1. BAILLIE GIFFORD INTERNATIONAL ALPHA FUND
    BAILLIE GIFFORD INTERNATIONAL ALPHA FUND

    Overview

    The Baillie Gifford International Alpha Fund seeks capital appreciation.

    Investment Proposition

    The aim of the International Alpha Process is to produce good long-term performance by combining the specialized local knowledge of our investment teams with the experience of our most senior investors. We build the portfolio bottom up, stock by stock, without regard to the composition of the benchmark. We are aware that such an approach can lead to unconscious concentrations of risk and so we consider underlying portfolio exposures on a regular basis to ensure that the fundamental drivers of the portfolio companies are appropriately diversified.

    Holdings - 6/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 142,893 985.77 USD Equity 140859632.61 4.67
    2 6889106 TW0002330008 TSMC Taiwan 9,596,000 313.00 TWD Equity 101799657.68 3.37
    3 BYT9340 DE000A12DM80 Scout24 Germany 1,126,266 69.05 EUR Equity 87345881.13 2.89
    4 BK6YZP5 KYG017191142 Alibaba China 3,065,288 209.60 HKD Equity 82896395.02 2.75
    5 7021963 DE0005810055 Deutsche Boerse Germany 449,760 161.05 EUR Equity 81354078.66 2.70
    6 4846288 DE0007164600 SAP Germany 517,137 124.32 EUR Equity 72207845.47 2.39
    7 B4TX8S1 HK0000069689 AIA Hong Kong 7,132,600 72.30 HKD Equity 66536392.08 2.20
    8 BFZ1K46 LU1778762911 Spotify Sweden 248,139 258.19 USD Equity 64067008.41 2.12
    9 BMMV2K8 KYG875721634 Tencent China 993,900 498.60 HKD Equity 63939324.81 2.12
    10 Cash and Deposits International 63,916,148 0.00 USD Equity 63916147.50 2.12
        Total 27.33%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 142,893 985.77 USD Equity 140859632.61 4.67
    2 6889106 TW0002330008 TSMC Taiwan 9,596,000 313.00 TWD Equity 101799657.68 3.37
    3 BYT9340 DE000A12DM80 Scout24 Germany 1,126,266 69.05 EUR Equity 87345881.13 2.89
    4 BK6YZP5 KYG017191142 Alibaba China 3,065,288 209.60 HKD Equity 82896395.02 2.75
    5 7021963 DE0005810055 Deutsche Boerse Germany 449,760 161.05 EUR Equity 81354078.66 2.70
    6 4846288 DE0007164600 SAP Germany 517,137 124.32 EUR Equity 72207845.47 2.39
    7 B4TX8S1 HK0000069689 AIA Hong Kong 7,132,600 72.30 HKD Equity 66536392.08 2.20
    8 BFZ1K46 LU1778762911 Spotify Sweden 248,139 258.19 USD Equity 64067008.41 2.12
    9 BMMV2K8 KYG875721634 Tencent China 993,900 498.60 HKD Equity 63939324.81 2.12
    10 Cash and Deposits International 63,916,148 0.00 USD Equity 63916147.50 2.12
    11 7123870 CH0038863350 Nestlé Switzerland 562,821 104.74 CHF Equity 62212940.26 2.06
    12 6771720 KR7005930003 Samsung Electronics South Korea 1,389,841 52800.00 KRW Equity 61008109.74 2.02
    13 6743882 JP3183200009 Japan Exchange Group Japan 2,573,700 2492.00 JPY Equity 59449046.67 1.97
    14 6763965 JP3162600005 SMC Japan 109,600 55180.00 JPY Equity 56057171.99 1.86
    15 6267359 HK0388045442 Hong Kong Exchanges & Clearing Hong Kong 1,264,100 330.00 HKD Equity 53823068.34 1.78
    16 6171900 INE001A01036 HDFC India 2,254,995 1754.65 INR Equity 52404376.96 1.74
    17 B19NLV4 GB00B19NLV48 Experian United Kingdom 1,490,216 28.19 GBP Equity 51906579.99 1.72
    18 B09M9D2 FI0009013403 Kone Finland 754,072 61.22 EUR Equity 51849421.34 1.72
    19 BD97BS7 SE0011166628 Atlas Copco Sweden 1,397,312 344.60 SEK Equity 51683138.81 1.71
    20 6640682 JP3734800000 Nidec Corporation Japan 769,500 7196.00 JPY Equity 51326152.85 1.70
    21 0718875 GB0007188757 Rio Tinto United Kingdom 895,908 45.49 GBP Equity 50356723.98 1.67
    22 BYYN585 US7835132033 Ryanair Ireland 719,759 66.34 USD Equity 47748812.06 1.58
    23 6804820 JP3358000002 Shimano Japan 239,700 20750.00 JPY Equity 46102562.91 1.53
    24 4491235 IE0004927939 Kingspan Group Ireland 695,777 57.35 EUR Equity 44816843.38 1.48
    25 6185495 AU000000CSL8 CSL Limited Australia 222,211 287.00 AUD Equity 43908777.20 1.45
    26 BDRYVB3 KYG711391022 Ping An Healthcare & Tech China 2,832,200 117.90 HKD Equity 43083482.89 1.43
    27 B798FW0 DK0060336014 Novozymes Denmark 722,577 383.50 DKK Equity 41758644.88 1.38
    28 B62G1B5 FR0010908533 Edenred France 923,228 38.93 EUR Equity 40367434.09 1.34
    29 B1WT5G2 DK0060079531 DSV Denmark 326,958 809.80 DKK Equity 39899424.86 1.32
    30 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 1,920,265 16.29 GBP Equity 38639103.95 1.28
    31 B929F46 NL0010273215 ASML Netherlands 104,067 326.90 EUR Equity 38209005.08 1.27
