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 31/01/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc 8.6% 7.1% -9.7% -5.0% Index* 7.2% 17.6% 7.3% 9.1% Target Benchmark** 8.2% 19.7% 9.4% 11.2% Sector Average*** 8.9% 17.7% 8.5% 9.9% Sector Ranking 306/557 522/549 489/493 411/411
Annual discrete performance 31 December each year
Annual percentage return (Updated Quarterly) 31/12/2019
31/12/202031/12/2020
31/12/202131/12/2021
31/12/202231/12/2022
31/12/202331/12/2023
31/12/2024Class B-Acc 76.8% -20.6% -38.4% -3.9% -8.4% Index* 12.6% 16.4% -7.8% 9.4% 10.3% Target Benchmark** 14.5% 18.4% -5.6% 11.3% 12.3% Sector Average*** 15.3% 17.7% -11.1% 12.7% 12.6% 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, S&P. Total return net of charges, in sterling.Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
*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 31/01/2025
Fund % 1 Alnylam Pharmaceuticals 6.2% 2 Axon Enterprise 3.7% 3 Zillow 3.6% 4 Oxford Nanopore Tech 3.4% 5 LiveRamp 3.4% 6 AeroVironment 3.3% 7 Doximity 2.6% 8 Exact Sciences 2.6% 9 Ocado 2.5% 10 JFrog 2.4% Total 33.6% Sector analysis of total assets 31/01/2025Fund %
- 1 Health Care 35.92
- 2 Information Technology 32.07
- 3 Industrials 16.25
- 4 Financials 4.15
- 5 Real Estate 3.56
- 6 Consumer Discretionary 3.50
- 7 Consumer Staples 2.49
- 8 Materials 0.95
- 9 Communication Services 0.22
- 10 Cash 0.88
- Total 100.00
Geographic analysis of total assets 31/01/2025Fund %
- 1 United States 62.26
- 2 UK 13.37
- 3 China 5.46
- 4 Israel 5.21
- 5 Brazil 2.89
- 6 Japan 2.81
- 7 Others 7.11
- 8 Cash 0.88
- 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
Douglas Brodie
Douglas is head of the Discovery Team and has led the strategy since its inception. He is a member of the Discovery Portfolio Construction Groups and also a co-manager of the Edinburgh Worldwide Investment Trust. He joined Baillie Gifford in 2001 and became a partner in 2015. He graduated with a 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 is an investment manager in the Discovery Team. She is a member of the Discovery Portfolio Construction Groups and a co-manager of the Edinburgh Worldwide Investment Trust. She joined Baillie Gifford in 2012. She graduated with a BA in Economics and Business Administration from the American University in Bulgaria in 2008, an MSc in Investment Analysis in 2009 and a PhD in Accounting and Finance in 2012, both from the University of Stirling. She is a CFA Charterholder.
John MacDougall
John is an investment manager and decision maker in the Long Term Global Growth Team. He is also a member of the Discovery Portfolio Construction Group (PCG). John joined Baillie Gifford in 2000 and became a partner of the firm in 2016. Prior to his current roles, he worked in the North American, Japan and Global Discovery teams. John graduated MA in Ancient & Modern History from the University of Oxford in 2000 and is a CFA Charterholder.
Bill Chater
Bill is an investment specialist who is dedicated to our Discovery Strategy. He is a member of the Discovery Portfolio Construction Groups and chairs the Discovery Product Group. Before joining Baillie Gifford in 2018, Bill studied for a full-time MBA, specialising in Finance, at the University of Edinburgh Business School. Previously, he spent five years at MasterCard as a corporate account manager for financial institutions. Bill graduated with an MA in History from the University of Edinburgh in 2012.
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.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Fund ratings reports
Key investor information documents (KIIDs)
Other fund literature
Philosophy and process documents
Quarterly investor reports
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.
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Immature Companies
Investment in smaller, immature companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for more established companies. As a result, share price fluctuations may be greater. In addition smaller, immature companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.
Market Conditions
Any value assigned to illiquid securities which are difficult to trade, such as those in smaller, immature companies, may not accurately reflect the price the Fund might receive upon their sale.
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.
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.
