Overview
Fund objective
The Managed Fund aims to achieve capital growth over rolling five-year periods. To accomplish this, the Fund will invest globally with a strategic asset allocation of 75% in equities, and 25% in bonds and cash.
The manager believes an appropriate comparison for this Fund is the Investment Association Mixed Investment 40-85% Shares Sector median given the investment policy of the Fund and the approach taken by the manager when investing.
Investment proposition
Share price and charges
Share class
B, IncPrice
926.80p% change
-0.90%Yield
1.8%Ex-dividend (XD)
NOngoing charges*
0.43%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
1 April 1987
Fund size
£4,179.59m
The Investment Association sector
Mixed Investment 40-85% Shares
Active share
78%**
Annual turnover
18%
Current number of holdings
210
Style
Growth
XD Date
Last day of January and July each year
Distribution
Last day of March and September each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Estimate relative to a weighted composite of representative indices. Source: Baillie Gifford & Co, ICE Data Indices, JP Morgan, 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, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.
Bonds & Inflation
Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests, particularly in emerging markets, may not be able to pay the bond income as promised or could fail to repay the capital amount.
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.
Derivatives
Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.
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.
Fund performance
Periodic performance
As at: 28 February 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 0.9% | 1.3% | 2.7% | 6.8% | 8.2% | 1.0% |
Sector Median* | 3.1% | 5.1% | 10.3% | 14.8% | 10.2% | 6.8% |
Sector Ranking | 217/224 | 215/224 | 212/220 | 205/214 | 155/192 | 178/178 |
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 | 4.3% | -24.3% | 10.7% | 8.9% | 8.9% |
Sector Median* | 11.1% | -9.5% | 8.1% | 9.1% | 12.1% |
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 | 0.05 | 0 | 0.05 |
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 | TSMC | 1.9% |
| 2 | ASML | 1.8% |
| 3 | Amazon.com | 1.4% |
| 4 | AstraZeneca | 1.3% |
| 5 | Meta Platforms | 1.3% |
| 6 | NVIDIA | 1.2% |
| 7 | Samsung Electronics | 1.2% |
| 8 | Ryanair | 1.0% |
| 9 | Kingspan Group | 1.0% |
| 10 | Prosus | 1.0% |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- AIB Group Plc
- Axon Enterprise Inc
- CaixaBank
- CSG B.V.
- Deutsche Telekom
- HSBC
- KBC GROUP NV
- Kyoto Financial Group Inc
- RBC Bearings Inc
- Reece Ltd
- SalMar
- Softcat
- TotalEnergies
Complete sales
- Ashtead
- CyberAgent Inc
- Globant Sa
- Hypoport
- Just Group
- Kinnevik
- Ocado
- Reply Spa
- Soitec
- Sysmex Corp
- Trainline Plc
Additions
- AstraZeneca
- Baltic Classifieds Group Plc
- Dino Polska
- Roche
Reductions
- Allegro.eu
- ASML
- Camurus
- Datadog
- EQT
- Netflix Inc
- Persimmon
- Ryanair
- Sandoz Group AG Shs
- Sartorius Stedim Biotech
- St. James's Place
- Standard Chartered
- Vend Marketplaces ASA CL-B
- Wayfair Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Managed Fund Q4 update
Investment manager Steven Hay reflects on recent performance, portfolio changes and market developments.
How bonds strengthen our Managed funds
Why our actively-selected fixed income allocation can enhance returns whilst diversifying risk.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Managed Fund: opportunities beyond the US
Steven Hay on navigating change from rising regional markets to the AI revolution.
Managed Fund Q3 update
Investment manager Steven Hay reflects on recent performance, portfolio changes and market developments.
Managed Fund Q2 update
Investment manager Iain McCombie reflects on recent performance, portfolio changes and market developments.
Managed: 7 exciting growth picks
Our top picks for future growth: from Amazon to Australian bonds.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Managed Fund Q1 update
The Managed Fund team reflects on recent performance, portfolio changes and market developments.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
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.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
30 years of growth: investment lessons from Iain McCombie
Iain McCombie reflects on 30 years at Baillie Gifford, highlighting the firm's adaptability and long-term focus.
Managed Fund: three key questions for your growth manager
Steven Hay explores strategic asset allocation and the role of equities in Baillie Gifford's Managed Fund.
Managed Fund: navigating the bond landscape
Explore Managed Fund's approach to bond investment for diversification and potential returns.
Our best balanced ideas
Lucy Haddow shares the growth potential of salad bar Sweetgreen, car dealer Inchcape and airline Ryanair.
Stock story: Diploma
Iain McCombie explores Diploma's journey to distribution excellence
Managed Fund: update webinar
Investment manager Iain McCombie discusses portfolio positioning and performance.
