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INVESTMENT TRUST BULLETIN
YOUR MONTHLY GUIDE TO ALL OUR FACTS AND FIGURES
30 September 2021
Investment Trust Awards
These awards are not a recommendation to buy. If you need further information or are in doubt then you should
consult a professional adviser.
Past performance is not a guide to future returns
Citywire Investment Trust Awards 2020
Pacific Horizon Trust was the winner of the Asia Pacific category
Scottish Mortgage Investment Trust PLC was the winner of the Global Equities category
The Scottish American Investment Company P.L.C. was the winner of the International Income category
Baillie Gifford UK Growth Fund was the winner of the UK All Companies category
Money Observer Investment Trust Awards 2020
Baillie Gifford was the winner of the Premier Group category
Scottish Mortgage Investment Trust PLC was the winner of the Global Growth category
The Scottish American Investment Company P.L.C. was the winner of the Global Income category
Edinburgh Worldwide Investment Trust plc was highly commended in the Global category
Moneywise Investment Trust Awards 2020
Scottish Mortgage Investment Trust PLC was the winner of the Global Growth category
FT & Investor Chronicle Investment and Wealth Management Awards 2019
Scottish Mortgage Investment Trust PLC was the winner of the Best Investment Trust category
Citywire Investment Trust Awards 2019
Edinburgh Worldwide Investment Trust plc was the winner of the Global Equities category
The Scottish American Investment Company P.L.C. was the winner of the International Income category
Money Observer Investment Trust Awards 2019
Baillie Gifford was the winner of the Premier Group category
Scottish Mortgage Investment Trust PLC was the winner of the Global Growth category
The Scottish American Investment Company P.L.C. was the winner of the Global Income category
Baillie Gifford Shin Nippon PLC was the winner of the Japan category
Moneywise Investment Trust Awards 2019
Scottish Mortgage Investment Trust PLC was the winner of the Global category
Edinburgh Worldwide Investment Trust plc was highly commended in the Global category
Citywire Investment Trust Insider Awards 2018
Japan Trust was the winner of the Japan Equities category
Pacific Horizon was the winner of the Asia Pacific Equities category
The Scottish American Investment Company P.L.C. was the winner of the International Income category
Money Observer Investment Trust Awards 2018
Baillie Gifford was the winner of the Premier Group category
Scottish Mortgage Investment Trust PLC was the winner of the Global Growth category
Baillie Gifford Shin Nippon PLC was the winner of the Japan category
Moneywise Investment Trust Awards 2018
The Monks Investment Trust PLC was the winner of the Global category
Scottish Mortgage Investment Trust PLC was highly commended in the Global category
Pacific Horizon Investment Trust PLC was highly commended in the Asia Pacific ex Japan category
Association of Investment Companies Awards 2017
Scottish Mortgage Investment Trust PLC was the winner of the Best Marketing Campaign category
What Investment Trust Awards 2017
Baillie Gifford was the winner of the Best Investment Trust Group category
Scottish Mortgage Investment Trust PLC was the winner of the Best Global Trust category
Contents
Page Morningstar Analyst Rating
Morningstar Rating
Rayner Spencer Mills Research
FundCalibre
4 About This Bulletin
6 Scottish Mortgage Investment Trust PLC Gold Rated Elite Rated
7 The Monks Investment Trust PLC Silver
8 Edinburgh Worldwide Investment Trust plc Silver Rated
9 The Scottish American Investment Company P.L.C. Neutral
10 Baillie Gifford UK Growth Fund plc
11 Baillie Gifford US Growth Trust plc Rated
12 Baillie Gifford European Growth Trust plc
13 Baillie Gifford China Growth Trust plc
14 The Baillie Gifford Japan Trust PLC Bronze Rated Elite Rated
15 Baillie Gifford Shin Nippon PLC Elite Rated
16 Pacific Horizon Investment Trust PLC Rated
17 Keystone Positive Change Investment Trust plc
18 Risk Factors
20 Annual Remuneration
21 How To Contact Us
22 Legal Notices
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to morningstar.com. For disclosure and detailed information about this fund please refer to full Morningstar Global Fund Report that can be accessed here: bailliegifford.com/globalfundreport-scottishmortgage bailliegifford.com/globalfundreport-japantrust bailliegifford.com/globalfundreport-ewit bailliegifford.com/globalfundreport-monks bailliegifford.com/globalfundreport-saints
The selected trusts are rated by Rayner Spencer Mills Research, for more information go to: rsmgroup.co.uk*.
The selected trusts are rated by FundCalibre, for more information go to: fundcalibre.com*.
*These ratings are designed for use by professional advisers andintermediaries as part of their advice process. These ratings are not arecommendation to buy. If you need further information or are in doubtthen you should consult a professional adviser.
Ref: 11388 10003672
Rated
4
Investment Trust Managers AIC Sector
Scottish Mortgage Investment Trust PLC James Anderson and Tom Slater Global
The Monks Investment Trust PLC Spencer Adair Global
Edinburgh Worldwide Investment Trust plc Douglas Brodie Global Smaller Companies
The Scottish American Investment Company P.L.C. James Dow and Toby Ross Global Equity Income
Baillie Gifford UK Growth Fund plc Iain McCombie and Milena Mileva UK All Companies
Baillie Gifford US Growth Trust plc Gary Robinson and Kirsty Gibson North America
Baillie Gifford European Growth Trust plc Stephen Paice and Moritz Sitte Europe
Baillie Gifford China Growth Trust plc Roderick Snell and Sophie Earnshaw China / Greater China
The Baillie Gifford Japan Trust PLC Matt Brett Japan
Baillie Gifford Shin Nippon PLC Praveen Kumar Japanese Smaller Companies
Pacific Horizon Investment Trust PLC Roderick Snell Asia Pacific
Keystone Positive Change Investment Trust plc Kate Fox and Lee Qian Global
Prices are published daily in the Financial Times and on our website at bailliegifford.com.
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
The Trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority.
The information and opinions expressed within this bulletin are subject to change without notice.
Any comments expressed in this bulletin are not recommendations or advice.
Details of other risks are set out on pages 15 and 16 and further details of risks associated with investing in investment trusts, including how charges are applied, can be found in the Trust specific pages at bailliegifford.com, or by calling Baillie Gifford on 0800 917 2112.
This bulletin has been issued by Baillie Gifford & Co (Financial Services Register 142597), Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Baillie Gifford & Co Limited (Financial Services Register 119179) is the manager and secretary of the Trusts, and it delegates portfolio management to Baillie Gifford & Co.
