Currently closed to new investors
Fund closure and payment of Termination Proceeds
The Fund closed on 13 November 2024 and Termination Proceeds will be paid to shareholders on 15 November 2024. A further payment may also be made to shareholders should any material monies be received in the future from the contingent value right (“CVR”) held. More information on the closure of the Fund, the payment of Termination Proceeds and the CVR can be found in the letter to shareholders.
If you have any queries, please contact our Client Relations Team on 0800 917 2113. Your call may be recorded for training or monitoring purposes.
Payment of Termination Proceeds (will be paid on 15 November 2024)
Class ISIN Sedol Termination Proceeds (pence per share)
B Inc GB00BMVLY145 BMVLY14 58.89979417
B Acc GB00BMVLY038 BMVLY03 58.90031851
C Inc GB00BMVLY368 BMVLY36 59.95400000
C Acc GB00BMVLY251 BMVLY25 60.03900000
Overview
The Health Innovation Fund aims to outperform (after deduction of costs) the MSCI ACWI Health Care Index, as stated in sterling, by at least 2.5% per annum over a rolling five-year period by investing primarily in a global equity portfolio selected from companies engaged in the health care industry. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Healthcare Sector.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
Since Inception
Class B-Acc 1.6% 12.0% -17.7% -13.2% Index* 0.1% 16.5% 5.5% 8.5% Target Benchmark** 1.4% 19.5% 8.2% 11.3% Sector Average*** 2.1% 16.0% 0.3% 2.9% Sector Ranking 12/21 19/21 18/18 17/17 Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/2024Class B-Acc n/a n/a -32.7% -20.1% -1.6% Index* n/a n/a -3.7% 11.0% 14.6% Target Benchmark** n/a n/a -1.3% 13.8% 17.5% Sector Average*** n/a n/a -1.4% -5.0% 9.4% Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.Source: FE, Revolution, MSCI. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
†15 December 2020*MSCI ACWI Health Care Index from 31/08/24. Previously MSCI ACWI Index.
**MSCI ACWI Health Care Index + 2.5% (in Sterling) over rolling five-year periods from 31/08/24; previously MSCI ACWI + 2.5% (in Sterling). These have been chain-linked for performance figures above.
***IA Healthcare Sector.
Top Ten Holdings - 31/10/2024
Fund % 1 argenx 8.5% 2 Alnylam Pharmaceuticals 7.1% 3 ALK-Abello 5.3% 4 Ambu 5.0% 5 Insulet Corporation 4.4% 6 Exact Sciences 4.3% 7 Genmab 4.2% 8 Illumina 4.1% 9 ResMed 4.0% 10 Doximity 3.6% Total 50.5% Insights
Find out moreMeet the Managers
Julia Angeles
Julia has been a member of the International Growth Portfolio Construction Group since 2017 and she is a portfolio manager in the Health Innovation Strategy, which she co-founded in 2018. Julia joined Baillie Gifford in 2008 and became a partner in 2022. Julia previously worked as a management consultant at McKinsey & Company, advising firms in Denmark, Russia and Hungary. She obtained a BSc in 1999, an MSc in 2001 and a PhD in 2005 in Economics from the University of Aarhus, Denmark. She is fluent in Russian and Danish.
Marina Record
Marina joined Baillie Gifford in 2008 and is an investment manager in the Health Innovation Team. She worked in a number of global teams before joining Long Term Global Growth, where she focused on analysing companies with the potential for sustained rapid growth. It was here that Marina developed an interest in healthcare, intrigued by the accelerating pace of progress in the field. She joined the Health Innovation Team in January 2018 as an investment manager, to fully focus her attention on exploring the potential consequences of such progress and how Baillie Gifford can help. Marina graduated from the London School of Economics and the Higher School of Economics in Russia with BSc degrees in Banking and Finance and in Economics, having studied on these programmes simultaneously.
Rose Nguyen
Rose joined Baillie Gifford in 2013 and is an investment manager in the Health Innovation Team. Rose worked on various regional and global strategies before joining the Health Innovation Team as an investment manager. Having observed the innovations in multiple industries, she believes that the great convergence of different technologies and sciences will ultimately transform life science. Biology can move from alchemy and randomness to become a more predictable, deterministic and repeatable science, that will give rise to a plethora of exciting investment opportunities. She joined the Health Innovation Team in September 2018 at the inception of the strategy. Rose graduated BA (Hons) in Economics and MPhil in Finance and Economics from the University of Cambridge in 2012 and 2013 respectively.
How to Buy
Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com
OEIC Terms of Business
To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Enhanced disclosure document
Key investor information documents (KIIDs)
Other fund literature
Sustainability-related disclosures and climate reports
Value assessment
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Volatility
The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Dilution
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Emerging Markets
The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund’s concentrated portfolio relative to similar funds and in a particular industry may result in large movements in the share price in the short term.
Fees from revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
