1. BAILLIE GIFFORD INTERNATIONAL SMALLER COMPANIES FUND
    BAILLIE GIFFORD INTERNATIONAL SMALLER COMPANIES FUND

    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.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BSLTDM4 JP3835870001 Bengo4.com Japan 700 11180.00 JPY Equity 74159.01 4.60
    2 B28XLF6 DE0005493365 Hypoport Germany 107 534.00 EUR Equity 67002.90 4.16
    3 BJXMLF7 SE0012454072 Avanza Bank Sweden 3,180 175.80 SEK Equity 62463.02 3.88
    4 6510989 KR7012510004 Douzone Bizon Co South Korea 622 104500.00 KRW Equity 55578.45 3.45
    5 BFM1K61 JP3967180005 RakSul Japan 1,200 4290.00 JPY Equity 48782.34 3.03
    6 B13V385 JP3952870008 Demae-Can Japan 1,800 2782.00 JPY Equity 47451.91 2.95
    7 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 651.00 TWD Equity 44955.46 2.79
    8 BN85P68 CA49448Q1090 Kinaxis Canada 300 196.01 CAD Equity 44022.46 2.73
    9 BZ1DZ96 IT0005282865 Reply Spa Italy 353 98.45 EUR Equity 40752.95 2.53
    10 BLN8T44 SE0014781795 ADDTECH Sweden 3,092 117.60 SEK Equity 40627.84 2.52
        Total 32.64%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BSLTDM4 JP3835870001 Bengo4.com Japan 700 11180.00 JPY Equity 74159.01 4.60
    2 B28XLF6 DE0005493365 Hypoport Germany 107 534.00 EUR Equity 67002.90 4.16
    3 BJXMLF7 SE0012454072 Avanza Bank Sweden 3,180 175.80 SEK Equity 62463.02 3.88
    4 6510989 KR7012510004 Douzone Bizon Co South Korea 622 104500.00 KRW Equity 55578.45 3.45
    5 BFM1K61 JP3967180005 RakSul Japan 1,200 4290.00 JPY Equity 48782.34 3.03
    6 B13V385 JP3952870008 Demae-Can Japan 1,800 2782.00 JPY Equity 47451.91 2.95
    7 B52J816 KYG014081064 AirTac International Group Taiwan 2,000 651.00 TWD Equity 44955.46 2.79
    8 BN85P68 CA49448Q1090 Kinaxis Canada 300 196.01 CAD Equity 44022.46 2.73
    9 BZ1DZ96 IT0005282865 Reply Spa Italy 353 98.45 EUR Equity 40752.95 2.53
    10 BLN8T44 SE0014781795 ADDTECH Sweden 3,092 117.60 SEK Equity 40627.84 2.52
    11 B80VKP3 TW0005274005 ASPEED Technology Taiwan 1,000 1135.00 TWD Equity 39189.28 2.43
    12 Cash and Deposits International 37,651 0.00 USD Equity 37650.85 2.34
    13 6123923 JP3920860008 Megachips Japan 1,200 2870.00 JPY Equity 32635.27 2.03
    14 0371847 GB0003718474 Games Workshop Group United Kingdom 240 101.90 GBP Equity 31616.71 1.96
    15 B034DS7 IL0010910656 Maytronics Israel 2,033 52.72 ILS Equity 31336.36 1.95
    16 3147777 GB0031477770 First Derivatives United Kingdom 720 33.15 GBP Equity 30856.54 1.92
    17 B7K6D18 IT0004764699 Brunello Cucinelli Italy 991 26.04 EUR Equity 30261.00 1.88
    18 BLNN0G8 CH0238627142 Bossard Switzerland 163 166.60 CHF Equity 29557.33 1.83
    19 B18RC03 JP3153480003 Infomart Japan 3,300 930.00 JPY Equity 29081.78 1.81
    20 B39Q399 KR7098460009 Koh Young Technology South Korea 374 89500.00 KRW Equity 28621.63 1.78
    21 BF0QD69 JP3932950003 KATITAS Japan 1,000 2971.00 JPY Equity 28153.13 1.75
    22 6906760 JP3531800005 Tsugami Japan 2,400 1227.00 JPY Equity 27904.86 1.73
    23 B03XKH2 JP3105270007 Outsourcing Japan 3,000 968.00 JPY Equity 27518.24 1.71
    24 BLWDVP5 GB00BLWDVP51 FDM United Kingdom 2,049 10.18 GBP Equity 26966.28 1.67
    25 BJV2FV3 DE000NWRK013 New Work Germany 80 260.50 EUR Equity 24438.04 1.52
    26 B0VL7C2 DK0060027142 Alk-Abello Denmark 72 2098.00 DKK Equity 23796.78 1.48
    27 B1QGV49 JP3130300001 eGuarantee Japan 1,000 2395.00 JPY Equity 22694.97 1.41
    28 5982200 GB0059822006 Dialog Semiconductor Germany 508 37.20 EUR Equity 22160.28 1.38
    29 BD83SJ6 JP3984120000 Locondo Japan 700 3200.00 JPY Equity 21226.19 1.32
    30 BZ30ML6 SE0009997018 HMS Industrial Networks Sweden 902 205.50 SEK Equity 20710.73 1.29
    31 B7TYN35 JP3240100002 Kitanotatsujin Japan 3,600 543.00 JPY Equity 18523.64 1.15
    32 B056381 TW0003443008 Global UniChip Taiwan 2,000 260.00 TWD Equity 17954.56 1.11
    33 BK7C5Q9 JP3386690006 JMDC Japan 400 4630.00 JPY Equity 17549.51 1.09
    34 BG0SQC9 CH0406705126 Sensirion Switzerland 326 48.30 CHF Equity 17138.29 1.06
