Overview
Global Discovery aims to outperform (after deduction of costs) the S&P Global Small Cap Index, as stated in Sterling, 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 Global Sector.
Small is fleet footed. We invest in immature companies because they are more nimble when it comes to exploiting change.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 4.7% 10.9% -22.7% -4.3% Index* 5.8% 21.6% 2.7% 8.2% Target Benchmark** 6.7% 23.5% 4.8% 10.2% 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 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 59.5% 5.7% -42.9% -17.0% -3.0% Index* -1.4% 33.5% -9.1% 5.1% 13.1% Target Benchmark** 0.5% 35.5% -6.8% 7.0% 14.9% Sector Average*** 7.2% 23.2% -8.9% 7.8% 16.2% 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, S&P. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*S&P Global Small Cap Index.
**S&P Global Small Cap Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.Top Ten Holdings - 31/10/2024
Fund % 1 Alnylam Pharmaceuticals 7.0% 2 AeroVironment 4.7% 3 Zillow 3.6% 4 Axon Enterprise 3.5% 5 Oxford Nanopore Tech 3.4% 6 Appian 3.3% 7 Ocado 3.2% 8 American Superconductor Corp 3.2% 9 Exact Sciences 3.1% 10 LiveRamp 2.5% Total 37.4% Sector analysis of total assets - 31/10/2024Fund %
- 1 Health Care 37.80
- 2 Information Technology 29.11
- 3 Industrials 16.42
- 4 Financials 4.83
- 5 Consumer Discretionary 3.68
- 6 Real Estate 3.59
- 7 Consumer Staples 3.16
- 8 Materials 0.74
- 9 Communication Services 0.20
- 10 Cash 0.46
- 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.
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.Insights
View all Insights.Meet the Managers
Douglas Brodie - Co-manager
Douglas is head of the Discovery Team and has led the strategy since its inception. He is also co-manager of the Edinburgh Worldwide Investment Trust. He joined Baillie Gifford in 2001 and became a partner in 2015. He graduated BSc in Molecular Biology and Biochemistry from the University of Durham in 1997 and attained a DPhil in Molecular Immunology from the University of Oxford in 2001.
Svetlana Viteva
Svetlana joined Baillie Gifford in 2012. She is an investment manager in the Discovery Team. She is the lead manager for US Discovery Strategy and a deputy manager for the Edinburgh Worldwide Investment Trust. She graduated BA in Economics and BA in Business Administration from the American University in Bulgaria in 2008, MSc in Investment Analysis in 2009 and PhD in Accounting and Finance in 2012, both from the University of Stirling. She is a CFA Charterholder.
Luke Ward
Luke joined Baillie Gifford in 2012 and is an investment manager in the Private Companies Team. Prior to joining the Private Companies Team in 2024 he was an investment manager in the Discovery Team. Luke is co-manager of the Edinburgh Worldwide Investment Trust, which focuses on identifying innovative and rapidly growing smaller companies globally. Luke graduated from the University of Edinburgh in 2012 with a MEng (Hons) in Mechanical Engineering.
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
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Philosophy and process documents
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
