Baillie Gifford Monks Investment Trust Factsheet

This Month's Scorecard

The report does not disclose monthly or year-to-date cumulative returns; as of 31 July 2026, the one-year NAV return was 11.0% and the share price return 15.9%, both trailing the FTSE World Index's 22.1%.

All figures are GBP total returns (dividends reinvested):

Measure	1 Year	3 Years	5 Years	10 Years
Share Price	15.9%	56.9%	14.1%	233.5%
NAV	11.0%	47.3%	22.2%	216.1%
FTSE World Index	22.1%	63.7%	83.1%	245.9%

Returns by financial year (as of 30 June each year):

Measure	2021/22	2022/23	2023/24	2024/25	2025/26
Share Price	-32.1%	6.8%	19.6%	9.7%	25.7%
NAV	-26.8%	9.1%	17.9%	9.2%	19.4%
FTSE World Index	-2.8%	13.5%	21.1%	7.8%	30.2%

The letter notes that NAV underperformed the index across all four horizons — 1, 3, 5 and 10 years — with the widest gap in the cumulative 5-year return (22.2% vs. 83.1%). In the most recent complete year (2025/26), the share price rose 25.7% and NAV 19.4%, a share price outperformance of 6.3 percentage points, corresponding to a narrowing of the discount. The report cautions that past performance is not indicative of future returns.

Portfolio Structure and Concentration

The report discloses no attribution of contributors/detractors and no monthly buys or sales; it provides only static holdings. The top ten positions total 31.6%, with a pronounced sector tilt towards technology (35.2%) and a pronounced geographic tilt towards North America (56.9%).

Top ten holdings (% of total assets; no direction indicated for any):

Rank	Holding	Weight
1	TSMC	5.8%
2	The Schiehallion Fund Limited	5.2%
3	NVIDIA	4.5%
4	Alphabet	3.5%
5	Amazon.com	3.2%
6	Tencent	2.1%
7	Microsoft	2.0%
8	Mastercard	1.9%
9	Royalty Pharma	1.7%
10	ByteDance Ltd.	1.6%

The largest holding is TSMC (5.8%); the second-largest, The Schiehallion Fund Limited (5.2%), is a Baillie Gifford fund that invests in unlisted companies, and ByteDance Ltd. (1.6%) is itself an unlisted company, giving aggregate exposure to unlisted assets of roughly 7.8%. The remainder comprises NVIDIA (4.5%), Alphabet (3.5%), Amazon.com (3.2%), Tencent (2.1%), Microsoft (2.0%), Mastercard (1.9%) and Royalty Pharma (1.7%). The report does not state whether any of these positions was initiated, increased or reduced, nor does it provide valuation multiples.

Sector allocation:

Sector	Weight
Technology	35.2%
Industrials	15.6%
Financials	15.1%
Consumer Discretionary	13.0%
Health Care	8.0%
Energy	3.5%
Telecommunications	2.8%
Basic Materials	2.7%
Consumer Staples	2.1%
Real Estate	1.2%
Net Liquid Assets	0.9%

Geographic allocation:

Region	Weight
North America	56.9%
Emerging Markets	18.8%
Europe	11.3%
United Kingdom	6.3%
Japan	3.7%
Developed Asia	1.3%
South America	0.8%
Net Liquid Assets	0.9%

How the Manager Views the Market

The report offers no directional view on markets [no stance taken]; it merely reiterates its strategic approach: patient investment in global growth stocks over a holding period of roughly five years, unconstrained by any index — a statement of strategy rather than a market view.

• The primary objective is long-term capital growth rather than income; the dividend yield is 0.0%. The stock selection criterion is companies with above-average earnings growth, and the portfolio accommodates a range of growth characteristics.
• The portfolio typically holds more than 100 stocks worldwide, with an active share of 78% and annual turnover of 32%; it states explicitly that "Monks should not be regarded as a proxy for any index."
• The report discloses no monthly positioning indicators such as the long/short ratio or changes in net exposure; the only leverage data is a static figure (see next section).
• The strategy's self-description carries an element of fund manager self-promotion, and readers should note that this is the perspective of the position-holder. The report also acknowledges that the fund is suited to an investment horizon of more than five years, is not suitable for investors concerned about short-term volatility or seeking stable income, and offers no capital protection.

Fund Matters

Total assets £2.737bn, borrowings £222m (gross leverage 9%, net leverage 8%); ongoing charge 0.44%; share price at a 5.9% discount to NAV.

• Fund managers: Michael Taylor, Malcolm MacColl and Helen Xiong (all three are Baillie Gifford partners).
• Size and leverage: total assets £2,737.25m, total borrowings £222.37m; gross leverage 9% and net leverage 8% (borrowings net of cash as a percentage of shareholders' funds).
• Fees: ongoing charge 0.44%; the management fee scale is 0.45% on the first £750m of total assets, 0.33% on the next £1bn and 0.30% on the remainder.
• Valuation and shareholder returns: NAV per share 1677.10p, share price 1578.00p, a 5.9% discount; dividend yield 0.0%, consistent with the capital growth positioning.
• Rating: as of 30 June 2026, it holds a Morningstar Medalist Rating™, with analyst-driven coverage and data coverage both at 100%.
• The report sets out standard risk warnings (boilerplate text): currency fluctuations, emerging market settlement/custody, valuation and liquidity of unlisted assets, leverage amplifying losses, and others.