Baillie Gifford - US Equity Growth

Investor Summary

The fund is managed by a highly experienced team of four professionals with an average tenure of over eight years: Tom Slater (Head of U.S. Equities Team since 2012), Gary Robinson (investment manager since 2014 with healthcare expertise), Kirsty Gibson (investment manager since 2018), and Dave Bujnowski (investment manager since 2020). The team has demonstrated exceptional ability to identify transformational growth companies early, with notable successes including NVIDIA (48x return), Tesla (17x return), and Shopify (10x return).

Fund Strategy

The fund employs a concentrated, bottom-up investment approach with a long-term horizon, seeking to identify exceptional growth businesses in America and hold them for extended periods to allow business model advantages and cultural strengths to become the dominant drivers of stock prices. The fund typically maintains 30-50 companies with low turnover, pursuing asymmetry in equity returns through patient long-term investment while remaining actively engaged in portfolio management decisions.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
14.8%	-	-7.4%

Executive Summary

Baillie Gifford's US Equity Growth strategy delivered strong low-double-digit absolute returns in Q2 2026 but lagged the S&P 500's 15 percent gain as the market rotated into semiconductor and memory stocks. The team maintained conviction in their core holdings despite the portfolio's price-to-sales multiple contracting 19 percent since October while the S&P 500's expanded 3 percent. Portfolio companies continue growing revenues at 24 percent on average with estimates revised higher, yet the premium to the benchmark is at a decade low. The team added Broadcom for its custom AI silicon capabilities and initiated SpaceX at IPO while reducing Tesla to manage Musk exposure. New positions in IDEXX and Mastercard broaden exposure beyond AI themes. The team avoided chasing memory stocks despite 200 percent plus returns, viewing bottleneck investing as unsustainable. With 75 percent of holdings having founder CEOs versus 20 percent for the S&P 500, they believe their culture-focused approach will prove advantageous as AI disruption plays out. The team sees current dislocations as creating opportunity for patient stock-picking focused on durable competitive advantages rather than transient supply constraints.

Forward Outlook

The team expects dislocations to persist as more capital moves for reasons unrelated to fundamentals, but believes this creates opportunity for patient, active stock-picking. They will not chase the next bottleneck but instead focus on identifying exceptional growth companies that address large markets, strengthen competitive advantages, and build cultures that maximize long-term value. They believe these companies will drive enduring returns long after current market narratives fade. The premium they are paying relative to the benchmark is at its lowest point in a decade despite materially higher forecast sales growth and profitability.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 21 2026	2026 Q2	AVGO, CRM, GOOGL, IDXX, MA, MU, NFLX, SHOP, SNOW, TSLA	AI, Founder-led, growth, semiconductors, software, Space, technology	AVGO SNOW SPACEX IDXX MA	Baillie Gifford's US Equity Growth strategy lagged the S&P 500's 15 percent Q2 gain as markets chased semiconductor bottlenecks, but the team maintained conviction in exceptional growth companies trading at decade-low valuations despite 24 percent revenue growth. They added SpaceX, Broadcom, IDEXX and Mastercard while avoiding memory stocks, believing founder-led cultures and durable competitive advantages will drive superior long-term returns as AI disruption separates winners from losers.
Apr 18 2026	2026 Q1	AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO	AI, growth, long-term, software, Systems, technology, valuation	AXON RBC	Baillie Gifford sees opportunity in current market stress as AI fears create valuation dislocations. The fund's holdings show 20% revenue growth yet trade at cheapest relative valuations since 2015. They believe companies controlling workflow infrastructure will benefit from AI adoption rather than be disrupted, maintaining conviction in businesses positioned at critical control points while others focus on interface-level concerns.
Jan 15 2026	2025 Q4	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	RBLX DUOL NFLX GH SHOP LMND GOOG COIN UTHR CHWY INSP PINS TTD	Baillie Gifford's concentrated US growth strategy delivered 28% annual returns despite Q4 volatility around AI valuations. New positions in Alphabet and Coinbase reflect conviction in AI transformation and crypto adoption. Strong performance from Guardant Health and Shopify offset weakness in Roblox and Netflix. Managers maintain long-term focus on exceptional growth businesses with sustainable competitive advantages.
Oct 20 2025	2025 Q3	DUOL, FIGM, KNF, NFLX, RBLX, SHOP, TTD, W	Advertising, AI, E-Commerce, gaming, growth, Platforms, technology	KNF Figma KNF	Baillie Gifford's US growth fund slightly underperformed in Q3 despite strong execution from platform leaders like Shopify and Roblox. The fund added Figma and Knife River while navigating AI disruption across advertising and education sectors. Management remains bullish on founder-led US companies with distinctive AI positioning, avoiding broad index exposure for concentrated exceptional growth businesses.
Jul 11 2025	2025 Q2	AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO	Concentration, growth, innovation, long-term, technology, US	MDLN 6857 JP APP CRCL ROKU SPT	Baillie Gifford's concentrated U.S. growth strategy delivered solid Q2 performance led by Cloudflare's AI platform success, Netflix's global subscriber acceleration, and Roblox's expanding creator economy. Strategic portfolio moves included exiting Roku due to competition concerns while adding AI-focused AppLovin and digital infrastructure play Circle Internet, positioning for continued technological disruption.
Apr 18 2025	2025 Q1	AUR, DKNG, GLOB, NET, NVDA, SG, SN, TSLA, TTD	AI, disruption, Electric Vehicles, growth, innovation, sports betting, technology, US	DKNG GLOB NET	Baillie Gifford's US Growth strategy delivered 8.6% in Q1 2025 while navigating Trump policy volatility. The team trimmed Tesla, Trade Desk, and NVIDIA at stretched valuations, adding DraftKings for US sports betting expansion, Globant for AI consulting, and Cloudflare for edge inference. Focus remains on exceptional growth companies positioned for structural drivers like falling battery costs and AI inferencing over five to ten years.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 21 2026

2026 Q2

AVGO, CRM, GOOGL, IDXX, MA, MU, NFLX, SHOP, SNOW, TSLA

AI, Founder-led, growth, semiconductors, software, Space, technology

AVGO
SNOW
SPACEX
IDXX
MA

Baillie Gifford's US Equity Growth strategy lagged the S&P 500's 15 percent Q2 gain as markets chased semiconductor bottlenecks, but the team maintained conviction in exceptional growth companies trading at decade-low valuations despite 24 percent revenue growth. They added SpaceX, Broadcom, IDEXX and Mastercard while avoiding memory stocks, believing founder-led cultures and durable competitive advantages will drive superior long-term returns as AI disruption separates winners from losers.

