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
13.48%	-15.12%	-15.12%

Executive Summary

Baillie Gifford's U.S. Equity Growth Fund expresses excitement amid market stress, viewing current conditions as creating opportunities for long-term investors. The fund's holdings show strong fundamentals with 20% average revenue growth and improving margins, yet trade at the cheapest valuation relative to the S&P 500 since 2015. The managers believe the AI scare has created excessive pessimism, arguing that while AI may commoditize interface layers, it increases value for companies controlling workflow gates and rails. Portfolio companies like Cloudflare, Shopify, and DoorDash are positioned to benefit from increased AI traffic and transaction volume. Geopolitical tensions and energy disruption have created short-term headwinds, but the fund maintains conviction in businesses with durable competitive positions. Recent additions include Axon Enterprise and RBC Bearings, while they exited Globant due to disappointing IT services recovery. The fund sees current market anxiety as potentially setting up the next stretch of durable returns for patient capital focused on structural advantages over narrative-driven sentiment.

Core Thesis

The fund aims to identify exceptional growth businesses in America and own them long enough for business model advantages and cultural strengths to become dominant stock price drivers, believing current market fears about AI disruption are creating valuation dislocations for companies positioned at critical control points in essential workflows.

Forward Outlook

The fund expresses genuine excitement about current market conditions, viewing the compression of time horizons and narrative-driven selling as creating opportunities for long-term investors. They believe progress depends on fundamentals compounding over time rather than geopolitical shocks, with patience serving as a competitive advantage when others cannot afford to wait.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
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

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 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

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
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	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	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	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	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	Tom Coutts	6857 JP	Advantest Corp.	Information Technology	Semiconductor Equipment	Bull	New York Stock Exchange	AI, CapEx, Complexity, semiconductors, Testing	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
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
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	SPT	Sprout Social Inc	Software & Services	Application Software	Bear	NASDAQ	AI disruption, Cloud software, Enterprise software, Growth Concerns, SaaS, social media management	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
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

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

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

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

TTD

The Trade Desk, Inc.

Communication Services

Advertising

Bear

NASDAQ

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

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

Tom Coutts

6857 JP

Advantest Corp.

