1. Baillie Gifford International Smaller Companies Fund

  2. Overview

    The Baillie Gifford International Smaller Companies Fund seeks capital appreciation.

    Investment Proposition

    Great companies can be so for different reasons. Some are driven by a vision to shape and transform industries. Some have unique skillsets to exploit emerging opportunities. Some simply operate at a superior level through distinctive culture or thoughtful stewardship. At the lower end of the market cap spectrum, many of these are often underappreciated, and even ignored, by the market given many narrowly focused and short-term driven participants. We focus on unearthing the most exceptional smaller international companies and, by harnessing the asymmetry inherent in equity markets, aim to capture the disproportionate impact of successful investments.

    Performance & Portfolio

    Total returns as of month end 6/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Share Class K1.88%0.90%0.64%1.38%-2.11%-1.26%-11.93%2.62%5.51%
    MSCI ACWI ex USA Investable Market Indexn/an/a-0.19%1.12%5.63%12.12%0.70%6.11%7.85%
    Annualized total returns as of quarter end 6/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    Since Inception†

    Share Class K1.88%0.90%-1.26%-11.93%2.62%5.51%
    MSCI ACWI ex USA Investable Market Indexn/an/a12.12%0.70%6.11%7.85%

    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).

    Fund inception date: December 19, 2018

    Share Class launch date: December 19, 2018

    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 December 19, 2018. 

    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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2025.

    The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 24 Emerging Markets (EM) countries.

    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.

    Total returns as of month end 6/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Share Class Institutional1.99%1.01%0.66%1.34%-2.10%-1.32%-12.00%2.57%5.46%
    MSCI ACWI ex USA Investable Market Indexn/an/a-0.19%1.12%5.63%12.12%0.70%6.11%7.85%
    Annualized total returns as of quarter end 6/30/2024

    Gross Expense Ratio

    Net Expense Ratio

    1 Year

    3 Years

    5 Years

    Since Inception†

    Share Class Institutional1.99%1.01%-1.32%-12.00%2.57%5.46%
    MSCI ACWI ex USA Investable Market Indexn/an/a12.12%0.70%6.11%7.85%
    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).

    Fund inception date: December 19, 2018

    Share Class launch date: December 19, 2018

    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 December 19, 2018

     

    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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2025.

    The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 24 Emerging Markets (EM) countries.

    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 6/30/2024

    Stock Name Contribution %
    ASPEED Technology 0.83
    Chroma ATE 0.37
    Global UniChip 0.36
    Douzone Bizon Co Ltd 0.22
    Reply Spa 0.20
    TSMC -0.37
    Nayax Ltd -0.29
    Maytronics -0.23
    Burford Capital CDI -0.18
    DMG Mori -0.18

    Holdings

    Top Ten Holdings as of month end 6/30/2024
    Company NameFund %
    1Hypoport 5.29
    2Global UniChip3.54
    3Addtech3.47
    4ASPEED Technology3.31
    5AirTAC International Group3.10
    6Chroma ATE3.08
    7Alpha FX2.87
    8Brunello Cucinelli2.85
    9Reply2.77
    10Kinaxis2.69
    Total 32.97%
    Sector Analysis of Total Assets - 6/30/2024
    Fund % Benchmark % Difference %
    1 Information Technology 35.00 13.77 21.23
    2 Financials 19.49 20.27 -0.78
    3 Industrials 16.50 14.78 1.72
    4 Consumer Discretionary 13.07 11.20 1.87
    5 Communication Services 6.02 5.01 1.01
    6 Health Care 5.04 9.06 -4.02
    7 Cash 2.11 0.00 2.11
    8 Materials 1.38 7.67 -6.29
    9 Real Estate 0.88 2.76 -1.88
    10 Consumer Staples 0.51 7.08 -6.57
    11 Utilities 0.00 3.08 -3.08
    12 Energy 0.00 5.33 -5.33

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 6/30/2024
    Fund % Benchmark % Difference %
    1 Europe (ex UK) 35.52 31.49 4.03
    2 Developed Asia Pacific 23.86 22.55 1.31
    3 Emerging Markets 21.18 29.17 -7.98
    4 UK 12.88 9.47 3.42
    5 North America 4.45 7.34 -2.88
    6 Cash 2.11 0.00 2.11

