1. BAILLIE GIFFORD LONG TERM GLOBAL GROWTH FUND
    BAILLIE GIFFORD LONG TERM GLOBAL GROWTH FUND

    Overview

    The Baillie Gifford Long Term Global Growth Fund seeks to provide long-term capital appreciation.

    Investment Proposition

    Long Term Global Growth is a purely stock-driven, unconstrained global equity strategy focused on investing in exceptional growth companies. This approach is expressly long term, we believe that investing in companies with the scope to grow to multiples of their current size has the potential to transform the returns for investors over time. The Fund’s share price can be volatile, which we look to embrace as it can provide opportunities to invest in companies with great long term growth prospects at opportune prices.

    Holdings - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B616C79 US88160R1014 Tesla Inc United States 109,701 429.01 USD Equity 47062826.01 8.39
    2 2000019 US0231351067 Amazon.com United States 13,765 3148.73 USD Equity 43342268.45 7.73
    3 BP41ZD1 US01609W1027 Alibaba China 121,116 293.98 USD Equity 35605681.68 6.35
    4 BMMV2K8 KYG875721634 Tencent China 456,100 511.50 HKD Equity 30102600.00 5.37
    5 BGJW376 KYG596691041 Meituan Dianping China 882,000 241.80 HKD Equity 27518400.00 4.91
    6 5505072 FR0000121485 Kering France 33,812 567.60 EUR Equity 22505146.41 4.01
    7 2613990 US4523271090 Illumina United States 71,922 309.08 USD Equity 22229651.76 3.96
    8 B7TL820 US30303M1027 Facebook United States 79,614 261.90 USD Equity 20850906.60 3.72
    9 Cash and Deposits International 19,301,906 0.00 USD Equity 19301905.72 3.44
    10 2857817 US64110L1061 Netflix United States 37,038 500.03 USD Equity 18520111.14 3.30
        Total 51.19%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B616C79 US88160R1014 Tesla Inc United States 109,701 429.01 USD Equity 47062826.01 8.39
    2 2000019 US0231351067 Amazon.com United States 13,765 3148.73 USD Equity 43342268.45 7.73
    3 BP41ZD1 US01609W1027 Alibaba China 121,116 293.98 USD Equity 35605681.68 6.35
    4 BMMV2K8 KYG875721634 Tencent China 456,100 511.50 HKD Equity 30102600.00 5.37
    5 BGJW376 KYG596691041 Meituan Dianping China 882,000 241.80 HKD Equity 27518400.00 4.91
    6 5505072 FR0000121485 Kering France 33,812 567.60 EUR Equity 22505146.41 4.01
    7 2613990 US4523271090 Illumina United States 71,922 309.08 USD Equity 22229651.76 3.96
    8 B7TL820 US30303M1027 Facebook United States 79,614 261.90 USD Equity 20850906.60 3.72
    9 Cash and Deposits International 19,301,906 0.00 USD Equity 19301905.72 3.44
    10 2857817 US64110L1061 Netflix United States 37,038 500.03 USD Equity 18520111.14 3.30
    11 BXDZ9Z0 CA82509L1076 Shopify Canada 16,723 1022.97 USD Equity 17107127.31 3.05
    12 BGSP7M9 US98980L1017 Zoom Video Communications United States 35,914 470.11 USD Equity 16883530.54 3.01
    13 BYVW0F7 US7223041028 Pinduoduo China 213,321 74.15 USD Equity 15817752.15 2.82
    14 2379504 US67066G1040 NVIDIA United States 28,614 541.22 USD Equity 15486469.08 2.76
    15 BJ7WJS2 US70614W1009 Peloton United States 152,958 99.24 USD Equity 15179551.92 2.71
    16 B0796X4 US2521311074 Dexcom United States 36,621 412.23 USD Equity 15096274.83 2.69
    17 B929F46 NL0010273215 ASML Netherlands 39,494 314.70 EUR Equity 14574593.82 2.60
    18 2310525 US79466L3024 salesforce.com United States 52,565 251.32 USD Equity 13210635.80 2.36
    19 B4MGD82 US8740801043 TAL Education China 163,688 76.04 USD Equity 12446835.52 2.22
    20 BYY88Y7 US02079K1079 Alphabet United States 8,366 1469.60 USD Equity 12294673.60 2.19
    21 BFZ1K46 LU1778762911 Spotify Sweden 49,772 242.57 USD Equity 12073194.04 2.15
    22 BZCNB42 DE000A2E4K43 Delivery Hero Germany 98,829 98.12 EUR Equity 11371310.96 2.03
    23 BZ09BD1 GB00BZ09BD16 Atlassian United States 62,431 181.79 USD Equity 11349331.49 2.02
    24 2871301 US46120E6023 Intuitive Surgical United States 15,928 709.54 USD Equity 11301553.12 2.02
    25 B8K6ZD1 US98138H1014 Workday United States 50,720 215.13 USD Equity 10911393.60 1.95
    26 BZ1HM42 NL0012969182 Adyen Netherlands 5,509 1572.50 EUR Equity 10158557.01 1.81
    27 BFZX9H8 US62914V1061 NIO China 418,577 21.22 USD Equity 8882203.94 1.58
    28 2606440 US64110W1027 NetEase China 18,339 454.67 USD Equity 8338193.13 1.49
    29 BYQHPG3 US1468691027 Carvana United States 31,379 223.06 USD Equity 6999399.74 1.25
    30 5253973 FR0000052292 Hermès International France 8,079 736.20 EUR Equity 6974643.54 1.24
    31 BJXC5M2 US18915M1071 Cloudflare United States 143,904 41.06 USD Equity 5908698.24 1.05
    32 B4TX8S1 HK0000069689 AIA Hong Kong 498,800 75.90 HKD Equity 4885021.94 0.87
    33 BJ1FDK7 US08862E1091 Beyond Meat United States 26,890 166.06 USD Equity 4465353.40 0.80
    34 BMBX7M2 US4824971042 KE Holdings Inc. China 52,388 61.30 USD Equity 3211384.40 0.57
    35 BYYWPW6 US07725L1026 BeiGene China 10,853 286.44 USD Equity 3108733.32 0.55
    36 BDJ0LS6 US4622221004 Ionis Pharmaceuticals United States 48,397 47.45 USD Equity 2296437.65 0.41
    37 BGSXTS3 US60770K1079 Moderna United States 31,828 70.75 USD Equity 2251831.00 0.40
    38 4057808 FR0000120321 L'Oréal France 2,788 277.60 EUR Equity 907571.45 0.16
    39 Cash and Deposits International 133,027 0.00 EUR Equity 155993.98 0.03
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

