US mutual fund

Baillie Gifford International Alpha Fund

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The Baillie Gifford International Alpha Fund seeks capital appreciation.

The aim of the International Alpha Process is to produce good long-term performance by combining the specialized local knowledge of our investment teams with the experience of our most senior investors. We build the portfolio bottom up, stock by stock, without regard to the composition of the benchmark. We are aware that such an approach can lead to unconscious concentrations of risk and so we consider underlying portfolio exposures on a regular basis to ensure that the fundamental drivers of the portfolio companies are appropriately diversified.

Overview

Share price and charges

Share class
K
Ticker
BGIKX
NAV
13.82
% change
0.07%
Management fee
0.52%
Other expenses
0.08%
Gross expense ratio
0.60%
Net expense ratio
0.60%

Fund facts

As at: August 31 2024

Fund launch date

February 7, 2008

Fund size

$2,299.0m

Benchmark

MSCI ACWI ex US Index

Current number of holdings

79

Active share

84%*

Annual turnover

17%

Style

Growth

Guideline number of holdings

70-110

*Relative to MSCI AC World ex US 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 August 31 2024

FundMSCI ACWI ex US Index
Market cap (weighted average)$125.48bn$112.50bn
Price / Book4.561.91
Price / Earnings (12 months forward)19.3513.21
Earnings growth (5 year historic)5.60%4.95%
Return on equity (12 months forward)23.21%14.37%
Standard deviation (trailing 3 years)21.00%16.18%
Beta1.19N/A

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

Beta is in comparison to MSCI AC World ex US 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 International Alpha Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk and Non-U.S. Investment 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. Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes and increased vulnerability to adverse changes in local and global economic conditions. There can be less regulation and possible fluctuation in value due to adverse political conditions. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Japan Risk, Large-Capitialization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk and 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 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: August 31 2024

Gross expense ratio

Net expense ratio

1 month*

3 months*

Year-to-date*

1 year

3 years

5 years

10 years

Share class K0.60%0.60%3.35%4.60%9.82%18.53%-4.59%5.86%5.44%
MSCI ACWI ex US Indexn/an/a2.87%5.22%11.64%18.79%2.63%8.07%4.91%

Annualized total returns – as at quarter end

As at: June 30 2024

Gross expense ratio

Net expense ratio

1 year

3 years

5 years

10 years

Share class K0.60%0.60%7.56%-6.01%4.07%4.82%
MSCI ACWI ex US Indexn/an/a12.17%0.97%6.04%4.33%

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).

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.

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 MSCI All Countries World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Fund is more concentrated than the MSCI ACWI ex US Index.

Performance

As at: August 31 2024

View by date range:

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

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.

All performance figures are cumulative
All figures quoted are in US dollars, net of fees.

The graph is rebased to 100

Annualized total returns – as at quarter end

As at: June 30 2024

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

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.

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.

Stock level attribution

Top and bottom 5 relative contributors

One month to: August 31 2024

HoldingContribution
MercadoLibre0.82%
Adyen NV0.21%
Ryanair0.14%
Rational0.14%
IMCD Group NV0.13%
Tencent Music Entertainment AD-0.43%
Shiseido-0.24%
Samsung Electronics-0.22%
Kingspan Group-0.20%
Wizz Air Holdings Plc-0.20%

Source: Revolution, MSCI.

Benchmark: MSCI ACWI ex US 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: August 31 2024

#Holding% of portfolio
1MercadoLibre4.88
2TSMC4.51
3Tencent2.86
4Samsung Electronics2.78
5CRH2.64
6SAP2.55
7Ryanair2.22
8Scout242.12
9Sony2.05
10Deutsche Börse2.05

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: August 31 2024

#
Sector
Fund %
Benchmark % *
Difference %
1
Industrials
21.25%
13.76%
7.49%
2
Information Technology
20.61%
13.22%
7.38%
3
Financials
14.59%
22.06%
-7.46%
4
Consumer Discretionary
14.37%
10.93%
3.44%
5
Communication Services
9.27%
5.30%
3.97%
6
Materials
6.53%
6.86%
-0.33%
7
Consumer Staples
5.59%
7.42%
-1.82%
8
Health Care
4.64%
10.09%
-5.45%
9
Energy
1.90%
5.34%
-3.44%
10
Cash
1.25%
0.00%
1.25%
11
Real Estate
0.00%
1.83%
-1.83%
12
Utilities
0.00%
3.20%
-3.20%
Total
100.00%
100.00%

Holdings by region

As at: August 31 2024

#
Region
Fund %
Benchmark % *
Difference %
1
Europe (ex UK)
45.80%
33.15%
12.65%
2
Emerging Markets
27.65%
27.89%
-0.24%
3
Developed Asia Pacific
13.74%
21.59%
-7.85%
4
UK
6.22%
9.65%
-3.44%
5
Canada
5.34%
7.72%
-2.38%
6
Cash
1.25%
0.00%
1.25%
Total
100.00%
100.00%

Holdings by country

As at: August 31 2024

Showing 10 of 49 holdings

#
Country
Fund %
Benchmark % *
Difference %
1
Japan
12.50%
14.65%
-2.16%
2
Germany
8.51%
5.60%
2.91%
3
Ireland
6.85%
0.19%
6.66%
4
France
6.58%
7.23%
-0.65%
5
China
6.43%
6.85%
-0.42%
6
UK
6.22%
9.65%
-3.44%
7
Netherlands
5.85%
3.16%
2.69%
8
Canada
5.34%
7.72%
-2.37%
9
Sweden
4.98%
2.07%
2.91%
10
Denmark
4.92%
2.40%
2.52%

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 dividends0.142060.16038
Short-term capital gains *0.000000.00000
Qualified dividend income **0.128800.14541
Foreign tax credits0.025870.02587
Long-term capital gains0.000000.00000
Total per share0.142060.16038
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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