1. 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.

    Performance & Portfolio

    Annualized total returns as of month end** 10/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K9.72%5.69%15.88%25.25%33.43%31.43%24.46%0.71%0.71%
    MSCI ACWI Index5.13%3.39%17.21%27.98%13.10%13.76%9.79%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 September 30 2021, 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).

    Fund inception date: June 10, 2014

    Share Class launch date: April 28, 2017

    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 All Country World 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. 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 K-3.80%54.08%-1.41%33.50%101.76%
    MSCI ACWI Index8.49%24.62%-8.93%27.30%16.82%

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    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 All Country World 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.

    Performance 10/31/2021
    Baillie Gifford Long Term Global Growth Fund - Share Class K

    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 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.

    All performance figures are cumulative.
    All figures quoted are in US dollars, net of fees.

    The graph is rebased to 100.

    Annualized total returns as of quarter end 9/30/2021

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: June 10, 2014
    Share Class launch date: April 28, 2017
    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** 10/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    3 Years

    5 Years

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional9.70%5.66%15.81%25.14%33.34%31.34%24.34%0.79%0.79%
    MSCI ACWI Index5.13%3.39%17.21%27.98%13.10%13.76%9.79%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 September 30 2021, 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).

    Fund inception date: June 10, 2014

    Share Class launch date: April 28, 2017

    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 All Country World 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. 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 Institutional-3.95%54.01%-1.47%33.40%101.61%
    MSCI ACWI Index8.49%24.62%-8.93%27.30%16.82%

    Source: Bank of New York Mellon and relevant underlying index provider(s).

    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 All Country World 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.

    Performance - 10/31/2021
    Baillie Gifford Long Term Global 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.

    Annualized total returns as of quarter end 9/30/2021

    Source: Bank of New York Mellon and relevant underlying index provider(s).
    †Fund inception date: June 10, 2014
    Share Class launch date: April 28, 2017
    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.

     

    Holdings 9/30/2021

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 BGSXTS3 US60770K1079 Moderna United States 179,803 384.86 USD Equity 69198982.58 6.20
    2 2000019 US0231351067 Amazon.com United States 17,938 3285.04 USD Equity 58927047.52 5.28
    3 B616C79 US88160R1014 Tesla Inc United States 67,698 775.48 USD Equity 52498445.04 4.71
    4 2379504 US67066G1040 NVIDIA United States 230,849 207.16 USD Equity 47822678.84 4.29
    5 BGJW376 KYG596691041 Meituan China 1,498,700 246.60 HKD Equity 47475406.09 4.26
    6 B929F46 NL0010273215 ASML Netherlands 62,189 645.90 EUR Equity 46552558.50 4.17
    7 2613990 US4523271090 Illumina United States 112,991 405.61 USD Equity 45830279.51 4.11
    8 BMMV2K8 KYG875721634 Tencent China 698,700 461.40 HKD Equity 41412289.57 3.71
    9 2857817 US64110L1061 Netflix United States 66,910 610.34 USD Equity 40837849.40 3.66
    10 B0796X4 US2521311074 Dexcom United States 73,167 546.86 USD Equity 40012105.62 3.59
    Total 43.98%
    Sector Analysis of Total Assets - 9/30/2021

    Fund %

    • 1 Consumer Discretionary 33.54
    • 2 Information Technology 28.05
    • 3 Health Care 20.61
    • 4 Communication Services 12.03
    • 5 Financials 1.65
    • 6 Consumer Staples 1.13
    • 7 Industrials 1.07
    • 8 Real Estate 0.29
    • 9 Cash 1.65
    • Total 100.0
    Total may not sum due to rounding
    Regional Analysis of Total Assets - 9/30/2021

    Fund %

    • 1 North America 58.32
    • 2 Emerging Markets 22.17
    • 3 Europe (ex UK) 17.87
    • 4 Cash 1.65
    • 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

    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 - Manager

    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 3.22542 3.22542 12/29/2020 12/29/2020 Final
    Baillie Gifford Long Term Global Growth Fund K Class BGLKX 0.00000 0.00000 0.00000 0.00000 3.22542 3.22542 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.

    Capital Gains

    Please click here to view estimated capital gain distributions for 2021.

    Risks

    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, Non-U.S. Investment Risk and China 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 may have a smaller number of holdings with larger positions in each relative to other mutual funds. 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. Investing in securities of Chinese issuers involves certain risks such as limits on use of brokers and foreign ownership. There can be a higher dependence on exports and international trade with the potential for increased trade tariffs, sanctions and embargoes. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Chinese securities can become illiquid quickly as Chinese issuers have the ability to suspend trading and have done so in response to market volatility. Other Fund risks include: Asia Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Government and Regulatory Risk, Information Technology Risk, IPO Risk, Large-Capitalization 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.