1. BAILLIE GIFFORD INTERNATIONAL GROWTH FUND
    BAILLIE GIFFORD INTERNATIONAL GROWTH FUND

    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.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 688,473 314.70 EUR Equity 254069335.42 6.85
    2 B02K2M3 JP3435750009 M3 Japan 3,681,900 6500.00 JPY Equity 226782431.54 6.11
    3 BMMV2K8 KYG875721634 Tencent China 3,347,100 511.50 HKD Equity 220908600.00 5.96
    4 BK6YZP5 KYG017191142 Alibaba China 5,798,208 275.60 HKD Equity 206191758.04 5.56
    5 BGJW376 KYG596691041 Meituan Dianping China 5,287,000 241.80 HKD Equity 164954400.00 4.45
    6 5505072 FR0000121485 Kering France 240,872 567.60 EUR Equity 160323542.72 4.32
    7 B23X1H3 US58733R1023 MercadoLibre Brazil 147,298 1082.48 USD Equity 159447139.04 4.30
    8 BD6G507 NL0011585146 Ferrari Italy 838,827 156.65 EUR Equity 154088914.52 4.15
    9 BQV0SV7 DE000ZAL1111 Zalando Germany 1,420,648 79.90 EUR Equity 133107295.41 3.59
    10 BFZ1K46 LU1778762911 Spotify Sweden 488,108 242.57 USD Equity 118400357.56 3.19
        Total 48.48%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 688,473 314.70 EUR Equity 254069335.42 6.85
    2 B02K2M3 JP3435750009 M3 Japan 3,681,900 6500.00 JPY Equity 226782431.54 6.11
    3 BMMV2K8 KYG875721634 Tencent China 3,347,100 511.50 HKD Equity 220908600.00 5.96
    4 BK6YZP5 KYG017191142 Alibaba China 5,798,208 275.60 HKD Equity 206191758.04 5.56
    5 BGJW376 KYG596691041 Meituan Dianping China 5,287,000 241.80 HKD Equity 164954400.00 4.45
    6 5505072 FR0000121485 Kering France 240,872 567.60 EUR Equity 160323542.72 4.32
    7 B23X1H3 US58733R1023 MercadoLibre Brazil 147,298 1082.48 USD Equity 159447139.04 4.30
    8 BD6G507 NL0011585146 Ferrari Italy 838,827 156.65 EUR Equity 154088914.52 4.15
    9 BQV0SV7 DE000ZAL1111 Zalando Germany 1,420,648 79.90 EUR Equity 133107295.41 3.59
    10 BFZ1K46 LU1778762911 Spotify Sweden 488,108 242.57 USD Equity 118400357.56 3.19
    11 4595739 DK0010272202 Genmab Denmark 306,471 2300.00 DKK Equity 111044590.60 2.99
    12 B4MGD82 US8740801043 TAL Education China 1,319,184 76.04 USD Equity 100310751.36 2.70
    13 BZ1HM42 NL0012969182 Adyen Netherlands 54,002 1572.50 EUR Equity 99579305.77 2.68
    14 B3MBS74 GB00B3MBS747 Ocado United Kingdom 2,711,953 27.44 GBP Equity 96204973.81 2.59
    15 4057808 FR0000120321 L'Oréal France 242,810 277.60 EUR Equity 79041400.43 2.13
    16 BD97BN2 SE0011166610 Atlas Copco Sweden 1,611,275 428.80 SEK Equity 77197175.42 2.08
    17 BP9DL90 ES0148396007 Inditex Spain 2,764,552 23.80 EUR Equity 77156108.63 2.08
    18 B4TX8S1 HK0000069689 AIA Hong Kong 7,681,000 75.90 HKD Equity 75224245.16 2.03
    19 BZCNB42 DE000A2E4K43 Delivery Hero Germany 631,409 98.12 EUR Equity 72650214.86 1.96
    20 6763965 JP3162600005 SMC Japan 129,400 58460.00 JPY Equity 71683161.19 1.93
    21 6640682 JP3734800000 Nidec Corporation Japan 746,800 9805.00 JPY Equity 69386657.82 1.87
    22 BFZCHN7 IL0011301780 Wix.com Israel 259,921 254.85 USD Equity 66240866.85 1.79
    23 BF44466 BE0974320526 Umicore Belgium 1,432,433 35.55 EUR Equity 59714873.72 1.61
    24 BYWH8S0 DE000A161408 HelloFresh Germany 1,022,328 47.58 EUR Equity 57040495.42 1.54
    25 6770620 JP3436100006 SoftBank Japan 891,200 6469.00 JPY Equity 54630652.89 1.47
    26 B01FLR7 CNE1000003X6 Ping An Insurance China 5,237,000 79.50 HKD Equity 53721483.87 1.45
    27 BN2C4W4 SE0014684528 Kinnevik Sweden 1,308,677 364.65 SEK Equity 53319448.94 1.44
    28 5843329 DE0007165631 Sartorius Group Germany 115,635 350.40 EUR Equity 47514044.25 1.28
    29 BFZX9H8 US62914V1061 NIO China 1,954,208 21.22 USD Equity 41468293.76 1.12
    30 BNHKYX4 NL0010832176 Argenx Netherlands 146,838 225.00 EUR Equity 38742672.40 1.04
    31 Cash and Deposits International 37,660,119 0.00 USD Equity 37660118.91 1.02
    32 BD9G333 DK0060946788 Ambu Denmark 1,272,706 180.00 DKK Equity 36089493.13 0.97
    33 BYSLCX9 NL0012059018 EXOR Netherlands 644,133 46.48 EUR Equity 35108337.47 0.95
    34 7147892 CH0012453913 Temenos Switzerland 250,532 124.05 CHF Equity 33826932.90 0.91
    35 B573M11 DK0060227585 Chr Hansen Denmark 288,713 705.80 DKK Equity 32101710.91 0.87
    36 6267359 HK0388045442 Hong Kong Exchanges & Clearing Hong Kong 673,401 361.80 HKD Equity 31436965.39 0.85
    37 BF5L8B9 AU000000APT1 Afterpay Australia 508,106 79.99 AUD Equity 29131147.97 0.79
    38 BRJFWP3 NL0010877643 Fiat Chrysler Automobiles Italy 2,207,344 10.47 EUR Equity 27095821.95 0.73
    39 6269861 JP3639650005 Pan Pacific International Japan 998,800 2450.00 JPY Equity 23188287.69 0.63
    40 5086577 DE000BASF111 BASF Germany 378,919 51.98 EUR Equity 23096770.19 0.62
    41 6309466 JP3436120004 SBI Holdings Japan 896,600 2713.00 JPY Equity 23050088.13 0.62
    42 B798FW0 DK0060336014 Novozymes Denmark 360,805 399.90 DKK Equity 22730246.07 0.61
    43 6688080 JP3801600002 Pigeon Japan 451,300 4700.00 JPY Equity 20099592.53 0.54
    44 5531000 DE0006632003 Morphosys Germany 147,843 108.35 EUR Equity 18784441.10 0.51
    45 B8P4LP4 NZXROE0001S2 Xero New Zealand 254,805 100.75 AUD Equity 18400116.79 0.50
    46 6171900 INE001A01036 HDFC India 600,715 1740.05 INR Equity 14167445.59 0.38
    47 BR17150 DE000A12UKK6 Rocket Internet Germany 569,228 18.66 EUR Equity 12455652.68 0.34
    48 5468346 DE000A0WMPJ6 Aixtron Germany 1,010,204 10.30 EUR Equity 12201547.20 0.33
    49 7212477 FR0000121667 EssilorLuxottica France 88,525 116.15 EUR Equity 12057402.12 0.33
    50 BWVFKQ3 NO0010736879 Schibsted Norway 295,741 373.00 NOK Equity 11789687.81 0.32
    51 B63H849 GB00B63H8491 Rolls-Royce United Kingdom 5,469,365 1.30 GBP Equity 9192031.83 0.25
    52 BJ0DP40 NO0010844038 Adevinta Norway 523,027 160.30 NOK Equity 8960651.10 0.24
    53 4790534 NO0003028904 Schibsted Norway 199,741 413.50 NOK Equity 8827234.63 0.24
    54 BZ8GX83 AU000000WTC3 WiseTech Global Australia 344,866 25.79 AUD Equity 6374840.18 0.17
    55 Cash and Deposits International 11,641,966 0.00 HKD Equity 1502189.14 0.04
    56 Cash and Deposits International -324,298 0.00 DKK Equity -51088.58 0.00
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

