This monthly factsheet covers Baillie Gifford UK Equity Alpha Fund’s returns and holdings. Over the past six months it gained 3.8% and over one year 5.9%, underperforming the UK’s FTSE All-Share index sharply (7.2% and 21.9% respectively). The manager gives no strong market call, just says the fund sticks with roughly 36 promising British companies and holds the top ten as about half the portfolio. Biggest stakes: Games Workshop (tabletop miniatures maker) at 8.9%, 4imprint at 5.8% and Softcat at 5.7%. The factsheet only shows weights, not any buying or selling.
Baillie Gifford UK Equity Alpha Fund's report as of June 30, 2026 shows a fund size of £200.94m, with a target of five-year rolling outperformance of the FTSE All-Share index. It adopts a long-term low-turnover strategy (annual turnover of 8%), holding 30-50 UK quality growth stocks, with 36 stocks
As of 30 June 2026, the fund (Class B-Acc) returned 3.8% over the past six months, underperforming the FTSE All-Share Index by 3.4 percentage points; over the past year it returned 5.9%, underperforming by 16.0 percentage points; on a 3-year/5-year annualised basis it lagged by 9.3 and 12.3 percentage points respectively. The original text does not disclose monthly data, so the six-month period is used as the reporting period; fund returns are net of fees, in GBP total return terms (10am price), while the index is calculated using closing prices.
| Period | Fund (%) | FTSE All-Share (%) | IA UK All Companies (%) | Excess vs Index (pp) |
|---|---|---|---|---|
| 6 months | 3.8 | 7.2 | 5.2 | -3.4 |
| 1 year | 5.9 | 21.9 | 12.7 | -16.0 |
| 3 years (annualised) | 5.9 | 15.2 | 11.3 | -9.3 |
| 5 years (annualised) | -1.4 | 10.9 | 6.0 | -12.3 |
Annual discrete performance (years ended 30 June):
| Year | Fund (%) | Index (%) | Sector average (%) |
|---|---|---|---|
| 2022 | -33.3 | 1.6 | -8.5 |
| 2023 | 17.8 | 7.9 | 6.2 |
| 2024 | 4.0 | 13.0 | 12.6 |
| 2025 | 7.8 | 11.2 | 8.7 |
| 2026 | 5.9 | 21.9 | 12.7 |
The report discloses only the top ten holdings, which together account for 50.9% of total fund assets; no buying/selling direction or commentary is provided on individual stocks.
Compared with the FTSE All-Share, the fund is overweight Consumer Discretionary by 18.4 percentage points, Technology by 14.0 percentage points, and Industrials by 10.0 percentage points; it is underweight Financials by 14.6 percentage points.
| Sector | Fund (%) | Index (%) | Difference (pp) |
|---|---|---|---|
| Consumer Discretionary | 25.1 | 6.7 | 18.4 |
| Industrials | 22.2 | 12.2 | 10.0 |
| Technology | 16.3 | 2.3 | 14.0 |
| Financials | 15.7 | 30.2 | -14.6 |
| Consumer Staples | 7.7 | 12.8 | -5.1 |
| Health Care | 5.5 | 12.1 | -6.5 |
| Basic Materials | 4.9 | 7.4 | -2.5 |
| Real Estate | 1.2 | 2.1 | -0.9 |
| Telecommunications | 0.4 | 1.2 | -0.7 |
| Cash | 0.9 | 0.0 | 0.9 |
Note: The cash item includes bank cash and unsettled cash flows, which may be negative due to timing differences in subscriptions/redemptions (as stated in the original text).
The fund has assets of £200.94m, holds 36 stocks (guidance range 30–50), with an active share of 91% and annual turnover of 8%; OCF is 0.49%, historical yield 2.02%; the objective is to outperform the FTSE All-Share Index over rolling five-year periods, net of fees.
