Overview
Fund objective
The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share 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 UK All Companies 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
391.30p% change
-0.63%Yield
2.3%Ex-dividend (XD)
NOngoing charges*
0.50%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
7 April 1995
Fund size
£347.98m
The Investment Association sector
UK All Companies
Comparative Index
FTSE All-Share Index
Active share
90%**
Annual turnover
8%
Current number of holdings
35
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)
**Relative to FTSE All-Share Index. Source: Baillie Gifford & Co, FTSE.
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 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.
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 | 0.0% | -0.1% | 0.7% | 5.8% | 4.5% | -2.3% |
Index* | 6.5% | 12.1% | 18.9% | 27.3% | 14.9% | 13.5% |
Sector Average** | 3.9% | 8.1% | 12.1% | 18.7% | 10.3% | 8.3% |
Sector Ranking | 197/209 | 202/209 | 194/209 | 186/208 | 173/201 | 191/193 |
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 | 0.5% | -24.7% | 6.2% | 6.3% | 7.0% |
Index* | 18.3% | 0.3% | 7.9% | 9.5% | 24.0% |
Sector Average** | 17.3% | -9.1% | 7.4% | 7.9% | 15.4% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Games Workshop | 9.1% |
| 2 | 4imprint | 6.3% |
| 3 | Genus | 5.4% |
| 4 | Experian | 4.6% |
| 5 | Moonpig Group | 4.6% |
| 6 | Renishaw | 4.5% |
| 7 | Spirax Sarco | 4.3% |
| 8 | AJ Bell | 3.9% |
| 9 | Auto Trader | 3.8% |
| 10 | Wise | 3.6% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Consumer Discretionary | 26.0 | 6.5 | 19.6 |
| 2 | Industrials | 25.1 | 12.7 | 12.5 |
| 3 | Financials | 15.2 | 28.1 | -12.9 |
| 4 | Technology | 12.4 | 2.3 | 10.1 |
| 5 | Health Care | 7.7 | 12.7 | -4.9 |
| 6 | Consumer Staples | 6.1 | 13.7 | -7.7 |
| 7 | Basic Materials | 6.0 | 7.5 | -1.5 |
| 8 | Real Estate | 1.2 | 2.0 | -0.8 |
| 9 | Cash | 0.2 | 0.0 | 0.2 |
Total | 100.0 | 85.4 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
Complete sales
- Ocado
- Trainline Plc
Additions
- Greggs
- Softcat
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK Stock Stories – Fantasy Figures
Milena Mileva, manager of the Baillie Gifford UK Equity Focus Fund talks about Games Workshop – a firm with a fanatical following.
UK Stock Stories - Abcam and Homeserve
Investment managers Iain McCombie and Milena Mileva give some examples of companies within the UK portfolio that show exciting growth potential.
Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.UK Stock Stories – Fantasy Figures
Milena Mileva, manager of the Baillie Gifford UK Equity Focus Fund talks about Games Workshop – a firm with a fanatical following.UK Stock Stories - Abcam and Homeserve
Investment managers Iain McCombie and Milena Mileva give some examples of companies within the UK portfolio that show exciting growth 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.