1. Overview

    The Baillie Gifford Multi Asset Fund seeks long-term capital growth at lower volatility than is typically associated with equity markets.

    Investment Proposition

    Our Baillie Gifford Multi Asset Fund embraces the concept of diversification by investing across a very broad range of asset classes.  We aim to achieve an attractive level of return over the long term and to deliver it with low volatility. The Fund offers a solution for an investor looking for an actively-managed portfolio invested across a broad range of traditional and non-traditional asset classes. We offer a portfolio that adapts to different investment environments to help capture current opportunities.

    Performance & Portfolio

    Annualized total returns as of month end** 8/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class K1.72%4.04%5.72%15.61%8.84%2.68%0.57%
    ICE BofA Merrill Lynch 3-Month US Treasury Bill Index0.00%0.01%0.03%0.09%1.22%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 June 30 2021, periods over 1 year are annualized.

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

    Fund inception date: December 3, 2018

    Share Class launch date: December 3, 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 3, 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, Acquired Fund Fees and Expenses and extraordinary expenses), through August 31, 2022.

     

    The ICE BofA 3-Month U.S. Treasury Bill Index is market value weighted and designed to measure the performance of the U.S. dollar‐denominated, fixed rate U.S. Treasury market. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Annualized total returns as of month end** 8/31/2021

    1 Month*

    3 Months*

    YTD*

    1 Year

    Since Inception†

    Gross Expense Ratio

    Net Expense Ratio

    Share Class Institutional1.63%4.04%5.72%15.57%8.82%2.67%0.57%
    ICE BofA Merrill Lynch 3-Month US Treasury Bill Index0.00%0.01%0.03%0.09%1.22%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 June 30 2021, periods over 1 year are annualized.

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

    Fund inception date: December 3, 2018

    Share Class launch date: December 3, 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 3, 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, Acquired Fund Fees and Expenses and extraordinary expenses), through August 31, 2022.

     

    The ICE BofA 3-Month U.S. Treasury Bill Index is market value weighted and designed to measure the performance of the U.S. dollar‐denominated, fixed rate U.S. Treasury market. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

    Asset Class Analysis 6/30/2021

    Fund %

    • 1 Listed Equities 27.33
    • 2 Property 9.14
    • 3 High Yield Credit 5.67
    • 4 Investment Grade Bonds 2.03
    • 5 Structured Finance 3.91
    • 6 Commodities 3.77
    • 7 Emerging Market Bonds Local Currency 6.81
    • 8 Emerging Market Bonds Hard Currency 3.03
    • 9 Infrastructure 20.80
    • 10 Government Bonds 0.00
    • 11 Absolute Return 6.01
    • 12 Active Currency -0.80
    • 13 Cash and Equivalents 11.49
    • 14 Unclassified 0.82
    • Total 100.0

    It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the asset classes mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on asset classes 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

    James Squires

    James is Head of the Multi Asset Team and a member of the Investment Risk Committee. He became a Partner in 2018. James joined Baillie Gifford in 2006, initially working in our North American Equity and Fixed Income Teams. He has been a CFA Charterholder since 2010 and graduated BA in Mathematics and Philosophy from the University of Oxford in 2005.

    David McIntyre

    David is an Investment Manager in the Multi Asset Team and is a CFA Charterholder. He joined Baillie Gifford in 2008, initially working in our Fixed Income and European Equity Teams. David previously worked for KPMG and in 2007 qualified as a Chartered Accountant. He graduated BA in History and Politics from the University of Oxford in 2004.

    Felix Amoako-Kwarteng

    Felix joined Baillie Gifford in 2011 and is an Investment Manager in the Multi Asset Team. He is a CFA Charterholder. Felix graduated BComm in Accounting from University of Cape Coast, Ghana in 2008 and MSc in Investment Analysis from the University of Stirling in 2010.

    Scott Lothian

    Scott joined Baillie Gifford in 2015 and is an Investment Manager in the Multi Asset Team. Prior to joining Baillie Gifford, he worked for Schroders in London, BEA Union in Hong Kong and Towers Watson. Scott graduated BSc in Actuarial Mathematics and Statistics from Heriot-Watt University in 1999. He is a Fellow of the Institute and Faculty of Actuaries.

    Nicoleta Dumitru

    Nicoleta joined Baillie Gifford in 2013 and is an Investment Manager in the Multi Asset Team. In 2018, she joined the Multi Asset Income Portfolio Construction Group (PCG). Nicoleta graduated BSc (Hons) in Management and Marketing from the University of Manchester in 2013.  

    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 Multi Asset Fund Institutional Class BGBIX 0.05014 0.00000 0.05014 0.00000 0.00000 0.05014 12/30/2020 12/30/2020 Final
    Baillie Gifford Multi Asset Fund K Class BGBKX 0.05385 0.00000 0.05385 0.00000 0.00000 0.05385 12/30/2020 12/30/2020 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

    Risks

    The most significant risks of an investment in the Baillie Gifford Multi Asset Fund are Asset Allocation Risk, Volatility Management Risk, Market Risk, Derivatives Risk and Underlying Funds Risk. The Fund's performance depends on successful asset allocation decisions. Asset allocation does not eliminate risk and in some market conditions different asset class valuations can decline at the same time. There is no guarantee that the Fund's asset allocation will produce positive returns and you may lose money. There is no guarantee that the Fund's managers will successfully manage overall volatility. The Fund may not get the expected benefits of its volatility management techniques, particularly if the valuations of a broad range of asset classes and markets move in the same direction. In some cases, the volatility management techniques may result in less favorable performance than if they hadn't been used. The value of the Fund will be affected by markets moving up and down. Market declines may reduce the value of the Fund. Investing in derivatives includes the risk that their value may not move as expected relative to the underlying assets, rates or indices. There are other risks associated with derivatives such as market and liquidity risk. The Manager does serve as an investment adviser to some pools in which the Fund invests, leading to potential conflicts of interest. Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in that other pool. The Fund must pay its portion of the other pooled vehicles' fees and expenses. Investments in ETFs pose additional risks. A large shareholder redemption might require the Fund to sell investments at an ill-timed moment. Other Fund risks include: Commodities Risk, Conflicts of Interest Risk, Counterparty and Third Party Risk, Credit Risk, Currency and Currency Hedging and Trading Risk, Debt Securities Risk, Emerging Markets Risk, Equity Securities Risk, Frontier Markets Risk, Futures Contracts Risk, Growth Stock Risk, Hedging Risk, High Yield Investments Risk, Information Technology Risk, Infrastructure Investments Risk, Interest Rate Risk, IPO Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy Risk, Market Disruption and Geopolitical Risk, , Modeling Risk, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Over-the-Counter Risk, Real Estate Securities Risk, Service Provider Risk, Settlement Risk, Short Position Risk, Small-and Medium-Capitalization Securities Risk, Structured Finance Securities Risk, Tax Risk, 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

    ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ice data, its affiliates nor their respective third party providers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE DATA, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Baillie Gifford, or any of its products or services.

    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.