Full product details, including a Key Information Document, the possible effect of charges on an investment, are available on request. In this document the NAVs are calculated with borrowings deducted at fair value (for bank borrowings less than one year fair value is equal to par value). In the periodic performance tables borrowings are deducted at fair value for 1, 3 and 5 years and par value for 10 years.
Fair – borrowings (if any) at an estimate of their market worth. Par – borrowings at their eventual repayment value. All performance figures are in sterling terms, total return – that is,
with any dividends reinvested. The graphs represent 5 years’ performance, to the date at the top of each page, and have been indexed to start at 100 (this aids comparison and is not a reflection of actual values at any given date). The Discrete Performance tables are updated quarterly.
Gearing is calculated according to Association of Investment Companies (AIC) guidelines. The potential gearing figure reflects the amount of borrowings drawn expressed as a percentage of shareholders’ funds. The invested gearing figure reflects the amount of borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds. A minus gearing figure means that cash or cash equivalents, as adjusted to take into account the exposure of derivative holdings, exceed borrowings.
Annual turnover is reported to the date shown and is calculated by dividing sales by the average of opening and closing investment portfolio.
Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its benchmark or comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark or comparative index. An active share of 100 indicates no overlap with the benchmark or comparative index and an active share of zero indicates a portfolio that tracks the benchmark or comparative index.
The ongoing charges figures represent the total operating costs of the Trusts divided by the average net assets (with debt at fair value) as disclosed in the most recently published in each Trust’s Annual Report.
5
Scottish Mortgage Investment Trust PLC
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers James Anderson / Tom Slater
Deputy Manager Lawrence Burns
Total Assets £21.15bn Total Borrowings at fair £1.68bn
Ongoing Charges 0.34%* Dividend Yield 0.2%
Potential Gearing 8% Invested Gearing 7%
Active Share 93%**
Annual Turnover (As at 31/03/2021) 33%
Net Asset Value per Share (NAV) 1379.17p
Share Price 1428.00p
Discount of Share Price to NAV (12 month average) 1.4%
*Ongoing charges as at 31/03/2021. Calculated in accordance with AIC recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.
Premium/(Discount) of Share Price to NAV at Fair (%)
For details of the Company’s liquidity policy, please see the Business Review in the Annual Report.
Portfolio Concentration
The largest 30 holdings accounted for 75.1% of total assets, and the total number of holdings was 100. The portfolio includes 49 privatecompanies, which in aggregate accounted for 19.5% of total assets.
Top Ten Holdings
Holdings % of Total Assets
1 Moderna 9.2
2 Illumina 5.8
3 ASML 5.5
4 Tesla Inc 4.7
5 Tencent 4.1
6 Ginkgo BioWorks 3.2
7 Meituan 2.9
8 NIO 2.8
9 Delivery Hero 2.6
10 Amazon.com 2.6
Total 43.2
Total may not sum due to rounding.
Proposition
Scottish Mortgage is an actively managed, low cost investment trust,
investing in a high conviction, global portfolio of companies with the aim
of maximising its total return to its shareholders over the long term. The
managers aim to achieve a greater return than the FTSE All-World Index
(in sterling terms) over a five year rolling period. The majority of the
portfolio will be held in quoted equities and up to a maximum of 30% of
the assets may be invested in companies not listed on a public market
(measured at the time of purchase).
The Managers are looking for strong, well run businesses which offer
the best potential durable growth opportunities for the future. They think
in terms of owning companies rather than renting shares and are first and
foremost stock pickers, selecting investments based on an individual
company’s fundamental characteristics. A long term approach is taken, as
the Managers believe that it is only over periods of five years or longer
that durable competitive advantages and managerial excellence within
companies are truly reflected in returns.
Companies are analysed using a range of questions that aim to assess:
the strength of management, a company’s competitive and financial
positions, the customers’ perspective, prospects for sales and margins,
current and potential valuation, how the market and the Managers’ views
differ and what will happen after five years. The resulting portfolio bears
little resemblance to the benchmark index which is only used for
performance measurement, rather than portfolio construction.
The Managers do not believe that they have a strong competitive
advantage in timing short term market volatility so do not attempt to do so.
Similarly, the Managers do not seek to make top-down calls on markets
more broadly. This is not to say that no attention is paid to the broader
world: on the contrary many of the discussions of companies revolve
around the future shape of the global economy. The Managers simply aim
to ignore the maelstrom of noise in markets and trade only when
appropriate for their investment approach.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 44.5 167.7 350.0 1171.9
NAV 39.4 166.7 341.6 1077.6
Index* 22.7 39.7 83.1 274.8
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 30.3 29.0 -6.4 97.8 44.5
NAV 30.6 26.7 -1.2 93.7 39.4
Index* 15.5 13.4 7.8 5.7 22.7
Performance source: Morningstar, FTSE, total return in sterling.
*FTSE All-World Index.
-8
-6
-4
-2
0
2
4
6
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
90
140
190
240
290
340
390
440
490
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Scottish Mortgage Investment Trust PLCNAV – Scottish Mortgage Investment Trust PLCIndex*
6
The Monks Investment Trust PLC
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Manager Spencer Adair
Deputy Managers Malcolm MacColl 0
Total Assets £3,412.57m Total Borrowings £132.89m
Ongoing Charges 0.43%* Dividend Yield 0.1%
Potential Gearing 4% Invested Gearing 2%
Active Share 86%**
Annual Turnover (As at 30/04/2021) 16%
Net Asset Value per Share (NAV) 1387.03p
Share Price 1390.00p
Premium of Share Price to NAV 0.2%
*Ongoing charges as at 30/04/2021. Calculated in accordance with AIC recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to FTSE World Index. Source: Baillie Gifford & Co, FTSE.
Proposition
The Trust aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks – companies with above average earnings growth – which we expect to hold for around five years on average. Investments are made on an unconstrained basis. The portfolio, which includes stocks with a range of different growth profiles, will typically contain 100+ stocks from around the world and Monks should not be viewed as a proxy for any index.
Geographic Analysis of Total Assets
1 United Kingdom 11.2%
2 Europe 12.5%
3 North America 52.3%
4 Japan 6.0%
5 Developed Asia 4.0%
6 Emerging Markets 12.1%
7 Net Liquid Assets 1.9%
Sector Analysis of Total Assets
1 Technology 24.6%
2 Consumer Discretionary 20.3%
3 Financials 19.8%
4 Health Care 14.7%
5 Industrials 9.2%
6 Basic Materials 3.5%
7 Real Estate 2.8%
8 Consumer Staples 1.7%
9 Energy 1.2%
10 Utilities 0.4%
11 Net Liquid Assets 1.9%
Figures may not sum due to rounding.