Apr 18 2026

2026 Q1

AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO

AI, growth, long-term, software, Systems, technology, valuation

AXON
RBC

Baillie Gifford sees opportunity in current market stress as AI fears create valuation dislocations. The fund's holdings show 20% revenue growth yet trade at cheapest relative valuations since 2015. They believe companies controlling workflow infrastructure will benefit from AI adoption rather than be disrupted, maintaining conviction in businesses positioned at critical control points while others focus on interface-level concerns.

Jan 15 2026

2025 Q4

AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY

AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US

RBLX
DUOL
NFLX
GH
SHOP
LMND
GOOG
COIN
UTHR
CHWY
INSP
PINS
TTD

Baillie Gifford's concentrated US growth strategy delivered 28% annual returns despite Q4 volatility around AI valuations. New positions in Alphabet and Coinbase reflect conviction in AI transformation and crypto adoption. Strong performance from Guardant Health and Shopify offset weakness in Roblox and Netflix. Managers maintain long-term focus on exceptional growth businesses with sustainable competitive advantages.

Oct 20 2025

2025 Q3

DUOL, FIGM, KNF, NFLX, RBLX, SHOP, TTD, W

Advertising, AI, E-Commerce, gaming, growth, Platforms, technology

KNF
Figma
KNF

Baillie Gifford's US growth fund slightly underperformed in Q3 despite strong execution from platform leaders like Shopify and Roblox. The fund added Figma and Knife River while navigating AI disruption across advertising and education sectors. Management remains bullish on founder-led US companies with distinctive AI positioning, avoiding broad index exposure for concentrated exceptional growth businesses.

Jul 11 2025

2025 Q2

AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO

Concentration, growth, innovation, long-term, technology, US

MDLN
6857 JP
APP
CRCL
ROKU
SPT

Baillie Gifford's concentrated U.S. growth strategy delivered solid Q2 performance led by Cloudflare's AI platform success, Netflix's global subscriber acceleration, and Roblox's expanding creator economy. Strategic portfolio moves included exiting Roku due to competition concerns while adding AI-focused AppLovin and digital infrastructure play Circle Internet, positioning for continued technological disruption.

Apr 18 2025

2025 Q1

AUR, DKNG, GLOB, NET, NVDA, SG, SN, TSLA, TTD

AI, disruption, Electric Vehicles, growth, innovation, sports betting, technology, US

DKNG
GLOB
NET

Baillie Gifford's US Growth strategy delivered 8.6% in Q1 2025 while navigating Trump policy volatility. The team trimmed Tesla, Trade Desk, and NVIDIA at stretched valuations, adding DraftKings for US sports betting expansion, Globant for AI consulting, and Cloudflare for edge inference. Focus remains on exceptional growth companies positioned for structural drivers like falling battery costs and AI inferencing over five to ten years.

