1. Overview

    The Baillie Gifford International Growth Fund seeks capital appreciation.

    Investment Proposition

    The International Growth strategy aims to produce good long-term performance by investing in a committed portfolio of international growth stocks constructed with little regard for the index. We are growth investors and invest in companies that have the potential to grow substantially more quickly than the market. We conduct our research with a five-year time horizon; International Growth is a genuinely active portfolio with a correspondingly low rate of turnover.

    Performance & Portfolio

    Total returns as of month end 4/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class K0.58%0.58%-4.03%3.25%-0.48%1.79%-12.92%3.76%5.35%
    MSCI ACWI ex US Indexn/an/a-1.72%4.03%3.01%9.88%0.85%5.80%4.43%
    Annualized total returns as of quarter end 3/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class K0.58%0.58%4.69%-10.23%5.70%5.76%
    MSCI ACWI ex US Indexn/an/a13.83%2.44%6.77%4.78%

    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).

    Share Class launch date: April 28, 2017

    MSCI EAFE Index benchmark data used until November 22, 2019

    MSCI ACWI ex US benchmark data used after November 22, 2019

    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 April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

    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 MSCI ACWI 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.

    Discrete performance figures to 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class K37.40%62.95%-9.43%-34.43%14.36%
    MSCI ACWI ex US Index23.53%11.13%8.29%-15.57%16.21%

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

    Share Class launch date: April 28, 2017

    MSCI EAFE Index benchmark data used until November 22,  2019

    MSCI ACWI ex US benchmark data used after November 22, 2019

    All figures quoted are in US dollars, net of fees.

     

    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 April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

     

    The MSCI ACWI 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.

    Total returns as of month end 4/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class Institutional0.66%0.66%-4.12%3.17%-0.48%1.62%-13.01%3.69%5.25%
    MSCI ACWI ex US Indexn/an/a-1.72%4.03%3.01%9.88%0.85%5.80%4.43%
    Annualized total returns as of quarter end 3/31/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    10 Years

    Share Class Institutional0.66%0.66%4.70%-10.29%5.64%5.67%
    MSCI ACWI ex US Indexn/an/a13.83%2.44%6.77%4.78%

    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).

    Share Class launch date: April 28, 2017

    MSCI EAFE Index benchmark data used until November 22, 2019

    MSCI ACWI ex US benchmark data used after November 22, 2019

    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 April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

    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 MSCI ACWI 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.

    Discrete performance figures to 12/31/2023

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    12/31/2020
    12/31/2021

    12/31/2021
    12/31/2022

    12/31/2022
    12/31/2023

    Share Class Institutional37.25%62.84%-9.49%-34.49%14.20%
    MSCI ACWI ex US Index23.53%11.13%8.29%-15.57%16.21%

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

    Share Class launch date: April 28, 2017

    MSCI EAFE Index benchmark data used until November 22,  2019

    MSCI ACWI ex US benchmark data used after November 22, 2019

    All figures quoted are in US dollars, net of fees.

     

    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 April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

      

    The MSCI ACWI 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.

    Performance - 4/30/2024
    Baillie Gifford International Growth Fund - Share Class Institutional

    Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

    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 April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

    All performance figures are cumulative.
    All figures quoted are in US dollars, net of fees.

    The graph is rebased to 100.

    .

    Stock Level Attribution

    Top and bottom 5 relative contributors
    One month to 4/30/2024

    Stock Name Contribution %
    Coupang 0.64
    Spotify Technology SA 0.48
    Meituan 0.34
    Atlas Copco A 0.28
    AIA 0.21
    Adyen NV -1.37
    Sartorius Pref -0.41
    ASML -0.32
    Wix Com -0.30
    M3 -0.22

    Holdings

    Top Ten Holdings as of month end 4/30/2024
    Company NameFund %
    1ASML6.74
    2Spotify6.06
    3MercadoLibre6.05
    4TSMC4.66
    5Ferrari4.62
    6Atlas Copco4.07
    7Adyen3.81
    8L'Oréal3.32
    9Coupang2.92
    10argenx2.86
    Total 45.10%
    Sector Analysis of Total Assets - 4/30/2024
    Fund % Benchmark % Difference %
    1 Consumer Discretionary 25.89 11.67 14.22
    2 Information Technology 23.04 12.83 10.20
    3 Financials 13.86 21.40 -7.54
    4 Industrials 11.73 13.84 -2.11
    5 Communication Services 9.64 5.17 4.47
    6 Health Care 9.10 9.29 -0.19
    7 Consumer Staples 4.36 7.45 -3.09
    8 Materials 1.24 7.55 -6.31
    9 Cash 1.14 0.00 1.14
    10 Real Estate 0.00 1.95 -1.95
    11 Utilities 0.00 3.06 -3.06
    12 Energy 0.00 5.78 -5.78

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 4/30/2024
    Fund % Benchmark % Difference %
    1 Europe (ex UK) 56.37 32.91 23.45
    2 Emerging Markets 26.24 28.10 -1.86
    3 Developed Asia Pacific 12.36 21.70 -9.33
    4 UK 2.61 9.78 -7.17
    5 North America 1.28 7.51 -6.23
    6 Cash 1.14 0.00 1.14

