BAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH EQUITIES FUNDBAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH EQUITIES FUND
The Baillie Gifford International Concentrated Growth Equities Fund seeks capital appreciation.
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 - 6/30/2020
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B929F46 NL0010273215 ASML Netherlands 46,170 326.90 EUR Equity 16951673.10 9.53 2 B23X1H3 US58733R1023 MercadoLibre Brazil 15,600 985.77 USD Equity 15378012.00 8.64 3 BMMV2K8 KYG875721634 Tencent China 191,400 498.60 HKD Equity 12313096.66 6.92 4 BP41ZD1 US01609W1027 Alibaba China 53,418 215.70 USD Equity 11522262.60 6.48 5 BGJW376 KYG596691041 Meituan Dianping China 461,200 171.90 HKD Equity 10229119.60 5.75 6 B616C79 US88160R1014 Tesla Inc United States 8,817 1079.81 USD Equity 9520684.77 5.35 7 BFZ1K46 LU1778762911 Spotify Sweden 32,448 258.19 USD Equity 8377749.12 4.71 8 BQV0SV7 DE000ZAL1111 Zalando Germany 114,284 62.78 EUR Equity 8058320.15 4.53 9 5505072 FR0000121485 Kering France 14,697 484.25 EUR Equity 7993483.76 4.49 10 2000019 US0231351067 Amazon.com United States 2,882 2758.82 USD Equity 7950919.24 4.47 Total 60.87% SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B929F46 NL0010273215 ASML Netherlands 46,170 326.90 EUR Equity 16951673.10 9.53 2 B23X1H3 US58733R1023 MercadoLibre Brazil 15,600 985.77 USD Equity 15378012.00 8.64 3 BMMV2K8 KYG875721634 Tencent China 191,400 498.60 HKD Equity 12313096.66 6.92 4 BP41ZD1 US01609W1027 Alibaba China 53,418 215.70 USD Equity 11522262.60 6.48 5 BGJW376 KYG596691041 Meituan Dianping China 461,200 171.90 HKD Equity 10229119.60 5.75 6 B616C79 US88160R1014 Tesla Inc United States 8,817 1079.81 USD Equity 9520684.77 5.35 7 BFZ1K46 LU1778762911 Spotify Sweden 32,448 258.19 USD Equity 8377749.12 4.71 8 BQV0SV7 DE000ZAL1111 Zalando Germany 114,284 62.78 EUR Equity 8058320.15 4.53 9 5505072 FR0000121485 Kering France 14,697 484.25 EUR Equity 7993483.76 4.49 10 2000019 US0231351067 Amazon.com United States 2,882 2758.82 USD Equity 7950919.24 4.47 11 BZCNB42 DE000A2E4K43 Delivery Hero Germany 76,775 90.96 EUR Equity 7843466.58 4.41 12 B02K2M3 JP3435750009 M3 Japan 184,100 4585.00 JPY Equity 7824058.02 4.40 13 2613990 US4523271090 Illumina United States 17,412 370.35 USD Equity 6448534.20 3.62 14 BD6G507 NL0011585146 Ferrari Italy 32,366 151.85 EUR Equity 5520032.05 3.10 15 5253973 FR0000052292 Hermès International France 6,220 743.80 EUR Equity 5196181.74 2.92 16 B01FLR7 CNE1000003X6 Ping An Insurance China 472,000 77.50 HKD Equity 4719725.95 2.65 17 4595739 DK0010272202 Genmab Denmark 13,465 2220.00 DKK Equity 4504599.94 2.53 18 6770620 JP3436100006 SoftBank Japan 82,700 5450.00 JPY Equity 4177735.55 2.35 19 B3MBS74 GB00B3MBS747 Ocado United Kingdom 138,790 20.28 GBP Equity 3477797.12 1.95 20 Cash and Deposits International 3,189,382 0.00 USD Equity 3189382.39 1.79 21 BP9DL90 ES0148396007 Inditex Spain 108,423 23.57 EUR Equity 2870243.72 1.61 22 2379504 US67066G1040 NVIDIA United States 6,749 379.91 USD Equity 2564012.59 1.44 23 4057808 FR0000120321 L'Oréal France 7,357 285.70 EUR Equity 2360743.32 1.33 24 BK1K3N2 US89677Q1076 Trip.com Group China 88,558 25.92 USD Equity 2295423.36 1.29 25 BK9X805 SE0013256682 Kinnevik Sweden 82,200 245.10 SEK Equity 2162496.18 1.22 26 BD97BS7 SE0011166628 Atlas Copco Sweden 46,374 344.60 SEK Equity 1715260.36 0.96 27 B4TX8S1 HK0000069689 AIA Hong Kong 164,400 72.30 HKD Equity 1533603.86 0.86 28 BFZX9H8 US62914V1061 NIO China 131,567 7.72 USD Equity 1015697.24 0.57 29 BG0TPX6 GB00BG0TPX62 Funding Circle United Kingdom 229,774 0.68 GBP Equity 194193.69 0.11 Total 100.0%
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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.
InsightsAll insightsFirst Quarter 2019
Facing the Future.
Investment managers Lawrence Burns and Paulina Sliwinska share thoughts on future trends with Professor Brian Arthur.Third Quarter 2018
An Integral Approach to ESG Investing.
We think ‘long-term investing’ and ‘ESG investing’ are synonymous. That’s why financially-relevant ESG considerations are integral to our investment process. Baillie Gifford’s International Equity Fund shares its approach to ESG matters, suggesting that it is a natural part of assessing the longer-term risks to a company’s growth opportunity or competitive advantage. And, something that is hard to replicate via a check-list or passive investing.Third Quarter 2018
Our lives are increasingly cluttered by information overload. And, as Iain Campbell explains, having too much data can hamper rather than improve the process of investing. The key is to ignore irrelevant noise and focus on the drivers of long-term investment returns.Second Quarter 2018
Where do investors get their ideas from? The ACWI Alpha team share some of their best sources of inspiration, with curiosity, questions and time to think, featuring highly on the list.First Quarter 2018
A Longer-Term Approach.
Everyone agrees to the merits of long-term investing, if only in an abstract way. The ACWI Alpha team look at what gets in the way of long-term investing and what can be done to mitigate it.February 2018
The Pursuit of Extreme Returns.
The story of investing is really the story of the big winners, those exceptional companies that reshape our world and in the process reap the rewards. Lawrence Burns sets out how a long-term and patient approach to investment is necessary to identify those truly great companies that could drive extreme returns.
View all Insights.
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 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 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.
The below table shows the makeup of the most recent distributions paid.
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
Baillie Gifford International Concentrated Growth Equities Fund Institutional Class BTLSX 0.02220 0.00000 0.02220 0.01281 0.00000 0.02220 12/27/2019 12/27/2019 Final Baillie Gifford International Concentrated Growth Equities Fund K Class BTLKX 0.02461 0.00000 0.02461 0.01281 0.00000 0.02461 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).
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2020 12/28/2020 12/29/2020 12/29/2020
Source: Bank of New York Mellon and Baillie Gifford & Co
Estimated capital gains distributions will appear here when they become available.
Other Fund Literature
Quarterly Investor Reports
Statement of Additional Information (SAI)
Risks & Disclaimers
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, Non-Diversification 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, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Valuation Risk.
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.