BAILLIE GIFFORD INTERNATIONAL GROWTH FUNDBAILLIE GIFFORD INTERNATIONAL GROWTH FUND
The Baillie Gifford International Growth Fund seeks capital appreciation.
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 - 6/30/2020
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B929F46 NL0010273215 ASML Netherlands 688,473 326.90 EUR Equity 252778194.38 6.98 2 BMMV2K8 KYG875721634 Tencent China 3,750,300 498.60 HKD Equity 241263356.32 6.66 3 BP41ZD1 US01609W1027 Alibaba China 869,551 215.70 USD Equity 187562150.70 5.18 4 B23X1H3 US58733R1023 MercadoLibre Brazil 188,973 985.77 USD Equity 186283914.21 5.14 5 B02K2M3 JP3435750009 M3 Japan 3,954,300 4585.00 JPY Equity 168053626.55 4.64 6 BGJW376 KYG596691041 Meituan Dianping China 7,121,000 171.90 HKD Equity 157939203.53 4.36 7 BD6G507 NL0011585146 Ferrari Italy 853,672 151.85 EUR Equity 145594043.26 4.02 8 BFZ1K46 LU1778762911 Spotify Sweden 531,263 258.19 USD Equity 137166793.97 3.79 9 5505072 FR0000121485 Kering France 245,258 484.25 EUR Equity 133392246.11 3.68 10 BQV0SV7 DE000ZAL1111 Zalando Germany 1,811,428 62.78 EUR Equity 127726249.97 3.52 Total 47.95% SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B929F46 NL0010273215 ASML Netherlands 688,473 326.90 EUR Equity 252778194.38 6.98 2 BMMV2K8 KYG875721634 Tencent China 3,750,300 498.60 HKD Equity 241263356.32 6.66 3 BP41ZD1 US01609W1027 Alibaba China 869,551 215.70 USD Equity 187562150.70 5.18 4 B23X1H3 US58733R1023 MercadoLibre Brazil 188,973 985.77 USD Equity 186283914.21 5.14 5 B02K2M3 JP3435750009 M3 Japan 3,954,300 4585.00 JPY Equity 168053626.55 4.64 6 BGJW376 KYG596691041 Meituan Dianping China 7,121,000 171.90 HKD Equity 157939203.53 4.36 7 BD6G507 NL0011585146 Ferrari Italy 853,672 151.85 EUR Equity 145594043.26 4.02 8 BFZ1K46 LU1778762911 Spotify Sweden 531,263 258.19 USD Equity 137166793.97 3.79 9 5505072 FR0000121485 Kering France 245,258 484.25 EUR Equity 133392246.11 3.68 10 BQV0SV7 DE000ZAL1111 Zalando Germany 1,811,428 62.78 EUR Equity 127726249.97 3.52 11 4595739 DK0010272202 Genmab Denmark 329,145 2220.00 DKK Equity 110112628.94 3.04 12 B4MGD82 US8740801043 TAL Education China 1,418,110 68.38 USD Equity 96970361.80 2.68 13 BZ1HM42 NL0012969182 Adyen Netherlands 57,658 1295.50 EUR Equity 83894746.24 2.32 14 BZCNB42 DE000A2E4K43 Delivery Hero Germany 799,971 90.96 EUR Equity 81726418.80 2.26 15 BP9DL90 ES0148396007 Inditex Spain 2,987,272 23.57 EUR Equity 79080994.89 2.18 16 B4TX8S1 HK0000069689 AIA Hong Kong 8,222,000 72.30 HKD Equity 76698849.74 2.12 17 6770620 JP3436100006 SoftBank Japan 1,504,800 5450.00 JPY Equity 76017611.35 2.10 18 4057808 FR0000120321 L'Oréal France 233,568 285.70 EUR Equity 74948225.70 2.07 19 BFZCHN7 IL0011301780 Wix.com Israel 279,293 256.22 USD Equity 71560452.46 1.97 20 6763965 JP3162600005 SMC Japan 138,500 55180.00 JPY Equity 70838670.81 1.95 21 BYWH8S0 DE000A161408 HelloFresh Germany 1,325,183 47.40 EUR Equity 70549180.16 1.95 22 B3MBS74 GB00B3MBS747 Ocado United Kingdom 2,784,172 20.28 GBP Equity 69765727.85 1.93 23 BD97BN2 SE0011166610 Atlas Copco Sweden 1,541,853 394.60 SEK Equity 65304073.22 1.80 24 BF44466 BE0974320526 Umicore Belgium 1,355,836 41.91 EUR Equity 63820851.68 1.76 25 B01FLR7 CNE1000003X6 Ping An Insurance China 5,603,000 77.50 HKD Equity 56026746.83 1.55 26 6640682 JP3734800000 Nidec Corporation Japan 687,000 7196.00 JPY Equity 45823348.94 1.26 27 Cash and Deposits International 