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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 23, 2026
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.
Baillie Gifford focuses on identifying and holding exceptional growth companies that will be the winners of the next decade, rather than chasing near-term supply chain bottlenecks or market narratives driven by passive flows.
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.
Moderate Conviction Bullish
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