Overview
The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK 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.
Stocks are picked on the basis of fundamental attractions, irrespective of location. Industry and regional exposure are a derivative of the stock selection process. We focus on companies that we believe can deliver above average growth.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2024 6 Months
1 Year
3 Years
5 Years
Class B-Acc 4.6% 27.4% -1.2% 9.1% Index* 8.5% 26.3% 8.3% 12.0% Target Benchmark** 9.6% 28.9% 10.4% 14.2% 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 26.7% 20.7% -21.3% 4.6% 18.9% Index* 7.1% 22.6% -4.0% 10.9% 20.7% Target Benchmark** 9.2% 25.0% -2.1% 13.2% 23.2% 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. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI ACWI ex UK Index.
**MSCI AC World ex UK 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 Microsoft 4.1% 2 Meta Platforms 4.0% 3 Amazon.com 3.8% 4 NVIDIA 3.5% 5 Martin Marietta Materials 3.5% 6 Prosus 3.2% 7 TSMC 2.9% 8 DoorDash 2.6% 9 Elevance Health Inc. 2.6% 10 Ryanair 2.3% Total 32.5% Meet the Managers
Spencer Adair
Spencer is an investment manager in the Global Alpha Team. He has been an investment manager in the Global Alpha Team since its inception in 2005 and Monks Investment Trust since 2015. Spencer is a co-manager of International Concentrated Growth Strategy. He joined Baillie Gifford in 2000 and became a partner in 2013. Spencer has also spent time working in the Fixed Income, Japanese, European, Emerging Markets and UK Equities teams. He graduated BSc in Medicine from the University of St Andrews in 1997.
Malcolm MacColl
Malcolm is an investment manager in the Global Alpha Team. He has been involved in Global Alpha since the product’s inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and became a partner of the firm in 2011. In 2021 he became a managing partner with overall oversight for the investment department. Malcolm previously worked in the UK Small Cap and North American equity teams. He managed the North American portion of wider global portfolios while in the North American Equity Team. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999, both from the University of St Andrews.
Helen Xiong
Helen joined Baillie Gifford in 2008 and is a partner and investment manager on the Global Alpha Team. In addition to Global Alpha, Helen has spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.
FUND PLATFORMS/SUPERMARKETS
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FUND PLATFORMS/SUPERMARKETS
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)
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Implementation statement
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.
