US mutual fund

Baillie Gifford U.S. Equity Growth Fund

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The Baillie Gifford U.S. Equity Growth Fund seeks capital appreciation.

We aim to identify the exceptional growth businesses in America and own them for long enough that the advantages of their business models and strength of their cultures become the dominant drivers of their stock prices. We believe this long-term horizon allows us to harness the asymmetry inherent in equity markets to capture the disproportionate impact of successful investments. We run concentrated portfolios as we do not want to dilute the impact of such companies in the name of diversification.

Overview

Share price and charges

Share class
K
Ticker
BGGKX
NAV
24.40
% change
-0.69%
Management fee
0.50%
Other expenses
0.50%
Gross expense ratio
1.00%
Fee waiver
-0.35%
Net expense ratio
0.65%

Fund facts

As at: September 30, 2024

Fund launch date

December 5, 2016

Fund size

$23.5m

Benchmark

S&P 500 Index

Current number of holdings

47

Active share

87%*

Annual turnover

20%

Style

Growth

Guideline number of holdings

30-50

*Relative to S&P 500 Index.

Source: Baillie Gifford & Co and relevant underlying index provider(s).

Launch date refers to the longest running share class of the fund. This is earlier than the K and Institutional share class launch date.

Portfolio characteristics

The fund's characteristics compared to the index.

As at September 30, 2024

FundS&P 500 Index
Market cap (weighted average)$452.61bn$988.00bn
Price / Book9.045.31
Price / Earnings (12 months forward)41.8621.31
Earnings growth (5 year historic)30.22%8.65%
Return on equity (12 months forward)9.26%24.80%
Standard deviation (trailing 3 years)32.83%20.20%
Beta1.72N/A

Source: Baillie Gifford & Co, FactSet, Revolution, and relevant underlying index provider(s).

Beta is in comparison to S&P 500 Index.

A full glossary of definitions can be viewed at the bottom of this page.

Meet the managers

Risks

The most significant risks of an investment in the Baillie Gifford US Equity Growth Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk and Non-Diversification 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 focuses on investments in the US, meaning it may offer less diversification and be more volatile than other funds. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Other Fund risks include: Conflicts of Interest 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, New and Smaller-Sized Funds Risk, Service Provider Risk, Small-and Medium-Capitalization Securities Risk and Valuation Risk.

Index disclaimer

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.”

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.

Definitions

Active share

A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.

Annual turnover

Turnover is calculated as the smaller figure of either purchases or sales for the month and dividing it by an average fund market value. Annual Turnover is calculated as the sum of the monthly turnover figures for the 12 month period.

Market cap (weighted average)

The weighted average size of companies represented in the portfolio, denoted by market capitalization.

Price/Book

The weighted average ratio of current share price to last reported company book value per share. This represents a measure of valuation levels.

Price/Earnings (12 months forward)

The weighted average ratio of current share price divided by the 12 month forward earnings per share. This represents a measure of valuation levels.

Earnings growth (5 years historic)

The weighted average growth in earnings per share of current portfolio holdings delivered over the past 5 years, expressed in % per annum. This represents a measure of delivered profits growth for the current holdings in the portfolio or benchmark.

Return on equity (12 months forward)

The weighted average ratio of 12 month forward earnings per share divided by the last reported book value per share. This represents a forward-looking measure of profitability, based on the current holdings of the portfolio or benchmark.

Beta

Beta is a measure of systematic risk, denoting the sensitivity of a fund to the direction of the market. Measures of beta that are significantly higher (lower) than 1.0 indicate a greater (lesser) degree of sensitivity to market direction.

Standard deviation

A measure of the volatility of absolute returns. It is a measure of the dispersion of a set of absolute returns from its mean.

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Fund performance

Annualized total returns – as at month end

As at: September 30, 2024

Gross expense ratio

Net expense ratio

1 month*

3 months*

Year-to-date*

1 year

3 years

5 years

Since inception†

Share class K1.00%0.65%5.35%7.76%17.97%39.63%-11.29%13.50%15.73%
S&P 500 Indexn/an/a2.14%5.89%22.08%36.35%11.90%15.96%15.06%
Russell 1000 Growth Indexn/an/a2.83%3.19%24.55%42.19%12.01%19.72%19.17%

Annualized total returns – as at quarter end

As at: September 30, 2024

Gross expense ratio

Net expense ratio

1 year

3 years

5 years

Since inception†

Share class K1.00%0.65%39.63%-11.29%13.50%15.73%
S&P 500 Indexn/an/a36.35%11.90%15.96%15.06%
Russell 1000 Growth Indexn/an/a42.19%12.01%19.72%19.17%

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: December 05, 2016

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.

