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BAILLIE GIFFORD GLOBAL DISCOVERY B

BAILLIE GIFFORD GLOBAL DISCOVERY B - Overview

Overview of BAILLIE GIFFORD GLOBAL DISCOVERY B Buy in ISA Buy in Investment Account

The fund's objective is to provide above average total returns over the long-term. The manager will invest globally in transferable securities of companies considered to offer excellent future growth prospects. Around 80% of the portfolio is made up of stocks with a market capitalisation of no more than $3bn. Maximum market capitalisation at point of initial purchase is $5bn.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Global
Structure OEIC
Launched June, 2001
Size £877m
Yield 0.0%
Charging basis Income
Dividends paid 30 Jun

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.78%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Baillie Gifford Global Discovery was launched in 2011 with the intention to take a holistic approach to small-cap investing. The team take an innovative approach to global small cap in that they target a specific type of company - those capable of growing into large caps. The team believes that small companies are often no longer just domestic businesses - they can expand internationally more easily than in the past because of globalisation, and hence grow faster for longer. The Baillie Gifford Global Discovery fund has performed strongly since launch, though it has been fairly volatile.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 20
Europe 10
North America 58
Japan 5
Pacific 2
Emerging Markets 5
Allocation Proportion(%)
Large Caps 6
Mid Caps 44
Small Caps 50
View all performance data for this fund

Investment process

The fund invests in smaller companies with the potential to grow fast and become the large companies of the future. The fund invests in companies between $100m and $5bn in size – the managers estimate there are around 15,000 companies worldwide that meet their size and liquidity criteria. However, they make no attempt to cover the whole universe, as most small companies remain small and hence are not of interest to them. They source ideas on a mainly qualitative basis from trade shows, universities, looking at lists of companies, and from companies themselves. They focus on companies that will benefit from either a change in market backdrop (e.g. demographics, macro-economic factors, rising wealth) or their own response to change (innovation, the use of technology, a new business model). They also question whether other companies have the ability to replicate what they do. The analysts and managers on the Global Discovery team primarily research their own ideas, but they also interact with other Baillie Gifford teams.

Live feed

Bid price(inc) 1,375.00p
Accum units 1,594.00p
Fund commentary
Fund data updated on 20/09/19

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 20
Europe 10
North America 58
Japan 5
Pacific 2
Emerging Markets 5

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 6
Mid Caps 44
Small Caps 50

Top 10 holdings

As at: 31/07/2019
4.4% Novocure Ltd
4.1% Marketaxess Hldgs Inc
4.1% Ocado Group Plc
3.8% Zillow Inc
3.8% Alnylam Pharmaceuticals Inc
3.8% Chegg Inc
3.8% Lendingtree Inc
2.6% Yext Inc
2.5% Baozun Inc
2.1% Exact Sciences Corp
Source: Trustnet

Sector breakdown

Health Care 38%
Information Technology 22%
Consumer Discretionary 17%
Financials 10%
Industrials 5%
Money Market 5%
Communications 4%
Materials 0%

Portfolio details

No information available.

Constraints

The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
-1.33% 0.41% 0.56% -0.06%   0.19% 85.10%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Douglas Brodie

Manager. Brodie graduated with a BSc in Molecular Biology & Biochemistry from the University of Durham in 1997 and DPhil in Molecular Immunology from the University of Oxford in 2001. He joined Baillie Gifford in 2001 and is now head of the Global Discovery team, having previously worked on the UK Team.

Track record

Douglas Brodie has 5.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from November 2008 - April 2010) there was a decline of 21% relative to the index. The worst absolute loss has been 43%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 85%.

Periods of worst performance
Absolute -43% (November 2007 - February 2009)
Relative -21% (November 2008 - April 2010)

Other funds managed

Sector record since November 2007 (6 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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