1. BAILLIE GIFFORD POSITIVE CHANGE EQUITIES FUND
    BAILLIE GIFFORD POSITIVE CHANGE EQUITIES FUND

    Overview

    The Baillie Gifford Positive Change Equities Fund seeks capital appreciation with an emphasis on investing in businesses that deliver positive change by contributing towards a more sustainable and inclusive world.

    Investment Proposition

    The Fund invests in an actively managed portfolio of 25-50 global high quality growth companies which can deliver positive social change in one of four areas: Social inclusion and Education, Environment and Resource Needs, Healthcare and Quality of Life; and Base of the Pyramid (addressing the needs of the world’s poorest populations). A Portfolio Construction Group of five investment managers and two corporate governance analysts generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the group complete a two stage analysis of all holdings, looking at both the financial and positive social change cases for each stock using a consistent framework. The output is a high conviction and differentiated portfolio.

    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 14,598 429.01 USD Equity 6262687.98 9.46
    2 B02K2M3 JP3435750009 M3 Japan 67,700 6500.00 JPY Equity 4169904.29 6.30
    3 2113382 US8740391003 TSMC Taiwan 47,462 81.07 USD Equity 3847744.34 5.81
    4 B929F46 NL0010273215 ASML Netherlands 9,008 314.70 EUR Equity 3324250.30 5.02
    5 B0796X4 US2521311074 Dexcom United States 7,696 412.23 USD Equity 3172522.08 4.79
    6 4491235 IE0004927939 Kingspan Group Ireland 34,170 77.70 EUR Equity 3113397.65 4.70
    7 2613990 US4523271090 Illumina United States 8,818 309.08 USD Equity 2725467.44 4.12
    8 B23X1H3 US58733R1023 MercadoLibre Brazil 2,500 1082.48 USD Equity 2706200.00 4.09
    9 BYQRFY1 US87918A1051 Teladoc United States 11,892 219.24 USD Equity 2607202.08 3.94
    10 BGSXTS3 US60770K1079 Moderna United States 32,933 70.75 USD Equity 2330009.75 3.52
        Total 51.77%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B616C79 US88160R1014 Tesla Inc United States 14,598 429.01 USD Equity 6262687.98 9.46
    2 B02K2M3 JP3435750009 M3 Japan 67,700 6500.00 JPY Equity 4169904.29 6.30
    3 2113382 US8740391003 TSMC Taiwan 47,462 81.07 USD Equity 3847744.34 5.81
    4 B929F46 NL0010273215 ASML Netherlands 9,008 314.70 EUR Equity 3324250.30 5.02
    5 B0796X4 US2521311074 Dexcom United States 7,696 412.23 USD Equity 3172522.08 4.79
    6 4491235 IE0004927939 Kingspan Group Ireland 34,170 77.70 EUR Equity 3113397.65 4.70
    7 2613990 US4523271090 Illumina United States 8,818 309.08 USD Equity 2725467.44 4.12
    8 B23X1H3 US58733R1023 MercadoLibre Brazil 2,500 1082.48 USD Equity 2706200.00 4.09
    9 BYQRFY1 US87918A1051 Teladoc United States 11,892 219.24 USD Equity 2607202.08 3.94
    10 BGSXTS3 US60770K1079 Moderna United States 32,933 70.75 USD Equity 2330009.75 3.52
    11 B573M11 DK0060227585 Chr Hansen Denmark 20,411 705.80 DKK Equity 2269478.76 3.43
    12 BF44466 BE0974320526 Umicore Belgium 50,038 35.55 EUR Equity 2085970.41 3.15
    13 BYYT1T6 SE0008321293 NIBE Sweden 76,331 231.10 SEK Equity 1970960.23 2.98
    14 BYVY8G0 US02079K3059 Alphabet United States 1,330 1465.60 USD Equity 1949248.00 2.95
    15 BXDZ9Z0 CA82509L1076 Shopify Canada 1,707 1022.97 USD Equity 1746209.79 2.64
    16 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 11,744 145.60 USD Equity 1709926.40 2.58
    17 2003698 US0036541003 Abiomed United States 5,952 277.06 USD Equity 1649061.12 2.49
    18 B3P2CN8 US98419M1009 Xylem United States 19,379 84.12 USD Equity 1630161.48 2.46
    19 B798FW0 DK0060336014 Novozymes Denmark 24,237 399.90 DKK Equity 1526899.50 2.31
    20 BJ1FDK7 US08862E1091 Beyond Meat United States 9,138 166.06 USD Equity 1517456.28 2.29
    21 BK6YZP5 KYG017191142 Alibaba China 41,900 275.60 HKD Equity 1490018.06 2.25
    22 BYT16L4 DK0060094928 Ørsted Denmark 10,469 875.40 DKK Equity 1443749.77 2.18
    23 BKS3RS7 US88025U1097 10x Genomics United States 11,394 124.68 USD Equity 1420603.92 2.15
    24 2261203 US2441991054 Deere & Co United States 6,113 221.63 USD Equity 1354824.19 2.05
    25 5843329 DE0007165631 Sartorius Group Germany 3,152 350.40 EUR Equity 1295146.52 1.96
    26 6177878 ZAE000022331 Discovery South Africa 162,875 127.92 ZAR Equity 1249098.92 1.89
    27 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 5,698,400 3040.00 IDR Equity 1164189.25 1.76
    28 2304227 US2788651006 Ecolab United States 5,372 199.84 USD Equity 1073540.48 1.62
    29 Cash and Deposits International 1,007,903 0.00 USD Equity 1007902.91 1.52
    30 BYMWL19 US3773221029 Glaukos Corporation United States 18,252 49.52 USD Equity 903839.04 1.37
    31 BLWDVP5 GB00BLWDVP51 FDM United Kingdom 39,174 10.18 GBP Equity 515557.32 0.78
    32 BL5C535 US0843101017 Berkeley Lights United States 6,626 76.36 USD Equity 505961.36 0.76
    33 B2QN3J6 KE1000001402 Safaricom Kenya 1,582,200 29.70 KES Equity 433099.91 0.65
    34 Cash and Deposits International 0 0.00 GBP Equity 0.01 0.00
                      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. 

