Baillie Gifford Global Stewardship Equities Fund
Baillie Gifford Global Stewardship Equities Fund
The Baillie Gifford Global Stewardship Equities Fund seeks capital appreciation.
The Fund invests in sustainable growth companies. It mitigates Environmental, Social and Governance (ESG) risks by applying 'sin sector' exclusions, and then seeks to identify ESG opportunities by focusing on companies which our research suggests are a net benefit to society, which balance the interests of all stakeholders, and which exhibit a responsible culture. The Portfolio Construction Group (PCG) is made up of six experienced investors and two senior Governance and Sustainability specialists, supported by one further dedicated Governance and Sustainability analyst. The PCG provides challenge, context and comparison when building a concentrated portfolio of 70-100 stocks.
Performance & Portfolio
Annualized total returns as of month end** 5/31/2021
Gross Expense Ratio
Net Expense Ratio
Share Class K -1.73% -3.13% 3.87% 107.85% 25.91% 25.84% 5.22% 0.65% MSCI AC World Index 1.61% 8.98% 11.06% 55.31% 12.63% 11.70% n/a n/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 March 31 2021, periods over 1 year are annualised.
Source: Bank of New York Mellon and relevant underlying index provider(s)
†Fund inception date: December 14, 2017
Share Class launch date: December 14, 2017
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 December 14, 2017.
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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2022.
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 markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 BXDZ9Z0 CA82509L1076 Shopify Canada 266 1106.50 USD Equity 294329.00 4.61 2 2000019 US0231351067 Amazon.com United States 73 3094.08 USD Equity 225867.84 3.54 3 B616C79 US88160R1014 Tesla Inc United States 306 667.93 USD Equity 204386.58 3.20 4 B03Q9D0 US57060D1081 MarketAxess United States 396 497.92 USD Equity 197176.32 3.09 5 BG6N6K6 US1630921096 Chegg United States 2,254 85.66 USD Equity 193077.64 3.02 6 6889106 TW0002330008 TSMC Taiwan 8,000 587.00 TWD Equity 164581.36 2.58 7 2857817 US64110L1061 Netflix United States 292 521.66 USD Equity 152324.72 2.39 8 BQXZP64 US94419L1017 Wayfair United States 462 314.75 USD Equity 145414.50 2.28 9 6770620 JP3436100006 SoftBank Group Japan 1,600 9330.00 JPY Equity 135095.02 2.12 10 BYVY8G0 US02079K3059 Alphabet United States 64 2062.52 USD Equity 132001.28 2.07 Total 28.89%Sector Analysis of Total Assets - 3/31/2021
Total may not sum due to roundingRegional Analysis of Total Assets - 3/31/2021
- 1 Consumer Discretionary 23.55
- 2 Information Technology 20.32
- 3 Financials 14.76
- 4 Industrials 14.20
- 5 Communication Services 11.87
- 6 Health Care 11.47
- 7 Real Estate 1.88
- 8 Cash 1.96
- Total 100.0
Total may not sum due to rounding
- 1 North America 55.13
- 2 Developed Asia Pacific 14.70
- 3 Emerging Markets 12.79
- 4 Europe (ex UK) 10.84
- 5 UK 4.58
- 6 Cash 1.96
- Total 100.0
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.
Matthew is an Investment Manager in the Japanese Equities Team and has been a member of the Global Stewardship Portfolio Construction Group since its inception. He is manager of the Japanese All Cap Strategy and Lead Manager of the Japanese Income Growth Strategy. Matthew joined Baillie Gifford in 2003 and became a Partner in 2018. He is a CFA Charterholder. Matthew graduated BA (Hons) in Natural Sciences (Psychology) from the University of Cambridge in 2000 and holds a PhD in Psychology from the University of Bristol.
Mike has been involved with the Global Stewardship strategy since inception as a member of the Portfolio Construction Group. He is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003.
Iain is a founding member of the Global Stewardship Portfolio Construction Group and is the lead manager of our UK Core strategy. Most recently, Iain served as Chief of Investment Staff from 2013 to 2018 and became a Partner of the firm in 2005. He initially joined Baillie Gifford in 1994 and spent five years training as an Investment Manager in the US Equities Team before joining the UK Equity Team in 1999. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently trained as a Chartered Accountant.
Gary has been a member of the Global Stewardship Portfolio Construction Group since its inception in 2015 and is an Investment Manager in the US Equities Team. He graduated MBiochem in Biochemistry from the University of Oxford in 2003 and joined Baillie Gifford the same year. He spent time working on our Japanese, UK and European Equity Teams before moving to the US Equities Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector dating back to his undergraduate degree. Gary became a Partner of the firm in 2019.
Zaki joined Baillie Gifford in 2007 and in 2017 he became a member of the Global Stewardship Portfolio Construction Group. He is a Senior Analyst in the Global Discovery Investment Team. Zaki graduated BA in Business Accounting and Finance from the University of Newcastle in 2006.
Josie is an Investment Manager in the European Equity Team and became a member of the Global Stewardship Portfolio Construction Group in 2020. She joined Baillie Gifford in 2016 and spent time in the International Growth, UK Equity and High Yield Bond Teams. Josie started her career in London, working as a global board analyst at Russell Reynolds Associates. Josie graduated MA (Oxon) in Music from the University of Oxford in 2014.
Andrew joined Baillie Gifford as Head of Governance and Sustainability in May 2015 and has been a member of the Global Stewardship Portfolio Construction Group since inception. In his previous role as Chief Sustainability Officer for RBS, Andrew was responsible for helping to rebuild RBS’s approach to corporate responsibility after the financial crisis. He is a member of the Financial Reporting Council’s Investor Advisory Group and is a former Chairman of the UK Global Compact Network. Andrew graduated MA in History from the University of Edinburgh in 1999 and MSc in International Development from London’s School of Oriental and African Studies (SOAS) in 2001. He has subsequently obtained a Postgraduate Diploma in Sustainable Business from the University of Cambridge.
Caroline joined Baillie Gifford in January 2020 and became a member of the Global Stewardship Portfolio Construction Group in June. An experienced investment analyst, she is now one of the Strategy’s governance and sustainability specialists. Her background is in energy, both as co-head of Deutsche Bank’s number one rated global and European oils equity research team and as an independent consultant. Immersed in a variety of G&S issues across her career, the formal switch began in 2016, when she initiated and led Deutsche Bank’s integrated, cross-sector coverage of the accelerating energy transition. Caroline graduated from Cambridge with an MA in Modern History in 1989.
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.
The below table shows the makeup of the most recent distributions paid.
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
Baillie Gifford Global Stewardship Equities Fund Institutional Class BGSSX 0.00000 0.01000 0.00000 0.00000 0.71814 0.72814 12/29/2020 12/29/2020 Final Baillie Gifford Global Stewardship Equities Fund K Class BGSKX 0.00000 0.01000 0.00000 0.00000 0.71814 0.72814 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).
Quarterly Investor Reports
Statement of Additional Information (SAI)
The most significant risks of an investment in the Baillie Gifford Global Stewardship Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk and Socially Responsible Investing 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. The Fund's focus on social, environmental or governance (ESG) factors may mean it makes different investments than funds that do not focus on these issues in their investment process. The Fund may not choose to invest in potentially profitable companies or could sell investments based on ESG factors when it might be a financial disadvantage to do so. 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, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Valuation Risk.
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.