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.

The Fund's primary benchmark is the S&P 500 Index. The benchmark changed on April 30, 2024. Performance is shown against the primary and secondary benchmarks. The secondary benchmark is the Russell 1000 Growth Index.

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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2025.

The S&P 500® covers large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes Russell 1000 companies with higher forecasted growth values. These unmanaged indexes do not reflect fees and expenses. The Fund is more concentrated than the indexes shown.

Stock level attribution

Top and bottom 5 relative contributors

One month to: September 30, 2024

HoldingContribution
Duolingo Inc0.74%
Tesla Inc0.56%
Doordash Inc0.39%
Shopify0.32%
Wayfair Inc0.31%
Moderna Inc-0.40%
Workday Inc-0.27%
Affirm Holdings Inc Class A-0.17%
Cloudflare Inc-0.12%
Rivian Automotive Inc-0.12%

Source: Revolution, MSCI.

Benchmark: S&P 500 Index

The performance data quoted represents past performance and it should not be assumed that transactions made in the future will be profitable or will equal the performance of the securities mentioned. 

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Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: September 30, 2024

#Holding% of portfolio
1The Trade Desk8.29
2Amazon.com7.59
3Meta Platforms6.02
4Shopify5.75
5Netflix5.02
6NVIDIA4.95
7DoorDash4.86
8Tesla Inc4.83
9Cloudflare3.20
10Duolingo3.18

For extra details including SEDOLs, ISINs, countries, holding, asset price, currency, asset type and market value, view the spreadsheet.

Top ten holdings is at month end. Full list of holdings is at quarter end.

Holdings by sector

As at: September 30, 2024

#
Sector
Fund %
Benchmark % *
Difference %
1
Consumer Discretionary
28.17%
10.11%
18.06%
2
Communication Services
24.46%
8.86%
15.60%
3
Information Technology
23.27%
31.70%
-8.43%
4
Health Care
13.83%
11.60%
2.22%
5
Financials
3.51%
12.91%
-9.40%
6
Real Estate
2.76%
2.34%
0.42%
7
Industrials
2.46%
8.51%
-6.05%
8
Cash
0.90%
0.00%
0.90%
9
Consumer Staples
0.60%
5.89%
-5.29%
10
Materials
0.05%
2.23%
-2.18%
11
Utilities
0.00%
2.53%
-2.53%
12
Energy
0.00%
3.31%
-3.31%
Total
100.00%
100.00%

Holdings by region

As at: September 30, 2024

#
Region
Fund %
Benchmark % *
Difference %
1
North America
99.10%
100.00%
-0.90%
2
Cash
0.90%
0.00%
0.90%
Total
100.00%
100.00%

Holdings by country

As at: September 30, 2024

#
Country
Fund %
Benchmark % *
Difference %
1
United States
93.36%
100.00%
-6.64%
2
Canada
5.75%
0.00%
5.75%
3
Cash
0.90%
0.00%
0.90%
Total
100.00%
100.00%

Quarterly transactions

Transactions for the three-month period ending 30 September 2024

New purchases

  • Lineage Inc
  • SharkNinja
  • The Ensign Group

Complete sales

  • 10X Genomics Inc Class A

Additions

  • Alnylam Pharmaceuticals
  • Aurora Innovation Class A Common
  • Block Inc
  • Doordash Inc
  • Moderna Inc
  • Rivian Automotive Inc
  • Tempus Ai Inc

Reductions

  • NVIDIA

 

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.

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Tax and 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.

You can find answers to some of our most common questions about tax and distribution for mutual funds in our frequently asked questions document.

Recent distributions

The below table shows the makeup of the most recent distributions paid.

Share class InstitutionalShare class K
Income dividends0.000000.00000
Short-term capital gains *0.000000.00000
Qualified dividend income **0.000000.00000
Foreign tax credits0.000000.00000
Long-term capital gains0.000000.00000
Total per share0.000000.00000
Expected date12/28/202312/28/2023
Pay date12/28/202312/28/2023
StatusFinalFinal

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).

Upcoming distributions

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

2024

Record date

December 27, 2024

Expected date

December 30, 2024

Payable date

December 30, 2024

Source: Bank of New York Mellon and Baillie Gifford & Co

Primary ICI file for the Baillie Gifford Mutual Funds

Secondary ICI file for the Baillie Gifford Mutual Funds

Tax and distributions FAQs

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Documents

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