Top Ten Holdings
Holdings % of Total Assets
1 The Schiehallion Fund Limited 4.5
2 SEA Limited 2.2
3 Alphabet 2.1
4 Prosus 2.0
5 Moderna 2.0
6 Microsoft 2.0
7 Moody's 2.0
8 Amazon.com 1.8
9 Ryanair 1.7
10 Martin Marietta Materials 1.7
Total 21.9
Total may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 23.8 66.8 169.5 371.8
NAV 24.8 68.7 145.2 321.1
Index* 24.0 40.8 85.6 284.9
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 35.6 19.1 7.8 24.9 23.8
NAV 24.9 16.3 5.7 27.9 24.8
Index* 15.4 14.2 7.9 5.2 24.0
Performance source: Morningstar, FTSE, total return in sterling.
*FTSE World Index.
1
2
3
4
5
6
1
2
3
4
5
6
80
130
180
230
280
330
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – The Monks Investment Trust PLC
NAV – The Monks Investment Trust PLC
Index*
7
Edinburgh Worldwide Investment Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Manager Douglas Brodie Deputy Managers Luke Ward / Svetlana Viteva
Total Assets £1,367.93m Total Borrowings £66.91m
Ongoing Charges 0.72%* Dividend Yield Nil
Potential Gearing 5% Invested Gearing 2%
Active Share 99%**
Annual Turnover (As at 31/10/2020) 8%
Net Asset Value per Share (NAV) 321.08p
Share Price 307.50p
Discount of Share Price to NAV 4.2%
Invested in Private Companies 10.4%
*Ongoing charges as at 31/10/2020. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to S&P Global Small Cap Index Cap Index. Source: Baillie Gifford & Co,
S&P.
Proposition
The Trust aims for capital growth from a global portfolio of initially immature entrepreneurial companies, typically with a market capitalisation of less than $5bn at time of initial investment, which are believed to offer long-term growth potential (over at least five years).
The portfolio does not seek to track the comparative index, hence a degree of volatility against companies index is inevitable. A spread of risk is achieved by having 75–125 holdings, with exposure to a minimum of six countries and 15 industries.
The Trust is actively managed and will primarily consist of listed companies although up to 15% of total assets can be invested, at the time of initial investment, in private companies.
Geographic Analysis of Total Assets
1 North America 65.5%
2 UK 15.8%
3 Europe 5.3%
Israel 1.6%
Denmark 1.3%
Switzerland 1.0%
Others 1.3%
4 Asia 8.5%
China 4.5%
Japan 3.9%
5 Australasia 2.0%
6 Net Liquid Assets 3.0%
Figures may not sum due to rounding.
Top 20 Industry Positions (%) - 31 in Total
Top Ten Holdings
Holdings % of Total Assets
1 Tesla Inc 5.6
2 Alnylam Pharmaceuticals 4.1
3 STAAR Surgical 3.2
4 Ocado 3.1
5 Zillow 2.9
6 Upwork 2.9
7 Space Exploration Technologies 2.6
8 MarketAxess 2.5
9 PsiQuantum 2.5
10 Chegg 2.2
Total 31.6
Totals may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 5.3 56.6 211.2 507.1
NAV 12.4 67.9 187.2 487.1
Index* 33.5 32.5 71.7 246.9
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 32.0 50.6 -6.3 58.7 5.3
NAV 24.8 37.1 -5.7 58.3 12.4
Index* 15.9 11.8 0.6 -1.4 33.5
Performance source: Morningstar, S&P, MSCI, total return in sterling.
*Changed from MSCI AC World Index to S&P Global Small Cap Index on
01/02/2014. Data chain-linked from this date to form a single comparative index.
1
2
3
4
0 5 10 15 20
Semiconductors & Semiconductor Equipment
Auto Components
Internet & Direct Marketing Retail
IT Services
Pharmaceuticals
Electronic Equipment, Instruments & Components
Diversified Consumer Services
Life Sciences Tools & Services
Food & Staples Retailing
Capital Markets
Technology Hardware, Storage & Peripherals
Professional Services
Electrical Equipment
Interactive Media & Services
Health Care Technology
Automobiles
Aerospace & Defense
Health Care Equipment & Supplies
Biotechnology
Software
80
130
180
230
280
330
380
430
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Edinburgh Worldwide Investment Trust plc
NAV – Edinburgh Worldwide Investment Trust plc
Index*
8
The Scottish American Investment Company P.L.C.
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers James Dow / Toby Ross
Total Assets £952.23m Total Borrowings £97.96m
Ongoing Charges 0.70%* Dividend Yield 2.4%
Potential Gearing 11% Invested Gearing 11%
Active Share 89%**
Annual Turnover (As at 31/12/2020) 9%
Net Asset Value per Share (NAV) at Fair 489.40p
Net Asset Value per Share (NAV) at Book 490.88p
Share Price 500.00p
Premium of Share Price to NAV (at Fair) 2.2%
Premium of Share Price to NAV (at Book) 1.9%
*Ongoing charges as at 31/12/2020. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information Document.
**Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.
Proposition
The Trust aims to be a core investment for private investors seeking income. Its objective is to grow the dividend at a faster rate than inflation by increasing capital and growing income. The focus of the portfolio is on global equities but investments are also made in bonds, property and other asset types.
The equity portfolio is managed on a global basis and usually consists of between 50–100 stocks. In constructing the portfolio, little regard is paid to the composition of the equity indices.
Dividend versus CPI
(figures rebased to 100 at 30 June 2011)
Source: Thomson Reuters Datastream/Baillie Gifford & Co. The Consumer Price
Index (CPI) is a measure of inflation that is used in the Government’s target for
inflation.
Year to June 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Dividend Per Share
(p)
9.35 9.60 10.0010.37 5 10.60 10.77 5 10.90 11.30 11.70 12.00 12.125
Year on Year Change
(%)
2.2 2.7 4.2 3.8 2.2 1.7 1.2 3.7 3.5 2.6 1.0
Top Ten Equity Holdings
Holdings % of Total Assets
1 TSMC 2.9
2 United Parcel Service 2.8
3 Novo Nordisk 2.7
4 Microsoft 2.6
5 Sonic Healthcare 2.6
6 Partners 2.6
7 Fastenal 2.5
8 Roche 2.4
9 Anta Sports Products 2.4
10 Procter & Gamble 2.4
Total 25.9
Total may not sum due to rounding.
