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
Annualized total returns as of month end** 2/28/2023 1 Month*
3 Months*
YTD*
1 Year
3 Years
5 Years
10 Years
Gross Expense Ratio
Net Expense Ratio
Share Class K -6.24% 1.29% 7.23% -34.43% -1.09% 1.91% 6.57% 0.57% 0.57% MSCI ACWI ex US -3.50% 3.61% 4.35% -15.57% 0.53% 1.69% 4.98% n/a n/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).
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 12/31/2022 12/31/2017
12/31/201812/31/2018
12/31/201912/31/2019
12/31/202012/31/2020
12/31/202112/31/2021
12/31/2022Share Class K -17.32% 37.40% 62.95% -9.43% -34.43% MSCI ACWI ex US -13.36% 23.53% 11.13% 8.29% -15.57% 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.
Annualized total returns as of quarter end 12/31/2022Source: 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.
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 2/28/2023Stock Name Contribution % MercadoLibre 0.43 Ferrari NV 0.41 Spotify Technology SA 0.24 Wix Com 0.15 Exor Nv 0.12 Delivery Hero AG -0.80 Meituan -0.72 Tencent Holdings -0.28 Zalando SE -0.27 NIO Inc ADR -0.23 Sector Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Consumer Discretionary 28.80 11.59 17.21 2 Information Technology 22.46 11.32 11.14 3 Health Care 12.80 9.31 3.49 4 Communication Services 9.28 5.92 3.36 5 Cash 1.32 0.00 1.32 6 Real Estate 0.00 2.22 -2.22 7 Utilities 0.00 3.12 -3.12 8 Consumer Staples 5.30 8.65 -3.36 9 Industrials 9.11 12.50 -3.39 10 Materials 2.81 8.25 -5.44 11 Energy 0.00 5.86 -5.86 12 Financials 8.14 21.26 -13.12 Total 100.00 100.00 Total may not sum due to roundingRegional Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Europe (ex UK) 59.80 33.35 26.45 2 Cash 1.32 0.00 1.32 3 Emerging Markets 23.69 27.36 -3.67 4 North America 0.00 7.71 -7.71 5 UK 1.99 9.94 -7.95 6 Developed Asia Pacific 13.20 21.64 -8.45 Total 100.00 100.00 Total may not sum due to roundingCountry Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Netherlands 15.90 2.90 13.00 2 Brazil 6.99 1.39 5.61 3 Sweden 7.74 2.25 5.49 4 Denmark 7.00 1.90 5.10 5 Italy 5.93 1.63 4.30 6 Germany 8.76 5.51 3.25 7 China 11.71 8.82 2.89 8 Israel 3.08 0.44 2.64 9 Hong Kong 3.48 1.80 1.68 10 Cash 1.32 0.00 1.32 11 Belgium 1.73 0.65 1.08 12 Norway 1.16 0.46 0.70 13 New Zealand 0.53 0.12 0.41 14 Egypt 0.00 0.02 -0.02 15 Colombia 0.00 0.03 -0.03 16 Czech Republic 0.00 0.05 -0.05 17 Hungary 0.00 0.06 -0.06 18 Peru 0.00 0.07 -0.07 19 Greece 0.00 0.11 -0.11 20 Austria 0.00 0.13 -0.13 21 Portugal 0.00 0.14 -0.14 22 Chile 0.00 0.16 -0.16 23 Turkey 0.00 0.18 -0.18 24 Philippines 0.00 0.20 -0.20 25 Poland 0.00 0.20 -0.20 26 Kuwait 0.00 0.25 -0.25 27 Qatar 0.00 0.26 -0.26 28 Singapore 0.66 0.94 -0.28 29 France 7.72 8.04 -0.32 30 United Arab Emirates 0.00 0.36 -0.36 31 Malaysia 0.00 0.41 -0.41 32 Ireland 0.00 0.49 -0.49 33 Indonesia 0.00 0.53 -0.53 34 Thailand 0.00 0.57 -0.57 35 Finland 0.00 0.62 -0.62 36 Mexico 0.00 0.73 -0.73 37 South Africa 0.00 0.97 -0.97 38 Saudi Arabia 0.00 1.06 -1.06 39 Taiwan 2.88 4.19 -1.31 40 Spain 0.00 1.70 -1.70 41 South Korea 0.85 3.23 -2.37 42 Australia 1.98 5.01 -3.03 43 India 0.59 3.63 -3.04 44 Switzerland 0.79 6.38 -5.60 45 Japan 7.20 13.76 -6.56 46 Canada 0.00 7.71 -7.71 47 UK 1.99 9.94 -7.95 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.Insights
View all Insights.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 previously spent time in our UK and European equity 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 joined Baillie Gifford in 1999 and became a Partner in 2014. Tom graduated BA in Modern Languages in 1994.
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.
Brian Lum
Brian joined Baillie Gifford in 2006. Brian is the head of our Smaller Companies team and chairs the International Smaller Companies Portfolio Construction Group. In addition, Brian has also been a member of the International Growth Portfolio Construction Group since May 2015. Brian is a CFA Charterholder and graduated MSci and BA (Hons) in Physics from the University of Cambridge in 2006.
Julia Angeles
Julia joined Baillie Gifford in 2008 and became a Partner in 2022. Julia is a Portfolio Manager in the Health Innovation Strategy which she co-founded in 2018 and is also a member of the International Growth portfolio construction group. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. Julia obtained a BSc in 1999, MSc in 2001 and PhD in 2005 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 0.00000 0.00000 0.00000 0.00000 0.05321 0.05321 12/28/2022 12/28/2022 Final Baillie Gifford International Growth Fund K Class BGEKX 0.01147 0.00000 0.01147 0.00000 0.05321 0.06468 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.
Documents
Financial Reports
Monthly Report
Prospectus
Quarterly Investor Reports
Statement of Additional Information (SAI)
Summary Prospectus
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.
