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** 2/28/2023 1 Month*
3 Months*
YTD*
1 Year
3 Years
5 Years
Since Inception†
Gross Expense Ratio
Net Expense Ratio
Share Class K -5.00% 1.42% 10.23% -46.04% 3.72% 7.99% 11.76% 0.70% 0.70% MSCI ACWI Index -2.83% 0.10% 4.16% -17.96% 4.49% 5.74% 6.64% n/a n/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 December 31 2022, 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.
Discrete performance figures to 12/31/2022 12/31/2017
12/31/201812/31/2018
12/31/201912/31/2019
12/31/202012/31/2020
12/31/202112/31/2021
12/31/2022Share Class K -1.41% 33.50% 101.76% 2.48% -46.04% MSCI ACWI Index -8.93% 27.30% 16.82% 19.04% -17.96% 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 2/28/2023Baillie Gifford Long Term Global Growth Fund - Share Class KSource: 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 12/31/2022Source: 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.Stock Level Attribution
Top and bottom 5 relative contributors
One month to 2/28/2023Stock Name Contribution % Nvidia 0.99 Tesla Inc 0.73 The Trade Desk 0.34 Cloudflare Inc 0.32 Dexcom Inc 0.24 Moderna Inc -0.98 Meituan -0.83 Pinduoduo Inc ADR -0.37 Shopify -0.35 CATL -0.32 Sector Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Consumer Discretionary 32.59 11.04 21.55 2 Communication Services 13.54 7.01 6.53 3 Health Care 18.64 12.28 6.37 4 Information Technology 27.27 21.14 6.13 5 Cash 2.89 0.00 2.89 6 Real Estate 0.00 2.56 -2.56 7 Utilities 0.00 2.87 -2.87 8 Materials 0.43 4.96 -4.53 9 Energy 0.00 5.24 -5.24 10 Consumer Staples 0.00 7.36 -7.36 11 Industrials 2.25 10.17 -7.92 12 Financials 2.40 15.38 -12.99 Total 100.00 100.00 Total may not sum due to roundingRegional Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 Emerging Markets 24.89 10.87 14.02 2 Europe (ex UK) 20.35 13.24 7.10 3 Cash 2.89 0.00 2.89 4 Pacific ex Japan 0.00 3.13 -3.13 5 UK 0.00 3.95 -3.95 6 Japan 0.00 5.46 -5.46 7 North America 51.87 63.35 -11.48 Total 100.00 100.00 Total may not sum due to roundingCountry Analysis of Total Assets - 2/28/2023Fund % Benchmark % Difference % 1 China 18.00 3.50 14.50 2 Netherlands 8.16 1.15 7.01 3 France 7.73 3.19 4.53 4 Cash 2.89 0.00 2.89 5 Sweden 2.04 0.89 1.15 6 India 2.40 1.44 0.95 7 Brazil 1.37 0.55 0.82 8 South Korea 2.07 1.28 0.79 9 Singapore 1.05 0.37 0.68 10 Germany 2.41 2.19 0.22 11 Egypt 0.00 0.01 -0.01 12 Colombia 0.00 0.01 -0.01 13 Czech Republic 0.00 0.02 -0.02 14 Hungary 0.00 0.02 -0.02 15 Peru 0.00 0.03 -0.03 16 Greece 0.00 0.04 -0.04 17 New Zealand 0.00 0.05 -0.05 18 Austria 0.00 0.05 -0.05 19 Portugal 0.00 0.05 -0.05 20 Chile 0.00 0.06 -0.06 21 Turkey 0.00 0.07 -0.07 22 Philippines 0.00 0.08 -0.08 23 Poland 0.00 0.08 -0.08 24 Kuwait 0.00 0.10 -0.10 25 Qatar 0.00 0.10 -0.10 26 United Arab Emirates 0.00 0.14 -0.14 27 Malaysia 0.00 0.16 -0.16 28 Israel 0.00 0.17 -0.17 29 Norway 0.00 0.18 -0.18 30 Ireland 0.00 0.19 -0.19 31 Indonesia 0.00 0.21 -0.21 32 Thailand 0.00 0.23 -0.23 33 Finland 0.00 0.25 -0.25 34 Belgium 0.00 0.26 -0.26 35 Mexico 0.00 0.29 -0.29 36 South Africa 0.00 0.38 -0.38 37 Saudi Arabia 0.00 0.42 -0.42 38 Italy 0.00 0.65 -0.65 39 Spain 0.00 0.67 -0.67 40 Hong Kong 0.00 0.72 -0.72 41 Canada 2.32 3.06 -0.74 42 Denmark 0.00 0.75 -0.75 43 Taiwan 0.00 1.66 -1.66 44 Australia 0.00 1.99 -1.99 45 Switzerland 0.00 2.53 -2.53 46 UK 0.00 3.95 -3.95 47 Japan 0.00 5.46 -5.46 48 United States 49.55 60.29 -10.74 Total 100.00 100.00 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.Insights
View all Insights.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.
John MacDougall
John is an Investment Manager in the Long Term Global Growth (LTGG) Team and has been a Partner in the firm since 2016. He relocated to Shanghai in September 2019 as Chairman of the Baillie Gifford’s China office. He joined Baillie Gifford in 2000 and after a year in the North American Department John joined the Japanese Team where, from 2007 onwards, he managed the Shin Nippon Investment Trust which invests in high growth, small and medium sized companies. In 2011 John moved to the Global Discovery Team which focuses on identifying rapidly growing, innovation led, smaller businesses from around the world. During this period he had a particular focus on unearthing new investment opportunities in Emerging Markets, and Asia in particular. He joined the LTGG Team in 2015. John graduated MA in Ancient & Modern History from the University of Oxford in 2000.
Michael Pye
Michael joined Baillie Gifford in 2013 and is an Investment Manager in the Long Term Global Growth Team. He is a CFA Charterholder. Michael graduated BA (Hons) in Classics from the University of Cambridge in 2007 before gaining an MLitt (2009) and PhD (2013) in Iranian Studies from the University of St Andrews.
Gemma Barkhuizen
Investment Manager
Gemma joined Baillie Gifford in September 2017. She is one of the managers of the Global Outliers strategy and part of the Long Term Global Growth Team. She graduated MA in Modern History from The University of Durham in 2017. Prior to this, Gemma also graduated BA (Hons) in History and BA double major in History and Philosophy from Rhodes University in South Africa.
Robert Wilson
Robert is an investment manager in the Long-Term Global Growth (LTGG) team. Robert joined Baillie Gifford in 2016, having studied first Philosophy at Cambridge and taking up a Mellon Fellowship to Yale after. Before managing LTGG, Robert worked on Baillie Gifford’s US, European and Multi-Asset & Income strategies. He often works with Baillie Gifford’s private companies team and has particular interests in financial technology, the virtual economy and the changing face of entertainment.
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 0.74672 0.74672 12/28/2022 12/28/2022 Final Baillie Gifford Long Term Global Growth Fund K Class BGLKX 0.00000 0.00000 0.00000 0.00000 0.74672 0.74672 12/28/2022 12/28/2022 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 Funds can be found here.
Secondary ICI File for the Baillie Gifford Funds can be found here.
Documents
Financial Reports
Prospectus
Quarterly Investor Reports
Statement of Additional Information (SAI)
Summary Prospectus
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 not typically associated with investing in securities of U.S. issuers, including more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, different financial reporting standards, custody risks, and potential adverse tax consequences. 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 and other events.. Other Fund risks include: Asia Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities 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.