Asset Allocation of Total Assets
1 North American Equities 31.3%
2 South American Equities 1.8%
3 European Equities 32.8%
4 African and Middle Eastern
Equities 0.8%
5 Europe 0.5%
6 Asian Equities 15.3%
7 Australasian Equities 4.3%
8 Fixed Interest 5.4%
9 Property 7.3%
10 Net Liquid Assets 0.5%
Figures may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 16.3 43.6 85.1 232.9
NAV 19.7 45.9 91.0 260.5
Index* 22.7 39.7 83.1 274.8
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 17.6 9.6 13.6 8.7 16.3
NAV 17.8 11.2 12.9 7.9 19.7
Index* 15.5 13.4 7.8 5.7 22.7
Performance source: Morningstar, FTSE, total return in sterling.
*FTSE All-World Index.
100
105
110
115
120
125
130
135
11 12 13 14 15 16 17 18 19 20 21
SAINTS dividend CPI
1
3
6
7
8
9
80
100
120
140
160
180
200
220
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – The Scottish American Investment Company P.L.C.NAV – The Scottish American Investment Company P.L.C.Index*
9
Baillie Gifford UK Growth Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers Iain McCombie / Milena Mileva
Total Assets £368.53m Total Borrowings £2.45m
Ongoing Charges 0.65%* Dividend Yield 1.0%
Potential Gearing 1% Invested Gearing -3%
Active Share 85%**
Annual Turnover (As at 30/04/2021) 3%
Net Asset Value per Share (NAV) 238.49p
Share Price 233.00p
Discount of Share Price to NAV 2.3%
*Ongoing charges as at 30/04/2021. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to FTSE All-Share Index. Source: Baillie Gifford & Co, FTSE.
Top Sector Positions (%) - 19 in Total
Proposition
The Trust aims to achieve capital growth predominantly from investment in UK listed equities, with the aim of providing a total return in excess of the FTSE All-Share Index. Investments are made with a five year investment horizon and the portfolio is relatively concentrated with between 35 - 65 companies. 10% of the total asset value of Trust can be invested, at the time of initial investment, in private companies. Sector and industry weightings are a consequence of the index agnostic approach to stock selection. The portfolio does not seek to track or mirror the benchmark, hence a degree of volatility against it is inevitable. The yield on the Trust’s investments is of secondary importance.
Top Ten Holdings
Holdings % of Total Assets
1 Genus 4.7
2 St. James's Place 4.4
3 Volution Group 4.3
4 Ashtead 3.7
5 Howden Joinery 3.5
6 Abcam 3.5
7 Auto Trader 3.4
8 Renishaw 3.1
9 Rightmove 3.0
10 Games Workshop 3.0
Total 36.6
Total may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 31.5 34.0 62.5 162.6
NAV 23.8 23.7 43.8 152.4
Index* 27.9 9.5 29.8 119.2
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 10.4 9.8 -1.0 2.9 31.5
NAV 9.7 6.0 -2.2 2.2 23.8
Index* 11.9 5.9 2.7 -16.6 27.9
Performance source: Morningstar, FTSE, total return in sterling. *FTSE All-Share Index.
The line at 30 June 2018 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.
0 5 10 15
Net Liquid Assets
Medical Equipment and Services
Chemicals
Personal Goods
General Industrials
Beverages
Leisure Goods
Industrial Metals and Mining
Industrial Transportation
Media
Construction and Materials
Non-life Insurance
Real Estate Investment and Services
Electronic and Electrical Equipment
Software and Computer Services
Retailers
Life Insurance
Pharmaceuticals and Biotechnology
Industrial Support Services
Investment Banking and Brokerage Services
80
90
100
110
120
130
140
150
160
170
180
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Baillie Gifford UK Growth Fund plc
NAV – Baillie Gifford UK Growth Fund plc
Comparative Index - FTSE All-Share Index
10
Baillie Gifford US Growth Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers Gary Robinson / Kirsty Gibson
Total Assets £1,051.22m Total Borrowings £37.06m
Ongoing Charges 0.68%* Dividend Yield Nil
Potential Gearing 4% Invested Gearing 2%
Active Share 92%**
Annual Turnover (As at 31/05/2021) 28%
Net Asset Value per Share (NAV) 329.96p
Share Price 318.00p
Discount of Share Price to NAV 3.6%
*Ongoing charges as at 31/05/2021. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Sector Analysis of Total Assets
1 Information Technology 33.9%
2 Consumer Discretionary 21.7%
3 Health Care 21.1%
4 Industrials 7.5%
5 Communication Services 7.4%
6 Financials 4.6%
7 Real Estate 1.0%
8 Materials 0.7%
9 Consumer Staples 0.3%
10 Net Liquid Assets 1.7%
Figures may not sum due to rounding.
Portfolio Concentration
The largest 30 holdings accounted for 69.2% of total assets, and the total number of holdings was 73. The portfolio includes 24 private companies, which in aggregate accounted for 19.1% of total assets.
Top Ten Holdings
Holdings % of Total Assets
1 Shopify 6.2
2 Moderna 6.0
3 Amazon.com 4.1
4 Tesla Inc 3.9
5 Affirm 3.3
6 Wayfair 3.2
7 The Trade Desk 3.2
8 Stripe 2.9
9 Twilio 2.7
10 Netflix 2.6
Total 38.2
Total may not sum due to rounding.
Proposition
The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment. We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 holdings companies or funds, typically with 30 to 50 or more listed security holdings. The team aims to deliver outstanding investment performance by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations. We have observed that, increasingly, companies in the US are choosing to remain private for longer, and as such the public equity markets do not offer the full spectrum of growth investment opportunity that we have previously enjoyed. The Trust’s ability to invest up to 50% of NAV in private companies at the time of purchase gives us the flexibility to invest in what we believe are the exceptional growth companies in the US, whatever their listed status. We take a five-year view when investing in stocks and are not driven by short-term trends..
Performance
Periodic Performance (%)
1 Year 3 Years 5 Years
Since Inception†
Share Price 20.9 138.4 N/A 216.4
NAV 33.4 154.9 N/A 236.8
Index* 24.7 50.9 N/A 86.2
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price N/A N/A -2.2 101.5 20.9
NAV N/A N/A -0.5 91.9 33.4
Index* N/A N/A 10.3 9.8 24.7
Performance source: Morningstar, S&P, total return in sterling.
†23 March 2018.
*S&P 500 Index.
