fund
Baillie Gifford European B
Multi-cap continental European equity fund.
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2688.00p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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3458.00p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.55%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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0.59%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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0.20%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The Fund's objective is to obtain capital growth by investing in Continental Europe, including the Republic of Ireland, in any economic sector. The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Fund summary
| Sector | Europe Excluding UK |
| Structure | OEIC |
| Launched | January, 2000 |
| Size | £2,456m |
| Yield | 0.20% |
| Charging basis | Income |
| Dividends paid | 30 Jun |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.55% |
| Ongoing charges figure | 0.59% |
Allocation
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Investment process
The Fund invests in high quality, well managed businesses that are able to grow significantly. The team aims to buy shares in these companies cheaply, and expects to hold them for a long time. Companies in which they invest will typically have a strong competitive position and be managed by owner-oriented people. Portfolio construction is team-based, with the overall weighting of stocks in the portfolio a function of the collective conviction of the Fund’s managers. The managers believe this approach helps them to avoid some of the behavioural challenges of group decision-making. They expect annual portfolio turnover to be below 20% and for the Fund to hold between 40–80 stocks.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 -0.31%
- 19/20 0.72%
- 20/21 2.37%
Bestinvest MRI
- 3 years 0.92%
- 5 years 0.00%
- Career 0.86%
- 3 years 98.20%
- 5 years 0.00%
- Career 98.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Stephen Paice / Moritz Sitte / Tom Walsh
Paice graduated BSc in Financial Mathematics from Glasgow Caledonian University in 2005. He joined Baillie Gifford in the same year and trained as an Investment Manager in the US, UK Smaller Companies and Japanese equity teams before joining the European Equity Team. Paice is a member of the Global Select Portfolio Construction Group.
Track record
Stephen Paice / Moritz Sitte / Tom Walsh has 3.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.86%. During the worst period of relative performance (from August 2018 - September 2019) there was a decline of 7% relative to the index. The worst absolute loss has been 17%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 99%.
Periods of worst performance
| Absolute | -17.00% (August 2018 - December 2018) |
| Relative | -7.00% (August 2018 - September 2019) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Top 10 holdings
Data accurate as at 31 July 2020
| 5.8% | Prosus N.v. |
| 4.6% | Zalando Se |
| 4.4% | Imcd Nv |
| 4.2% | Bechtle Ag |
| 4.1% | Avanza Bank Hldg Ab |
| 4% | Nibe Industrier Ab |
| 3.9% | Spotify |
| 3.7% | Adidas Ag |
| 3.6% | Atlas Copco Ab |
| 3.4% | Delivery Hero Se |
| Source: Trustnet |
Sector breakdown
| Industrials | 28.00% |
| Consumer Discretionary | 25.00% |
| Information Technology | 10.00% |
| Financials | 9.00% |
| Health Care | 9.00% |
| Communications | 9.00% |
| Consumer Staples | 6.00% |
| Materials | 3.00% |
| Money Market | 2.00% |
| Energy | 1.00% |