42,078,715 0.00 USD Equity 42078714.69 1.16 28 7147892 CH0012453913 Temenos Switzerland 260,990 147.15 CHF Equity 40530503.40 1.12 29 5843329 DE0007165631 Sartorius Group Germany 122,898 292.60 EUR Equity 40388424.37 1.11 30 6269861 JP3639650005 Pan Pacific International Japan 1,835,200 2369.00 JPY Equity 40298362.14 1.11 31 BK9X805 SE0013256682 Kinnevik Sweden 1,400,378 245.10 SEK Equity 36840779.44 1.02 32 BNHKYX4 NL0010832176 Argenx Netherlands 160,627 198.30 EUR Equity 35774950.05 0.99 33 B0FXT17 US0567521085 Baidu.com China 286,733 119.89 USD Equity 34376419.37 0.95 34 B573M11 DK0060227585 Chr Hansen Denmark 308,573 684.00 DKK Equity 31806136.57 0.88 35 BYSLCX9 NL0012059018 EXOR Netherlands 534,238 50.84 EUR Equity 30505496.04 0.84 36 6267359 HK0388045442 Hong Kong Exchanges & Clearing Hong Kong 714,201 330.00 HKD Equity 30409373.65 0.84 37 B06CMQ9 JP3385890003 GMO Payment Gateway Japan 289,700 11240.00 JPY Equity 30182397.92 0.83 38 BD9G333 DK0060946788 Ambu Denmark 858,881 208.40 DKK Equity 26972897.69 0.74 39 BRJFWP3 NL0010877643 Fiat Chrysler Automobiles Italy 2,347,106 8.94 EUR Equity 23577745.07 0.65 40 5086577 DE000BASF111 BASF Germany 407,835 49.88 EUR Equity 22848027.47 0.63 41 B798FW0 DK0060336014 Novozymes Denmark 394,289 383.50 DKK Equity 22786463.35 0.63 42 B63H849 GB00B63H8491 Rolls-Royce United Kingdom 6,047,188 2.85 GBP Equity 21324828.96 0.59 43 6309466 JP3436120004 SBI Holdings Japan 970,500 2328.00 JPY Equity 20941965.98 0.58 44 5531000 DE0006632003 Morphosys Germany 158,371 112.45 EUR Equity 20001975.56 0.55 45 6688080 JP3801600002 Pigeon Japan 474,200 4170.00 JPY Equity 18328905.78 0.51 46 BFZX9H8 US62914V1061 NIO China 2,196,750 7.72 USD Equity 16958910.00 0.47 47 BR17150 DE000A12UKK6 Rocket Internet Germany 708,941 19.09 EUR Equity 15200357.26 0.42 48 B0M42T2 SE0000163628 Elekta Sweden 1,571,513 86.66 SEK Equity 14617627.21 0.40 49 6171900 INE001A01036 HDFC India 600,715 1754.65 INR Equity 13960161.91 0.39 50 5468346 DE000A0WMPJ6 Aixtron Germany 1,102,052 10.73 EUR Equity 13281269.29 0.37 51 6220501 JP3311400000 CyberAgent Japan 268,900 5290.00 JPY Equity 13185160.12 0.36 52 7212477 FR0000121667 EssilorLuxottica France 88,525 114.25 EUR Equity 11359518.36 0.31 53 BJ0DP40 NO0010844038 Adevinta Norway 703,476 96.90 NOK Equity 7066116.35 0.19 54 BWVFKQ3 NO0010736879 Schibsted Norway 295,741 226.60 NOK Equity 6946709.92 0.19 55 4790534 NO0003028904 Schibsted Norway 226,964 250.80 NOK Equity 5900546.41 0.16 56 B552PC2 MU0295S00016 MakeMyTrip India 300,389 15.32 USD Equity 4601959.48 0.13 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.
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 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 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 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 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.
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 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).
IRS Form 8937 is used to report organizational actions that affect the basis of securities, such as a non-taxable return of capital. Click here to view the 2018 tax related form for this Fund.
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
Semi Annual Reports
Statement of Additional Information (SAI)
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.
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.