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 - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 155,418 1082.48 USD Equity 168236876.64 4.58
    2 6889106 TW0002330008 TSMC Taiwan 10,439,000 433.00 TWD Equity 156069573.92 4.25
    3 BK6YZP5 KYG017191142 Alibaba China 3,344,188 275.60 HKD Equity 118923640.36 3.24
    4 BYT9340 DE000A12DM80 Scout24 Germany 1,223,511 74.50 EUR Equity 106888934.17 2.91
    5 BMMV2K8 KYG875721634 Tencent China 1,424,700 511.50 HKD Equity 94030200.00 2.56
    6 4846288 DE0007164600 SAP Germany 568,674 132.76 EUR Equity 88531783.21 2.41
    7 7021963 DE0005810055 Deutsche Boerse Germany 487,869 149.80 EUR Equity 85700554.55 2.33
    8 6640682 JP3734800000 Nidec Corporation Japan 849,400 9805.00 JPY Equity 78919425.76 2.15
    9 B4TX8S1 HK0000069689 AIA Hong Kong 7,755,200 75.90 HKD Equity 75950926.45 2.07
    10 6771720 KR7005930003 Samsung Electronics South Korea 1,521,962 58200.00 KRW Equity 75740220.95 2.06
        Total 28.54%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 155,418 1082.48 USD Equity 168236876.64 4.58
    2 6889106 TW0002330008 TSMC Taiwan 10,439,000 433.00 TWD Equity 156069573.92 4.25
    3 BK6YZP5 KYG017191142 Alibaba China 3,344,188 275.60 HKD Equity 118923640.36 3.24
    4 BYT9340 DE000A12DM80 Scout24 Germany 1,223,511 74.50 EUR Equity 106888934.17 2.91
    5 BMMV2K8 KYG875721634 Tencent China 1,424,700 511.50 HKD Equity 94030200.00 2.56
    6 4846288 DE0007164600 SAP Germany 568,674 132.76 EUR Equity 88531783.21 2.41
    7 7021963 DE0005810055 Deutsche Boerse Germany 487,869 149.80 EUR Equity 85700554.55 2.33
    8 6640682 JP3734800000 Nidec Corporation Japan 849,400 9805.00 JPY Equity 78919425.76 2.15
    9 B4TX8S1 HK0000069689 AIA Hong Kong 7,755,200 75.90 HKD Equity 75950926.45 2.07
    10 6771720 KR7005930003 Samsung Electronics South Korea 1,521,962 58200.00 KRW Equity 75740220.95 2.06
    11 B09M9D2 FI0009013403 Kone Finland 840,555 75.06 EUR Equity 73984934.14 2.01
    12 7123870 CH0038863350 Nestlé Switzerland 619,244 109.34 CHF Equity 73695933.56 2.00
    13 4491235 IE0004927939 Kingspan Group Ireland 774,626 77.70 EUR Equity 70580004.90 1.92
    14 6763965 JP3162600005 SMC Japan 119,400 58460.00 JPY Equity 66143504.22 1.80
    15 BFZ1K46 LU1778762911 Spotify Sweden 270,227 242.57 USD Equity 65548963.39 1.78
    16 BYYN585 US7835132033 Ryanair Ireland 798,506 81.76 USD Equity 65285850.56 1.78
    17 6267359 HK0388045442 Hong Kong Exchanges & Clearing Hong Kong 1,395,200 361.80 HKD Equity 65133336.77 1.77
    18 BD97BS7 SE0011166628 Atlas Copco Sweden 1,545,076 375.20 SEK Equity 64772348.07 1.76
    19 B19NLV4 GB00B19NLV48 Experian United Kingdom 1,655,972 29.20 GBP Equity 62512533.56 1.70
    20 Cash and Deposits International 61,694,255 0.00 USD Equity 61694254.64 1.68
    21 B1WT5G2 DK0060079531 DSV Denmark 368,622 1037.50 DKK Equity 60248958.29 1.64
