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

    Annualized total returns as of month end** 8/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K3.60%2.88%2.79%43.24%21.86%23.76%12.55%0.58%0.58%
    MSCI ACWI ex US1.92%-0.35%9.74%36.29%10.04%11.58%6.75%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 June 30 2021, periods over 1 year are annualized.

    Performance of Class K differs from Institutional Class due to rounding.

    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.


    The Fund’s high returns during 2020 were in part due to unusual market conditions caused by the Coronavirus pandemic which benefitted a number of existing holdings in the Fund’s portfolio. These companies saw faster than expected growth as a result of early adoption by people of some technologies and services. That rate of growth is unlikely to be repeated in normal market conditions. The Fund’s investment horizon spans several years so periods of short-term volatility should be expected.

    Discrete performance figures to 12/31/2020

    12/31/2015
    12/31/2016

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    Share Class K1.34%46.07%-17.32%37.40%62.95%
    MSCI ACWI ex US1.51%25.62%-13.36%23.53%11.13%

    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 6/30/2021

    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.

    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** 8/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    10 Years

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional3.66%2.89%2.79%43.14%21.77%23.67%12.43%0.64%0.64%
    MSCI ACWI ex US1.92%-0.35%9.74%36.29%10.04%11.58%6.75%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 June 30 2021, periods over 1 year are annualized.

    Performance of Class K differs from Institutional Class due to rounding.

    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.


    The Fund’s high returns during 2020 were in part due to unusual market conditions caused by the Coronavirus pandemic which benefitted a number of existing holdings in the Fund’s portfolio. These companies saw faster than expected growth as a result of early adoption by people of some technologies and services. That rate of growth is unlikely to be repeated in normal market conditions. The Fund’s investment horizon spans several years so periods of short-term volatility should be expected.

     

    Discrete performance figures to 12/31/2020

    12/31/2015
    12/31/2016

    12/31/2016
    12/31/2017

    12/31/2017
    12/31/2018

    12/31/2018
    12/31/2019

    12/31/2019
    12/31/2020

    Share Class Institutional1.19%46.00%-17.34%37.25%62.84%
    MSCI ACWI ex US1.51%25.62%-13.36%23.53%11.13%

    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.

    Annualized total returns as of quarter end 6/30/2021

    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.

    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.

     

    Performance - 8/31/2021
    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.

    .

    Holdings 6/30/2021

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 458,174 579.40 EUR Equity 314815931.37 7.15
    2 BGJW376 KYG596691041 Meituan China 5,288,900 320.40 HKD Equity 218207093.88 4.96
    3 B23X1H3 US58733R1023 MercadoLibre Brazil 139,989 1557.79 USD Equity 218073464.31 4.96
    4 BMMV2K8 KYG875721634 Tencent China 2,863,200 584.00 HKD Equity 215315619.02 4.89
    5 BQV0SV7 DE000ZAL1111 Zalando Germany 1,668,920 101.95 EUR Equity 201776469.86 4.59
    6 5505072 FR0000121485 Kering France 227,284 737.00 EUR Equity 198647965.83 4.51
    7 BZ1HM42 NL0012969182 Adyen Netherlands 73,580 2060.50 EUR Equity 179796060.92 4.09
    8 BD6G507 NL0011585146 Ferrari Italy 804,654 174.00 EUR Equity 166037502.88 3.77
    9 BK6YZP5 KYG017191142 Alibaba China 5,696,608 220.00 HKD Equity 161380114.22 3.67
    10 B02K2M3 JP3435750009 M3 Japan 2,180,600 8113.00 JPY Equity 159394610.33 3.62
    Total 46.21%
    Sector Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 Consumer Discretionary 38.60
    • 2 Information Technology 18.58
    • 3 Health Care 11.95
    • 4 Communication Services 9.48
    • 5 Financials 7.19
    • 6 Industrials 6.58
    • 7 Consumer Staples 3.15
    • 8 Materials 2.78
    • 9 Cash 1.69
    • Total 100.0
    Total may not sum due to rounding
    Regional Analysis of Total Assets - 6/30/2021

    Fund %

    • 1 Europe (ex UK) 57.21
    • 2 Emerging Markets 24.88
    • 3 Developed Asia Pacific 14.48
    • 4 UK 1.74
    • 5 Cash 1.69
    • Total 100.0
    Total may not sum due to rounding

    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 - Manager

    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 0.00000 0.00000 0.00000 0.00000 2.20311 2.20311 12/29/2020 12/29/2020 Final
    Baillie Gifford International Growth Fund K Class BGEKX 0.00330 0.00000 0.00330 0.00347 2.20311 2.20641 12/29/2020 12/29/2020 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 2020 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File 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 Geographic Focus 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. The Fund focuses on investments in a limited number of countries or regions, meaning it may offer less diversification and be more volatile than other funds. Other Fund risks include: 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.