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    Regional Analysis of Total Assets - 9/30/2020

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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. 

    Managers

    Mark Urquhart

    Mark is a Senior Investment Manager in our Long Term Global Growth Team, a strategy which he co-founded in 2003. Mark joined Baillie Gifford in 1996, initially working as an Investment Analyst and Manager in the US, UK and Japanese Equities Teams. He became a Partner in 2004. Mark graduated BA in Philosophy, Politics and Economics from the University of Oxford in 1992 and spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics at the University of Edinburgh in 1996.

    Tom Slater

    Tom is Head of the US Equities Team and is a Decision Maker on Long Term Global Growth Portfolios. He joined Baillie Gifford in 2000 and became a Partner of the firm in 2012. After serving as Deputy Manager for five years, Tom was appointed Joint Manager of Scottish Mortgage Investment Trust in 2015. During his time at Baillie Gifford he has also worked in the Developed Asia and UK Equity Teams. Tom’s investment interest is focused on high growth companies both in listed equity markets and as an investor in private companies. He graduated BSc in Computer Science with Mathematics from the University of Edinburgh in 2000.

    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 Long Term Global Growth Fund Institutional Class BSGLX 0.00000 0.00000 0.00000 0.00000 0.02956 0.02956 12/27/2019 12/27/2019 Final
    Baillie Gifford Long Term Global Growth Fund K Class BGLKX 0.00000 0.00000 0.00000 0.00000 0.02956 0.02956 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 Long Term Global Growth Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-Diversification 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.

    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.