    22 6171900 INE001A01036 HDFC India 2,507,246 1740.05 INR Equity 59131653.60 1.61
    23 6743882 JP3183200009 Japan Exchange Group Japan 2,123,600 2938.00 JPY Equity 59121925.52 1.61
    24 0718875 GB0007188757 Rio Tinto United Kingdom 960,203 46.56 GBP Equity 57791058.57 1.57
    25 BGJW376 KYG596691041 Meituan Dianping China 1,697,300 241.80 HKD Equity 52955760.00 1.44
    26 6804820 JP3358000002 Shimano Japan 265,500 20720.00 JPY Equity 52128873.31 1.42
    27 B798FW0 DK0060336014 Novozymes Denmark 811,337 399.90 DKK Equity 51113176.53 1.39
    28 0709954 GB0007099541 Prudential United Kingdom 3,498,323 11.09 GBP Equity 50155978.97 1.36
    29 6185495 AU000000CSL8 CSL Limited Australia 243,250 287.00 AUD Equity 50038274.44 1.36
    30 6560393 KR7035420009 NAVER Corp South Korea 191,281 296500.00 KRW Equity 48494926.46 1.32
    31 BNCBD46 NL0010801007 IMCD Netherlands 393,961 101.60 EUR Equity 46937022.34 1.28
    32 B62G1B5 FR0010908533 Edenred France 1,030,488 38.40 EUR Equity 46402647.38 1.26
    33 6821506 JP3435000009 Sony Japan 602,300 8032.00 JPY Equity 45841690.51 1.25
    34 BDZV127 SE0011166941 Epiroc Sweden 3,198,335 124.70 SEK Equity 44562276.48 1.21
    35 6639550 JP3756600007 Nintendo Japan 78,800 59660.00 JPY Equity 44548545.44 1.21
    36 BKM1QM4 NL0012015705 Just Eat Takeaway.com Netherlands 393,155 86.92 GBP Equity 44178888.06 1.20
    37 5910609 DE0007010803 Rational Germany 55,915 669.00 EUR Equity 43865495.81 1.19
    38 BDRYVB3 KYG711391022 Ping An Healthcare & Tech China 3,278,600 99.25 HKD Equity 41987232.26 1.14
    39 B1VZ0M2 GB00B1VZ0M25 Hargreaves Lansdown United Kingdom 2,071,674 15.62 GBP Equity 41834415.47 1.14
    40 B929F46 NL0010273215 ASML Netherlands 112,487 314.70 EUR Equity 41511427.95 1.13
    41 6356934 JP3802400006 FANUC Japan 215,600 20120.00 JPY Equity 41105581.35 1.12
    42 B3MSM28 ES0109067019 Amadeus IT Group Spain 718,815 47.59 EUR Equity 40114504.46 1.09
    43 0182704 IE0001827041 CRH Ireland 1,100,714 27.96 GBP Equity 39787157.90 1.08
    44 B142S60 CH0025238863 Kuehne & Nagel Switzerland 200,672 179.30 CHF Equity 39162437.66 1.07
    45 BFZYWR2 US88034P1093 Tencent Music Entertainment Group China 2,638,497 14.77 USD Equity 38970600.69 1.06
    46 B01FLR7 CNE1000003X6 Ping An Insurance China 3,622,000 79.50 HKD Equity 37154709.68 1.01
    47 6640381 JP3551500006 DENSO Japan 830,200 4597.00 JPY Equity 36164402.54 0.98
    48 B15C4L6 CA21037X1006 Constellation Software Canada 30,667 1479.63 CAD Equity 33970288.76 0.92
    49 B0CCH46 NL0000008977 Heineken Netherlands 425,273 66.45 EUR Equity 33138389.00 0.90
    50 BP9DL90 ES0148396007 Inditex Spain 1,183,595 23.80 EUR Equity 33033049.98 0.90
    51 B11ZRK9 FR0010307819 Legrand France 407,412 68.18 EUR Equity 32573123.74 0.89
    52 B573M11 DK0060227585 Chr Hansen Denmark 290,088 705.80 DKK Equity 32254595.79 0.88