QUARTER	THEMES	TAGS
2026 Q2	AI AI investment has triggered massive capital deployment in datacenters and equity deals between tech firms and AI companies. The world's largest technology companies are placing enormous bets on their visions for AI, altering hyperscaler economics and shaping stock market behavior. The market has focused on rolling bottlenecks in the AI supply chain, from CPUs to memory components required to scale AI models.	Datacenters Hyperscalers AI Models Supply Chain ChatGPT
	Memory DRAM prices doubled in Q1 alone, with pricing increasing monthly and buyers taking whatever supply they can get. Memory has been at the center of AI supply chain bottlenecks this quarter. The biggest question is whether this scarcity will prove durable, as bottlenecks can create spectacular profits but can also migrate or fade as capacity expands.	DRAM Semiconductors Pricing Scarcity
	Semiconductors Every one of the 12 top-returning stocks in the S&P 500 over the past year has been semiconductor-related and highly correlated, leaving passive index investors with unrecognized risk. The market has gone all-in on the scarcity it can see in the semiconductor supply chain. Broadcom has become a critical provider of custom AI silicon through disciplined acquisitions and deep customer relationships.	Broadcom Custom Silicon TPUs Supply Chain
	SaaS Software has been treated as a likely casualty if AI can write code and automate workflows, but evidence is becoming more nuanced. Snowflake's shares halved before more than doubling as results showed growth reaccelerating at 34 percent year-over-year, with AI increasing platform consumption rather than weakening the business model. The market's sorting mechanism between growth and value stories is underway but remains early and noisy.	Snowflake Software AI Disruption Cloud Migration
	Space SpaceX has built a vertically integrated operating system for the space economy, changing the economics of access to orbit. It now accounts for over half of global launches by count, more than 80 percent of mass to orbit since 2023, and has launched more satellites than the rest of the world combined. The company is believed to be about 10 years and 600 launches ahead of its nearest competition.	SpaceX Launches Satellites Orbital Compute
	Payments Cash's share of US transactions has fallen from about 30 percent in 2016 to less than half that today. Mastercard sits at the center of this shift and operates much of the world's financial plumbing. Fears of disruption from stablecoins and agentic commerce are overdone, as new payment technologies still need scale, acceptance, authentication, fraud protection and dispute resolution that Mastercard has spent decades building.	Mastercard Digital Payments Financial Infrastructure Stablecoins
2026 Q1	AI The fund views the AI scare as creating opportunities rather than threats. They believe AI will commoditize interface layers but increase value for companies controlling gates and rails in workflows. Portfolio companies like Cloudflare, Shopify, and DoorDash are positioned to benefit from increased AI traffic and transaction volume.	Software Workflow Infrastructure Automation Traffic
	Growth The fund focuses on exceptional growth businesses with strong fundamentals. Average 2026 revenue growth across the fund is about 20%, with sales estimates rising 3% over six months and improving profitability margins from 9% to 11%.	Revenue Margins Fundamentals Compounding Long-term
	E-commerce Shopify represents the fund's e-commerce exposure, positioned as infrastructure for commerce workflows. The fund believes commerce still requires secure, compliant paths from intent to purchase including payments, fraud management, and fulfillment regardless of interface evolution.	Payments Fulfillment Infrastructure Commerce Workflows
	Cloud Cloudflare serves as a gate controlling internet traffic, filtering threats, and governing automated activity. The fund sees increased AI traffic making such control points more valuable, with Cloudflare seeing AI agent traffic double in January.	Infrastructure Security Traffic Control Internet
2025 Q4	AI Manager notes market volatility around AI valuations and concerns about circular funding dynamics, but maintains conviction in AI as transformational technology. Views US as uniquely positioned across the full AI value chain from infrastructure to applications.	Artificial Intelligence Valuations Infrastructure Applications Investment
	E-commerce Strong performance from Shopify with 32% revenue growth driven by enterprise demand and AI-enabled tools. Manager views Shopify's platform as increasingly critical infrastructure for global e-commerce with rising take rates over time.	Commerce Platform Enterprise Infrastructure Take Rates Growth
	Cloud Cloudflare was a top contributor over one year with 2.69% contribution. Manager highlights cloud-based commerce platform strength and continued momentum in cloud infrastructure investments.	Infrastructure Platform Growth Momentum Performance
	Streaming Netflix was a detractor despite 17% revenue growth due to Brazilian tax charge. Manager notes progress in advertising with upfront commitments doubling and increasing programmatic demand, plus strategic partnerships like Spotify integration.	Revenue Growth Advertising Partnerships Content Engagement
	Gaming Roblox gave back gains despite strong fundamentals with 70% bookings growth and 48% revenue increase. Management signaled higher AI and infrastructure investment weighing on near-term profitability, though cash generation remains strong.	User Generated Bookings Growth Investment Profitability Cash Flow
	Crypto Initiated position in Coinbase as leading regulated crypto exchange serving 100+ million users. Manager sees strong position as traditional finance adopts digital assets, with diversification beyond trading fees into staking and infrastructure.	Exchange Regulation Infrastructure Adoption Diversification
2025 Q3	AI AI is reshaping digital creation and software development, with companies like Shopify benefiting from AI-enabled tools and Figma positioned to become the dominant collaborative design layer as AI transforms workflows. The Trade Desk is rolling out AI-powered platforms while the broader landscape faces challenges from AI reducing eyeballs on the open internet.	Artificial Intelligence Machine Learning Automation Digital Transformation Software
	E-commerce Strong performance from e-commerce platforms with Shopify showing enterprise demand momentum and AI-enabled tools supporting ecosystem growth. Wayfair demonstrated accelerating sales growth and revenue at the highest rate since COVID-19, with physical retail expansion and emerging AI traffic channels.	Online Retail Digital Commerce Platform Marketplace Retail Technology
	Gaming Roblox performed well with resilient user engagement and management's confident outlook, benefiting from viral experiences and ongoing infrastructure investments in its virtual economy that deepen user participation and broaden monetization opportunities.	Interactive Entertainment Virtual Worlds User Engagement Digital Platforms Monetization
	Advertising Mixed performance in advertising technology with The Trade Desk facing revenue shortfalls and tariff uncertainty limiting large-brand budgets, while Netflix shows growing traction in advertising as part of revenue diversification strategy despite cautious views on ads profitability at scale.	Ad Tech Programmatic Digital Marketing Revenue Diversification Brand Advertising
2025 Q2	AI The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage.	Machine Learning Platform Optimization Automation Data
	Cloud Cloud services remain a key focus with Cloudflare showing strong performance in developer tools and network services. The fund sees continued business reliance on differentiated cloud infrastructure and platforms as a durable growth driver.	Infrastructure Developer Tools Network Platform Services
	Gaming Gaming exposure through Roblox and AppLovin reflects the fund's conviction in the metaverse and mobile gaming ecosystems. Roblox's creator economy and platform growth, combined with AppLovin's dominance in mobile game advertising, represent significant long-term opportunities.	Metaverse Creator Economy Mobile Platform Advertising
	E-commerce The fund maintains significant exposure to e-commerce through Amazon, DoorDash, and Shopify. These platforms benefit from continued digital transformation and the shift toward online commerce and delivery services.	Digital Commerce Marketplace Delivery Platform Retail
	Streaming Netflix remains a core holding with the fund highlighting accelerating global subscriber growth, robust content slate, and strategic expansion into live sports. The opportunity remains significant as Netflix scales its advertising business effectively.	Content Subscribers Global Advertising Live Sports
	Crypto New investment in Circle Internet represents exposure to digital financial infrastructure through USDC stablecoin. The fund views this as foundational infrastructure for the transition from traditional to digital transactions.	Stablecoin Digital Payments Infrastructure USDC Financial
2025 Q1	AI The falling cost of inferencing is driving new use cases for artificial intelligence and potentially opening up use cases that cannot be imagined today. The emergence of AI models is moving the industry from training to placing emphasis on inference, creating opportunities for companies positioned at the edge infrastructure.	Inference Edge Computing AI Models Cost Reduction Use Cases
	Electric Vehicles The falling cost of batteries is driving electric vehicle adoption and enabling a move towards more stationary storage. This structural growth driver is expected to drive market returns over the next five to ten years.	Battery Costs EV Adoption Stationary Storage Structural Growth
	Sports Betting Online sports betting is a relatively new phenomenon in the US with significant expansion opportunities. DraftKings covers 25 states representing 49% of the population, with potential to expand within existing markets and into new states as regulations evolve.	Online Betting State Expansion iGaming Market Penetration

QUARTER

THEMES

AI

AI investment has triggered massive capital deployment in datacenters and equity deals between tech firms and AI companies. The world's largest technology companies are placing enormous bets on their visions for AI, altering hyperscaler economics and shaping stock market behavior. The market has focused on rolling bottlenecks in the AI supply chain, from CPUs to memory components required to scale AI models.

