Overview
Fund objective
To achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index 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 Equity Income 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
163.30p% change
-0.31%Yield
2.3%Ex-dividend (XD)
NOngoing charges*
0.53%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
6 December 2018
Fund size
£1,095.29m
The Investment Association sector
Global Equity Income
Comparative Index
MSCI ACWI Index
Active share
86%**
Annual turnover
14%
Guideline number of holdings
50-80
Current number of holdings
53
Style
Income
XD Date
Last day of January, April, July and October each year
Distribution
Last day of March, June, September and December each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
**Relative to MSCI ACWI 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, 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, which includes 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.
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.
Fees to Capital
The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.
Environmental, Social and Governance
The Fund invests according to responsible investment criteria and with reference to the ten principles of the United Nations Global Compact for business. This means the Fund will not invest in certain sectors and companies and, therefore, the universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions. The Fund therefore may have different returns than a fund which has no such restrictions.
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-Inc | 3.0% | 4.2% | 4.4% | 3.6% | 7.2% | 8.5% |
Index* | 3.4% | 3.9% | 12.3% | 16.8% | 17.1% | 13.1% |
Sector Average** | 5.4% | 7.1% | 12.1% | 15.7% | 12.3% | 11.4% |
Sector Ranking | 48/56 | 45/56 | 49/55 | 48/54 | 44/51 | 39/47 |
Figures for 3 years and Since Inception 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-Inc | 22.1% | -6.4% | 15.3% | 5.3% | 1.9% |
Index* | 20.1% | -7.6% | 15.9% | 20.1% | 14.4% |
Sector Average** | 18.7% | -1.2% | 9.2% | 11.0% | 12.8% |
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 | 5.5% |
| 2 | Apple | 4.0% |
| 3 | Procter & Gamble | 3.6% |
| 4 | Analog Devices | 3.5% |
| 5 | CME Group | 3.4% |
| 6 | Atlas Copco | 3.3% |
| 7 | Microsoft | 3.3% |
| 8 | Roche | 3.0% |
| 9 | Watsco | 2.8% |
| 10 | PepsiCo | 2.7% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 23.6 | 26.1 | -2.4 |
| 2 | Financials | 21.6 | 16.9 | 4.7 |
| 3 | Industrials | 17.6 | 11.7 | 5.9 |
| 4 | Consumer Staples | 11.8 | 5.5 | 6.3 |
| 5 | Consumer Discretionary | 10.4 | 9.5 | 0.8 |
| 6 | Health Care | 8.2 | 9.0 | -0.8 |
| 7 | Communication Services | 4.4 | 8.4 | -4.0 |
| 8 | Materials | 1.7 | 4.2 | -2.5 |
| 9 | Utilities | 0.8 | 2.8 | -1.9 |
| 10 | Cash | -0.3 | 0.0 | -0.3 |
Total | 100.0 | 94.2 |
Top 10 geographical locations
As at: 28 February 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 43.1 | 61.6 | -18.5 |
| 2 | Switzerland | 7.0 | 2.2 | 4.8 |
| 3 | Taiwan | 6.4 | 2.7 | 3.7 |
| 4 | France | 6.2 | 2.4 | 3.8 |
| 5 | Sweden | 5.8 | 0.9 | 5.0 |
| 6 | UK | 4.2 | 3.5 | 0.8 |
| 7 | China | 3.5 | 2.9 | 0.6 |
| 8 | Germany | 3.0 | 2.1 | 0.9 |
| 9 | Brazil | 2.6 | 0.6 | 2.1 |
| 10 | Hong Kong | 2.6 | 0.5 | 2.1 |
Total | 84.5 | 79.3 |
Region
As at: 28 February 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 43.1 | 64.8 | -21.6 |
| 2 | Europe (ex UK) | 30.9 | 12.0 | 18.9 |
| 3 | Emerging Markets | 13.9 | 12.0 | 1.9 |
| 4 | Developed Asia Pacific | 8.2 | 7.8 | 0.4 |
| 5 | UK | 4.2 | 3.5 | 0.8 |
| 6 | Cash | -0.3 | 0.0 | -0.3 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Kuehne & Nagel
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
The science behind investing
From nanotechnology to investing, Olivia Knapp explores the chemistry of good research.