1
2
3
4
5
6
80
130
180
230
280
330
380
Mar 18 Mar 19 Mar 20 Mar 21
Indexed
Share Price – Baillie Gifford US Growth Trust plc
NAV – Baillie Gifford US Growth Trust plc
Index*
11
Baillie Gifford European Growth Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers Stephen Paice / Moritz Sitte / Chris Davies
Total Assets £613.08m Total Borrowings £49.76m
Ongoing Charges 0.41%* Dividend Yield 0.23%
Potential Gearing 9% Invested Gearing 7%
Active Share 88%**
Annual Turnover (As at 30/09/2020***) 29%
Net Asset Value per Share (NAV) 154.51p
Share Price 152.40p
Discount of Share Price to NAV 1.4%
Invested in Private Companies 4.6%
Geographic Analysis of Total Assets
Figures may not sum due to rounding.
Top 20 Sector Positions (%) - 24 in Total
*Ongoing charges as at 30/09/2020. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document. Baillie Gifford was appointed on 29 November 2019 and agreed to waive its management fee for six months. Without the management fee waiver,
the ongoing charges would have been 0.75%.
**Relative to FTSE Europe ex UK Index. Source: Baillie Gifford & Co, FTSE.
*** The annual turnover figure excludes the reorganisation of the portfolio
following the appointment of Baillie Gifford & Co as Managers and Company
Secretaries of the Company.
Proposition
The Trust aims to achieve capital growth over the long term from a diversified portfolio of European securities; the yield on the Trust’s investments is of secondary importance. The managers invest in high quality, well managed businesses that are able to grow significantly and which typically have a strong competitive position and are managed by owner-operators. The portfolio is relatively concentrated with between 30 and 60 listed and private companies. Sector and industry weightings are a consequence of bottom-up stock picking. The portfolio does not seek to track or mirror the index, the active
share is likely to be over 80%.
Top Ten Holdings
Holdings % of Total Assets
1 IMCD 5.9
2 Adyen 4.4
3 Zalando 4.1
4 Prosus 4.0
5 Ryanair 3.7
6 Avanza Bank 3.3
7 Atlas Copco 3.2
8 NIBE 3.2
9 ASML 3.1
10 Northvolt 3.0
Total 38.0
Total may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 25.2 78.3 138.5 323.5
NAV 23.9 62.6 106.9 245.1
Index* 23.0 31.1 64.5 196.1
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 32.2 1.2 -7.6 54.2 25.2
NAV 29.9 -2.1 -4.6 37.5 23.9
Index* 22.6 2.4 6.9 -0.3 23.0
Performance source: Morningstar, FTSE, total return in sterling.
*Index: FTSE Europe ex UK Index.
The line at 30 November 2019 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.
0 5 10 15
Leisure Goods
Industrial Materials
Personal Care, Drug and Grocery Stores
Media
Electronic and Electrical Equipment
Automobiles and Parts
Technology Hardware and Equipment
Medical Equipment and Services
Investment Banking and Brokerage Services
Industrial Support Services
Banks
Construction and Materials
Travel and Leisure
Personal Goods
Chemicals
Industrial Engineering
Consumer Services
Industrial Transportation
Retailers
Software and Computer Services
90
110
130
150
170
190
210
230
250
270
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Baillie Gifford European Growth Trust plcNAV – Baillie Gifford European Growth Trust plcIndex*
1 Sweden 27.1%
2 Netherlands 18.3%
3 Germany 17.4%
4 France 9.1%
5 Norway 6.0%
6 Switzerland 5.7%
7 Ireland 5.7%
8 Italy 3.4%
9 Denmark 2.3%
10 Hungary 1.6%
11 Poland 1.2%
12 Net Liquid Assets 2.1%
1
2
3
4
5
6
7
8
12
Baillie Gifford China Growth Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers Roderick Snell / Sophie Earnshaw
Total Assets £252.30m Total Borrowings £5.56m
Ongoing Charges 0.74%* Dividend Yield 1.9%
Potential Gearing 2% Invested Gearing 2%
Active Share 71%**
Net Asset Value per Share (NAV) 397.88p
Share Price 375.00p
Discount of Share Price to NAV 5.8%
*Ongoing charges as at 31/01/2021 (excluding performance fee). Calculated in
accordance with AIC recommendations. Details of these costs can be found in the Key Information Document. Baillie Gifford was appointed on 16 September
2020 and agreed to waive its management fee for six months. Without the
management fee waiver, the ongoing charges (excluding performance fees) wouldhave been 1.02%.
**Relative to MSCI China All Shares Index. Source: Baillie Gifford & Co, MSCI.
Sector Analysis of Total Assets
1 Consumer Discretionary 26.4%
2 Communication Services 18.2%
3 Health Care 16.0%
4 Industrials 11.3%
5 Financials 8.5%
6 Information Technology 8.3%
7 Consumer Staples 5.9%
8 Materials 3.2%
9 Utilities 1.3%
10 Real Estate 0.4%
11 Net Liquid Assets 0.6%
Figures may not sum due to rounding.
Portfolio Concentration
The largest 30 holdings accounted for 75.1% of total assets, and the total number of holdings was 65.
Top Ten Holdings
Holdings % of Total Assets
1 Tencent 8.5
2 Alibaba 6.6
3 ByteDance 5.2
4 Li Ning 3.9
5 Meituan 3.7
6 CATL 3.7
7 Kweichow Moutai 3.5
8 China Merchants Bank 3.2
9 Ping An Insurance 2.9
10 BeiGene 2.1
Total 43.3
Total may not sum due to rounding.
Proposition
The Trust aims to produce long term capital growth by investing in an actively managed portfolio of Chinese companies. Up to a maximum of 20% of assets may be invested in companies not listed on a public market (measured at time of purchase). We invest on a long-term (5 year) perspective, and have a strong preference for growth. We are looking for significant upside in each stock that we invest in. The process is driven by rigorous, fundamental, bottom-up analysis undertaken by our dedicated emerging markets team, with input from our China office. The fund managers draw on this analysis, as well as insights gleaned from discussion with all of Baillie Gifford’s global investors, to produce a portfolio that typically holds 40–80 stocks.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price -7.6 26.4 43.1 148.1
NAV 2.4 10.1 30.9 118.4
Index* -2.8 7.2 33.2 126.6
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price* 11.1 2.0 10.7 23.5 -7.6
NAV 11.0 7.1 -0.1 7.7 2.4
Index* 14.6 8.4 3.1 7.0 -2.8
Performance source: Morningstar, MSCI, total return in sterling.
*Changed from MSCI AC Asia ex Pacific Index to MSCI China All Shares Index on
16/09/20. Data chain-linked from this date to form a single comparative index.
The line at 16 September 2020 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.
Before the 16 September 2020 the Trust was able to invest across the Asia Pacific region rather than solely in China, and had a different comparative index.