Datacenters Hyperscalers AI Models Supply Chain ChatGPT

Memory

DRAM prices doubled in Q1 alone, with pricing increasing monthly and buyers taking whatever supply they can get. Memory has been at the center of AI supply chain bottlenecks this quarter. The biggest question is whether this scarcity will prove durable, as bottlenecks can create spectacular profits but can also migrate or fade as capacity expands.

DRAM Semiconductors Pricing Scarcity

Semiconductors

Every one of the 12 top-returning stocks in the S&P 500 over the past year has been semiconductor-related and highly correlated, leaving passive index investors with unrecognized risk. The market has gone all-in on the scarcity it can see in the semiconductor supply chain. Broadcom has become a critical provider of custom AI silicon through disciplined acquisitions and deep customer relationships.

Broadcom Custom Silicon TPUs Supply Chain

SaaS

Software has been treated as a likely casualty if AI can write code and automate workflows, but evidence is becoming more nuanced. Snowflake's shares halved before more than doubling as results showed growth reaccelerating at 34 percent year-over-year, with AI increasing platform consumption rather than weakening the business model. The market's sorting mechanism between growth and value stories is underway but remains early and noisy.

Snowflake Software AI Disruption Cloud Migration

Space

SpaceX has built a vertically integrated operating system for the space economy, changing the economics of access to orbit. It now accounts for over half of global launches by count, more than 80 percent of mass to orbit since 2023, and has launched more satellites than the rest of the world combined. The company is believed to be about 10 years and 600 launches ahead of its nearest competition.

SpaceX Launches Satellites Orbital Compute

Payments

Cash's share of US transactions has fallen from about 30 percent in 2016 to less than half that today. Mastercard sits at the center of this shift and operates much of the world's financial plumbing. Fears of disruption from stablecoins and agentic commerce are overdone, as new payment technologies still need scale, acceptance, authentication, fraud protection and dispute resolution that Mastercard has spent decades building.

Mastercard Digital Payments Financial Infrastructure Stablecoins

2026 Q1

AI

The fund views the AI scare as creating opportunities rather than threats. They believe AI will commoditize interface layers but increase value for companies controlling gates and rails in workflows. Portfolio companies like Cloudflare, Shopify, and DoorDash are positioned to benefit from increased AI traffic and transaction volume.

Software Workflow Infrastructure Automation Traffic

Growth

The fund focuses on exceptional growth businesses with strong fundamentals. Average 2026 revenue growth across the fund is about 20%, with sales estimates rising 3% over six months and improving profitability margins from 9% to 11%.

Revenue Margins Fundamentals Compounding Long-term

E-commerce

Shopify represents the fund's e-commerce exposure, positioned as infrastructure for commerce workflows. The fund believes commerce still requires secure, compliant paths from intent to purchase including payments, fraud management, and fulfillment regardless of interface evolution.

Payments Fulfillment Infrastructure Commerce Workflows

Cloud

Cloudflare serves as a gate controlling internet traffic, filtering threats, and governing automated activity. The fund sees increased AI traffic making such control points more valuable, with Cloudflare seeing AI agent traffic double in January.

Infrastructure Security Traffic Control Internet

2025 Q4

AI

Manager notes market volatility around AI valuations and concerns about circular funding dynamics, but maintains conviction in AI as transformational technology. Views US as uniquely positioned across the full AI value chain from infrastructure to applications.

Artificial Intelligence Valuations Infrastructure Applications Investment

E-commerce

Strong performance from Shopify with 32% revenue growth driven by enterprise demand and AI-enabled tools. Manager views Shopify's platform as increasingly critical infrastructure for global e-commerce with rising take rates over time.

Commerce Platform Enterprise Infrastructure Take Rates Growth

Cloud

Cloudflare was a top contributor over one year with 2.69% contribution. Manager highlights cloud-based commerce platform strength and continued momentum in cloud infrastructure investments.

Infrastructure Platform Growth Momentum Performance

Streaming

Netflix was a detractor despite 17% revenue growth due to Brazilian tax charge. Manager notes progress in advertising with upfront commitments doubling and increasing programmatic demand, plus strategic partnerships like Spotify integration.

Revenue Growth Advertising Partnerships Content Engagement

Gaming

Roblox gave back gains despite strong fundamentals with 70% bookings growth and 48% revenue increase. Management signaled higher AI and infrastructure investment weighing on near-term profitability, though cash generation remains strong.

User Generated Bookings Growth Investment Profitability Cash Flow

Crypto

Initiated position in Coinbase as leading regulated crypto exchange serving 100+ million users. Manager sees strong position as traditional finance adopts digital assets, with diversification beyond trading fees into staking and infrastructure.

Exchange Regulation Infrastructure Adoption Diversification

2025 Q3

AI

AI is reshaping digital creation and software development, with companies like Shopify benefiting from AI-enabled tools and Figma positioned to become the dominant collaborative design layer as AI transforms workflows. The Trade Desk is rolling out AI-powered platforms while the broader landscape faces challenges from AI reducing eyeballs on the open internet.

Artificial Intelligence Machine Learning Automation Digital Transformation Software

E-commerce

Strong performance from e-commerce platforms with Shopify showing enterprise demand momentum and AI-enabled tools supporting ecosystem growth. Wayfair demonstrated accelerating sales growth and revenue at the highest rate since COVID-19, with physical retail expansion and emerging AI traffic channels.

Online Retail Digital Commerce Platform Marketplace Retail Technology

Gaming

Roblox performed well with resilient user engagement and management's confident outlook, benefiting from viral experiences and ongoing infrastructure investments in its virtual economy that deepen user participation and broaden monetization opportunities.

Interactive Entertainment Virtual Worlds User Engagement Digital Platforms Monetization

Advertising

Mixed performance in advertising technology with The Trade Desk facing revenue shortfalls and tariff uncertainty limiting large-brand budgets, while Netflix shows growing traction in advertising as part of revenue diversification strategy despite cautious views on ads profitability at scale.