    35 BD9Y5C0 IT0005162406 Technogym Italy 1,951 7.31 EUR Equity 16724.12 1.04
    36 BBQ3850 GB00BBQ38507 Keywords Studios United Kingdom 586 21.76 GBP Equity 16484.96 1.02
    37 BF52PL1 AU000000NWL7 Netwealth Australia 1,510 15.18 AUD Equity 16429.20 1.02
    38 B84B5K9 JP3305960001 COLOPL Japan 1,900 898.00 JPY Equity 16167.91 1.00
    39 BYVX2X2 GB00BYVX2X20 Team 17 Digital Limited United Kingdom 1,781 6.96 GBP Equity 16025.24 0.99
    40 6212100 TW0002360005 Chroma Ate Taiwan 3,000 153.00 TWD Equity 15848.35 0.98
    41 B2R9XL5 DE0005111702 Zooplus Germany 84 158.60 EUR Equity 15622.52 0.97
    42 BYZ6P94 JP3944390008 Uzabase Japan 400 3760.00 JPY Equity 14251.87 0.88
    43 BY4JZZ0 JP3835100003 Healios Japan 700 1875.00 JPY Equity 12437.22 0.77
    44 6602563 JP3924800000 DMG Mori Japan 900 1452.00 JPY Equity 12383.21 0.77
    45 B3XSP95 KR7095700001 Genexine South Korea 100 142800.00 KRW Equity 12210.35 0.76
    46 B3PQXL5 JP3122440005 Anicom Japan 1,200 1068.00 JPY Equity 12144.41 0.75
    47 6461128 JP3149800009 Iriso Electronics Japan 300 4240.00 JPY Equity 12053.44 0.75
    48 BD4F658 SE0008294953 Paradox Interactive Sweden 343 305.00 SEK Equity 11688.83 0.73
    49 BZCRNM6 JP3277040006 KH Neochem Japan 500 2460.00 JPY Equity 11655.45 0.72
    50 7370063 BE0165385973 Melexis Belgium 147 66.45 EUR Equity 11454.63 0.71
    51 B021F83 GB00B021F836 Majestic Wine United Kingdom 1,972 4.40 GBP Equity 11217.36 0.70
    52 6660914 JP3197700002 Optex Japan 700 1689.00 JPY Equity 11203.45 0.70
    53 BF062T5 KR7042000000 Cafe24 South Korea 217 59700.00 KRW Equity 11077.30 0.69
    54 BYXX821 SE0007439443 Storytel Sweden 386 250.00 SEK Equity 10782.12 0.67
    55 BY7QYJ5 GB00BY7QYJ50 Draper Esprit United Kingdom 1,506 5.48 GBP Equity 10669.32 0.66
    56 B6X51B1 TW0008436007 TCI Co Taiwan 1,148 269.00 TWD Equity 10662.66 0.66
    57 6777579 JP3321400008 Sato Holdings Japan 500 2237.00 JPY Equity 10598.88 0.66
    58 BMTCQY6 SE0014428835 Vostok New Ventures Sweden 1,254 71.80 SEK Equity 10060.02 0.62
    59 BZC0LC1 GB00BZC0LC10 Victoria United Kingdom 2,505 2.99 GBP Equity 9683.01 0.60
    60 BF1TM59 GB00BF1TM596 Alpha FX United Kingdom 679 10.75 GBP Equity 9436.47 0.59
    61 B1P76L5 FR0010425595 Cellectis France 506 15.84 EUR Equity 9398.84 0.58
    62 B898BV8 SE0004840718 Xvivo Perfusion Sweden 301 271.50 SEK Equity 9130.89 0.57
    63 B298ZY7 JP3977020001 Link and Motivation Japan 2,300 394.00 JPY Equity 8587.13 0.53
    64 B7JCJZ3 JP3102320003 Istyle Japan 2,600 320.00 JPY Equity 7884.01 0.49
    65 BNGN4R8 SE0005878741 Bactiguard Sweden 403 173.50 SEK Equity 7812.35 0.48
    66 BYZC3B0 GB00BYZC3B04 Hotel Chocolat United Kingdom 1,694 3.55 GBP Equity 7774.51 0.48
    67 6456492 JP3142300007 Ichiyoshi Securities Japan 1,700 469.00 JPY Equity 7555.20 0.47
    68 6321266 JP3152720003 Inter Action Corporation Japan 400 1940.00 JPY Equity 7353.36 0.46
    69 4018786 SE0000683484 CellaVision Sweden 182 359.20 SEK Equity 7304.40 0.45
    70 BP4JH17 BMG5150J1577 Johnson Electric Hong Kong 3,000 16.82 HKD Equity 6510.97 0.40
    71 B04SF48 AU000000MSB8 Mesoblast Australia 1,699 5.08 AUD Equity 6186.21 0.38
    72 4031910 FR0004110310 ESI Group France 135 38.70 EUR Equity 6126.51 0.38
    73 B28PS95 CH0033361673 u-blox Switzerland 102 51.15 CHF Equity 5678.69 0.35
    74 BJVSF22 JP3481300006 Daikyonishikawa Japan 1,000 556.00 JPY Equity 5268.64 0.33
    75 B3W40C2 GB00B3W40C23 dotdigital United Kingdom 2,785 1.42 GBP Equity 5094.64 0.32
    76 BWWYKX6 BE0974281132 Biocartis Belgium 862 4.50 EUR Equity 4548.71 0.28
    77 BYZWZT2 KYG468321040 Hypebeast Hong Kong 47,500 0.74 HKD Equity 4535.48 0.28
    78 BYW82K3 DE000A2DAM03 Aumann Germany 165 11.26 EUR Equity 2178.67 0.14
    79 Cash and Deposits International 11 0.00 TWD Equity 0.38 0.00
    80 Cash and Deposits International -2,989 0.00 SEK Equity -333.94 -0.02
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

