Overview
Fund objective
The Global Discovery Fund aims to outperform (after deduction of costs) the S&P Global Small Cap 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 Global 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
1061.00p% change
-0.66%Yield
0.0%Ex-dividend (XD)
NOngoing charges*
0.79%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
1 May 2011
Fund size
£330.96m
The Investment Association sector
Global
Comparative Index
S&P Global Small Cap Index
Active share
99%**
Annual turnover
34%
Guideline number of holdings
80-125
Current number of holdings
65
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)
For information on the benchmark index, including the market capitalisation of the largest company in the index, please see here.
**Relative to S&P Global Small Cap 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:
Market Conditions/Liquidity
Any value assigned to illiquid securities which are difficult to trade, such as those in smaller, immature companies, may not accurately reflect the price the Fund might receive upon their sale.
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Smaller Immature Companies
Investment in smaller, immature companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for more established companies. As a result, share price fluctuations may be greater. In addition, smaller, immature companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.
Emerging Markets
The Fund invests in China where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund's concentration in a particular geographical area or industry 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 | -2.5% | -2.9% | 0.4% | 16.1% | -2.6% | -14.4% |
Index* | 5.7% | 8.2% | 14.1% | 20.4% | 10.9% | 8.2% |
Sector Average** | 3.2% | 4.0% | 9.7% | 14.2% | 12.2% | 8.9% |
Sector Ranking | 569/585 | 530/584 | 509/580 | 224/570 | 494/501 | 438/438 |
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 | -20.6% | -38.4% | -3.9% | -8.4% | 10.6% |
Index* | 16.4% | -7.8% | 9.4% | 10.3% | 9.9% |
Sector Average** | 17.7% | -11.1% | 12.7% | 12.6% | 11.2% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Alnylam Pharmaceuticals | 5.9% |
| 2 | Axon Enterprise | 5.2% |
| 3 | Twist Bioscience | 3.2% |
| 4 | AeroVironment | 3.2% |
| 5 | Oxford Nanopore Tech | 3.0% |
| 6 | TransMedics Group | 2.9% |
| 7 | ASPEED Technology | 2.9% |
| 8 | MercadoLibre | 2.7% |
| 9 | American Superconductor Corp | 2.7% |
| 10 | Xometry, Inc. | 2.3% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Health Care | 31.7 | 10.8 | 20.9 |
| 2 | Information Technology | 30.4 | 14.3 | 16.1 |
| 3 | Industrials | 25.5 | 19.7 | 5.8 |
| 4 | Consumer Discretionary | 4.7 | 10.7 | -6.0 |
| 5 | Real Estate | 2.0 | 6.6 | -4.6 |
| 6 | Materials | 1.6 | 9.8 | -8.1 |
| 7 | Consumer Staples | 1.2 | 4.0 | -2.8 |
| 8 | Financials | 1.0 | 13.4 | -12.4 |
| 9 | Cash | 1.8 | 0.0 | 1.8 |
Total | 100.0 | 89.3 |
Top 10 geographical locations
As at: 28 February 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 58.8 | 61.9 | -3.1 |
| 2 | UK | 6.7 | 3.1 | 3.6 |
| 3 | China | 6.3 | 2.1 | 4.2 |
| 4 | Brazil | 4.9 | 0.5 | 4.4 |
| 5 | Japan | 4.5 | 6.6 | -2.1 |
| 6 | Taiwan | 4.4 | 2.3 | 2.1 |
| 7 | Australia | 4.1 | 1.8 | 2.3 |
| 8 | Israel | 3.6 | 0.4 | 3.2 |
| 9 | France | 1.8 | 1.9 | -0.2 |
| 10 | Denmark | 1.6 | 0.5 | 1.1 |
Total | 96.7 | 81.2 |
Region
As at: 28 February 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 58.8 | 65.7 | -6.9 |
| 2 | Emerging Markets | 20.7 | 10.9 | 9.8 |
| 3 | Developed Asia Pacific | 8.6 | 9.3 | -0.7 |
| 4 | UK | 6.7 | 3.1 | 3.6 |
| 5 | Europe (ex UK) | 3.4 | 11.0 | -7.6 |
| 6 | Cash | 1.8 | 0.0 | 1.8 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Circle Internet Group
- Rubrik
- Stoke Therapeutics, Inc. Com
Complete sales
- Ilika
- SkyWater Technology
- Upwork Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.
Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
A decade of discovery
A focus on growth and innovation has led to exciting finds such as Tesla and Ocado.
Global Discovery webinar
Douglas Brodie discusses investing in small companies, recent performance amid volatility and opportunities.
Space: the final investment frontier
Fifty years on from the first moon landing, entrepreneurs on the west coast of America are stepping up spending on space. To discuss how this new space race might impact investment, Malcolm Borthwick is joined by Luke Ward – space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust and the Global Discovery Fund.
Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.A decade of discovery
A focus on growth and innovation has led to exciting finds such as Tesla and Ocado.Global Discovery webinar
Douglas Brodie discusses investing in small companies, recent performance amid volatility and opportunities.Space: the final investment frontier
Fifty years on from the first moon landing, entrepreneurs on the west coast of America are stepping up spending on space. To discuss how this new space race might impact investment, Malcolm Borthwick is joined by Luke Ward – space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust and the Global Discovery Fund.Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
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.