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Overview
The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. 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 UK All Companies Sector.
Performance & Portfolio
Performance & Portfolio
Periodic performance
All figures to 31/03/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc -3.3% 0.3% -0.4% 3.1% Index* 4.1% 10.5% 7.2% 12.0% Target Benchmark** 5.2% 12.6% 9.4% 14.3% Sector Average*** -1.1% 5.1% 3.5% 10.0% Sector Ranking 155/221 174/220 179/217 202/207 Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/202431/03/2024
31/03/2025Class B-Acc 45.7% -19.1% -5.5% 4.2% 0.3% Index* 26.7% 13.0% 2.9% 8.4% 10.5% Target Benchmark** 29.2% 15.3% 5.0% 10.6% 12.7% Sector Average*** 38.0% 5.4% -1.9% 7.7% 5.1% Please bear in mind that past performance is not a guide to future returns. 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, FTSE. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*FTSE All-Share Index.
**FTSE All-Share Index plus at least 2% per annum over rolling five-year periods.
***IA UK All Companies Sector.
Top ten holdings 31/03/2025
Fund % 1 Games Workshop 9.0% 2 Auto Trader 7.4% 3 Experian 7.3% 4 4imprint 5.4% 5 AJ Bell 4.5% 6 Wise 4.1% 7 Moonpig Group 3.9% 8 Softcat 3.5% 9 Genus 3.4% 10 Rightmove 3.3% Total 51.7% Asset allocation 31/03/2025Fund %
- 1 Consumer Discretionary 24.16
- 2 Industrials 23.85
- 3 Technology 18.59
- 4 Financials 13.56
- 5 Health Care 6.47
- 6 Consumer Staples 4.75
- 7 Basic Materials 4.07
- 8 Real Estate 3.25
- 9 Cash 1.30
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Insights
View all Insights.Meet the Managers
Milena Mileva
Milena is an investment manager in the UK Equity Team and lead manager of the UK Alpha Strategy. She is a member of the International All Cap Portfolio Construction Group. She joined Baillie Gifford in 2009 and became a partner of the firm in 2022.Milena graduated BA in Social and Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.
Fund Platforms
You can invest in a range of our funds via a number of fund platforms, please see the links opposite.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites.
Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Fund Platforms
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.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Sustainability disclosure requirements (SDR)
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.
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund’s exposure to a single market may increase share price movements.
Concentration
The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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.
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.
Important Information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the [Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”)]/[Advice Law] and in the First Addendum to the [Israel Securities Law, 5728-1968 (the “Securities Law”)]/ [Securities Law]. Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