    Unfortunately we were unable to load the chart. Please try again later.

    Regional Analysis of Total Assets - 9/30/2020

    Unfortunately we were unable to load the chart. Please try again later.

    Country Analysis of Total Assets - 9/30/2020

    Unfortunately we were unable to load the chart. Please try again later.

     

     

    Industry Analysis of Total Assets - 9/30/2020

    Unfortunately we were unable to load the chart. Please try again later.

    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 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.

    Praveen Kumar

    Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities Team. He previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from Bangalore University in 2001 and gained an MBA from the University of Cambridge in 2008.

    Milena Mileva

    Milena joined Baillie Gifford in 2009 and is an Investment Manager in the UK Equity Team. She has also been a member of the Pan-European Portfolio Construction Group since 2014. Milena graduated BA in Social & Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.

    Steve Vaughan

    Steve joined Baillie Gifford in 2012 and is an Investment Manager in the International Smaller Companies Team. He is a CFA Charterholder. Prior to joining Baillie Gifford, Steve was an Officer in the British Army for nine years. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012.

    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 0.10519 0.18939 0.03702 0.00000 0.00000 0.29458 12/27/2019 12/27/2019 Final
    Baillie Gifford International Smaller Companies Fund K Class BICKX 0.10519 0.18939 0.03702 0.00000 0.00000 0.29458 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.

    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 Smaller Companies Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Japan Risk, Small-and Medium-Capitalization Securities Risk, Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Geographic Focus Risk, Information Technology Risk, IPO Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement 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.