Ad Tech Programmatic Digital Marketing Revenue Diversification Brand Advertising

2025 Q2

AI

The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage.

Machine Learning Platform Optimization Automation Data

Cloud

Cloud services remain a key focus with Cloudflare showing strong performance in developer tools and network services. The fund sees continued business reliance on differentiated cloud infrastructure and platforms as a durable growth driver.

Infrastructure Developer Tools Network Platform Services

Gaming

Gaming exposure through Roblox and AppLovin reflects the fund's conviction in the metaverse and mobile gaming ecosystems. Roblox's creator economy and platform growth, combined with AppLovin's dominance in mobile game advertising, represent significant long-term opportunities.

Metaverse Creator Economy Mobile Platform Advertising

E-commerce

The fund maintains significant exposure to e-commerce through Amazon, DoorDash, and Shopify. These platforms benefit from continued digital transformation and the shift toward online commerce and delivery services.

Digital Commerce Marketplace Delivery Platform Retail

Streaming

Netflix remains a core holding with the fund highlighting accelerating global subscriber growth, robust content slate, and strategic expansion into live sports. The opportunity remains significant as Netflix scales its advertising business effectively.

Content Subscribers Global Advertising Live Sports

Crypto

New investment in Circle Internet represents exposure to digital financial infrastructure through USDC stablecoin. The fund views this as foundational infrastructure for the transition from traditional to digital transactions.

Stablecoin Digital Payments Infrastructure USDC Financial

2025 Q1

AI

The falling cost of inferencing is driving new use cases for artificial intelligence and potentially opening up use cases that cannot be imagined today. The emergence of AI models is moving the industry from training to placing emphasis on inference, creating opportunities for companies positioned at the edge infrastructure.

Inference Edge Computing AI Models Cost Reduction Use Cases

Electric Vehicles

The falling cost of batteries is driving electric vehicle adoption and enabling a move towards more stationary storage. This structural growth driver is expected to drive market returns over the next five to ten years.

Battery Costs EV Adoption Stationary Storage Structural Growth

Sports Betting

Online sports betting is a relatively new phenomenon in the US with significant expansion opportunities. DraftKings covers 25 states representing 49% of the population, with potential to expand within existing markets and into new states as regulations evolve.

Online Betting State Expansion iGaming Market Penetration

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 21, 2026	Fund Letters	Baillie Gifford - US Equity Growth	AVGO	Broadcom Inc.	Semiconductors	Semiconductors	Bull	NASDAQ	AI infrastructure, custom silicon, data center, growth, hyperscalers, semiconductors, technology, TPUs	Login
Jul 21, 2026	Fund Letters	Baillie Gifford - US Equity Growth	SNOW	Snowflake Inc.	Software - Application	Application Software	Bull	New York Stock Exchange	AI Beneficiary, Cloud computing, Data Warehousing, Growth Reacceleration, platform, SaaS, Software, technology	Login
Jul 21, 2026	Fund Letters	Baillie Gifford - US Equity Growth	SPACEX	Space Exploration Technologies Corp.	Other	Aerospace & Defense	Bull	-	Aerospace, Connectivity, Defense, founder-led, innovation, Launch Services, Space Economy, Starlink, vertical integration	Login
Jul 21, 2026	Fund Letters	Baillie Gifford - US Equity Growth	IDXX	IDEXX Laboratories, Inc.	Diagnostics & Research	Health Care Equipment	Bull	NASDAQ	diagnostics, Enduring Growth, Healthcare Equipment, pet healthcare, platform, recurring revenue, value opportunity, Veterinary	Login
Jul 21, 2026	Fund Letters	Baillie Gifford - US Equity Growth	MA	Mastercard Incorporated	Credit Services	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Capital-light, digital payments, Enduring Growth, Financial infrastructure, financials, payment processing, recurring revenue, Transaction Services	Login
Apr 18, 2026	Fund Letters	Baillie Gifford - US Equity Growth	AXON	Axon Enterprise	Aerospace & Defense	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI, Body Cameras, Drones, founder-led, Hardware, law enforcement, Public safety, recurring revenue, SaaS, TASER	Login
Apr 18, 2026	Fund Letters	Baillie Gifford - US Equity Growth	RBC	RBC Bearings	Tools & Accessories	Industrial Machinery	Bull	NASDAQ	Acquisitions, Aerospace, Bearings, Defense, High returns, Industrial, Mission-Critical, Niche markets, Reshoring	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	RBLX	Roblox Corporation	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	Engagement, infrastructure, Investment cycle, monetization, operating leverage	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	DUOL	Duolingo, Inc.	Consumer Discretionary	Education Services	Bull	NASDAQ	generative AI, Learning Outcomes, Pricing, Retention, Subscriptions	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	NFLX	Netflix, Inc.	Communication Services	Movies & Entertainment	Bull	NASDAQ	advertising, capital allocation, Content, Free Cash Flow, Streaming	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	GH	Guardant Health, Inc.	Health Care	Health Care Technology	Bull	NASDAQ	clinical adoption, liquid biopsy, Oncology, platform, Screening	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	SHOP	Shopify Inc.	Information Technology	Internet Services & Infrastructure	Bull	New York Stock Exchange	ecommerce, enterprise, operating leverage, platform, Take rate	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	LMND	Lemonade, Inc.	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	operating leverage, Pricing Discipline, profitability, underwriting, Unit economics	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	GOOG	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, cloud, Data, Distribution, Search	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	COIN	Coinbase Global, Inc.	Financials	Capital Markets	Bull	NASDAQ	Crypto, infrastructure, Regulation, stablecoins, Staking	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	MDLN	Medline Industries, Inc.	Health Care	Health Care Supplies	Bull	-	Distribution, Logistics, Medical Supplies, Prime Vendor, Private-label	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	UTHR	United Therapeutics Corporation	Health Care	Biotechnology	Bull	NASDAQ	biopharma, Clinical Catalysts, Drug Expansion, Free Cash Flow, Lung disease	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	CHWY	Chewy, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	New York Stock Exchange	growth slowdown, Margins, Maturity, Optionalities, Subscription	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	INSP	Inspire Medical Systems, Inc.	Health Care	Health Care Equipment	Bear	New York Stock Exchange	Adoption Curve, Execution, Market expansion, Medical devices, Reimbursement	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	PINS	Pinterest, Inc.	Communication Services	Interactive Media & Services	Bear	New York Stock Exchange	advertising, Competition, Execution, monetization, Product Strategy	Login
Jan 15, 2026	Fund Letters	Kirsty Gibson	TTD	The Trade Desk, Inc.	Communication Services	Advertising	Bear	NASDAQ	adtech, Ecosystems, First Party Data, generative AI, Platform Concentration	Login
Jan 15, 2026	Fund Letters	Tom Coutts	6857 JP	Advantest Corp.	Information Technology	Semiconductor Equipment	Bull	New York Stock Exchange	AI, CapEx, Complexity, semiconductors, Testing	Login
Oct 20, 2025	Fund Letters	Kirsty Gibson	KNF	Knife River Corporation	Materials	Construction Materials	Bull	NYSE	aggregates, construction, infrastructure, leadership, M&A, Margins, Pricing	Login
Oct 20, 2025	Fund Letters	Kirsty Gibson	Figma	Figma (Private)	Information Technology	Application Software	Bull	-	AI, growth, innovation, SaaS, technology	Login
Oct 20, 2025	Fund Letters	Kirsty Gibson	KNF	Knife River Corporation	Materials	Construction Materials	Bull	NYSE	aggregates, construction, infrastructure, leadership, M&A, Margins, Pricing	Login
Jun 30, 2025	Fund Letters	Baillie Gifford - US Equity Growth	APP	AppLovin Corporation	Software & Services	Application Software	Bull	NASDAQ	advertising technology, Artificial Intelligence, growth, Mobile Gaming, network effects, operating leverage, SaaS	Login
Jun 30, 2025	Fund Letters	Baillie Gifford - US Equity Growth	CRCL	Circle Internet Group	Financial Services	Financial Exchanges & Data	Bull	NYSE	Blockchain, cryptocurrency, digital payments, Financial infrastructure, Fintech, growth, stablecoin	Login
Jun 30, 2025	Fund Letters	Baillie Gifford - US Equity Growth	ROKU	Roku Inc	Consumer Discretionary	Consumer Electronics	Bear	NASDAQ	advertising, Competition, Connected tv, consumer electronics, Profitability Concerns, Streaming	Login
Jun 30, 2025	Fund Letters	Baillie Gifford - US Equity Growth	SPT	Sprout Social Inc	Software & Services	Application Software	Bear	NASDAQ	AI disruption, Cloud software, Enterprise software, Growth Concerns, SaaS, social media management	Login
Apr 1, 2025	Fund Letters	Baillie Gifford - US Equity Growth	DKNG	DraftKings Inc.	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	duopoly, Early Mover Advantage, iGaming, Market expansion, online sports betting, Regulatory tailwinds, US gaming market	Login
Apr 1, 2025	Fund Letters	Baillie Gifford - US Equity Growth	GLOB	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI implementation, Artificial Intelligence, Digital Tools, Digital transformation, Enterprise AI, Software Consultancy, Technology Services	Login
Apr 1, 2025	Fund Letters	Baillie Gifford - US Equity Growth	NET	Cloudflare, Inc.	Information Technology	Internet Services & Infrastructure	Bull	NYSE	AI inference, Artificial Intelligence, cloud infrastructure, Edge computing, Edge Infrastructure, Low Latency, network effects	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 21, 2026