    Total may not sum due to rounding

    Country Analysis of Total Assets - 4/30/2024
    Fund % Benchmark % Difference %
    1 Netherlands 17.52 3.21 14.31
    2 Sweden 10.82 1.98 8.84
    3 China 9.66 7.54 2.12
    4 Brazil 7.52 1.40 6.12
    5 France 5.98 7.77 -1.78
    6 Germany 5.38 5.52 -0.15
    7 Denmark 5.36 2.39 2.97
    8 Italy 5.33 1.77 3.56
    9 Japan 5.26 14.82 -9.56
    10 Taiwan 4.66 4.85 -0.19
    11 Australia 3.13 4.62 -1.49
    12 Hong Kong 3.06 1.24 1.82
    13 South Korea 2.92 3.40 -0.48
    14 Israel 2.91 0.46 2.45
    15 UK 2.61 9.78 -7.17
    16 Switzerland 1.61 5.86 -4.24
    17 Canada 1.28 7.51 -6.23
    18 Cash 1.14 0.00 1.14
    19 Belgium 1.07 0.61 0.47
    20 Singapore 0.94 0.90 0.04
    21 New Zealand 0.92 0.12 0.79
    22 India 0.55 5.11 -4.56
    23 Norway 0.38 0.37 0.01
    24 Egypt 0.00 0.02 -0.02
    25 Colombia 0.00 0.03 -0.03
    26 Czech Republic 0.00 0.04 -0.04
    27 Hungary 0.00 0.07 -0.07
    28 Peru 0.00 0.10 -0.10
    29 Austria 0.00 0.12 -0.12
    30 Portugal 0.00 0.13 -0.13
    31 Chile 0.00 0.13 -0.13
    32 Greece 0.00 0.15 -0.15
    33 Philippines 0.00 0.17 -0.17
    34 Kuwait 0.00 0.21 -0.21
    35 Turkey 0.00 0.22 -0.22
    36 Qatar 0.00 0.23 -0.23
    37 Ireland 0.00 0.23 -0.23
    38 Poland 0.00 0.28 -0.28
    39 United Arab Emirates 0.00 0.33 -0.33
    40 Malaysia 0.00 0.39 -0.39
    41 Thailand 0.00 0.42 -0.42
    42 Indonesia 0.00 0.48 -0.48
    43 Finland 0.00 0.65 -0.65
    44 Mexico 0.00 0.73 -0.73
    45 South Africa 0.00 0.80 -0.80
    46 Saudi Arabia 0.00 1.16 -1.16
    47 Spain 0.00 1.71 -1.71

    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

    Julia Angeles

    Julia joined Baillie Gifford in 2008 and became a partner in 2022. She is a portfolio manager in the Health Innovation Strategy, which she co-founded in 2018, and a member of the International Growth Portfolio Construction Group. Julia previously worked as a management consultant at McKinsey & Company, advising firms in Denmark, Russia and Hungary. She obtained a BSc in 1999, an MSc in 2001 and a PhD in 2005 in Economics from the University of Aarhus, Denmark. She is fluent in Russian and Danish.

    Lawrence Burns

    Lawrence joined Baillie Gifford in 2009 and became a partner in 2020. He is a member of the International Growth Portfolio Construction Group and co-manager of the International Concentrated Growth and Global Outliers strategies. He has been deputy manager of Scottish Mortgage since 2021. He has also worked in the Emerging Markets and UK Equities teams. Lawrence graduated BA in Geography from the University of Cambridge in 2009.

    Tom Coutts

    Tom joined Baillie Gifford in 1999 and became a partner in 2014. He has been a member of the International Growth Portfolio Construction Group since March 2008 and took over as chair in July 2019. He previously spent time in our UK and European Equities teams, including six years as head of the European Team up to 2017. He also spent three years as our chief of investment staff. Tom Graduated with a BA in Modern Languages in 1994.

    Brian Lum

    Brian joined Baillie Gifford in 2006. He is head of the Smaller Companies Team and lead investment manager of the International Smaller Companies Strategy. He is also a member of the International Growth Portfolio Construction Group. He is a CFA Charterholder and graduated with an MSc and BA (Hons) in Physics from the University of Cambridge in 2006.

    Robert Wilson

    Robert is an investment manager in the International Growth (IG) Team.  Robert was previously a decision-maker on Baillie Gifford's Long Term Global Growth (LTGG) strategy from 2021 to 2023 before joining IG.  He has also worked on our US, European, and Multi-Asset strategies.  Robert is a CFA Charterholder and joined Baillie Gifford in 2016.  He graduated MA (Hons) in Philosophy from the University of Cambridge before winning a Mellon Fellowship at Yale in 2015 and joining Baillie Gifford the year after.

    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 Growth Fund Institutional Class BGESX 0.03270 0.00000 0.03270 0.00811 0.00541 0.03811 12/28/2023 12/28/2023 Final
    Baillie Gifford International Growth Fund K Class BGEKX 0.04403 0.00000 0.04403 0.00811 0.00541 0.04944 12/28/2023 12/28/2023 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 Mutual Funds can be found here.

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

     

     

    Risks

    The most significant risks of an investment in the Baillie Gifford International Growth Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, and Non-U.S. Investment 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. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risks, 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 Securities 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.