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    Regional Analysis of Total Assets - 9/30/2020

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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. 

    Managers

    Tom Coutts

    Tom has been a member of the International Growth Portfolio Construction Group since March 2008 and took over as Chair in July 2019. He became a Partner in 2014 and our Chief of Investment Staff in 2018. Tom joined Baillie Gifford in 1999 and spent a number of years in our UK and European Equity Teams before joining the dedicated International Growth research group full time in 2017. He graduated BA in Modern Languages in 1994.

    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.

    Brian Lum

    Brian is an Investment Manager in our International Growth Research Team and became a member of the International Growth Portfolio Construction Group in May 2015. He also Chairs our International Smaller Companies Portfolio Construction Group. Brian joined Baillie Gifford in 2006 and initially worked in the North American and Emerging Markets Departments, before spending a number of years focused on investment in smaller companies. He is a CFA Charterholder. Brian graduated MSci and BA (Hons) in Physics from the University of Cambridge in 2006.

    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.

    Julia Angeles

    Julia is a member of the International Growth, Positive Change and Health Innovation Portfolio Construction Groups. The Health Innovation is an internally incubated strategy. She joined Baillie Gifford in 2008 and has been part of different global and regional teams. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. She obtained a PhD in Economics from the University of Aarhus, Denmark, and speaks fluent Russian and Danish.

    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 0.14767 0.00000 0.14767 0.02394 0.01688 0.16455 12/27/2019 12/27/2019 Final
    Baillie Gifford International Growth Fund K Class BGEKX 0.14688 0.00000 0.14688 0.02394 0.01688 0.16375 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).

     

    Full details of the 2019 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File here


    Further details of these rates can be found here.

    The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

    Distribution Year

    Record Date

    ex Date

    Payable Date

    2020 12/28/2020 12/29/2020 12/29/2020

    Source: Bank of New York Mellon and Baillie Gifford & Co

    Capital Gains

    Please click here to view estimated capital gain distributions for 2020.

    Risks & Disclaimers

    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, Geographic Focus 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, 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.