Fund Letters

Baillie Gifford - US Equity Growth

AVGO

Broadcom Inc.

Semiconductors

Bull

NASDAQ

AI infrastructure, custom silicon, data center, growth, hyperscalers, semiconductors, technology, TPUs

Jul 21, 2026

Fund Letters

Baillie Gifford - US Equity Growth

SNOW

Snowflake Inc.

Software - Application

Application Software

Bull

New York Stock Exchange

AI Beneficiary, Cloud computing, Data Warehousing, Growth Reacceleration, platform, SaaS, Software, technology

Jul 21, 2026

Fund Letters

Baillie Gifford - US Equity Growth

SPACEX

Space Exploration Technologies Corp.

Other

Aerospace & Defense

Bull

Aerospace, Connectivity, Defense, founder-led, innovation, Launch Services, Space Economy, Starlink, vertical integration

Jul 21, 2026

Fund Letters

Baillie Gifford - US Equity Growth

IDXX

IDEXX Laboratories, Inc.

Diagnostics & Research

Health Care Equipment

Bull

NASDAQ

diagnostics, Enduring Growth, Healthcare Equipment, pet healthcare, platform, recurring revenue, value opportunity, Veterinary

Jul 21, 2026

Fund Letters

Baillie Gifford - US Equity Growth

Mastercard Incorporated

Credit Services

Transaction & Payment Processing Services

Bull

New York Stock Exchange

Capital-light, digital payments, Enduring Growth, Financial infrastructure, financials, payment processing, recurring revenue, Transaction Services

Apr 18, 2026

Fund Letters

Baillie Gifford - US Equity Growth

AXON

Axon Enterprise

Aerospace & Defense

Technology Hardware, Storage & Peripherals

Bull

NASDAQ

AI, Body Cameras, Drones, founder-led, Hardware, law enforcement, Public safety, recurring revenue, SaaS, TASER

Apr 18, 2026

Fund Letters

Baillie Gifford - US Equity Growth

RBC

RBC Bearings

Tools & Accessories

Industrial Machinery

Bull

NASDAQ

Acquisitions, Aerospace, Bearings, Defense, High returns, Industrial, Mission-Critical, Niche markets, Reshoring

Jan 15, 2026

Fund Letters

Kirsty Gibson

RBLX

Roblox Corporation

Communication Services

Interactive Media & Services

Bull

New York Stock Exchange

Engagement, infrastructure, Investment cycle, monetization, operating leverage

Jan 15, 2026

Fund Letters

Kirsty Gibson

DUOL

Duolingo, Inc.