Profile of a returning industry veteran
After nearly 20 years leading global equity teams, explore why Alistair Way returns to Baillie Gifford.
Profile of a sustainability researcher
Explore how Ben Hart's sustainability research at Baillie Gifford integrates ESG into investment strategies.
L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.
Profile of an investigative researcher
Explore how Hatty Oliver's unique research at Baillie Gifford shapes investor thinking and informs income growth strategies.
A new recipe for weight loss
The huge growth potential of Novo Nordisk’s anti-obesity medicines.
Albemarle: salt flats and social responsibility
Why the lithium giant Albemarle engages in research and data monitoring.
TSMC’s decarbonisation dilemmas
TSMC’s progress in securing greener energy supplies in Taiwan.
Why the long-term matters
There’s safety in being one of the crowd but it could stop you from seeing potential rewards.
Impact, Ambition and Trust
If ESG scores are not the answer, how does Global Income Growth Team’s ESG approach measure up?
Responsible Global Equity Income Fund.
Toby Ross and Diane Esson reflect on the past three years of the Responsible Global Equity Income Fund.
Paying their dues
During the global pandemic, it has been reassuring to see many of the management teams we invest alongside prioritising the long-term health of the business over short-term profit margins. Now, as Toby Ross explains, the focus is switching to how those attitudes can help to address other important issues, particularly climate change.
Pointers from the past, lessons for the future
With charities facing pandemic-driven uncertainty over future funding, the need for investment income has been magnified. Anthony Dickson outlines some of the options and explains the benefits of focusing on ethical investments that combine a rising income with sustainable growth.
Searching for tomorrow’s income aristocrats
Income investing has been shaken by the coronavirus, but how will this affect the dividend payers of the future? Baillie Gifford investment manager James Dow gives us a glimpse of the potential star performers of tomorrow.
Watsco - a cool investment
Investment manager Toby Ross discusses recent investment, Watsco.
The Baillie Gifford Responsible Global Equity Income Fund
The Baillie Gifford Responsible Global Equity Income Fund is the first and only fund of its type in the Global Equity Income sector.
The science behind investing
From nanotechnology to investing, Olivia Knapp explores the chemistry of good research.Profile of a returning industry veteran
After nearly 20 years leading global equity teams, explore why Alistair Way returns to Baillie Gifford.Profile of a sustainability researcher
Explore how Ben Hart's sustainability research at Baillie Gifford integrates ESG into investment strategies.L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.Profile of an investigative researcher
Explore how Hatty Oliver's unique research at Baillie Gifford shapes investor thinking and informs income growth strategies.A new recipe for weight loss
The huge growth potential of Novo Nordisk’s anti-obesity medicines.Albemarle: salt flats and social responsibility
Why the lithium giant Albemarle engages in research and data monitoring.TSMC’s decarbonisation dilemmas
TSMC’s progress in securing greener energy supplies in Taiwan.Why the long-term matters
There’s safety in being one of the crowd but it could stop you from seeing potential rewards.Impact, Ambition and Trust
If ESG scores are not the answer, how does Global Income Growth Team’s ESG approach measure up?Responsible Global Equity Income Fund.
Toby Ross and Diane Esson reflect on the past three years of the Responsible Global Equity Income Fund.Paying their dues
During the global pandemic, it has been reassuring to see many of the management teams we invest alongside prioritising the long-term health of the business over short-term profit margins. Now, as Toby Ross explains, the focus is switching to how those attitudes can help to address other important issues, particularly climate change.Pointers from the past, lessons for the future
With charities facing pandemic-driven uncertainty over future funding, the need for investment income has been magnified. Anthony Dickson outlines some of the options and explains the benefits of focusing on ethical investments that combine a rising income with sustainable growth.Searching for tomorrow’s income aristocrats
Income investing has been shaken by the coronavirus, but how will this affect the dividend payers of the future? Baillie Gifford investment manager James Dow gives us a glimpse of the potential star performers of tomorrow.Watsco - a cool investment
Investment manager Toby Ross discusses recent investment, Watsco.The Baillie Gifford Responsible Global Equity Income Fund
The Baillie Gifford Responsible Global Equity Income Fund is the first and only fund of its type in the Global Equity Income sector.
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.