Overview
Fund objective
The European Fund aims to outperform (after deduction of costs) the MSCI Europe ex UK 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 Europe excluding UK 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
2004.00p% change
-0.74%Yield
0.4%Ex-dividend (XD)
NOngoing charges*
0.61%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
17 June 1985
Fund size
£180.46m
The Investment Association sector
Europe excluding UK
Comparative Index
MSCI Europe ex UK Index
Active share
83%**
Annual turnover
29%
Guideline number of holdings
40-80
Current number of holdings
40
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 three business days (T+3)
**Relative to MSCI Europe ex UK Index. Source: Baillie Gifford & Co, MSCI.
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.
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 foreign currencies and changes in the rates 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 | -1.5% | -0.3% | -0.3% | -0.2% | 1.5% | -3.7% |
Index* | 4.9% | 9.7% | 16.7% | 23.0% | 14.6% | 12.6% |
Sector Average** | 4.2% | 8.2% | 13.4% | 19.7% | 11.7% | 10.0% |
Sector Ranking | 140/142 | 140/142 | 140/142 | 130/140 | 134/137 | 129/129 |
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 | 8.8% | -35.1% | 7.6% | -1.0% | 8.5% |
Index* | 17.6% | -6.9% | 15.8% | 2.8% | 27.2% |
Sector Average** | 15.8% | -9.0% | 14.0% | 1.7% | 22.5% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | ASML | 7.0% |
| 2 | Ryanair | 5.2% |
| 3 | Prosus | 4.6% |
| 4 | Roche | 4.6% |
| 5 | DSV | 4.0% |
| 6 | ASM International | 3.6% |
| 7 | Topicus.com | 3.5% |
| 8 | Kingspan Group | 3.5% |
| 9 | Sandoz Group AG | 3.2% |
| 10 | KBC [Kredietbank] | 3.1% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Industrials | 26.1 | 21.6 | 4.5 |
| 2 | Health Care | 17.2 | 13.3 | 3.8 |
| 3 | Financials | 16.4 | 23.0 | -6.6 |
| 4 | Information Technology | 14.5 | 9.7 | 4.9 |
| 5 | Consumer Discretionary | 13.5 | 7.9 | 5.6 |
| 6 | Consumer Staples | 6.3 | 7.5 | -1.2 |
| 7 | Communication Services | 3.6 | 4.1 | -0.5 |
| 8 | Materials | 1.9 | 4.5 | -2.5 |
| 9 | Cash | 0.5 | 0.0 | 0.5 |
Total | 100.0 | 91.5 |
Geographical location
As at: 28 February 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Netherlands | 25.3 | 10.4 | 14.9 |
| 2 | Sweden | 17.1 | 7.4 | 9.6 |
| 3 | Switzerland | 12.7 | 18.9 | -6.2 |
| 4 | Ireland | 8.6 | 0.9 | 7.8 |
| 5 | Denmark | 8.4 | 3.1 | 5.3 |
| 6 | France | 8.4 | 20.5 | -12.2 |
| 7 | Poland | 7.6 | 0.0 | 7.6 |
| 8 | Italy | 4.1 | 6.3 | -2.2 |
| 9 | Belgium | 3.1 | 2.2 | 0.9 |
| 10 | Norway | 2.5 | 1.2 | 1.3 |
Total | 97.7 | 71.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- CSG B.V.
- KBC GROUP NV
- SalMar
- TotalEnergies
Complete sales
- Kinnevik
- Reply Spa
- Soitec
Additions
- Adyen NV
- Dino Polska
- EXOR
- Instalco
- Lonza Group
- Roche
- Royal Unibrew A/S
Reductions
- Allegro.eu
- EQT
- Ryanair
- Sandoz Group AG Shs
- Vend Marketplaces ASA CL-B
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.
Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.
How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
European Fund: inflection points
Adapting to changing market conditions and focusing on dynamic growth companies in Europe.
Finding opportunities in the gloom
Stock market falls can create rich pickings for the optimistic investor.
Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.
Atlas Copco: Sweden’s best kept secret
Stephen Paice speaks to Matt Reustle on the Business Breakdowns podcast.
A smörgåsbord of innovation.
Sweden tops the charts for original thinking, from family businesses to founder-run companies.
European Equities Manager Update.
When the going gets tough, exceptional companies keep going. Stephen Paice on Europe’s best.
How COVID is changing the way we shop
The digital disruption of the high street accelerated during the pandemic. Baillie Gifford’s Moritz Sitte explores the innovative ways in which European retailers are reshaping the future of shopping.
European stock stories
Investment managers Stephen Paice and Moritz Sitte give some examples of European companies that tick all the boxes and show exciting growth potential.
Finding Europe's hidden champions
There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.European Fund: inflection points
Adapting to changing market conditions and focusing on dynamic growth companies in Europe.Finding opportunities in the gloom
Stock market falls can create rich pickings for the optimistic investor.Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.Atlas Copco: Sweden’s best kept secret
Stephen Paice speaks to Matt Reustle on the Business Breakdowns podcast.A smörgåsbord of innovation.
Sweden tops the charts for original thinking, from family businesses to founder-run companies.European Equities Manager Update.
When the going gets tough, exceptional companies keep going. Stephen Paice on Europe’s best.How COVID is changing the way we shop
The digital disruption of the high street accelerated during the pandemic. Baillie Gifford’s Moritz Sitte explores the innovative ways in which European retailers are reshaping the future of shopping.European stock stories
Investment managers Stephen Paice and Moritz Sitte give some examples of European companies that tick all the boxes and show exciting growth potential.Finding Europe's hidden champions
There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.
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.