1
2
3
4
5
6
78
80
100
120
140
160
180
200
220
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Baillie Gifford China Growth Trust plc
NAV – Baillie Gifford China Growth Trust plc
Index – MSCI China All Shares Index
13
The Baillie Gifford Japan Trust PLC
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Manager Matt Brett
Deputy Manager Praveen Kumar
Total Assets £1,132.37m Total Borrowings £144.91m
Ongoing Charges 0.68%* Dividend Yield 0.4%
Potential Gearing 14% Invested Gearing 11%
Active Share 81%**
Annual Turnover (As at 31/08/2020) 21%
Net Asset Value per Share (NAV) 1046.83p
Share Price 1022.00p
Discount of Share Price to NAV 2.4%
*Ongoing charges as at 31/08/2020. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information Document.
**Relative to TOPIX. Source: Baillie Gifford & Co, Tokyo Stock Exchange.
Sector Analysis of Total Assets
1 Commerce & Services 20.2%
2 Manufacturing & Machinery 18.5%
3 Info, Comm and Utilities 16.6%
4 Electricals & Electronics 15.5%
5 Financials 9.1%
6 Chemicals & Other Materials 7.5%
7 Pharmaceuticals & Foods 4.0%
8 Real Estate & Construction 3.3%
9 Retail 2.1%
10 Net Liquid Assets 3.2%
Figures may not sum due to rounding.
Proposition
The Trust aims to pursue long-term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth.
We invest in a spread of 40–70 companies, predominantly medium and smaller sized, that we believe offer good growth opportunities.
Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas.
We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the benchmark which is TOPIX total return.
Top Ten Holdings
Holdings % of Total Assets
1 SoftBank Group 4.1
2 Rakuten 3.1
3 GMO Internet 3.0
4 SBI Holdings 3.0
5 Sysmex 3.0
6 CyberAgent 2.8
7 Misumi 2.8
8 FANUC 2.7
9 Sony 2.7
10 Kubota 2.5
Total 29.8
Total may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 16.3 19.9 90.7 441.0
NAV 14.3 25.7 87.9 381.7
Index* 15.6 18.0 50.2 164.4
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 34.0 18.8 -3.3 6.6 16.3
NAV 20.7 23.8 0.6 9.3 14.3
Index* 12.6 13.0 -0.3 2.4 15.6
Performance source: Morningstar, Tokyo Stock Exchange, total return in sterling.
*TOPIX.
1
2
3
4
5
6
78
10
90
110
130
150
170
190
210
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – The Baillie Gifford Japan Trust PLC
NAV – The Baillie Gifford Japan Trust PLC
Index*
14
Baillie Gifford Shin Nippon PLC
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Manager Praveen Kumar
Total Assets £828.44m Total Borrowings £60.94m
Ongoing Charges 0.71%* Dividend Yield Nil
Potential Gearing 8% Invested Gearing 6%
Active Share 95%**
Annual Turnover (As at 31/01/2021) 17%
Net Asset Value per Share (NAV) 244.23p
Share Price 247.50p
Premium of Share Price to NAV 1.3%
*Ongoing charges as at 31/01/2021. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.
Sector Analysis of Total Assets
1 Industrials 26.4%
2 Information Technology 20.3%
3 Consumer Discretionary 19.4%
4 Health Care 10.7%
5 Financials 6.2%
6 Consumer Staples 5.7%
7 Communication Services 5.4%
8 Real Estate 2.4%
9 Materials 1.9%
10 Net Liquid Assets 1.6%
Figures may not sum due to rounding.
Top Ten Holdings
Holdings % of Total Assets
1 Jeol 3.7
2 RakSul 3.5
3 Outsourcing 3.1
4 Snow Peak 3.0
5 LITALICO 2.8
6 Tsugami 2.5
7 Descente 2.5
8 Shoei 2.4
9 KATITAS 2.4
10 GMO Payment Gateway 2.2
Total 28.2
Total may not sum due to rounding.
Proposition
The Trust aims to achieve long-term capital growth principally through investment in small Japanese companies which are believed to have above average prospects for capital growth.
We invest in 40–80 attractively valued smaller companies that we believe offer good growth opportunities. The Trust is actively managed and will primarily consist of listed companies although up to 10% of total assets can be invested, at the time of initial investment, in unlisted investments.
Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas.
We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the comparative index, the MSCI Japan Small Cap Index, total return, in sterling terms.
Performance
Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 4.0 20.4 114.3 627.9
NAV 7.0 23.7 112.0 557.7
Index* 10.1 11.9 43.0 172.5
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 27.9 39.1 -11.4 30.8 4.0
NAV 22.6 39.8 -8.6 26.4 7.0
Index* 15.3 10.8 -0.3 2.0 10.1
Performance source: Morningstar, MSCI, total return in sterling.
*MSCI Japan Small Cap Index.
1
2
3
4
5
6
7
80
100
120
140
160
180
200
220
240
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Baillie Gifford Shin Nippon PLC
NAV – Baillie Gifford Shin Nippon PLC
Index*
15
Pacific Horizon Investment Trust PLC
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Manager Roderick Snell
Total Assets £778.94m Total Borrowings £60.81m
Ongoing Charges 0.78%* Dividend Yield 0.03%
Potential Gearing 8% Invested Gearing 1%
Active Share 93%**
Annual Turnover (As at 31/07/2021) 13%
Net Asset Value per Share (NAV) 807.72p
Share Price 874.00p
Premium of Share Price to NAV 8.2%
Geographic Analysis of Total Assets
1 India 30.1%
2 Hong Kong & China 23.1%
3 Korea 13.5%
4 Singapore 9.2%
5 Vietnam 5.4%
6 Indonesia 4.7%
7 Taiwan 3.1%
8 China 'A' Shares 3.0%
9 Other Listed 1.9%
10 Kazakhstan 0.6%
11 Net Liquid Assets 5.4%
Figures may not sum due to rounding.
Private Companies
The portfolio includes 7 private companies, which in aggregate
accounted for 7.2% of total assets.
Top 20 Industry Positions (%) - 36 in Total
*Ongoing charges as at 31/07/2021. Calculated in accordance with AIC
recommendations. Details of these costs can be found in the Key Information
Document.
**Relative to MSCI All Country Asia Ex Japan Index. Source: Baillie Gifford & Co,
MSCI.
Proposition
The Trust aims to achieve capital growth through investment in the Asia Pacific region (excluding Japan) and the Indian Sub-continent.
The portfolio contains companies which have been identified as offering the potential for long-term capital appreciation, irrespective of whether they comprise part of any index. Country and sector weightings are a consequence of the index agnostic approach to stock selection. In constructing the equity portfolio a spread of risk is achieved by diversification and the portfolio will typically consist of between 40–120 holdings.
