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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Despite short-term Q4 performance headwinds driven by reinvestment costs at MercadoLibre and Sea Ltd, the fund remains deeply anchored in its high-conviction growth names, executing zero trades as it focuses on a 10-year compounding horizon."
In Q4 2025, the Baillie Gifford International Concentrated Growth Equities Fund experienced near-term underperformance relative to its benchmark, primarily due to sentiment and margin headwinds in consumer giants MercadoLibre and Sea Ltd, alongside a margin reset at Spotify. This was offset by robust operational updates from semiconductor and software pillars like TSMC, ASML, and Shopify. Guided by their 10-year investment philosophy, the managers completed zero purchases or sales during the quarter, expressing high conviction in their core holdings and structural themes such as generative AI and e-commerce digitization.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
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