Capital at risk
UK Core
The UK Equity Core Strategy invests in a collection of tremendously exciting UK businesses. Many may not be household names, but they are typically leaders in their fields with attractive competitive positions.
We pride ourselves on the strength of our relationships with companies and the level of corporate access and insight this affords us.
Investing in Britain’s best
The UK Equity Core Strategy invests for at least five years in a range of carefully selected, high-quality British businesses which we believe have the potential to deliver superior earnings growth.
UK Core Q3 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
Seeking out superior potential
We aim to outperform the FTSE All-Share Index by at least 1 per cent per annum over rolling five-year periods.
To achieve this, we aim to identify well-managed, high-quality growth companies which enjoy sustainable competitive advantages. We seek out businesses that have the potential to deliver superior earnings growth over many years and hold onto them long enough for their strengths to emerge as the dominant influence on share prices.
We also take stewardship seriously, meeting with management and boards regularly, voting thoughtfully at general meetings and advocating for change where needed.
A diverse blend of growth companies
The portfolio has between 45-65 holdings. Therefore, it looks different to the broader UK equity index and has a high active share.
This is because we believe that to add value over the long term, we need to take a differentiated approach.
Given this is a core portfolio, it has a diverse blend of exposure to different types of growth companies – some will grow very rapidly, others will compound over time. Though we can group our holdings into several exciting themes, we aim to have a broad exposure to all.
Meet the manager
Iain McCombie
Iain is the head of our UK Equity Team and lead manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000. Iain joined Baillie Gifford in 1994 and became a partner of the firm in 2005. He has previously spent time on the US Equities Team. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
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You can invest in this strategy through the following fund(s).
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | AstraZeneca | 4.4% |
| 2 | Marks and Spencer Group | 4.3% |
| 3 | Bunzl | 4.1% |
| 4 | Unilever | 3.8% |
| 5 | Rio Tinto | 3.8% |
| 6 | RELX | 3.6% |
| 7 | Auto Trader | 3.5% |
| 8 | Standard Chartered | 3.2% |
| 9 | Legal & General | 3.1% |
| 10 | Just Group | 3.0% |
Please note
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.
Invest in this strategy
You can invest in this strategy through the following fund(s).
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Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
UK Core Q3 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
UK Core Q1 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK Core Q3 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.UK Core Q3 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.UK Core Q1 update
The UK Core Team reflects on recent performance, portfolio changes and market developments.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
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”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “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.
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