1. Baillie Gifford Health Innovation Equities Fund

    Baillie Gifford Health Innovation Equities Fund

  2. Overview

    Baillie Gifford Health Innovation Equities Fund seeks capital appreciation.

    Investment Proposition

    The strategy aims to invest in companies that have the potential to bring substantial improvements to human health and healthcare systems.  The team believe such companies are best positioned to deliver attractive investment returns over the long term.  The team recognise that such companies often lie at the intersection of the different disciplines, driven by the convergence of technologies and it is therefore critical that the scope is not limited to the traditional definition of the healthcare sector.  The team’s ambition extends beyond generating attractive returns for the Fund’s investors – they also want to play a part in speeding up the healthcare revolution. 

    Performance & Portfolio

    Total returns as of month end 2/29/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    Share Class K2.69%0.65%1.57%7.95%-1.85%
    MSCI ACWI Indexn/an/a4.33%10.04%4.96%
    Annualized total returns as of quarter end 12/31/2023

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    Since Inception†

    Share Class K2.69%0.65%-11.72%-22.78%
    MSCI ACWI Indexn/an/a22.81%0.31%

    Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

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

    †Fund inception date: December 28, 2021

    Share Class launch date: December 28, 2021

    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.

    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, 2024.

    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.

    Annualized total returns as of quarter end 12/31/2023

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: December 28, 2021
    Share Class launch date: December 28, 2021
    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.

    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.

     

    Total returns as of month end 2/29/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    Share Class Institutional2.69%0.65%1.57%7.95%-1.68%
    MSCI ACWI Indexn/an/a4.33%10.04%4.96%
    Annualized total returns as of quarter end 12/31/2023

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    Since Inception†

    Share Class Institutional2.69%0.65%-11.87%-22.84%
    MSCI ACWI Indexn/an/a22.81%0.31%

    Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

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

    †Fund inception date: December 28, 2021

    Share Class launch date: December 28, 2021

    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.

    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, 2024.

    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.

    Annualized total returns as of quarter end 12/31/2023

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: December 28, 2021
    Share Class launch date: December 28, 2021
    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.

    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.

     

    Stock Level Attribution

    Top and bottom 5 relative contributors
    One month to 2/29/2024

    Stock Name Contribution %
    Recursion Pharmaceuticals Inc 0.72
    ShockWave Medical Inc 0.60
    Alk-Abello 0.41
    10X Genomics Inc Class A 0.26
    Apple 0.25
    Moderna Inc -0.83
    Alnylam Pharmaceuticals -0.82
    Exact Sciences -0.65
    Ionis Pharmaceuticals -0.59
    NVIDIA -0.52

    Holdings

    Top Ten Holdings as of month end 2/29/2024
    Company NameFund %
    1ShockWave Medical6.41
    2Moderna5.96
    3Genmab5.74
    4Sartorius Group5.38
    5argenx5.33
    6Ambu 5.07
    7Dexcom4.87
    8Edwards Lifesciences4.74
    9ALK-Abello4.55
    10Alnylam Pharmaceuticals4.13
    Total 52.18%
    Sector Analysis of Total Assets - 2/29/2024
    Fund % Benchmark % Difference %
    1 Health Care 97.20 11.22 85.98
    2 Cash 2.80 0.00 2.80
    3 Real Estate 0.00 2.21 -2.21
    4 Utilities 0.00 2.41 -2.41
    5 Materials 0.00 4.14 -4.14
    6 Energy 0.00 4.37 -4.37
    7 Consumer Staples 0.00 6.47 -6.47
    8 Communication Services 0.00 7.52 -7.52
    9 Industrials 0.00 10.70 -10.70
    10 Consumer Discretionary 0.00 11.11 -11.11
    11 Financials 0.00 15.89 -15.89
    12 Information Technology 0.00 23.96 -23.96

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 2/29/2024
    Fund % Benchmark % Difference %
    1 North America 62.24 66.52 -4.28
    2 Europe (ex UK) 29.02 12.07 16.94
    3 Cash 2.80 0.00 2.80
    4 Emerging Markets 2.45 9.95 -7.51
    5 Developed Asia Pacific 2.38 8.08 -5.70
    6 UK 1.11 3.37 -2.26

