BAILLIE GIFFORD U.S. EQUITY GROWTH FUNDBAILLIE GIFFORD U.S. EQUITY GROWTH FUND
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.
Holdings - 6/30/2020
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 2000019 US0231351067 Amazon.com United States 1,307 2758.82 USD Equity 3605777.74 10.35 2 BXDZ9Z0 CA82509L1076 Shopify Canada 3,667 949.20 USD Equity 3480716.40 9.99 3 B616C79 US88160R1014 Tesla Inc United States 3,125 1079.81 USD Equity 3374406.25 9.68 4 BQXZP64 US94419L1017 Wayfair United States 9,604 197.61 USD Equity 1897846.44 5.45 5 B03Q9D0 US57060D1081 MarketAxess United States 3,195 500.92 USD Equity 1600439.40 4.59 6 2857817 US64110L1061 Netflix United States 3,420 455.04 USD Equity 1556236.80 4.47 7 BD8FDD1 US88339J1051 The Trade Desk United States 3,558 406.50 USD Equity 1446327.00 4.15 8 BYY88Y7 US02079K1079 Alphabet United States 785 1413.61 USD Equity 1109683.85 3.18 9 2613990 US4523271090 Illumina United States 2,925 370.35 USD Equity 1083273.75 3.11 10 B121557 US57636Q1040 Mastercard United States 3,277 295.70 USD Equity 969008.90 2.78 Total 57.75% SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 2000019 US0231351067 Amazon.com United States 1,307 2758.82 USD Equity 3605777.74 10.35 2 BXDZ9Z0 CA82509L1076 Shopify Canada 3,667 949.20 USD Equity 3480716.40 9.99 3 B616C79 US88160R1014 Tesla Inc United States 3,125 1079.81 USD Equity 3374406.25 9.68 4 BQXZP64 US94419L1017 Wayfair United States 9,604 197.61 USD Equity 1897846.44 5.45 5 B03Q9D0 US57060D1081 MarketAxess United States 3,195 500.92 USD Equity 1600439.40 4.59 6 2857817 US64110L1061 Netflix United States 3,420 455.04 USD Equity 1556236.80 4.47 7 BD8FDD1 US88339J1051 The Trade Desk United States 3,558 406.50 USD Equity 1446327.00 4.15 8 BYY88Y7 US02079K1079 Alphabet United States 785 1413.61 USD Equity 1109683.85 3.18 9 2613990 US4523271090 Illumina United States 2,925 370.35 USD Equity 1083273.75 3.11 10 B121557 US57636Q1040 Mastercard United States 3,277 295.70 USD Equity 969008.90 2.78 11 BGSP7M9 US98980L1017 Zoom Video Communications United States 3,700 253.54 USD Equity 938098.00 2.69 12 BG6N6K6 US1630921096 Chegg United States 13,694 67.26 USD Equity 921058.44 2.64 13 B8K6ZD1 US98138H1014 Workday United States 3,924 187.36 USD Equity 735200.64 2.11 14 BF1BDQ3 US75737F1084 Redfin United States 16,943 41.91 USD Equity 710081.13 2.04 15 B4WHY15 US33616C1009 First Republic Bank United States 6,578 105.99 USD Equity 697202.22 2.00 16 Cash and Deposits International 695,215 0.00 USD Equity 695214.74 1.99 17 B7TL820 US30303M1027 United States 2,988 227.07 USD Equity 678485.16 1.95 18 2262864 US22160N1090 CoStar United States 920 710.67 USD Equity 653816.40 1.88 19 2003698 US0036541003 Abiomed United States 2,671 241.56 USD Equity 645206.76 1.85 20 BZ1LFG7 US77543R1023 Roku United States 5,292 116.53 USD Equity 616676.76 1.77 21 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 3,875 148.11 USD Equity 573926.25 1.65 22 BYQRFY1 US87918A1051 Teladoc United States 2,814 190.84 USD Equity 537023.76 1.54 23 BJLFHW7 US16679L1098 Chewy United States 11,618 44.69 USD Equity 519208.42 1.49 24 2943039 US9426222009 Watsco United States 2,737 177.70 USD Equity 486364.90 1.40 25 BKBS541 US83088V1026 Slack United States 15,001 31.09 USD Equity 466381.09 1.34 26 2379504 US67066G1040 NVIDIA United States 1,171 379.91 USD Equity 444874.61 1.28 27 BYSS4X4 JE00BYSS4X48 Novocure United States 7,233 59.30 USD Equity 428916.90 1.23 28 BGSXTS3 US60770K1079 Moderna United States 6,617 64.21 USD Equity 424877.57 1.22 29 BZ0V201 US70975L1070 Penumbra United States 2,229 178.82 USD Equity 398589.78 1.14 30 BD6P5Q0 US90138F1021 Twilio United States 1,641 219.42 USD Equity 360068.22 1.03 31 BVYJBR3 US98954M1018 Zillow United States 5,084 57.48 USD Equity 292228.32 0.84 32 BYMWL19 US3773221029 Glaukos Corporation United States 7,248 38.42 USD Equity 278468.16 0.80 33 BD2B4V0 US24823R1059 Denali Therapeutics United States 10,588 24.18 USD Equity 256017.84 0.73 34 BF3FPW3 US8608971078 Stitch Fix United States 10,148 24.94 USD Equity 253091.12 0.73 35 BYPBTB9 US03782L1017 Appian United States 4,830 51.25 USD Equity 247537.50 0.71 36 B1WT4X2 US45841N1072 Interactive Brokers Group United States 5,749 41.77 USD Equity 240135.73 0.69 37 2237561 US4228062083 HEICO United States 2,916 81.24 USD Equity 236895.84 0.68 38 2575818 US00507V1098 Activision Blizzard United States 3,036 75.90 USD Equity 230432.40 0.66 39 BD8ZJW2 US98585N1063 Yext United States 13,859 16.61 USD Equity 230197.99 0.66 40 BJXC5M2 US18915M1071 Cloudflare United States 6,157 35.95 USD Equity 221344.15 0.64 41 BMFZYY5 US92918V1098 Vroom United States 2,671 52.14 USD Equity 139265.94 0.40 42 BJT1RW7 US55087P1049 Lyft United States 3,325 33.01 USD Equity 109758.25 0.31 43 BF5L3R0 US29975E1091 Eventbrite United States 6,770 8.57 USD Equity 58018.90 0.17 Total 100.0%
Sector Analysis of Total Assets - 6/30/2020Unfortunately we were unable to load the chart. Please try again later.