Information Technology

Semiconductor Equipment

Bull

New York Stock Exchange

AI, CapEx, Complexity, semiconductors, Testing

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

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

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

SPT

Sprout Social Inc

Software & Services

Application Software

Bear

NASDAQ

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

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

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
SHOP	Shopping interfaces may proliferate across chat, voice, and AI agents. But commerce still requires a secure, compliant path from intent to purchase: payments, fraud management, fulfilment, returns, and the merchant tools that enable the transaction to occur. Shopify's importance lies not only in what the customer sees, but also in the rails that enable commerce to move from interest to a completed order. Shopify has seen agentic search traffic rise roughly 15x, albeit from a small base.
DASH	The ordering interface may evolve, and AI agents may eventually compare prices or place orders across platforms. But the hard part of delivery is not the screen. It is the underlying logistics system: balancing courier supply and demand, coordinating merchants, optimizing routes, and batching, and resolving refunds, mistakes, and fraud across a three-sided marketplace. Here too, the interface may change, but the execution rails remain critical. For the Fund, the main detractors were swept up in this sell-off, compounded by company-specific near-term factors. Take DoorDash – the company executed well, growth was strong, but the shares fell 28% as investment accelerated and profitability in newer verticals such as grocery and retail pushed further out. The market treated that as a disappointment. We see it as a deliberate choice: build the rails, widen the moat, then harvest.
NET	Cloudflare is slightly different. It sits at a gate in front of internet traffic, where access is controlled, threats are filtered, reliability is enforced, and, increasingly, automated activity by bots and agents can be governed and monetized. If AI increases the volume and complexity of traffic, that may make control points like these more valuable, not less. Cloudflare saw AI agent traffic on its network double in January.
AXON	Axon and Samsara illustrate a related but equally important form of resilience. In both cases, the company's position is anchored by hardware deployed in the real world, allowing it to capture proprietary data at the source. That gives them a gate at the point of capture and, increasingly, rails for turning real-world events into trusted decisions and actions. Axon supports public safety agencies by capturing and managing video evidence in ways that preserve trust and usability throughout investigations and the justice process. In both cases, AI may commoditize dashboards, summaries, or analytics at the surface level. But the harder thing to replicate is the combination of trusted data capture, system integration, and workflow relevance. Here, AI looks less like a disruptor of the core system and more like an accelerator within it. And at Axon, 2025 bookings reached $7.4 billion, with $2 billion coming from newer products, up roughly threefold year-over-year, while AI-specific products now account for about 10% of total bookings.
IOT	Samsara helps businesses run fleets and field operations through connected devices on vehicles and equipment, turning real-time data into safer driving, better maintenance, regulatory compliance, and more efficient routing. Axon supports public safety agencies by capturing and managing video evidence in ways that preserve trust and usability throughout investigations and the justice process. In both cases, AI may commoditize dashboards, summaries, or analytics at the surface level. But the harder thing to replicate is the combination of trusted data capture, system integration, and workflow relevance. Here, AI looks less like a disruptor of the core system and more like an accelerator within it.
DUOL	In other cases, the debate has been more existential. Duolingo has found itself in the AI crosshairs, with fears that AI translation makes language learning obsolete. That view mistakes a tool for a system. Yes, management has eased near-term monetization to reaccelerate user growth and engagement, and that has weighed on bookings expectations. But the underlying engine, engagement, habit formation, and product iteration, is intact. If anything, AI is more likely to expand what the product can do than to wipe out the need it serves.
CSGP	CoStar, the commercial real estate information company, reflects a different kind of impatience: the market's demand for near-term margins while a founder-led business reinvests aggressively to build the next leg of a franchise. Homes.com has weighed on reported profitability and tested the market's patience. But this is a company with deep proprietary data, a proven playbook, and the capacity to fund ambition from a position of strength. In our experience, markets often underestimate how durable that edge is.
ENSG	Not everything has been dragged down by market fears. Health care provided some ballast. Skilled nursing home provider Ensign has done what it often does in unsettled conditions, quietly compounding.
GH	Guardant Health delivered results that reinforce our belief in the breadth of its cancer testing platform.
PEN	And healthcare technologies company Penumbra performed strongly, helped by excellent business results and Boston Scientific's announced acquisition of the company.
MSFT	The result has been a sharp divergence in the short run: energy up strongly, software down sharply. That move has not been about fundamentals. It has been about the multiple the market is willing to pay while it wrestles with uncertainty. Against this backdrop, the software industry (21x), the technology sector (21x), and even NVIDIA on 20x (growing about 60% year-over-year) are now clustered around a market level multiple of 20x on a forward price-to-earnings basis. The second, discussed earlier, is the 'AI kills software' scare. It began as a software derating and then broadened into a wider sell-off in anything that looks like 'digital' or 'data.' That is how narratives work in stressed markets. Narratives don't handle nuance well. The result? Software has suffered its worst sell-off in 30 years, and even technology bellwether Microsoft has underperformed the S&P 500 for eight consecutive months, its longest streak ever.
GLOB	We have decided to move on from Globant, an IT services company, as the investment case has not materialised as we thought. The company specialises in consulting on digital transformation in the enterprise. We believed recovering IT spend and rising AI adoption would fuel a recovery from a cyclically low starting point when we first invested. However, that hasn't played out. Our loss of conviction led us to redeploy the funds into other areas of enthusiasm.

TICKER

COMMENTARY

SHOP

Shopping interfaces may proliferate across chat, voice, and AI agents. But commerce still requires a secure, compliant path from intent to purchase: payments, fraud management, fulfilment, returns, and the merchant tools that enable the transaction to occur. Shopify's importance lies not only in what the customer sees, but also in the rails that enable commerce to move from interest to a completed order. Shopify has seen agentic search traffic rise roughly 15x, albeit from a small base.

DASH

The ordering interface may evolve, and AI agents may eventually compare prices or place orders across platforms. But the hard part of delivery is not the screen. It is the underlying logistics system: balancing courier supply and demand, coordinating merchants, optimizing routes, and batching, and resolving refunds, mistakes, and fraud across a three-sided marketplace. Here too, the interface may change, but the execution rails remain critical. For the Fund, the main detractors were swept up in this sell-off, compounded by company-specific near-term factors. Take DoorDash – the company executed well, growth was strong, but the shares fell 28% as investment accelerated and profitability in newer verticals such as grocery and retail pushed further out. The market treated that as a disappointment. We see it as a deliberate choice: build the rails, widen the moat, then harvest.

