Overview
Fund objective
To outperform (after deduction of costs) the S&P 500 Index, as stated in sterling, over rolling five-year periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association North America Sector.
There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
Investment proposition
Share price and charges
Share class
B, IncPrice
1347.00p% change
-0.37%Yield
0.0%Ex-dividend (XD)
NOngoing charges*
0.52%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
31 July 1997
Fund size
£2,099.40m
The Investment Association sector
North America
Comparative Index
S&P 500 Index
Active share
82%**
Annual turnover
37%
Guideline number of holdings
30-50
Current number of holdings
49
Style
Growth
XD Date
Last day of April each year
Distribution
Last day of June each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus two business days (T+2)
**Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund's exposure to a single market and currency may increase share price movements.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to a foreign currency and changes in the rate of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
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.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic performance
As at: 28 February 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | -6.7% | -13.8% | -18.0% | -10.1% | 14.1% | -5.1% |
Index* | 1.3% | -0.7% | 7.7% | 9.6% | 17.6% | 15.1% |
Sector Average** | 1.9% | 0.3% | 6.3% | 8.0% | 14.2% | 11.6% |
Sector Ranking | 279/279 | 277/278 | 275/275 | 263/267 | 133/243 | 214/215 |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 December 2025
31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 | 31/12/2022 – 31/12/2023 | 31/12/2023 – 31/12/2024 | 31/12/2024 – 31/12/2025 | |
|---|---|---|---|---|---|
Class B-Acc | -2.8% | -50.6% | 40.7% | 30.9% | 1.5% |
Index* | 29.9% | -7.8% | 19.2% | 27.3% | 9.8% |
Sector Average** | 25.5% | -9.7% | 16.7% | 22.0% | 7.0% |
Fund holdings in the Middle East
As a result of the ongoing military action in Iran and the surrounding region, we are disclosing the Fund’s holdings in the Middle East as at 3 March 2026. This is to enable all shareholders to have the most recent information regarding the Fund.
| Name | Fund weight | Index weight | Relative weight |
| Oddity | 0.27 | 0 | 0.27 |
Holdings information is unaudited. Source Baillie Gifford & Co.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Amazon.com | 7.9% |
| 2 | Meta Platforms | 7.5% |
| 3 | NVIDIA | 6.7% |
| 4 | Netflix | 5.1% |
| 5 | Cloudflare | 4.9% |
| 6 | Shopify | 4.7% |
| 7 | DoorDash | 3.7% |
| 8 | Guardant Health | 3.0% |
| 9 | Tesla Inc | 3.0% |
| 10 | The Ensign Group, Inc. | 2.9% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 26.6 | 32.4 | -5.8 |
| 2 | Consumer Discretionary | 22.8 | 10.0 | 12.9 |
| 3 | Health Care | 19.7 | 9.8 | 9.9 |
| 4 | Communication Services | 17.2 | 10.5 | 6.7 |
| 5 | Financials | 4.1 | 12.5 | -8.4 |
| 6 | Industrials | 3.8 | 9.2 | -5.4 |
| 7 | Real Estate | 3.1 | 2.0 | 1.1 |
| 8 | Materials | 1.3 | 2.1 | -0.8 |
| 9 | Consumer Staples | 0.3 | 5.4 | -5.2 |
| 10 | Cash | 1.0 | 0.0 | 1.0 |
Total | 100.0 | 94.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Axon Enterprise Inc
- RBC Bearings Inc
Complete sales
- Globant Sa
Reductions
- Datadog
- Netflix Inc
- Wayfair Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.
AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?
US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.
US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
Yarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?
US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.
The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
Cultural architects
How great founders shape exceptional companies in changing times.
US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
The rise of cloud computing
From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.
Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
The future of US growth investing
Innovative US companies continue to lead the way in solving the world’s biggest problems.
Growth investing in the USA
Innovative US companies continue to lead the way in solving the world’s biggest problems.
Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.
What’s next for growth stocks?
Baillie Gifford’s Dave Bujnowski explores the new engines powering progress.
Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.
Infinite progress.
Why new ideas will continue to spur on wealth and wellbeing.
Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.
The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.
Sandpile avalanches and stock prices.
Equity investing in times of catastrophic change.
A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.
The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
American Fund Webinar.
In this webinar recording, US Equity strategy specialist Ben James talks to all four key decision makers of the American Fund portfolio, Tom Slater, Kirsty Gibson, Gary Robinson and Dave Bujnowski. The team explore the thought processes that have helped them navigate the challenge of maintaining a 5-10 year investment horizon during what has been a year of rapid change, followed by questions from attendees.
Will industrial biotech be the next manufacturing revolution
Industrial biotech companies can already produce synthetic spider silk and plant-based burgers that taste like meat. Future possibilities include timber produced from yeast. In the latest episode of Short Briefings on Long Term Thinking, Kirsty Gibson tells Malcolm Borthwick why she's fascinated by the opportunities of industrial biotech and its enormous investment potential.
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.Yarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?Cultural architects
How great founders shape exceptional companies in changing times.US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.The rise of cloud computing
From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.The future of US growth investing
Innovative US companies continue to lead the way in solving the world’s biggest problems.Growth investing in the USA
Innovative US companies continue to lead the way in solving the world’s biggest problems.Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.What’s next for growth stocks?
Baillie Gifford’s Dave Bujnowski explores the new engines powering progress.Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.Infinite progress.
Why new ideas will continue to spur on wealth and wellbeing.Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.Sandpile avalanches and stock prices.
Equity investing in times of catastrophic change.A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.American Fund Webinar.
In this webinar recording, US Equity strategy specialist Ben James talks to all four key decision makers of the American Fund portfolio, Tom Slater, Kirsty Gibson, Gary Robinson and Dave Bujnowski. The team explore the thought processes that have helped them navigate the challenge of maintaining a 5-10 year investment horizon during what has been a year of rapid change, followed by questions from attendees.Will industrial biotech be the next manufacturing revolution
Industrial biotech companies can already produce synthetic spider silk and plant-based burgers that taste like meat. Future possibilities include timber produced from yeast. In the latest episode of Short Briefings on Long Term Thinking, Kirsty Gibson tells Malcolm Borthwick why she's fascinated by the opportunities of industrial biotech and its enormous investment potential.
How to invest
You can invest in our funds via a number of fund platforms.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Investment platforms
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.