    32 6560393 KR7035420009 NAVER Corp South Korea 171,097 267000.00 KRW Equity 37978882.65 1.26
    33 6821506 JP3435000009 Sony Japan 535,600 7384.00 JPY Equity 36658204.57 1.21
    34 BKM1QM4 NL0012015705 Just Eat Takeaway.com Netherlands 337,004 84.42 GBP Equity 35152686.48 1.16
    35 6622691 ZAE000015889 Naspers South Africa 190,498 3163.11 ZAR Equity 34680064.97 1.15
    36 0182704 IE0001827041 CRH Ireland 1,015,537 27.50 GBP Equity 34506949.02 1.14
    37 BDZV127 SE0011166941 Epiroc Sweden 2,819,695 113.95 SEK Equity 34487100.54 1.14
    38 6356934 JP3802400006 FANUC Japan 190,800 19260.00 JPY Equity 34062270.01 1.13
    39 B3MSM28 ES0109067019 Amadeus IT Group Spain 644,177 46.38 EUR Equity 33556274.04 1.11
    40 BGJW376 KYG596691041 Meituan Dianping China 1,511,600 171.90 HKD Equity 33526316.54 1.11
    41 B01FLR7 CNE1000003X6 Ping An Insurance China 3,258,500 77.50 HKD Equity 32583108.08 1.08
    42 B0CCH46 NL0000008977 Heineken Netherlands 392,933 72.85 EUR Equity 32150359.52 1.07
    43 6639550 JP3756600007 Nintendo Japan 70,600 48010.00 JPY Equity 31417768.92 1.04
    44 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 2,322,309 13.46 USD Equity 31258279.14 1.04
    45 B15C4L6 CA21037X1006 Constellation Software Canada 27,659 1532.89 CAD Equity 31129371.89 1.03
    46 B142S60 CH0025238863 Kuehne & Nagel Switzerland 185,331 157.40 CHF Equity 30785815.42 1.02
    47 B1Y9TB3 FR0000120644 Danone France 439,520 61.56 EUR Equity 30388903.28 1.01
    48 0709954 GB0007099541 Prudential United Kingdom 1,994,403 12.19 GBP Equity 30027319.82 0.99
    49 6640381 JP3551500006 DENSO Japan 765,700 4205.00 JPY Equity 29844450.11 0.99
    50 BNCBD46 NL0010801007 IMCD Netherlands 314,073 83.68 EUR Equity 29518212.04 0.98
    51 BP9DL90 ES0148396007 Inditex Spain 1,090,909 23.57 EUR Equity 28879248.04 0.96
    52 7147892 CH0012453913 Temenos Switzerland 177,095 147.15 CHF Equity 27502009.66 0.91
    53 B573M11 DK0060227585 Chr Hansen Denmark 266,091 684.00 DKK Equity 27427307.92 0.91
    54 B11ZRK9 FR0010307819 Legrand France 359,517 67.62 EUR Equity 27304383.25 0.90
    55 6211798 AU000000COH5 Cochlear Australia 206,890 188.93 AUD Equity 26911897.28 0.89
    56 BCRWZ18 CH0210483332 Richemont Switzerland 421,335 60.44 CHF Equity 26875085.64 0.89
    57 BF44466 BE0974320526 Umicore Belgium 561,033 41.91 EUR Equity 26408506.55 0.87
    58 BG6L729 JE00BG6L7297 Boohoo.com United Kingdom 5,112,036 4.12 GBP Equity 26023711.57 0.86
    59 6900580 JP3635000007 Toyota Tsusho Japan 991,700 2729.00 JPY Equity 25085501.23 0.83
    60 3174300 GB0031743007 Burberry United Kingdom 1,212,466 16.00 GBP Equity 23962489.23 0.79
    61 6177878 ZAE000022331 Discovery South Africa 3,902,497 104.55 ZAR Equity 23482363.24 0.78
    62 6916781 SG1M31001969 United Overseas Bank Singapore 1,458,872 20.23 SGD Equity 21155500.20 0.70
    63 2202729 CA7677441056 Ritchie Bros. Auctioneers Canada 502,998 40.85 USD Equity 20547468.30 0.68
    64 BYSW6D0 US55315J1025 Norilsk Nickel Russia 766,445 26.19 USD Equity 20073194.55 0.67
    65 BYQ7HZ6 NL0012015705 Just Eat Takeaway.com Netherlands 190,821 92.76 EUR Equity 19880379.98 0.66
    66 BYY3DX6 ES0171996087 Grifols Spain 640,970 27.03 EUR Equity 19459045.01 0.64
    67 2232878 BMG2519Y1084 Credicorp Peru 140,128 133.67 USD Equity 18730909.76 0.62
    68 5474008 ES0113679I37 Bankinter Spain 3,843,909 4.25 EUR Equity 18326881.26 0.61
    69 BJDS7L3 NL0013654783 Prosus China 188,783 82.74 EUR Equity 17543497.26 0.58
    70 0766937 GB0007669376 St. James's Place United Kingdom 1,481,931 9.53 GBP Equity 17446481.28 0.58
    71 B2QKYZ0 US55953Q2021 Magnit Russia 1,309,809 12.99 USD Equity 17014418.91 0.56
    72 B0TNJH9 PAP310761054 Copa Holdings Other Emerging Markets 331,079 50.56 USD Equity 16739354.24 0.55
    73 BZ1HM42 NL0012969182 Adyen Netherlands 11,329 1295.50 EUR Equity 16484157.97 0.55
    74 2849739 US4655621062 Itau Unibanco Brazil 2,563,614 4.69 USD Equity 12023349.66 0.40
    75 B8K7T65 US3984384087 Grifols Spain 464,903 18.24 USD Equity 8479830.72 0.28
    76 BYP0K57 ES0171996095 Grifols Spain 397,170 16.36 EUR Equity 7297893.31 0.24
    77 Cash and Deposits International 12,937,024 0.00 HKD Equity 1669196.47 0.06
    78 5910609 DE0007010803 Rational Germany 2,257 498.40 EUR Equity 1263418.89 0.04
    79 Cash and Deposits International -738,930 0.00 EUR Equity -829929.56 -0.03
                      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

