1. BAILLIE GIFFORD U.S. EQUITY GROWTH FUND
    BAILLIE GIFFORD U.S. EQUITY GROWTH FUND

    Overview

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

    Investment Proposition

    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 - 9/30/2020

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B616C79 US88160R1014 Tesla Inc United States 19,656 429.01 USD Equity 8432620.56 10.63
    2 2000019 US0231351067 Amazon.com United States 2,391 3148.73 USD Equity 7528613.43 9.49
    3 BXDZ9Z0 CA82509L1076 Shopify Canada 6,698 1022.97 USD Equity 6851853.06 8.64
    4 BQXZP64 US94419L1017 Wayfair United States 17,352 291.01 USD Equity 5049605.52 6.37
    5 BD8FDD1 US88339J1051 The Trade Desk United States 6,469 518.78 USD Equity 3355987.82 4.23
    6 BGSP7M9 US98980L1017 Zoom Video Communications United States 6,652 470.11 USD Equity 3127171.72 3.94
    7 2857817 US64110L1061 Netflix United States 6,213 500.03 USD Equity 3106686.39 3.92
    8 BYY88Y7 US02079K1079 Alphabet United States 1,406 1469.60 USD Equity 2066257.60 2.61
    9 BG6N6K6 US1630921096 Chegg United States 28,481 71.44 USD Equity 2034682.64 2.57
    10 B121557 US57636Q1040 Mastercard United States 5,918 338.17 USD Equity 2001290.06 2.52
        Total 54.91%
    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund %
    1 B616C79 US88160R1014 Tesla Inc United States 19,656 429.01 USD Equity 8432620.56 10.63
    2 2000019 US0231351067 Amazon.com United States 2,391 3148.73 USD Equity 7528613.43 9.49
    3 BXDZ9Z0 CA82509L1076 Shopify Canada 6,698 1022.97 USD Equity 6851853.06 8.64
    4 BQXZP64 US94419L1017 Wayfair United States 17,352 291.01 USD Equity 5049605.52 6.37
    5 BD8FDD1 US88339J1051 The Trade Desk United States 6,469 518.78 USD Equity 3355987.82 4.23
    6 BGSP7M9 US98980L1017 Zoom Video Communications United States 6,652 470.11 USD Equity 3127171.72 3.94
    7 2857817 US64110L1061 Netflix United States 6,213 500.03 USD Equity 3106686.39 3.92
    8 BYY88Y7 US02079K1079 Alphabet United States 1,406 1469.60 USD Equity 2066257.60 2.61
    9 BG6N6K6 US1630921096 Chegg United States 28,481 71.44 USD Equity 2034682.64 2.57
    10 B121557 US57636Q1040 Mastercard United States 5,918 338.17 USD Equity 2001290.06 2.52
    11 B03Q9D0 US57060D1081 MarketAxess United States 3,875 481.59 USD Equity 1866161.25 2.35
    12 BZ1LFG7 US77543R1023 Roku United States 9,621 188.80 USD Equity 1816444.80 2.29
    13 BD6P5Q0 US90138F1021 Twilio United States 6,966 247.09 USD Equity 1721228.94 2.17
    14 BYQHPG3 US1468691027 Carvana United States 7,493 223.06 USD Equity 1671388.58 2.11
    15 2613990 US4523271090 Illumina United States 5,248 309.08 USD Equity 1622051.84 2.04
    16 B4WHY15 US33616C1009 First Republic Bank United States 14,444 109.06 USD Equity 1575262.64 1.99
    17 B8K6ZD1 US98138H1014 Workday United States 7,130 215.13 USD Equity 1533876.90 1.93
    18 BF1BDQ3 US75737F1084 Redfin United States 30,309 49.93 USD Equity 1513328.37 1.91
    19 Cash and Deposits International 1,452,132 0.00 USD Equity 1452131.83 1.83
    20 BYSS4X4 JE00BYSS4X48 Novocure United States 12,942 111.31 USD Equity 1440574.02 1.82
    21 BJLFHW7 US16679L1098 Chewy United States 26,103 54.83 USD Equity 1431227.49 1.80
    22 2262864 US22160N1090 CoStar United States 1,673 848.51 USD Equity 1419557.23 1.79
    23 2003698 US0036541003 Abiomed United States 4,845 277.06 USD Equity 1342355.70 1.69
    24 2943039 US9426222009 Watsco United States 5,004 232.89 USD Equity 1165381.56 1.47
    25 2379504 US67066G1040 NVIDIA United States 2,107 541.22 USD Equity 1140350.54 1.44
    26 BYQRFY1 US87918A1051 Teladoc United States 5,102 219.24 USD Equity 1118562.48 1.41
    27 BYPBTB9 US03782L1017 Appian United States 16,131 64.75 USD Equity 1044482.25 1.32
    28 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 6,848 145.60 USD Equity 997068.80 1.26
    29 BMFZYY5 US92918V1098 Vroom United States 18,805 51.78 USD Equity 973722.90 1.23
    30 BVYJBR3 US98954M1018 Zillow United States 9,478 101.54 USD Equity 962396.12 1.21
    31 BGSXTS3 US60770K1079 Moderna United States 12,034 70.75 USD Equity 851405.50 1.07
    32 BKT9Y49 US23804L1035 Datadog United States 8,128 102.16 USD Equity 830356.48 1.05
    33 BZ0V201 US70975L1070 Penumbra United States 4,182 194.38 USD Equity 812897.16 1.02
    34 BJXC5M2 US18915M1071 Cloudflare United States 18,490 41.06 USD Equity 759199.40 0.96
    35 BKBS541 US83088V1026 Slack United States 27,565 26.86 USD Equity 740395.90 0.93
    36 BD2B4V0 US24823R1059 Denali Therapeutics United States 19,495 35.83 USD Equity 698505.85 0.88
    37 BYMWL19 US3773221029 Glaukos Corporation United States 13,630 49.52 USD Equity 674957.60 0.85
    38 BMGNTQ5 US52567D1072 Lemonade United States 10,693 49.72 USD Equity 531655.96 0.67
    39 BF3FPW3 US8608971078 Stitch Fix United States 18,705 27.13 USD Equity 507466.65 0.64
    40 2237561 US4228062083 HEICO United States 5,055 88.66 USD Equity 448176.30 0.57
    41 BD8ZJW2 US98585N1063 Yext United States 25,289 15.18 USD Equity 383887.02 0.48
    42 BN134B7 US8334451098 Snowflake United States 1,225 251.00 USD Equity 307475.00 0.39
    43 BJT1RW7 US55087P1049 Lyft United States 6,089 27.55 USD Equity 167751.95 0.21
    44 BF5L3R0 US29975E1091 Eventbrite United States 13,039 10.85 USD Equity 141473.15 0.18
    45 B1WT4X2 US45841N1072 Interactive Brokers Group United States 2,085 48.33 USD Equity 100768.05 0.13
                      Total 100.0%

    Sector Analysis of Total Assets - 9/30/2020

    Unfortunately 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. 

    Managers

    Tom Slater

    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 Robinson

    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 Gibson

    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 Bujnowski

    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. 

    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 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).

     

    Full details of the 2019 distribution rates for the Baillie Gifford Funds can be found within the primary ICI File 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 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.

    Index Disclaimer

    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.