1. BAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH EQUITIES FUND
    BAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH EQUITIES FUND

    Overview

    The Baillie Gifford International Concentrated Growth Equities Fund seeks capital appreciation.

    Investment Proposition

    The Baillie Gifford International Concentrated Growth Equities Fund invests in exceptional growth companies operating in international markets. We invest with a 10-year investment horizon which we believe differentiates us from the market and allows us to benefit from the power of compound returns. We run a concentrated portfolio to avoid diluting the growth stocks in which we have the highest conviction.

    Holdings - 3/31/2021

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 26,493 517.00 EUR Equity 16097936.53 11.94
    2 B23X1H3 US58733R1023 MercadoLibre Brazil 8,256 1472.14 USD Equity 12153987.84 9.02
    3 BGJW376 KYG596691041 Meituan Dianping China 264,700 298.20 HKD Equity 10152942.01 7.53
    4 BMMV2K8 KYG875721634 Tencent China 108,100 610.00 HKD Equity 8481757.55 6.29
    5 B616C79 US88160R1014 Tesla Inc United States 12,142 667.93 USD Equity 8110006.06 6.02
    6 BP41ZD1 US01609W1027 Alibaba China 29,451 226.73 USD Equity 6677425.23 4.95
    7 BZ1HM42 NL0012969182 Adyen Netherlands 2,572 1903.50 EUR Equity 5754033.33 4.27
    8 BQV0SV7 DE000ZAL1111 Zalando Germany 57,190 83.64 EUR Equity 5621893.95 4.17
    9 2613990 US4523271090 Illumina United States 14,168 384.06 USD Equity 5441362.08 4.04
    10 5505072 FR0000121485 Kering France 7,760 588.60 EUR Equity 5368222.49 3.98
        Total 62.22%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 26,493 517.00 EUR Equity 16097936.53 11.94
    2 B23X1H3 US58733R1023 MercadoLibre Brazil 8,256 1472.14 USD Equity 12153987.84 9.02
    3 BGJW376 KYG596691041 Meituan Dianping China 264,700 298.20 HKD Equity 10152942.01 7.53
    4 BMMV2K8 KYG875721634 Tencent China 108,100 610.00 HKD Equity 8481757.55 6.29
    5 B616C79 US88160R1014 Tesla Inc United States 12,142 667.93 USD Equity 8110006.06 6.02
    6 BP41ZD1 US01609W1027 Alibaba China 29,451 226.73 USD Equity 6677425.23 4.95
    7 BZ1HM42 NL0012969182 Adyen Netherlands 2,572 1903.50 EUR Equity 5754033.33 4.27
    8 BQV0SV7 DE000ZAL1111 Zalando Germany 57,190 83.64 EUR Equity 5621893.95 4.17
    9 2613990 US4523271090 Illumina United States 14,168 384.06 USD Equity 5441362.08 4.04
    10 5505072 FR0000121485 Kering France 7,760 588.60 EUR Equity 5368222.49 3.98
    11 BZCNB42 DE000A2E4K43 Delivery Hero Germany 40,981 110.50 EUR Equity 5322226.56 3.95
    12 BFZ1K46 LU1778762911 Spotify Sweden 18,698 267.95 USD Equity 5010129.10 3.72
    13 B02K2M3 JP3435750009 M3 Japan 66,100 7571.00 JPY Equity 4528896.83 3.36
    14 5253973 FR0000052292 Hermès International France 3,743 944.00 EUR Equity 4152793.63 3.08
    15 BD6G507 NL0011585146 Ferrari Italy 19,462 178.35 EUR Equity 4079520.41 3.03
    16 B3MBS74 GB00B3MBS747 Ocado United Kingdom 133,702 20.35 GBP Equity 3753938.29 2.79
    17 B01FLR7 CNE1000003X6 Ping An Insurance China 283,000 92.55 HKD Equity 3368939.28 2.50
    18 BGSXTS3 US60770K1079 Moderna United States 23,289 130.95 USD Equity 3049694.55 2.26
    19 BFZX9H8 US62914V1061 NIO China 77,067 38.98 USD Equity 3004071.66 2.23
    20 BXDZ9Z0 CA82509L1076 Shopify Canada 2,498 1106.50 USD Equity 2764037.00 2.05
    21 4595739 DK0010272202 Genmab Denmark 8,125 2087.00 DKK Equity 2679679.04 1.99
    22 BN2C4W4 SE0014684528 Kinnevik Sweden 49,413 424.60 SEK Equity 2407071.79 1.79
    23 Cash and Deposits International 2,386,994 0.00 USD Equity 2386993.82 1.77
    24 4057808 FR0000120321 L'Oréal France 4,320 326.80 EUR Equity 1659259.54 1.23
    25 BD97BS7 SE0011166628 Atlas Copco Sweden 27,643 454.50 SEK Equity 1441407.88 1.07
    26 2379504 US67066G1040 NVIDIA United States 2,451 533.93 USD Equity 1308662.43 0.97
                      Total 100.0%

