1. Baillie Gifford International Concentrated Growth Equities Fund

    Baillie Gifford International Concentrated Growth Equities Fund

  2. 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.

    Performance & Portfolio

    Annualized total returns as of month end** 6/30/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K7.57%11.07%8.54%65.44%34.93%32.66%0.79%0.72%
    MSCI AC World ex US Index-0.62%5.64%9.45%36.29%9.86%7.93%n/an/a

    **Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of June 30 2021, periods over 1 year are annualized.

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

    Fund inception date: December 14, 2017

    Share Class launch date: December 14, 2017

    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.

     

    Returns are based on the K share class from December 14, 2017.

     

    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, 2021.

     

    The MSCI All Country World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

     

    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.

    Annualized total returns as of month end** 6/30/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional7.57%11.09%8.54%65.37%34.71%32.48%0.87%0.80%
    MSCI AC World ex US Index-0.62%5.64%9.45%36.29%9.86%7.93%n/an/a

    **Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of June 30 2021, periods over 1 year are annualized.

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

    Fund inception date: December 14, 2017

    Share Class launch date: December 14, 2017

    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.

      

    Returns are based on the Institutional share class from December 14, 2017.

     

    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, 2021.

     

    The MSCI All Country World ex US 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.

     

    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.

     

    Holdings 6/30/2021

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 24,273 579.40 EUR Equity 16678220.72 12.13
    2 B23X1H3 US58733R1023 MercadoLibre Brazil 7,578 1557.79 USD Equity 11804932.62 8.58
    3 BGJW376 KYG596691041 Meituan China 243,100 320.40 HKD Equity 10029712.14 7.29
    4 BMMV2K8 KYG875721634 Tencent China 99,200 584.00 HKD Equity 7459943.21 5.42
    5 BQV0SV7 DE000ZAL1111 Zalando Germany 60,623 101.95 EUR Equity 7329467.52 5.33
    6 B616C79 US88160R1014 Tesla Inc United States 10,745 679.70 USD Equity 7303376.50 5.31
    7 2613990 US4523271090 Illumina United States 12,715 473.21 USD Equity 6016865.15 4.38
    8 BZ1HM42 NL0012969182 Adyen Netherlands 2,433 2060.50 EUR Equity 5945145.64 4.32
    9 BP41ZD1 US01609W1027 Alibaba China 25,612 226.78 USD Equity 5808289.36 4.22
    10 5505072 FR0000121485 Kering France 6,159 737.00 EUR Equity 5383013.42 3.91
    Total 60.91%
    Sector Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 Consumer Discretionary 50.22
    • 2 Information Technology 20.17
    • 3 Health Care 13.47
    • 4 Communication Services 8.87
    • 5 Financials 3.16
    • 6 Consumer Staples 1.26
    • 7 Industrials 0.95
    • 8 Cash 1.90
    • Total 100.0
    Total may not sum due to rounding
    Regional Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 Europe (ex UK) 45.10
    • 2 Emerging Markets 30.11
    • 3 North America 17.05
    • 4 Developed Asia Pacific 3.23
    • 5 UK 2.60
    • 6 Cash 1.90
    • Total 100.0
    Total may not sum due to rounding

    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 Baillie Gifford International Concentrated Growth Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk and Non-Diversification 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. The Fund focuses on investments in a limited number of countries or regions, meaning it may offer less diversification and be more volatile than other funds. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Other Fund risks include: 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.