1. BAILLIE GIFFORD GLOBAL STEWARDSHIP EQUITIES FUND
    BAILLIE GIFFORD GLOBAL STEWARDSHIP EQUITIES FUND

    Overview

    The Baillie Gifford Global Stewardship Equities Fund seeks capital appreciation.

    Investment Proposition

    The Baillie Gifford Global Stewardship Equities Fund is a global equity fund which aims to generate superior returns by making long-term investments in responsible growth businesses. The Global Stewardship Portfolio Construction Group consists of seven individuals: five investors representing our specialist regional equity teams, a member of our smaller companies team and the head of our Governance & Sustainability department. Their analysis focuses on the upside potential for companies which demonstrate good stewardship, and they also seek to influence holdings for the better through a programme of targeted engagement. `Sin' sector stocks are formally excluded from the Fund.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BXDZ9Z0 CA82509L1076 Shopify Canada 266 1022.97 USD Equity 272110.02 5.15
    2 2000019 US0231351067 Amazon.com United States 73 3148.73 USD Equity 229857.29 4.35
    3 B616C79 US88160R1014 Tesla Inc United States 532 429.01 USD Equity 228233.32 4.32
    4 6770620 JP3436100006 SoftBank Japan 3,200 6469.00 JPY Equity 196160.33 3.71
    5 B03Q9D0 US57060D1081 MarketAxess United States 396 481.59 USD Equity 190709.64 3.61
    6 BG6N6K6 US1630921096 Chegg United States 2,138 71.44 USD Equity 152738.72 2.89
    7 BGSP7M9 US98980L1017 Zoom Video Communications United States 324 470.11 USD Equity 152315.64 2.88
    8 2857817 US64110L1061 Netflix United States 292 500.03 USD Equity 146008.76 2.76
    9 BQXZP64 US94419L1017 Wayfair United States 462 291.01 USD Equity 134446.62 2.54
    10 Cash and Deposits International 119,987 0.00 USD Equity 119987.44 2.27
        Total 34.49%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BXDZ9Z0 CA82509L1076 Shopify Canada 266 1022.97 USD Equity 272110.02 5.15
    2 2000019 US0231351067 Amazon.com United States 73 3148.73 USD Equity 229857.29 4.35
    3 B616C79 US88160R1014 Tesla Inc United States 532 429.01 USD Equity 228233.32 4.32
    4 6770620 JP3436100006 SoftBank Japan 3,200 6469.00 JPY Equity 196160.33 3.71
    5 B03Q9D0 US57060D1081 MarketAxess United States 396 481.59 USD Equity 190709.64 3.61
    6 BG6N6K6 US1630921096 Chegg United States 2,138 71.44 USD Equity 152738.72 2.89
    7 BGSP7M9 US98980L1017 Zoom Video Communications United States 324 470.11 USD Equity 152315.64 2.88
    8 2857817 US64110L1061 Netflix United States 292 500.03 USD Equity 146008.76 2.76
    9 BQXZP64 US94419L1017 Wayfair United States 462 291.01 USD Equity 134446.62 2.54
    10 Cash and Deposits International 119,987 0.00 USD Equity 119987.44 2.27
    11 6889106 TW0002330008 TSMC Taiwan 8,000 433.00 TWD Equity 119605.00 2.26
    12 BK6YZP5 KYG017191142 Alibaba China 3,032 275.60 HKD Equity 107821.83 2.04
    13 BMMV2K8 KYG875721634 Tencent China 1,600 511.50 HKD Equity 105600.00 2.00
    14 B8K6ZD1 US98138H1014 Workday United States 490 215.13 USD Equity 105413.70 1.99
    15 BKPQZT6 KYG8208B1014 JD.com China 2,652 293.80 HKD Equity 100536.46 1.90
    16 2379504 US67066G1040 NVIDIA United States 182 541.22 USD Equity 98502.04 1.86
    17 BYVY8G0 US02079K3059 Alphabet United States 64 1465.60 USD Equity 93798.40 1.77
    18 BYZ2QP5 FR0013154002 Sartorius Stedim Biotech France 267 294.60 EUR Equity 92238.58 1.75
    19 B4TX8S1 HK0000069689 AIA Hong Kong 9,400 75.90 HKD Equity 92059.35 1.74
    20 BF1BDQ3 US75737F1084 Redfin United States 1,805 49.93 USD Equity 90123.65 1.71
    21 BNCBD46 NL0010801007 IMCD Netherlands 712 101.60 EUR Equity 84828.60 1.61
    22 B4WHY15 US33616C1009 First Republic Bank United States 776 109.06 USD Equity 84630.56 1.60
    23 B3X26D8 US6951271005 Pacira Pharmaceuticals United States 1,337 60.12 USD Equity 80380.44 1.52
    24 BD8FDD1 US88339J1051 The Trade Desk United States 153 518.78 USD Equity 79373.34 1.50
    25 BGJW376 KYG596691041 Meituan Dianping China 2,500 241.80 HKD Equity 78000.00 1.48
    26 2613990 US4523271090 Illumina United States 251 309.08 USD Equity 77579.08 1.47
    27 6771645 KR7006400006 Samsung SDI South Korea 208 433500.00 KRW Equity 77099.62 1.46
    28 BFZ1K46 LU1778762911 Spotify Sweden 312 242.57 USD Equity 75681.84 1.43
    29 BV8TD84 US52603B1070 LendingTree United States 246 306.89 USD Equity 75494.94 1.43
    30 6497509 JP3266400005 Kubota Japan 4,100 1877.50 JPY Equity 72943.71 1.38
    31 4031976 DE000A1EWWW0 adidas Germany 223 276.10 EUR Equity 72200.44 1.37
    32 0709954 GB0007099541 Prudential United Kingdom 4,999 11.09 GBP Equity 71671.41 1.36