The Trust is actively managed and will normally consist principally of quoted securities although up to 10% of total assets can be invested, at the time of initial investment, in private companies.
Top Ten Holdings
Holdings % of Total Assets
1 SEA Limited 6.7
2 Tata Motors 3.6
3 Zomato 2.9
4 Li Ning 2.7
5 Delhivery 2.6
6 Jadestone Energy 2.5
7 MMG Limited 2.2
8 Vedanta 2.1
9 JD.com 2.0
10 Samsung SDI 1.9
Total 29.2
Total may not sum due to rounding.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 51.3 168.2 305.9 567.9
NAV 48.1 144.3 230.7 451.2
Index* 10.0 27.0 58.3 168.6
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 34.9 12.2 -4.1 85.0 51.3
NAV 29.1 4.9 3.0 60.1 48.1
Index* 19.1 4.7 2.5 12.6 10.0
Performance source: Morningstar, MSCI, total return in sterling.
*MSCI All Country Asia Ex Japan Index.
1
23
4
5
6
7
11
0 5 10 15 20
Capital Markets
Insurance
Wireless Telecommunication Services
Software
Interactive Media & Services
Construction & Engineering
Transportation Infrastructure
IT Services
Biotechnology
Machinery
Banks
Electronic Equipment, Instruments & Components
Textiles, Apparel & Luxury Goods
Oil, Gas & Consumable Fuels
Real Estate Management & Development
Automobiles
Semiconductors & Semiconductor Equipment
Internet & Direct Marketing Retail
Entertainment
Metals & Mining
80
130
180
230
280
330
380
430
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Pacific Horizon Investment Trust PLC
NAV – Pacific Horizon Investment Trust PLC
Index*
16
Keystone Positive Change Investment Trust plc
30 September 2021
All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future
returns.
Key Information
Managers Kate Fox / Lee Qian
Total Assets £224.98m Total Borrowings £10.36m
Ongoing Charges 0.83%* Dividend Yield 3.3%
Active Share 96%**
Net Asset Value per Share (NAV) 347.19p
Share Price 344.00p
Discount of Share Price to NAV 0.9%
*Ongoing charges as at 10/02/2021. These charges are an estimate only and are
calculated in accordance with AIC recommendations. Details of these costs can
be found in the Key Information Document.
**Relative to MSCI ACWI (GBP) Index. Source: Baillie Gifford & Co, MSCI.
Geographic Analysis of Total Assets
1 North America 52.3
2 Europe (ex UK) 24.3
3 Emerging Markets 18.3
4 Developed Asia Pacific 3.9
5 UK 1.0
6 Net Liquid Assets 0.3
Figures may not sum due to rounding.
Private Companies
The portfolio includes 4 private companies, which in aggregate accounted for 2.1% of total assets.
Top Ten Holdings
Holdings % of Total Assets
1 Moderna 13.4
2 ASML 7.6
3 TSMC 5.3
4 Tesla Inc 5.1
5 MercadoLibre 5.0
6 Dexcom 4.7
7 Illumina 4.0
8 M3 3.4
9 Umicore 3.4
10 NIBE 3.3
Total 55.1
Totals may not sum due to rounding.
Proposition
The trust aims to generate long term capital growth with the aim of the NAV total return exceeding that of the MSCI AC World Index in Sterling terms by at least 2% per annum over rolling five year periods; and contribute towards a more sustainable and inclusive world by investing in the equities of companies whose products or services make a positive social or environmental impact. The performance target stated is in no way guaranteed.
Performance Periodic Performance (%)
1 Year 3 Years 5 Years 10 Years
Share Price 40.9 15.6 20.2 119.5
NAV 17.4 0.8 8.8 103.1
Index* 24.5 6.6 26.3 113.3
Discrete Performance (%)
30/09/16-30/09/17
30/09/17-30/09/18
30/09/18-30/09/19
30/09/19-30/09/20
30/09/20-30/09/21
Share Price 3.2 0.8 -4.1 -14.5 40.9
NAV 7.8 0.0 1.1 -15.0 17.4
Index* 11.9 5.9 2.7 -16.6 24.5
Performance source: Morningstar, MSCI, total return in sterling.
*MSCI ACWI Index (GBP). Changed from FTSE All Share Index on 10/2/2021.
Data chain-linked from this date to form a single index.
The line at 10 February 2021 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.
Prior to this date the Trust had a different investment universe and objective.
1
2
3
4
70
80
90
100
110
120
130
140
Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21
Indexed
Share Price – Keystone Positive Change Investment Trust PLC
NAV – Keystone Positive Change Investment Trust PLC
Index*
17
Risk Factors
Any investment in an investment trust involves risk. You should be aware of the following risk factors which, in addition to those on page three, apply to all of the investment trusts:
— All the Trusts can borrow ‘money’ to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the trust will make a loss. If the trust’s investments fall in value, any invested borrowings will increase the amount of this loss.
— Market values for securities which have become difficult to trade may not be readily available, and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trusts might receive upon their sale.
— The Trusts can buy back their own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
— Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Trust may issue new shares when the price is at a premium which will reduce the share price. Shares bought at a premium can therefore quickly lose value.
— The Trusts can make use of derivatives which may impact on their performance.
Trust Specific Risk Factors and Information
Scottish Mortgage Investment Trust PLC
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
— The Trust has a significant investment in private companies. The Trust's risk could be increased as these assets may be more difficult to buy or sell, so changes in their price may be greater.
The Monks Investment Trust PLC
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
Edinburgh Worldwide Investment Trust plc
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— Investment in smaller, immature companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller, immature companies may do less well in periods of unfavourable economic conditions.
— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
— The Trust’s risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
The Scottish American Investment Company P.L.C.
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up
— The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
— The Trust has some direct property investments, which may be difficult to sell. Valuations of property are only estimates based on the valuer's opinion. These estimates may not be achieved when the property is sold.
— Corporate bonds are generally perceived to carry a greater possibility of capital loss than investment in, for example, higher rated UK government bonds. Bonds issued by companies and governments may be adversely affected by changes in interest rates and expectations of inflation.
— The level of income is not guaranteed.
Baillie Gifford UK Growth Fund plc
— The Trust’s exposure to a single market may increase risk. — The aim of the Trust is to achieve capital growth. You should not
expect a significant, or steady, annual income from the Trust. — The Trust's risk is increased as it holds fewer investments than a
typical investment trust and the effect of this, together with its long-term approach to investment, could result in large movements in the share price.
Baillie Gifford US Growth Trust plc
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up
— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavorable economic conditions.
