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** 2/28/2023

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio
    Share Class K-8.01%1.69%8.17%-39.55%6.30%8.75%8.77%0.79%0.72%
    MSCI ACWI ex US Index-3.50%3.61%4.35%-15.57%0.53%1.36%1.82%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 December 31 2022, periods over 1 year are annualized.

    Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

    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, 2023.

     

    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** 2/28/2023

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio
    Share Class Institutional-8.10%1.71%8.09%-39.58%6.24%8.62%8.64%0.90%0.83%
    MSCI ACWI ex US Index-3.50%3.61%4.35%-15.57%0.53%1.36%1.82%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 December 31 2022, periods over 1 year are annualized.

    Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

    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, 2023.

     

    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.

    Stock Level Attribution

    Top and bottom 5 relative contributors
    One month to 2/28/2023

    Stock Name Contribution %
    MercadoLibre 0.86
    Nvidia 0.54
    Tesla Inc 0.51
    Ferrari NV 0.36
    Spotify Technology SA 0.21
    Delivery Hero AG -1.84
    Moderna Inc -1.04
    Meituan -1.01
    Zalando SE -0.46
    Ocado -0.46

    Source: StatPro, MSCI. Totals may not sum due to rounding
    Benchmark: MSCI ACWI ex US Index
    The performance data quoted represents past performance and it should not be assumed that transactions made in the future will be profitable or will equal the performance of the securities mentioned. 

    Holdings

    Top Ten Holdings as of month end 2/28/2023
    Company NameFund %
    1MercadoLibre12.46
    2ASML12.22
    3Adyen5.32
    4Ferrari4.93
    5Meituan4.78
    6Moderna4.77
    7Kering4.57
    8Delivery Hero4.50
    9Hermès International4.18
    10Zalando4.03
    Total 61.77%

    Total may not sum due to rounding.

    Sector Analysis of Total Assets - 2/28/2023
    Fund % Benchmark % Difference %
    1 Consumer Discretionary 45.55 11.59 33.96
    2 Information Technology 23.54 11.32 12.22
    3 Health Care 13.10 9.31 3.79
    4 Cash 2.55 0.00 2.55
    5 Communication Services 6.81 5.92 0.89
    6 Real Estate 0.00 2.22 -2.22
    7 Utilities 0.00 3.12 -3.12
    8 Consumer Staples 5.15 8.65 -3.50
    9 Energy 0.00 5.86 -5.86
    10 Materials 0.33 8.25 -7.92
    11 Industrials 1.53 12.50 -10.97
    12 Financials 1.44 21.26 -19.81
    Total 100.00 100.00
    Total may not sum due to rounding
    Regional Analysis of Total Assets - 2/28/2023
    Fund % Benchmark % Difference %
    1 Europe (ex UK) 54.02 33.35 20.67
    2 North America 14.74 7.71 7.03
    3 Cash 2.55 0.00 2.55
    4 Emerging Markets 23.77 27.36 -3.59
    5 UK 2.95 9.94 -6.99
    6 Developed Asia Pacific 1.96 21.64 -19.68
    Total 100.00 100.00
    Total may not sum due to rounding
    Country Analysis of Total Assets - 2/28/2023
    Fund % Benchmark % Difference %
    1 Netherlands 17.55 2.90 14.65
    2 United States 13.36 0.00 13.36
    3 Brazil 12.46 1.39 11.08
    4 Sweden 6.49 2.25 4.24
    5 Italy 4.93 1.63 3.29
    6 Germany 8.53 5.51 3.03
    7 France 10.95 8.04 2.91
    8 Cash 2.55 0.00 2.55
    9 China 11.31 8.82 2.48
    10 Denmark 3.89 1.90 1.99
    11 Israel 1.69 0.44 1.25
    12 Egypt 0.00 0.02 -0.02
    13 Colombia 0.00 0.03 -0.03
    14 Czech Republic 0.00 0.05 -0.05
    15 Hungary 0.00 0.06 -0.06
    16 Peru 0.00 0.07 -0.07
    17 Greece 0.00 0.11 -0.11
    18 New Zealand 0.00 0.12 -0.12
    19 Austria 0.00 0.13 -0.13
    20 Portugal 0.00 0.14 -0.14
    21 Chile 0.00 0.16 -0.16
    22 Turkey 0.00 0.18 -0.18
    23 Philippines 0.00 0.20 -0.20
    24 Poland 0.00 0.20 -0.20
    25 Kuwait 0.00 0.25 -0.25
    26 Qatar 0.00 0.26 -0.26
    27 United Arab Emirates 0.00 0.36 -0.36
    28 Malaysia 0.00 0.41 -0.41
    29 Norway 0.00 0.46 -0.46
    30 Ireland 0.00 0.49 -0.49
    31 Indonesia 0.00 0.53 -0.53
    32 Thailand 0.00 0.57 -0.57
    33 Finland 0.00 0.62 -0.62
    34 Belgium 0.00 0.65 -0.65
    35 Mexico 0.00 0.73 -0.73
    36 Singapore 0.00 0.94 -0.94
    37 South Africa 0.00 0.97 -0.97
    38 Saudi Arabia 0.00 1.06 -1.06
    39 Spain 0.00 1.70 -1.70
    40 Hong Kong 0.00 1.80 -1.80
    41 South Korea 0.00 3.23 -3.23
    42 India 0.00 3.63 -3.63
    43 Taiwan 0.00 4.19 -4.19
    44 Australia 0.00 5.01 -5.01
    45 Canada 1.38 7.71 -6.33
    46 Switzerland 0.00 6.38 -6.38
    47 UK 2.95 9.94 -6.99
    48 Japan 1.96 13.76 -11.79
    Total 100.00 100.00

    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

    Lawrence Burns

    Lawrence joined Baillie Gifford in 2009 and became a Partner of the firm in 2020. Lawrence has been a member of the International Growth Portfolio Construction Group since October 2012, a manager of Vanguard’s International Growth Fund since 2020 and was appointed Deputy Manager of the Scottish Mortgage Investment Trust in 2021. Lawrence is also co-manager of the International Concentrated Growth and Global Outliers strategies. During his time at Baillie Gifford, he has worked in both the Emerging Markets and UK Equity teams. 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.

    Spencer Adair

    Spencer joined Baillie Gifford in 2000 and is an Investment Manager in the Global Alpha Team. He became a Partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and UK Equity Teams. Spencer graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh.

    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 0.00338 0.00000 0.00338 0.00000 0.33998 0.34336 12/28/2022 12/28/2022 Final
    Baillie Gifford International Concentrated Growth Equities Fund K Class BTLKX 0.00339 0.00000 0.00339 0.00000 0.33998 0.34336 12/28/2022 12/28/2022 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).

    Primary ICI File for the Baillie Gifford Funds can be found here.

    Secondary ICI File for the Baillie Gifford Funds can be found 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, 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, Environmental, Social and Governance Risk, Focused Investment Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering 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.

    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 to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

    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.