    Sector Analysis of Total Assets - 3/31/2021

    Unfortunately we were unable to load the chart. Please try again later.

    Regional Analysis of Total Assets - 3/31/2021

    Unfortunately we were unable to load the chart. Please try again later.

    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

    James Anderson

    James has been the Manager and then Joint Manager of Scottish Mortgage Investment Trust since 2000 and is a co-manager of the International Concentrated Growth Strategy. He Chaired the International Growth Portfolio Group from its inception in 2003 until July 2019 and remains co-manager of Vanguard International Growth. In 2003, James also co-founded our Long Term Global Growth Strategy. Prior to this, he headed our European Equity Team. James has served as a member of the Advisory Board of the government sponsored Kay Review and as Chair of the subsequent industry working group that set up the UK Investor Forum. He joined Baillie Gifford in 1983 and became a Partner in 1987. James graduated BA in History from the University of Oxford and after postgraduate study in Italy and Canada he gained an MA in International Affairs in 1982. He is a Trustee of the Johns Hopkins University.

    Lawrence Burns

    Lawrence is an Investment Manager in our International Growth Research Team. He has been a member of the International Growth Portfolio Construction Group since October 2012 and took over as Deputy Chair in July 2019. Lawrence is also a co-manager of the International Concentrated Growth Strategy. He joined Baillie Gifford in 2009 and spent time working in both the Emerging Markets and UK Equity Departments. Lawrence graduated BA in Geography from the University of Cambridge in 2009.

    Paulina Sliwinska

    Paulina joined Baillie Gifford in 2013. She has worked with regional and global equity teams and is an analyst in the International Growth Team and co-manager of International Concentrated Growth. Paulina graduated MA (Hons) Arabic & Politics from the University of Edinburgh in 2013 and is proficient or fluent in Arabic, French and Polish. She 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 Concentrated Growth Equities Fund Institutional Class BTLSX 0.00000 1.24234 0.00000 0.00000 11.26909 12.51142 12/29/2020 12/29/2020 Final
    Baillie Gifford International Concentrated Growth Equities Fund K Class BTLKX 0.00000 1.24234 0.00000 0.00000 11.26909 12.51142 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).

    Full details of the 2020 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here

    Risks

    The most significant risks of an investment in the International Concentrated Growth Equities Fund are: Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-U.S. Investment Risk, Non-Diversification Risk and Asia 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. Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes and increased vulnerability to adverse changes in local and global economic conditions. There can be less regulation and possible fluctuation in value due to adverse political conditions. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Some Asian securities may be less liquid than US or other foreign securities. They can be affected by high inflation, currency fluctuations, political instability and less efficient markets. Many Asian economies are dependent on international trade and only a few industries and can be badly affected by trade barriers. Other Fund risks include: China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, IPO Risk, Japan Risk, Large-Capitalization Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk and 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.