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.
InsightsAll insightsApril 2020
How the Pandemic May Change Things.
Are the abrupt changes brought about by the coronavirus (Covid-19) temporary or permanent? Dave Bujnowski considers how a post-coronavirus future may look, and where the biggest changes might be.Second Quarter 2018
To build great businesses, company management should understand how a company’s culture can affect shareholder value. Gary Robinson looks at how having a distinctive culture can create great opportunities for those looking to invest in thoughtfully managed companies.Third Quarter 2019
A Case for Growth.
Disruptive forces are at play, and they are far more powerful and enduring than most would give credit for. Dave Bujnowski explores what the consequences are of this upheaval, and whether this is good or bad news for growth investors.Fourth Quarter 2018
Real Excitement about Synthetic Biology.
The Baillie Gifford US Equities team believes extended research trips are a valuable way of gaining deeper insight into companies and disruptive industries. Kirsty Gibson recently spent time in the US finding out about Synthetic Biology.Second Quarter 2018
Healthcare has improved exponentially over the last few centuries and is still evolving. Gary Robinson looks at some of the reasons he is excited about investment opportunities in this sector and other areas directly related to it.Third Quarter 2017
From Model T to Model 3.
While there is a move away from active management in the US, our US Equities team think it is misplaced. Technology-driven change is creating exciting companies in the US with exceptional prospects, thereby presenting opportunities for active, long-term investors to outperform passive investment strategies.
View all Insights.
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.
Gary has been a member of the Global Stewardship Portfolio Construction Group since its inception in 2015 and is an Investment Manager in the US Equities Team. He graduated MBiochem in Biochemistry from the University of Oxford in 2003 and joined Baillie Gifford the same year. He spent time working on our Japanese, UK and European Equity Teams before moving to the US Equities Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector dating back to his undergraduate degree. Gary became a Partner of the firm in 2019.
Kirsty is an Investment Manager in the US Equities Team. She is also a decision maker on the Positive Change strategy and a member of the Portfolio Construction Group. Kirsty joined Baillie Gifford in 2012 and began her career on the US Equities Team, moving on to spend several years in small and large cap global equities departments, before returning to the US Equities Team. She graduated MA (Hons) in Economics in 2011and MSc in Carbon Management in 2012, both from the University of Edinburgh.
Dave joined Baillie Gifford in 2018 as a Senior Analyst and is now a portfolio manager in the US Equities team. Prior to joining Baillie Gifford, he cofounded Coburn Ventures in 2005. In his 13 years at Coburn Ventures, was a Partner, primary client facing consultant, research analyst and portfolio manager of a long-short, market neutral hedge fund. He started his career in 1996, joining Warburg Dillon Read’s equity research group as an associate semiconductor analyst before joining UBS’s Global Tech Strategy team. Dave graduated from Boston College in 1993, where he majored in Finance and Philosophy. He has been a member of the team since 2020.
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.
The below table shows the makeup of the most recent distributions paid.
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
Baillie Gifford U.S. Equity Growth Fund Institutional Class BGGSX 0.00000 0.04355 0.00000 0.00000 0.20348 0.24703 12/27/2019 12/27/2019 Final Baillie Gifford U.S. Equity Growth Fund K Class BGGKX 0.00000 0.04355 0.00000 0.00000 0.20348 0.24703 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).
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2020 12/28/2020 12/29/2020 12/29/2020
Source: Bank of New York Mellon and Baillie Gifford & Co
Estimated capital gains distributions will appear here when they become available.
Quarterly Investor Reports
Semi Annual Reports
Statement of Additional Information (SAI)
Risks & Disclaimers
The most significant risks of an investment in The Baillie Gifford U.S. Equity Growth Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Non-Diversification Risk, Conflicts of Interest Risk, Equity Securities Risk, Focused Investment Risk, Information Technology Risk, IPO 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, Valuation Risk.
Source: 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 here. Please carefully read the Fund’s prospectus and related documents before investing.