Managed Fund: Poised for growth
Did 2022 sound the death knell for the balanced investment approach or is it alive and kicking?
Managed Fund: update webinar
Investment manager Iain McCombie discusses portfolio positioning and performance.
Developed Asia: 5 burning questions
Why invest in economies such as Australia and Japan? Investment manager Iain Campbell explains.
The long and the short of it
Good performance is never a straight line: why the Fund has dipped and how it will recover.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Managed Fund: the benefits of balance
How diversified portfolios can provide growth despite a harsh economic climate.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
The Managed Fund perspective on growth investing
The Managed Fund finds that growth comes in multiple forms in companies around the globe.
Asset allocation: five questions
The Managed Fund’s asset allocation reflects the view that there are opportunities ahead.
Five burning questions on the Managed Fund: Bonds
The Baillie Gifford Managed Fund discusses the exciting opportunities in bond markets.
Managed Fund: Forging a path to progress
Pioneers in health-tech, clean energy and cloud computing present exciting long-term growth opportunities.
Managed Fund: Patient investing
Many investors are impatient, but change takes time – the best performance could come to those who wait.
Managed Fund webinar – Patient investing in an impatient world
Iain McCombie and Steven Hay, co-lead managers of the Baillie Gifford Managed Fund, discuss the reasons for their long-term optimism and why opportunities abound for the patient investor.
Managed Fund: Sticking to our knitting
Growth investing means staying with promising firms. Despite recent underperformance, we’ll continue to do so.
Managed Fund roundtable.
A discussion on recent events and the need for confidence and patience in decision-making.
Emerging Markets: Five Questions.
How does the BG Managed Fund view prospects, ESG and regulation in relation to Emerging Markets?
Managed Fund quarterly update.
Reflections on fund performance, market volatility and Russian stocks in the first quarter of 2022.
Baillie Gifford Managed Fund update.
Reflections on fund performance, market volatility and Russian stocks in the first quarter of 2022.
The Baillie Gifford Managed Fund: 2021 and beyond.
Join the Managed Fund’s co-managers, Iain McCombie and Steven Hay, as they review 2021 and look ahead to the exciting opportunities they see for long-term growth for the Fund. We understand periods of weakness aren’t comfortable so please join us to hear why the consistency of our approach has been central to the success of the Fund since 1987 and we believe will continue to be so.
Managed Fund, Top Five US Questions.
Kirsty Gibson answers the key questions investors are asking of the Managed Fund’s US champions.
Managed Fund: 2021 in review.
Despite recent weakness in performance, the opportunities for long-term growth remain exciting.
Managed Fund: Manager Insights.
Inflationary pressures and ESG opportunities are among matters on the fund managers’ minds.
Managed Fund Webinar: Optimism.
Investment managers Iain McCombie and Steven Hay discuss growing businesses of tomorrow and the importance of being an active stock and bond picker.
European Investment Specialist, Thomas Hodges, answers five burning questions on the companies to watch.
Baillie Gifford Managed Fund: can it continue to thrive?
The Managed Fund was launched in 1987, so has weathered plenty of crises before.
The Baillie Gifford Managed Fund’s UK champions - five burning questions
The year 2020 felt somewhat surreal for UK investors. Not only was our local economy hit hard by the pandemic, but whole sectors of the stock market came under pressure, including many high-profile firms.
Managed Fund - Manager Insights.
Lucy Haddow, product specialist, speaks to investment managers Steven Hay and Iain McCombie about the Managed Fund, as they reflect on 2020 and look forward to what’s to come.
Scale as a service
Companies become more efficient as they grow. In the past, that involved big capital outlays and was bad news for challengers. However, as Gary Robinson explains, entrepreneurs can now rent the essential tools from cloud platforms, enabling them to compete more easily.
Introduction to the Managed Fund
Since 1987, the Managed Fund has exemplified that sometimes the simplest solutions can be very successful. Iain McCombie and Steven Hay explain how the fund can help you solve the puzzle of investing in a complex world.