Consumer Discretionary

Education Services

Bull

NASDAQ

generative AI, Learning Outcomes, Pricing, Retention, Subscriptions

Jan 15, 2026

Fund Letters

Kirsty Gibson

NFLX

Netflix, Inc.

Communication Services

Movies & Entertainment

Bull

NASDAQ

advertising, capital allocation, Content, Free Cash Flow, Streaming

Jan 15, 2026

Fund Letters

Kirsty Gibson

Guardant Health, Inc.

Health Care

Health Care Technology

Bull

NASDAQ

clinical adoption, liquid biopsy, Oncology, platform, Screening

Jan 15, 2026

Fund Letters

Kirsty Gibson

SHOP

Shopify Inc.

Information Technology

Internet Services & Infrastructure

Bull

New York Stock Exchange

ecommerce, enterprise, operating leverage, platform, Take rate

Jan 15, 2026

Fund Letters

Kirsty Gibson

LMND

Lemonade, Inc.

Financials

Property & Casualty Insurance

Bull

New York Stock Exchange

operating leverage, Pricing Discipline, profitability, underwriting, Unit economics

Jan 15, 2026

Fund Letters

Kirsty Gibson

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Artificial Intelligence, cloud, Data, Distribution, Search

Jan 15, 2026

Fund Letters

Kirsty Gibson

COIN

Coinbase Global, Inc.

Financials

Capital Markets

Bull

NASDAQ

Crypto, infrastructure, Regulation, stablecoins, Staking

Jan 15, 2026

Fund Letters

Kirsty Gibson

MDLN

Medline Industries, Inc.

Health Care

Health Care Supplies

Bull

Distribution, Logistics, Medical Supplies, Prime Vendor, Private-label

Jan 15, 2026

Fund Letters

Kirsty Gibson

UTHR

United Therapeutics Corporation

Health Care

Biotechnology

Bull

NASDAQ

biopharma, Clinical Catalysts, Drug Expansion, Free Cash Flow, Lung disease

Jan 15, 2026

Fund Letters

Kirsty Gibson

CHWY

Chewy, Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bear

New York Stock Exchange

growth slowdown, Margins, Maturity, Optionalities, Subscription

Jan 15, 2026

Fund Letters

Kirsty Gibson

INSP

Inspire Medical Systems, Inc.

Health Care

Health Care Equipment

Bear

New York Stock Exchange

Adoption Curve, Execution, Market expansion, Medical devices, Reimbursement

Jan 15, 2026

Fund Letters

Kirsty Gibson

PINS

Pinterest, Inc.

Communication Services

Interactive Media & Services

Bear

New York Stock Exchange

advertising, Competition, Execution, monetization, Product Strategy

Jan 15, 2026

Fund Letters

Kirsty Gibson

TTD

The Trade Desk, Inc.

Communication Services

Advertising

Bear

NASDAQ

adtech, Ecosystems, First Party Data, generative AI, Platform Concentration

Jan 15, 2026

Fund Letters

Tom Coutts

6857 JP

Advantest Corp.

Information Technology

Semiconductor Equipment

Bull

New York Stock Exchange

AI, CapEx, Complexity, semiconductors, Testing

Oct 20, 2025

Fund Letters

Kirsty Gibson

KNF

Knife River Corporation

Materials

Construction Materials

Bull

NYSE

aggregates, construction, infrastructure, leadership, M&A, Margins, Pricing

Oct 20, 2025

Fund Letters

Kirsty Gibson

Figma

Figma (Private)

Information Technology

Application Software

Bull

AI, growth, innovation, SaaS, technology

Oct 20, 2025

Fund Letters

Kirsty Gibson

KNF

Knife River Corporation

Materials

Construction Materials

Bull

NYSE

aggregates, construction, infrastructure, leadership, M&A, Margins, Pricing

Jun 30, 2025

Fund Letters

Baillie Gifford - US Equity Growth

APP

AppLovin Corporation

Software & Services

Application Software

Bull

NASDAQ

advertising technology, Artificial Intelligence, growth, Mobile Gaming, network effects, operating leverage, SaaS

Jun 30, 2025

Fund Letters

Baillie Gifford - US Equity Growth

CRCL

Circle Internet Group

Financial Services

Financial Exchanges & Data

Bull

NYSE

Blockchain, cryptocurrency, digital payments, Financial infrastructure, Fintech, growth, stablecoin

Jun 30, 2025

Fund Letters

Baillie Gifford - US Equity Growth

ROKU

Roku Inc

Consumer Discretionary

Consumer Electronics

Bear

NASDAQ

advertising, Competition, Connected tv, consumer electronics, Profitability Concerns, Streaming

Jun 30, 2025

Fund Letters

Baillie Gifford - US Equity Growth

SPT

Sprout Social Inc

Software & Services

Application Software

Bear

NASDAQ

AI disruption, Cloud software, Enterprise software, Growth Concerns, SaaS, social media management

Apr 1, 2025

Fund Letters

Baillie Gifford - US Equity Growth

DKNG

DraftKings Inc.

Consumer Discretionary

Casinos & Gaming

Bull

NASDAQ

duopoly, Early Mover Advantage, iGaming, Market expansion, online sports betting, Regulatory tailwinds, US gaming market

Apr 1, 2025

Fund Letters

Baillie Gifford - US Equity Growth

GLOB

Globant S.A.

Information Technology

IT Consulting & Other Services

Bull

NYSE

AI implementation, Artificial Intelligence, Digital Tools, Digital transformation, Enterprise AI, Software Consultancy, Technology Services

Apr 1, 2025

Fund Letters

Baillie Gifford - US Equity Growth

NET

Cloudflare, Inc.