    Andrew Stobart

    Andrew Stobart has been an Investment Manager in the Emerging Markets Team since 2007 and sits on the Emerging Markets All Cap Portfolio Construction Group. Andrew has also been a member of the International Alpha Portfolio Construction Group since 2008. Since joining Baillie Gifford as an Investment Analyst in 1991, Andrew has worked in the UK, Japanese and North American Teams. Prior to joining Baillie Gifford, Andrew spent three years working in Investment Banking in London. Andrew graduated MA in Economics from the University of Cambridge in 1987.

    Angus Franklin

    Angus conducts research for International Alpha Portfolios and chairs the firm’s Investment Management Group. Angus became a Partner in 2012, having also worked in the UK, Emerging Markets and European Equity Teams since joining Baillie Gifford in 1994. Angus graduated MA in Social and Economic History from The University of St Andrews and qualified as a Chartered Accountant in 1992.

    Donald Farquharson

    Donald heads the Japanese Equities Team and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2014. He joined Baillie Gifford in 2008 and became a Partner in 2017. He has 30 years’ investment experience dedicated almost entirely to Japanese Equities. Donald spent 20 years working for Schroders as a Japanese specialist, latterly as Head of the Pan Pacific Equity Team. Between 1991 and 1995, he headed Schroders’ Research Team in Tokyo. Donald graduated MA (Hons) in Arabic Studies from the University of St Andrews in 1987 and is a CFA Charterholder.

    Jenny Davis

    Jenny conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2016. She joined Baillie Gifford in 2011 and worked on two of our global equity strategies, having started her career at Neptune Investment Management. Jenny graduated MA in Music from the University of Oxford in 2008, and latterly undertook postgraduate studies in Psychotherapy at the University of Edinburgh.

    Tom Walsh

    Tom conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2018. He joined Baillie Gifford in 2009, working on the UK, European and Global Opportunities teams, as well as spending four years as a member of the International Focus PCG. Before joining Baillie Gifford, Tom worked at Fidelity International, Merrill Lynch and Deloitte & Touche. He graduated LLB (Hons) in Law & Economics from the University of Edinburgh in 1999 and is both CFA and ACA qualified.

    Toby Ross

    Toby is Co-Head of the Global Income Growth Team and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2018. Since joining Baillie Gifford in 2006, Toby has also spent time as an Investment Analyst in the UK Equity Team and as a Global Sector Specialist. He graduated MA in English Literature from the University of Cambridge in 2006 and is a CFA Charterholder.

    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 International Alpha Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus 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.