    Total may not sum due to rounding

    Country Analysis of Total Assets - 6/30/2024
    Fund % Benchmark % Difference %
    1 Japan 20.29 15.42 4.87
    2 Taiwan 13.44 5.83 7.61
    3 UK 11.08 9.46 1.61
    4 Sweden 9.88 2.27 7.61
    5 Germany 7.70 5.08 2.62
    6 Italy 7.54 1.76 5.78
    7 Switzerland 4.64 5.67 -1.03
    8 Canada 4.45 7.34 -2.88
    9 South Korea 4.20 3.57 0.64
    10 India 2.82 6.04 -3.21
    11 Australia 2.12 4.92 -2.79
    12 Cash 2.11 0.00 2.11
    13 Israel 1.99 0.65 1.34
    14 Channel Islands, IoM 1.80 0.00 1.80
    15 Hong Kong 1.56 1.11 0.44
    16 Denmark 1.54 2.38 -0.85
    17 Netherlands 0.99 3.08 -2.09
    18 Belgium 0.92 0.63 0.29
    19 Malaysia 0.52 0.45 0.07
    20 Finland 0.29 0.66 -0.37
    21 France 0.12 6.45 -6.33
    22 Egypt 0.00 0.03 -0.03
    23 Colombia 0.00 0.03 -0.03
    24 Czech Republic 0.00 0.03 -0.03
    25 Hungary 0.00 0.06 -0.06
    26 Peru 0.00 0.08 -0.08
    27 Portugal 0.00 0.13 -0.13
    28 Chile 0.00 0.14 -0.14
    29 Greece 0.00 0.15 -0.15
    30 Philippines 0.00 0.16 -0.16
    31 New Zealand 0.00 0.16 -0.16
    32 Austria 0.00 0.19 -0.19
    33 Ireland 0.00 0.22 -0.22
    34 Qatar 0.00 0.23 -0.23
    35 Kuwait 0.00 0.23 -0.23
    36 Poland 0.00 0.30 -0.30
    37 Turkey 0.00 0.30 -0.30
    38 United Arab Emirates 0.00 0.32 -0.32
    39 Thailand 0.00 0.45 -0.45
    40 Indonesia 0.00 0.46 -0.46
    41 Norway 0.00 0.56 -0.56
    42 Mexico 0.00 0.60 -0.60
    43 South Africa 0.00 0.87 -0.87
    44 Singapore 0.00 0.94 -0.94
    45 Saudi Arabia 0.00 1.14 -1.14
    46 Brazil 0.00 1.21 -1.21
    47 Spain 0.00 1.60 -1.60
    48 China 0.00 6.63 -6.63

    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

    Brian Lum (Chair)

    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.

    Charlie Broughton

    Charlie joined Baillie Gifford in 2014. He is deputy investment manager of the International Smaller Companies Strategy and co-manager of the Pan European Smaller Companies Strategy. He is a CFA Charterholder and graduated MA (Hons) in Medieval History and Archaeology from the University of St Andrews in 2013.

    Remya Nair

    Remya joined Baillie Gifford in 2018. She is deputy investment manager of the International Smaller Companies Strategy and co-manager of the Pan European Smaller Companies Strategy. She graduated MSc (Hons) in International Development Management in 2018 and BSc (Dual Hons) in Social Policy and Sociology in 2017 from the London School of Economics.

    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 Smaller Companies Fund Institutional Class BICIX 0.32997 0.00000 0.20597 0.05234 0.00000 0.32997 12/28/2023 12/28/2023 Final
    Baillie Gifford International Smaller Companies Fund K Class BICKX 0.00000 0.00000 0.00000 0.05234 0.00000 0.00000 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 Smaller Companies Fund are, Small-and Medium Capitalization Securities Risk, Growth Stock Risk, Investment Style Risk, Long-Term Investment Strategy Risk, Non-U.S. Investment Risk and Asia Risk.  The shares of small-and medium -capitalization companies can be more volatile than larger companies. This can be more evident during market downturns as they may have potentially reduced liquidity and shorter operating histories. 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 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 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. Some Asian securities may be less liquid than US or other foreign securities. They can be affected by high inflation, currency fluctuations, political instability and less efficient markets. Many Asian economies are dependent on international trade and only a few industries and can be badly affected by trade barriers. There can be less regulation and possible fluctuation in value due to adverse political conditions. Other Fund risks include: Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, 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, Japan Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risks, Service Provider Risk, Settlement Risk and 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.