    Total may not sum due to rounding

    Country Analysis of Total Assets - 2/29/2024
    Fund % Benchmark % Difference %
    1 United States 62.24 63.79 -1.55
    2 Denmark 18.31 0.84 17.47
    3 Germany 5.38 2.03 3.36
    4 Netherlands 5.33 1.19 4.14
    5 Cash 2.80 0.00 2.80
    6 China 2.45 2.58 -0.13
    7 Japan 2.38 5.55 -3.17
    8 UK 1.11 3.37 -2.26
    9 Colombia 0.00 0.01 -0.01
    10 Egypt 0.00 0.01 -0.01
    11 Czech Republic 0.00 0.01 -0.01
    12 Hungary 0.00 0.03 -0.03
    13 Peru 0.00 0.03 -0.03
    14 Austria 0.00 0.04 -0.04
    15 Portugal 0.00 0.04 -0.04
    16 New Zealand 0.00 0.05 -0.05
    17 Chile 0.00 0.05 -0.05
    18 Greece 0.00 0.05 -0.05
    19 Philippines 0.00 0.07 -0.07
    20 Turkey 0.00 0.07 -0.07
    21 Ireland 0.00 0.08 -0.08
    22 Kuwait 0.00 0.08 -0.08
    23 Qatar 0.00 0.09 -0.09
    24 Poland 0.00 0.10 -0.10
    25 United Arab Emirates 0.00 0.12 -0.12
    26 Malaysia 0.00 0.14 -0.14
    27 Norway 0.00 0.14 -0.14
    28 Thailand 0.00 0.16 -0.16
    29 Israel 0.00 0.18 -0.18
    30 Indonesia 0.00 0.19 -0.19
    31 Belgium 0.00 0.21 -0.21
    32 Finland 0.00 0.24 -0.24
    33 Mexico 0.00 0.26 -0.26
    34 South Africa 0.00 0.27 -0.27
    35 Singapore 0.00 0.31 -0.31
    36 Saudi Arabia 0.00 0.44 -0.44
    37 Hong Kong 0.00 0.47 -0.47
    38 Brazil 0.00 0.55 -0.55
    39 Spain 0.00 0.59 -0.59
    40 Italy 0.00 0.64 -0.64
    41 Sweden 0.00 0.74 -0.74
    42 South Korea 0.00 1.25 -1.25
    43 Taiwan 0.00 1.67 -1.67
    44 Australia 0.00 1.70 -1.70
    45 India 0.00 1.76 -1.76
    46 Switzerland 0.00 2.24 -2.24
    47 Canada 0.00 2.73 -2.73
    48 France 0.00 2.84 -2.84

    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

    Julia Angeles

    Julia joined Baillie Gifford in 2008 and became a partner in 2022. Julia is an investment manager in the Health Innovation Team which she co-founded in 2018 and is also a member of the International Growth Portfolio Construction Group. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. Julia obtained a BSc in 1999, MSc in 2001 and PhD in 2005 in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.

    Marina Record

    Marina joined Baillie Gifford in 2008 and is an investment manager in the Health Innovation Team. She worked in a number of global teams before joining Long Term Global Growth, where she focused on analysing companies with the potential for sustained rapid growth. It was here that Marina developed an interest in healthcare, intrigued by the accelerating pace of progress in the field. She joined the Health Innovation Team in January 2018 as an investment manager, to fully focus her attention on exploring the potential consequences of such progress and how Baillie Gifford can help. Marina graduated from the London School of Economics and the Higher School of Economics in Russia with BSc degrees in Banking and Finance and in Economics, having studied on these programmes simultaneously.

    Rose Nguyen

    Rose joined Baillie Gifford in 2013 and is an investment manager in the Health Innovation Team. Rose worked on various regional and global strategies before joining the Health Innovation Team as an investment manager. Having observed the innovations in multiple industries, she believes that the great convergence of different technologies and sciences will ultimately transform life science. Biology can move from alchemy and randomness to become a more predictable, deterministic and repeatable science, that will give rise to a plethora of exciting investment opportunities. She joined the Health Innovation Team in September 2018 at the inception of the strategy. Rose graduated BA (Hons) in Economics and MPhil in Finance and Economics from the University of Cambridge in 2012 and 2013 respectively.

    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 Health Innovation Equities Fund K Class BGHDX 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 12/28/2023 12/28/2023 Final
    Baillie Gifford Health Innovation Equities Fund Institutional Class BGHBX 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 12/28/2023 12/28/2023 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).

    Primary ICI File for the Baillie Gifford Mutual Funds can be found here.

    Secondary ICI File for the Baillie Gifford Mutual Funds can be found here.

    Risks

    The most significant risks of investing in the Baillie Gifford Health Innovation Equities Fund are Investment Style Risk, Healthcare Industry Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-Diversification Risk and Focused Investment 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 healthcare industry is subject to regulatory action by a number of private and governmental agencies. The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services, demand for medical products and services and product liability claims, among other factors. New products can be subject to regulatory approvals, which can be a long and costly process with no guarantee of success. Patent protection and the expiration of patents may affect a company’s profitability. 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 may have a smaller number of holdings with larger positions in each relative to other mutual funds. The Fund's focus on a limited number of sectors or companies will create more risk and greater volatility than if the Fund were less focused. Other Fund risks include: China Risk, Conflicts of Interest Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Service Provider Risk, Small-and Medium-Capitalization Securities Risk and Valuation Risk.

    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 to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

    Index Disclaimer

    Source: MSCI ACWI. 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.