Managed Fund Q4 update
Investment manager Steven Hay reflects on recent performance, portfolio changes and market developments.How bonds strengthen our Managed funds
Why our actively-selected fixed income allocation can enhance returns whilst diversifying risk.Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.Managed Fund: opportunities beyond the US
Steven Hay on navigating change from rising regional markets to the AI revolution.Managed Fund Q3 update
Investment manager Steven Hay reflects on recent performance, portfolio changes and market developments.Managed Fund Q2 update
Investment manager Iain McCombie reflects on recent performance, portfolio changes and market developments.Managed: 7 exciting growth picks
Our top picks for future growth: from Amazon to Australian bonds.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Managed Fund Q1 update
The Managed Fund team reflects on recent performance, portfolio changes and market developments.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.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.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.30 years of growth: investment lessons from Iain McCombie
Iain McCombie reflects on 30 years at Baillie Gifford, highlighting the firm's adaptability and long-term focus.Managed Fund: three key questions for your growth manager
Steven Hay explores strategic asset allocation and the role of equities in Baillie Gifford's Managed Fund.Managed Fund: navigating the bond landscape
Explore Managed Fund's approach to bond investment for diversification and potential returns.Our best balanced ideas
Lucy Haddow shares the growth potential of salad bar Sweetgreen, car dealer Inchcape and airline Ryanair.Stock story: Diploma
Iain McCombie explores Diploma's journey to distribution excellenceManaged Fund: update webinar
Investment manager Iain McCombie discusses portfolio positioning and performance.Managed Fund: Poised for growth
Did 2022 sound the death knell for the balanced investment approach or is it alive and kicking?Managed Fund: update webinar
Investment manager Iain McCombie discusses portfolio positioning and performance.Developed Asia: 5 burning questions
Why invest in economies such as Australia and Japan? Investment manager Iain Campbell explains.The long and the short of it
Good performance is never a straight line: why the Fund has dipped and how it will recover.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Managed Fund: the benefits of balance
How diversified portfolios can provide growth despite a harsh economic climate.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.The Managed Fund perspective on growth investing
The Managed Fund finds that growth comes in multiple forms in companies around the globe.Asset allocation: five questions
The Managed Fund’s asset allocation reflects the view that there are opportunities ahead.Five burning questions on the Managed Fund: Bonds
The Baillie Gifford Managed Fund discusses the exciting opportunities in bond markets.Managed Fund: Forging a path to progress
Pioneers in health-tech, clean energy and cloud computing present exciting long-term growth opportunities.Managed Fund: Patient investing
Many investors are impatient, but change takes time – the best performance could come to those who wait.Managed Fund webinar – Patient investing in an impatient world
Iain McCombie and Steven Hay, co-lead managers of the Baillie Gifford Managed Fund, discuss the reasons for their long-term optimism and why opportunities abound for the patient investor.Managed Fund: Sticking to our knitting
Growth investing means staying with promising firms. Despite recent underperformance, we’ll continue to do so.Managed Fund roundtable.
A discussion on recent events and the need for confidence and patience in decision-making.Emerging Markets: Five Questions.
How does the BG Managed Fund view prospects, ESG and regulation in relation to Emerging Markets?Managed Fund quarterly update.
Reflections on fund performance, market volatility and Russian stocks in the first quarter of 2022.Baillie Gifford Managed Fund update.
Reflections on fund performance, market volatility and Russian stocks in the first quarter of 2022.The Baillie Gifford Managed Fund: 2021 and beyond.
Join the Managed Fund’s co-managers, Iain McCombie and Steven Hay, as they review 2021 and look ahead to the exciting opportunities they see for long-term growth for the Fund. We understand periods of weakness aren’t comfortable so please join us to hear why the consistency of our approach has been central to the success of the Fund since 1987 and we believe will continue to be so.Managed Fund, Top Five US Questions.
Kirsty Gibson answers the key questions investors are asking of the Managed Fund’s US champions.Managed Fund: 2021 in review.
Despite recent weakness in performance, the opportunities for long-term growth remain exciting.Managed Fund: Manager Insights.
Inflationary pressures and ESG opportunities are among matters on the fund managers’ minds.Managed Fund Webinar: Optimism.
Investment managers Iain McCombie and Steven Hay discuss growing businesses of tomorrow and the importance of being an active stock and bond picker.The Baillie Gifford Managed Fund’s European Champions.
European Investment Specialist, Thomas Hodges, answers five burning questions on the companies to watch.Baillie Gifford Managed Fund: can it continue to thrive?
The Managed Fund was launched in 1987, so has weathered plenty of crises before.The Baillie Gifford Managed Fund’s UK champions - five burning questions
The year 2020 felt somewhat surreal for UK investors. Not only was our local economy hit hard by the pandemic, but whole sectors of the stock market came under pressure, including many high-profile firms.Managed Fund - Manager Insights.
Lucy Haddow, product specialist, speaks to investment managers Steven Hay and Iain McCombie about the Managed Fund, as they reflect on 2020 and look forward to what’s to come.Scale as a service
Companies become more efficient as they grow. In the past, that involved big capital outlays and was bad news for challengers. However, as Gary Robinson explains, entrepreneurs can now rent the essential tools from cloud platforms, enabling them to compete more easily.Introduction to the Managed Fund
Since 1987, the Managed Fund has exemplified that sometimes the simplest solutions can be very successful. Iain McCombie and Steven Hay explain how the fund can help you solve the puzzle of investing in a complex world.
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.