— The Trust's exposure to a single market and currency may increase risk.
— The Trust has a significant investment in private companies. The Trust's risk could be increased as these assets may be more difficult to buy or sell, so changes in their price may be greater.
— The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
Baillie Gifford European Growth Trust plc
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up
— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.
— The Trust's risk is increased as it holds fewer investments than a typical investment trust and the effect of this, together with its long-term approach to investment, could result in large movements in the share price.
— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
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Baillie Gifford China Growth Trust plc
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up
— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavorable economic conditions.
— The Trust's exposure to a single market and currency may increase risk.
— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.
— The Trust invests in China where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
— The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
The Baillie Gifford Japan Trust PLC
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.
— The Trust’s exposure to a single market and currency may increase risk.
— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
Baillie Gifford Shin Nippon PLC
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.
— The Trust’s exposure to a single market and currency may increase risk.
— The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
Pacific Horizon Investment Trust PLC
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
— The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
— The Trust’s risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
— The Trust invests in China, often through contractual structures that are complex and could be open to challenge, where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
Keystone Positive Change Investment Trust plc
— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and anyincome it may pay) to go down or up.
— The Trust invests in emerging markets where difficulties indealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changesin their prices may be greater.
— The Trust's risk is increased as it holds fewer investments than atypical investment trust and the effect of this, together with its long term approach to investment, could result in large movements in the share price.
— The Trust invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Trust will not invest in certain sectors and companies and the universe of investments available to the Trust will be more limited than other funds and trusts that do not apply such criteria. The Trust therefore may have different returns than a fund or trust which has no such restrictions.
— The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
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— Scottish Mortgage Investment Trust PLC’s annual remuneration to Baillie Gifford & Co Limited is 0.30% on the first £4 billion and thereafter 0.25% of total assets less current liabilities (excluding short-term borrowings for investment purposes), calculated and payable on a quarterly basis.
— The Monks Investment Trust PLC’s annual remuneration is 0.45% on the first £750 million of total assets, 0.33% on the next £1 billion of total assets and 0.30% on the remaining total assets, where total assets is defined as the total value of all assets held less liabilities (other than any liability in the form of debt intended for investment purposes).
— Edinburgh Worldwide Investment Trust plc’s annual remuneration to Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.
— Baillie Gifford UK Growth Fund plc’s annual remuneration to
Baillie Gifford & Co Limited is calculated as 0.50% of net assets, with no additional performance fee. The management agreement provides for six months' notice period.
— Baillie Gifford US Growth Trust plc’s annual remuneration to
Baillie Gifford & Co Limited is calculated at 0.70% on the first £100 million net assets of the Trust attributable to its shareholders and 0.55% on the remainder. This is calculated and payable on a quarterly basis.
— Baillie Gifford European Growth Trust plc’s annual
remuneration fee is 0.55% of the lower of (i) the Company’s market capitalisation and (ii) the Company’s net asset value (which shall include income), in either case up to £500 million, and 0.50% of the amount of the lower of the Company’s market capitalisation or net asset value above £500 million, calculated and payable quarterly.
— Baillie Gifford China Growth Trust plc’s annual remuneration is (i) 0.75%. of the first £50 million of Net Asset Value; plus (ii) 0.65%. of Net Asset Value between £50 million and £250 million; plus (iii) 0.55%. of Net Asset Value in excess of £250 million. This is calculated and payable on a quarterly basis.
— The Baillie Gifford Japan Trust PLC’s annual remuneration to Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.
— Baillie Gifford Shin Nippon PLC’s annual remuneration to
Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.
— Pacific Horizon Investment Trust PLC’s annual remuneration to
Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200 million and at 0.55% on the remainder. This is calculated and payable on a quarterly basis.
— The Scottish American Investment Company P.L.C.’s annual remuneration, calculated quarterly, is 0.45% on the first £500m of total assets and 0.35% on the remaining total assets, where total 'assets' is defined as the total value of the assets held, excluding the value of the property portfolio, less all liabilities (other than any liability in the form of debt intended for investment purposes). OLIM Limited receives an annual fee from SAINTS of 0.5% of the value of the property portfolio subject to a minimum quarterly fee of £6,250. Prior to 1 April 2020, the annual management fee was 0.45% of total assets, excluding the value of the property portfolio, less current liabilities.
— Keystone Positive Change Investment Trust plc’s annual
remuneration to (i) 0.70% of the first £100 million of market capitalisation: plus (ii) 0.65% of market capitalisation between £100 million and £250 million; plus (iii) 0.55% of market capitalisation in excess of £250 million. This is calculated and payable on a quarterly basis
Annual Remuneration
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How To Contact Us
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans. You can buy the trusts from a stockbroker, a third party or a fund platform. Please visit our website for details of fund platforms that offer our trusts at bailliegifford.com/en/uk/individual-investors/how-to-invest.
Website bailliegifford.com
E-Mail [email protected]
Registrar: Computershare Investor Services PLC PO Box 82 The Pavilions Bridgwater Road Bristol BS99 6ZZ
0370 702 0010
Scottish Mortgage Investment Trust PLC The Monks Investment Trust PLC Edinburgh Worldwide Investment Trust plc The Scottish American Investment Company P.L.C. Baillie Gifford UK Growth Fund plc Baillie Gifford US Growth Trust plc Baillie Gifford European Growth Trust plc Baillie Gifford China Growth Trust plc The Baillie Gifford Japan Trust PLC Baillie Gifford Shin Nippon PLC Pacific Horizon Investment Trust PLC Keystone Positive Change Investment Trust plc
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Intermediaries Head of Intermediary Sales Sales Managers South East London London Scotland, Ireland and N.E. England North and Midlands South West, South Wales and Channel Islands South Midlands and East Anglia UK Advisers UK Advisers Client Relations
Grant Walker Samantha Crawley Scott Mackenzie Simon Gaunt Kevin Mitchell Laura Ingleby Chris Whittingslow Harry Driscoll Megan Rooney Richard Atack Yvette Cord
0131 275 3200 07771 647065
0131 474 5277
07971 987003
0207 054 6018 07961 025745
0207 054 6003
07896 709008
0131 275 3251
07919 397178
0207 054 6020
07843 501643
0207 054 6014
07583 072213
0131 474 5158
07483 049920
0131 275 3838
07483 054720
0131 275 3251
07941 035860
0800 027 0132
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Copyright © Baillie Gifford & Co 2009.
If you require further assistance or information, please contact: Baillie Gifford, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland.
Or telephone the Client Relations Team on 0800 917 2112.
You can e-mail us at [email protected] or visit our website at bailliegifford.com.
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