NET

Cloudflare is slightly different. It sits at a gate in front of internet traffic, where access is controlled, threats are filtered, reliability is enforced, and, increasingly, automated activity by bots and agents can be governed and monetized. If AI increases the volume and complexity of traffic, that may make control points like these more valuable, not less. Cloudflare saw AI agent traffic on its network double in January.

AXON

Axon and Samsara illustrate a related but equally important form of resilience. In both cases, the company's position is anchored by hardware deployed in the real world, allowing it to capture proprietary data at the source. That gives them a gate at the point of capture and, increasingly, rails for turning real-world events into trusted decisions and actions. Axon supports public safety agencies by capturing and managing video evidence in ways that preserve trust and usability throughout investigations and the justice process. In both cases, AI may commoditize dashboards, summaries, or analytics at the surface level. But the harder thing to replicate is the combination of trusted data capture, system integration, and workflow relevance. Here, AI looks less like a disruptor of the core system and more like an accelerator within it. And at Axon, 2025 bookings reached $7.4 billion, with $2 billion coming from newer products, up roughly threefold year-over-year, while AI-specific products now account for about 10% of total bookings.

IOT

Samsara helps businesses run fleets and field operations through connected devices on vehicles and equipment, turning real-time data into safer driving, better maintenance, regulatory compliance, and more efficient routing. Axon supports public safety agencies by capturing and managing video evidence in ways that preserve trust and usability throughout investigations and the justice process. In both cases, AI may commoditize dashboards, summaries, or analytics at the surface level. But the harder thing to replicate is the combination of trusted data capture, system integration, and workflow relevance. Here, AI looks less like a disruptor of the core system and more like an accelerator within it.

DUOL

In other cases, the debate has been more existential. Duolingo has found itself in the AI crosshairs, with fears that AI translation makes language learning obsolete. That view mistakes a tool for a system. Yes, management has eased near-term monetization to reaccelerate user growth and engagement, and that has weighed on bookings expectations. But the underlying engine, engagement, habit formation, and product iteration, is intact. If anything, AI is more likely to expand what the product can do than to wipe out the need it serves.

CSGP

CoStar, the commercial real estate information company, reflects a different kind of impatience: the market's demand for near-term margins while a founder-led business reinvests aggressively to build the next leg of a franchise. Homes.com has weighed on reported profitability and tested the market's patience. But this is a company with deep proprietary data, a proven playbook, and the capacity to fund ambition from a position of strength. In our experience, markets often underestimate how durable that edge is.

ENSG

Not everything has been dragged down by market fears. Health care provided some ballast. Skilled nursing home provider Ensign has done what it often does in unsettled conditions, quietly compounding.

Guardant Health delivered results that reinforce our belief in the breadth of its cancer testing platform.

PEN

And healthcare technologies company Penumbra performed strongly, helped by excellent business results and Boston Scientific's announced acquisition of the company.

MSFT

The result has been a sharp divergence in the short run: energy up strongly, software down sharply. That move has not been about fundamentals. It has been about the multiple the market is willing to pay while it wrestles with uncertainty. Against this backdrop, the software industry (21x), the technology sector (21x), and even NVIDIA on 20x (growing about 60% year-over-year) are now clustered around a market level multiple of 20x on a forward price-to-earnings basis. The second, discussed earlier, is the 'AI kills software' scare. It began as a software derating and then broadened into a wider sell-off in anything that looks like 'digital' or 'data.' That is how narratives work in stressed markets. Narratives don't handle nuance well. The result? Software has suffered its worst sell-off in 30 years, and even technology bellwether Microsoft has underperformed the S&P 500 for eight consecutive months, its longest streak ever.

GLOB

We have decided to move on from Globant, an IT services company, as the investment case has not materialised as we thought. The company specialises in consulting on digital transformation in the enterprise. We believed recovering IT spend and rising AI adoption would fuel a recovery from a cyclically low starting point when we first invested. However, that hasn't played out. Our loss of conviction led us to redeploy the funds into other areas of enthusiasm.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

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 ( 31st March 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