    33 2003698 US0036541003 Abiomed United States 240 277.06 USD Equity 66494.40 1.26
    34 B3DTT85 US3073051027 FANUC Japan 3,312 19.16 USD Equity 63457.92 1.20
    35 2640329 US6544453037 Nintendo Japan 895 70.90 USD Equity 63455.50 1.20
    36 B121557 US57636Q1040 Mastercard United States 187 338.17 USD Equity 63237.79 1.20
    37 2836292 US8523123052 STAAR Surgical United States 1,070 56.56 USD Equity 60519.20 1.15
    38 2943039 US9426222009 Watsco United States 257 232.89 USD Equity 59852.73 1.13
    39 BD6P5Q0 US90138F1021 Twilio United States 220 247.09 USD Equity 54359.80 1.03
    40 2332262 US3119001044 Fastenal United States 1,193 45.09 USD Equity 53792.37 1.02
    41 BQV0SV7 DE000ZAL1111 Zalando Germany 566 79.90 EUR Equity 53031.24 1.00
    42 6431897 JP3892100003 Sumitomo Mitsui Trust Japan 1,900 2792.50 JPY Equity 50277.17 0.95
    43 B1WT4X2 US45841N1072 Interactive Brokers Group United States 1,004 48.33 USD Equity 48523.32 0.92
    44 0766937 GB0007669376 St. James's Place United Kingdom 3,811 9.31 GBP Equity 45869.07 0.87
    45 BD97BS7 SE0011166628 Atlas Copco Sweden 1,085 375.20 SEK Equity 45485.14 0.86
    46 BD2B4V0 US24823R1059 Denali Therapeutics United States 1,217 35.83 USD Equity 43605.11 0.83
    47 6267359 HK0388045442 Hong Kong Exchanges & Clearing Hong Kong 900 361.80 HKD Equity 42015.48 0.79
    48 B11TCY0 CH0024638196 Schindler Switzerland 147 251.50 CHF Equity 40240.00 0.76
    49 6640381 JP3551500006 DENSO Japan 900 4597.00 JPY Equity 39204.97 0.74
    50 B3MBS74 GB00B3MBS747 Ocado United Kingdom 1,101 27.44 GBP Equity 39057.34 0.74
    51 BYYT1T6 SE0008321293 NIBE Sweden 1,500 231.10 SEK Equity 38731.84 0.73
    52 BYYLS68 NL0011832936 Cosmo Pharmaceuticals Italy 400 87.70 CHF Equity 38182.31 0.72
    53 6356934 JP3802400006 FANUC Japan 200 20120.00 JPY Equity 38131.34 0.72
    54 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 1,800 15.62 GBP Equity 36348.36 0.69
    55 6595179 JP3885400006 Misumi Japan 1,300 2935.00 JPY Equity 36155.60 0.68
    56 B0J2NS5 US4627261005 iRobot United States 470 75.90 USD Equity 35673.00 0.67
    57 BKBS541 US83088V1026 Slack United States 1,253 26.86 USD Equity 33655.58 0.64
    58 2566436 US5705351048 Markel United States 34 973.70 USD Equity 33105.80 0.63
    59 BFXQ9F7 SE0011116508 Beijer, G & L AB Sweden 997 296.20 SEK Equity 32995.69 0.62
    60 B798FW0 DK0060336014 Novozymes Denmark 517 399.90 DKK Equity 32570.33 0.62
    61 2719951 US30063P1057 Exact Sciences United States 296 101.95 USD Equity 30177.20 0.57
    62 BGRFWV4 US91688F1049 Upwork United States 1,705 17.44 USD Equity 29735.20 0.56
    63 2937689 US9418481035 Waters United States 142 195.68 USD Equity 27786.56 0.53
    64 6220501 JP3311400000 CyberAgent Japan 400 6470.00 JPY Equity 24523.83 0.46
    65 6602563 JP3924800000 DMG Mori Japan 1,700 1452.00 JPY Equity 23390.51 0.44
    66 BCRX1J1 GB00BCRX1J15 Just Group United Kingdom 36,025 0.45 GBP Equity 20929.96 0.40
    67 BYMWL19 US3773221029 Glaukos Corporation United States 387 49.52 USD Equity 19164.24 0.36
    68 BD8ZJW2 US98585N1063 Yext United States 1,102 15.18 USD Equity 16728.36 0.32
    69 2989301 US8725401090 TJX Companies United States 299 55.65 USD Equity 16639.35 0.31
    70 B0FXT17 US0567521085 Baidu.com China 125 126.59 USD Equity 15823.75 0.30
    71 BJT1RW7 US55087P1049 Lyft United States 509 27.55 USD Equity 14022.95 0.27
                      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. 

    Team

    Matthew Brett - Manager

    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 Gush

    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 McCombie

    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 Robinson

    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 Sabir

    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 Bentley

    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 Cave

    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 Cook

    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. 

    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 Stewardship Equities Fund Institutional Class BGSSX 0.03281 0.00000 0.03281 0.00000 0.10816 0.14097 12/27/2019 12/27/2019 Final
    Baillie Gifford Global Stewardship Equities Fund K Class BGSKX 0.03281 0.00000 0.03281 0.00000 0.10816 0.14097 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.

    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 Stewardship Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Socially Responsible Investing 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, New and Smaller-Sized Funds 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.