    64 BFZ1K46 LU1778762911 Spotify Sweden 25,095 258.19 USD Equity 6479278.05 0.58
    65 B5SC091 US80585Y3080 Sberbank Russia 562,030 11.38 USD Equity 6395901.40 0.58
    66 BDZV127 SE0011166941 Epiroc Sweden 520,397 113.95 SEK Equity 6364867.00 0.57
    67 BKY7XF2 US4001101025 Grubhub United States 85,115 70.30 USD Equity 5983584.50 0.54
    68 4790534 NO0003028904 Schibsted Norway 224,374 250.80 NOK Equity 5833212.31 0.53
    69 B1L3CS6 FR0000054470 Ubisoft Entertainment France 69,550 73.40 EUR Equity 5733647.22 0.52
    70 6181482 BMG1368B1028 Brilliance China Automotive China 6,366,000 6.94 HKD Equity 5700319.34 0.51
    71 2566351 CA3039011026 Fairfax Financial Canada 17,992 419.43 CAD Equity 5540664.14 0.50
    72 BD6P5Q0 US90138F1021 Twilio United States 24,698 219.42 USD Equity 5419235.16 0.49
    73 BKM1QM4 NL0012015705 Just Eat Takeaway.com Netherlands 51,588 84.42 GBP Equity 5381113.55 0.48
    74 2202729 CA7677441056 Ritchie Bros. Auctioneers Canada 131,272 40.85 USD Equity 5362461.20 0.48
    75 BDRXDB4 US09857L1089 Booking Holdings United States 3,345 1592.34 USD Equity 5326377.30 0.48
    76 2983154 US87236Y1082 TD Ameritrade United States 143,883 36.38 USD Equity 5234463.54 0.47
    77 2860826 US8589121081 Stericycle United States 92,824 55.98 USD Equity 5196287.52 0.47
    78 BJT1RW7 US55087P1049 Lyft United States 156,302 33.01 USD Equity 5159529.02 0.46
    79 2937689 US9418481035 Waters United States 28,589 180.40 USD Equity 5157455.60 0.46
    80 BYV2325 US78409V1044 S&P Global Inc United States 15,623 329.48 USD Equity 5147466.04 0.46
    81 B6WVMH3 US12504L1098 CBRE Group Inc United States 112,928 45.22 USD Equity 5106604.16 0.46
    82 2320524 US5184391044 Estee Lauder United States 26,805 188.68 USD Equity 5057567.40 0.46
    83 2569286 US45104G1040 ICICI Bank India 495,044 9.29 USD Equity 4598958.76 0.41
    84 BH5QGR0 US05278C1071 Autohome China 60,906 75.50 USD Equity 4598403.00 0.41
    85 B3FF8W8 JP3845770001 Hoshizaki Corp Japan 51,900 9240.00 JPY Equity 4445066.51 0.40
    86 BV8TD84 US52603B1070 LendingTree United States 15,185 289.53 USD Equity 4396513.05 0.40
    87 2955733 US9297401088 Wabtec United States 76,292 57.57 USD Equity 4392130.44 0.40
    88 BYSS4X4 JE00BYSS4X48 Novocure United States 73,693 59.30 USD Equity 4369994.90 0.39
    89 BK1K3N2 US89677Q1076 Trip.com Group China 156,414 25.92 USD Equity 4054250.88 0.36
    90 B5VR4H9 US44267D1072 Howard Hughes United States 72,631 51.95 USD Equity 3773180.45 0.34
    91 BG0Q4Z2 US47233W1099 Jefferies Financial Group United States 237,117 15.55 USD Equity 3687169.35 0.33
    92 6458001 AU000000ORI1 Orica Australia 318,624 16.64 AUD Equity 3650360.02 0.33
    93 B1WT4X2 US45841N1072 Interactive Brokers Group United States 79,044 41.77 USD Equity 3301667.88 0.30
    94 B53NQB3 US5603172082 Mail.ru Group Russia 127,433 22.50 USD Equity 2867242.50 0.26
    95 0416102 GB0004161021 Hays United Kingdom 1,947,643 1.19 GBP Equity 2863745.59 0.26
    96 B5B23W2 KYG7800X1079 Sands China Hong Kong 655,200 30.40 HKD Equity 2569925.62 0.23
    97 BJ0DP40 NO0010844038 Adevinta Norway 250,481 96.90 NOK Equity 2515974.80 0.23
    98 BMH0MV1 US67011P1003 Now Inc United States 182,476 8.63 USD Equity 1574767.88 0.14
    99 BG3GS91 US31680Q1040 58.com China 26,737 53.94 USD Equity 1442193.78 0.13
    100 BWVFKQ3 NO0010736879 Schibsted Norway 31,958 226.60 NOK Equity 750666.82 0.07
                      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. 

    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.

    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 & 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.