    Key Decision Makers

    Kate Fox

    Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long term potential. Kate joined Baillie Gifford in 2002 and is an Investment Manager and decision maker in the Positive Change Team, as well as a Partner of the firm. She is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001.

    Lee Qian

    Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply and he has been interested in development since. Lee joined Baillie Gifford in 2012 and is an Investment Manager and decision maker in the Positive Change Team. He is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.

    Michelle O'Keeffe

    Michelle has a wealth of experience in assessing climate change having worked in the field since 2000. A focus on the long-term sustainability of companies in its broadest sense is therefore a topic Michelle sees as central to investment. Michelle joined Baillie Gifford in 2015 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She graduated BSc (Hons) in Zoology from the University of Cardiff in 1999 and MSc in Climate Change and Risk Management from the University of Exeter in 2009.

    Ed Whitten

    Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges. Ed joined Baillie Gifford in 2018 and is an Impact Analyst and decision maker in the Positive Change Team. He graduated with a BA (Hons) in History from Newcastle University in 2008 and is studying towards an MSc in Sustainable Development at London’s School of Oriental and African Studies.

    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 Positive Change Equities Fund Institutional Class BPESX 0.03301 0.00000 0.03301 0.01159 0.01706 0.05008 12/27/2019 12/27/2019 Final
    Baillie Gifford Positive Change Equities Fund K Class BPEKX 0.03684 0.00000 0.03684 0.01159 0.01706 0.05390 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

    Further details of these rates can be found 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 Positive Change Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-Diversification Risk, Impact Risk, Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Frontier Markets Risk, Information Technology Risk, IPO Risk, Japan Risk, Large Capitalization Securities 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, Small-and Medium Capitalization Securities Risk, Socially Responsible Investing 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.