Information Technology

Internet Services & Infrastructure

Bull

NYSE

AI inference, Artificial Intelligence, cloud infrastructure, Edge computing, Edge Infrastructure, Low Latency, network effects

TICKER	COMMENTARY
AVGO	Broadcom is an example of where we do have conviction. It has become a critical provider of custom AI silicon. Hock Tan has built the company through disciplined acquisitions, deep customer relationships and a sharp understanding of where attractive end markets are emerging. Multiple hyperscalers depend on Broadcom, including Alphabet, another of its portfolio holdings.
GOOGL	Alphabet's AI strategy relies on Broadcom for specialised, highly efficient AI chips or tensor processing units (TPUs). This is the sort of adaptive positioning Arthur described: seeing the next wave and building the company to benefit from it.
SNOW	Snowflake is a good example. Its shares halved in the SaaS sell-off before more than doubling again as results showed growth reaccelerating. This quarter, product revenue grew 34 percent year-over-year, and guidance rose. Importantly, this was underpinned by Snowflake's core data warehousing business, with its native AI coding agent, Cortex Code, helping customers migrate to the cloud and deploy workloads faster. AI appears to be increasing platform consumption, not weakening the business model.
CRM	Salesforce, which is not held in the portfolio, tells a different story. Its shares have almost halved and have yet to recover. Growth has slowed to about 10 percent, the valuation has compressed to about 12 times next year's earnings, and the company has deployed a $50bn buyback, equivalent to roughly 40 percent of its market capitalisation.
SHOP	Shopify and Netflix were also among the detractors. In several cases, share price weakness stood in sharp contrast to positive fundamental progress. Shopify captures this tension. We see it as an exceptional company and likely AI beneficiary, yet the market has grouped it with other software businesses perceived as potential AI casualties. That may prove far too blunt.
NFLX	Shopify and Netflix were also among the detractors. In several cases, share price weakness stood in sharp contrast to positive fundamental progress.
TSLA	We have held SpaceX in the US Growth Investment Trust since 2018 and Tesla in this portfolio for more than a decade. That experience has taught us to expect a bumpy journey, but one with the potential to deliver outlier returns. For most clients, we initiated a small position in SpaceX this quarter at IPO, funded mainly by reducing Tesla to manage aggregate exposure to Elon Musk-led companies.
IDXX	IDEXX is a global leader in pet healthcare diagnostics. It combines testing devices, software applications and data analytics into a platform that is deeply embedded in veterinary workflows. The company has strong margins, attractive returns and a significant market position, yet we still see a path to steady growth as testing becomes broader and more frequent. After a five-year period in which the share price has languished, we think the market has overlooked the business's durability and the quality of the growth opportunity.
MA	Mastercard is another enduring growth company. Cash's share of US transactions has fallen from about 30 percent in 2016 to less than half that today. Mastercard, alongside Visa, sits at the centre of this shift and operates much of the world's financial plumbing. We believe fears of disruption from stablecoins and agentic commerce are overdone. New payment technologies still need scale, acceptance, authentication, fraud protection and dispute resolution. Mastercard has spent decades building those capabilities. Its edge is trust, ubiquity and interoperability, supported by a capital-light model, high margins, strong returns and increasingly recurring value-added services.

TICKER

COMMENTARY

AVGO

Broadcom is an example of where we do have conviction. It has become a critical provider of custom AI silicon. Hock Tan has built the company through disciplined acquisitions, deep customer relationships and a sharp understanding of where attractive end markets are emerging. Multiple hyperscalers depend on Broadcom, including Alphabet, another of its portfolio holdings.

GOOGL

Alphabet's AI strategy relies on Broadcom for specialised, highly efficient AI chips or tensor processing units (TPUs). This is the sort of adaptive positioning Arthur described: seeing the next wave and building the company to benefit from it.

SNOW

Snowflake is a good example. Its shares halved in the SaaS sell-off before more than doubling again as results showed growth reaccelerating. This quarter, product revenue grew 34 percent year-over-year, and guidance rose. Importantly, this was underpinned by Snowflake's core data warehousing business, with its native AI coding agent, Cortex Code, helping customers migrate to the cloud and deploy workloads faster. AI appears to be increasing platform consumption, not weakening the business model.

CRM

Salesforce, which is not held in the portfolio, tells a different story. Its shares have almost halved and have yet to recover. Growth has slowed to about 10 percent, the valuation has compressed to about 12 times next year's earnings, and the company has deployed a $50bn buyback, equivalent to roughly 40 percent of its market capitalisation.

SHOP

Shopify and Netflix were also among the detractors. In several cases, share price weakness stood in sharp contrast to positive fundamental progress. Shopify captures this tension. We see it as an exceptional company and likely AI beneficiary, yet the market has grouped it with other software businesses perceived as potential AI casualties. That may prove far too blunt.

NFLX

Shopify and Netflix were also among the detractors. In several cases, share price weakness stood in sharp contrast to positive fundamental progress.

TSLA

We have held SpaceX in the US Growth Investment Trust since 2018 and Tesla in this portfolio for more than a decade. That experience has taught us to expect a bumpy journey, but one with the potential to deliver outlier returns. For most clients, we initiated a small position in SpaceX this quarter at IPO, funded mainly by reducing Tesla to manage aggregate exposure to Elon Musk-led companies.

IDXX

IDEXX is a global leader in pet healthcare diagnostics. It combines testing devices, software applications and data analytics into a platform that is deeply embedded in veterinary workflows. The company has strong margins, attractive returns and a significant market position, yet we still see a path to steady growth as testing becomes broader and more frequent. After a five-year period in which the share price has languished, we think the market has overlooked the business's durability and the quality of the growth opportunity.

Mastercard is another enduring growth company. Cash's share of US transactions has fallen from about 30 percent in 2016 to less than half that today. Mastercard, alongside Visa, sits at the centre of this shift and operates much of the world's financial plumbing. We believe fears of disruption from stablecoins and agentic commerce are overdone. New payment technologies still need scale, acceptance, authentication, fraud protection and dispute resolution. Mastercard has spent decades building those capabilities. Its edge is trust, ubiquity and interoperability, supported by a capital-light model, high margins, strong returns and increasingly recurring value-added services.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Memory

Semiconductors

SaaS

Space

Payments

AI

Growth

E-commerce

Cloud

AI

E-commerce

Cloud

Streaming

Gaming

Crypto

AI

E-commerce

Gaming

Advertising

AI

Cloud

Gaming

E-commerce

Streaming

Crypto

AI

Electric Vehicles

Sports Betting

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Kirsty Gibson Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Baillie Gifford – US Equity Growth