    53 BJDS7L3 NL0013654783 Prosus China 349,406 78.70 EUR Equity 32245839.38 0.88
    54 6177878 ZAE000022331 Discovery South Africa 4,160,522 127.92 ZAR Equity 31907312.60 0.87
    55 B1Y9TB3 FR0000120644 Danone France 490,645 55.22 EUR Equity 31771109.06 0.86
    56 2202729 CA7677441056 Ritchie Bros. Auctioneers Canada 527,884 59.25 USD Equity 31277127.00 0.85
    57 6211798 AU000000COH5 Cochlear Australia 220,302 198.00 AUD Equity 31264479.96 0.85
    58 BCRWZ18 CH0210483332 Richemont Switzerland 460,501 61.70 CHF Equity 30925618.18 0.84
    59 6900580 JP3635000007 Toyota Tsusho Japan 1,050,000 2942.00 JPY Equity 29272244.86 0.80
    60 7147892 CH0012453913 Temenos Switzerland 197,652 124.05 CHF Equity 26687053.71 0.73
    61 3174300 GB0031743007 Burberry United Kingdom 1,290,501 15.54 GBP Equity 25926304.65 0.71
    62 BF44466 BE0974320526 Umicore Belgium 615,970 35.55 EUR Equity 25678388.29 0.70
    63 BZ1HM42 NL0012969182 Adyen Netherlands 12,434 1572.50 EUR Equity 22928207.99 0.62
    64 6916781 SG1M31001969 United Overseas Bank Singapore 1,546,272 19.03 SGD Equity 21555604.83 0.59
    65 BYQ7HZ6 NL0012015705 Just Eat Takeaway.com Netherlands 190,821 95.76 EUR Equity 21427864.94 0.58
    66 B2QKYZ0 US55953Q2021 Magnit Russia 1,387,646 14.92 USD Equity 20703678.32 0.56
    67 BYY3DX6 ES0171996087 Grifols Spain 704,819 24.59 EUR Equity 20323791.33 0.55
    68 BYSW6D0 US55315J1025 Norilsk Nickel Russia 824,374 24.15 USD Equity 19908632.10 0.54
    69 0766937 GB0007669376 St. James's Place United Kingdom 1,618,473 9.31 GBP Equity 19479885.50 0.53
    70 2232878 BMG2519Y1084 Credicorp Peru 150,072 123.99 USD Equity 18607427.28 0.51
    71 B0TNJH9 PAP310761054 Copa Holdings Other Emerging Markets 360,536 50.34 USD Equity 18149382.24 0.49
    72 5474008 ES0113679I37 Bankinter Spain 4,063,432 3.68 EUR Equity 17520852.02 0.48
    73 BMBX7M2 US4824971042 KE Holdings Inc. China 273,565 61.30 USD Equity 16769534.50 0.46
    74 2849739 US4655621062 Itau Unibanco Brazil 2,563,614 3.98 USD Equity 10203183.72 0.28
    75 B8K7T65 US3984384087 Grifols Spain 464,903 17.35 USD Equity 8066067.05 0.22
    76 BYP0K57 ES0171996095 Grifols Spain 397,170 14.66 EUR Equity 6827771.88 0.19
    77 Cash and Deposits International -15,464,880 0.00 HKD Equity -1995468.35 -0.05
                      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. 

    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.

    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 International Alpha Fund Institutional Class BINSX 0.33541 0.00561 0.21668 0.01581 0.33806 0.67908 12/27/2019 12/27/2019 Final
    Baillie Gifford International Alpha Fund K Class BGIKX 0.33803 0.00561 0.21837 0.01581 0.33806 0.68170 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

    Further details of these rates can be found 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 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.