The follow-up content in this section stands in sharp contrast to the risk factors above — the earlier part focuses on market risk at the product level, while the latter turns entirely to "legal risk" management at the regulatory compliance level. Their juxtaposition reveals a core tension in the operation of global public funds: the quantification of investment risk and the regulation of legal risk follow entirely different logics.
Decomposing the sequel text by functional block yields the following structural proportions:
| Functional Block | Share of Length (Est.) | Core Function |
|---|---|---|
| Risk Factors (continued from prior text) | ~15% | Investment risk disclosure |
| Israel/Chile/Colombia/Peru/Mexico disclaimers | ~70% | Regulatory compliance and liability isolation |
| Contact and copyright information | ~15% | Operational infrastructure |
Legal disclaimers occupy roughly two-thirds of the entire Factsheet. This structural feature confirms a common phenomenon in cross-border fund documents: compliance costs have overtaken content costs. For a document whose original purpose is to convey investment information, the sheer volume of legal wording forces investors to bear additional screening costs on their path to information.
Placing the five countries' disclaimers along a common analytical dimension reveals the boundaries of each market's regulatory authority:
| Dimension | Israel | Chile | Colombia | Peru | Mexico |
|---|---|---|---|---|---|
| Core regulatory basis | Securities Law / Investment Advisory Law | NCG N°336 | National Securities Registry | Public Registry of the Capital Market | Article 8 of the Securities Market Law |
| Key compliance requirement | Dual verification of investor identity | Disclosure that securities are unregistered | Prohibition on comprehensive registration | No placement to non-institutional investors | Qualified/institutional investor exemption |
| Function of disclaimer | Restrict to qualified investors | Notify absence of regulatory endorsement | Warn of legal unavailability | Set access thresholds | Invoke private placement exemption |
One commonality is particularly noteworthy: none of the disclaimers claims that the fund has obtained "approval" or "recognition" locally. Instead, they uniformly adopt a strategy of "negative disclosure" — stating first that the securities are "unregistered," then listing the resulting legal consequences. The core function of this wording pattern is to sever investors' expectations of recourse based on "regulatory endorsement."
Although the country-specific disclaimers are highly homogeneous as a result of templated drafting by lawyers, close reading still reveals key differences:
Particularly noteworthy is that the sequel also covers markets such as Bahrain/Oman/Qatar (already covered in the previous analysis), yet these do not appear in this section. This "layered" approach to discourse organization — a single document covering all markets while the level of detail in each market's disclaimer varies — is itself a mapping of the fund manager's "risk weighting" of its global distribution network.
The document provides only two sets of contact details at the end (intermediary channels and institutional clients), forming an institutional contrast with the five countries' legal disclaimers above: the multi-track architecture of "a thousand laws for a thousand countries" at the legal level is compressed into a single-point funnel of "one address, one phone line" at the operational level. This suggests that the core consumers of legal disclaimers are regulators and legal counsel, rather than investors themselves.
综合续篇内容，可以提取以下运营逻辑：
1. 合规架构先于产品架构：法律声明的篇幅比例说明，全球分销的核心前期投入并非投资策略构建，而是法律框架适配；
2. 投资者准入的自律机制：多国声明共同勾勒了一个“主动筛选+被追责”的双层结构——基金管理人通过法律文本先行界定合格投资者范围，但最终合规责任由投资者自担；
3. 电话录音微小细节的作用：页面底部“Your call may be recorded for training or monitoring purposes”提示表明，即便在信息触达端，管理人也在通过记录手段为潜在争议留存证据链。
续篇从“风险提示”跨入“法律防火墙”，这一文本策略定义了Factsheet本质身份的转变——它不仅是投资产品说明书，更是一份承担多法域合规证明功能的法律文件。对于专业投资者而言，本部分的实用价值在于：
这一结构性分析同样适用于同类跨境基金文件的审读：法律声明的长度与具体性，是比业绩数字更可靠的基金管理人合规文化指标。